Wembley National Stadium Ltd. (WNSL), the company that is rebuilding Wembley, England’s national soccer stadium, has decided that the initial financing for the construction will come from syndicated loans, rather than a ticket securitization.
However, a ticket revenue-backed ABS is still likely to take out the bank financing later in the project, because once the stadium is closer to completion and to producing predictable revenues a securitization will likely provide keener pricing, experts said. WNSL was also concerned that the process of seeking a rating and conducting a due diligence would delay the project.
The European Securitization Forum, the European arm of the U.S. Bond Market Association has named Deutsche Bank’s ABS head Tamara Adler as chair and Joerg Dresen, head of fixed income of AXA Colonia Asset Management in Germany, as vice-chair, a new post.
Rohinton Dadina has joined MBIA-Ambac International, as a director in the future flow & structured trade finance group. He will report to group head Eric Rosensweig and will be responsible for originating and structuring new transactions, mainly in the emerging markets. Prior to joining, Dadina worked as vice president at Duff & Phelps Credit Rating Co.’s international structured finance group.
Duff & Phelps has recently hired Homer Aniceto as assistant vice-president in its Tokyo office. His primary responsibilities will be to help rate asset-backed transactions in Japan, where DCR has recently set up shop. Aniceto previously worked in structured finance at Daiwa Securities where he did transaction work in the U.S. and Asia, and will report to senior vice president Thomas Eastling, also in Tokyo.
