WestLB: Inaugural Securitisation of Corporate Loans
WestLB AG, Düsseldorf/Münster, today successfully completed the inaugural securitisation of corporate loans held in the Bank´s portfolio. The transaction, which has a volume of € 2 billion, was placed entirely with investors. ABN Amro was joint lead manager for the transaction. The synthetic securitisation has been rated by three rating agencies (Moody´s, S&P, Fitch). A total of more than 300 commercial loans to companies in Europe, North America and Asia were securitised. WestLB can offset the repayments in the portfolio by taking further loans into the pool for a period of two years.
The securitisation forms part of the Bank´s expanded portfolio management activities for actively managing credit risk and strengthening the equity ratio.
In 2001 WestLB securitised private real estate loans within the framework of the POWER transaction. It also carried out securitisations for Westdeutsche ImmobilienBank.