Ailing securitisation market leaves Citi and AIG with unwanted assets
By Francesco Guerrera, Henny Sender, Aline van Duyn , , in New York 2010-02-08

The securitisation market’s failure to recover from its slump during the crisis is complicating efforts by Citigroup and other troubled financial groups such as AIG to sell unwanted assets and repair their balance sheets, bankers and executives say.

People close to the situation said that Citi had opened talks with private equity groups and hedge funds over the sale of $3bn worth of car loans as part of its efforts to cleanse its balance sheet of billions of dollars in troubled assets.

To make the business more attractive, Citi is believed to have offered to provide the buyers of the loans with finance for a few years after the sale.

Bankers said that the initial response from potential bidders had been encouraging.

Some of the Citi loans have already been securitised under the term asset-backed securities loan facility (Talf), a US government programme aimed at supporting the ailing securitisation market.

However, some private equity groups and hedge funds that have looked at the assets said that the lack of a thriving market for securitised bonds, which are backed by cash flow from loans, made the assets less attractive. They added that the absence of a fully functioning securitisation market increased the uncertainty over how buyers could fund the loans once Citi’s credit facility expired.

“Private equity can’t make a bid on anything where the business model requires a bet that the external funding markets and securitisation comes back,” said the head of capital markets at a big private equity firm.

证券化市场低迷 加大不良资产处置难度
英国《金融时报》 记者 联合报道 2010-02-08

银行家和企业经理们表示,由于资产证券化市场未能从危机期间的低迷中复苏,对花旗集团(Citigroup)以及美国国际集团(AIG)等其它身处困境的金融机构而言,出售问题资产以修复资产负债表的努力正面临麻烦。

知情人士表示,花旗正与私人股本集团和对冲基金谈判,拟出售价值30亿美元的汽车贷款。这是花旗清理资产负债表中数十亿美元不良资产计划的一部分。

为了使交易更具吸引力,据信花旗已表示愿意在资产出售后的几年向贷款买家提供融资贷款。

银行家们说,潜在竞购者的初步反应令人鼓舞。

花旗的贷款中,有一些已根据“定期资产支持证券贷款工具(TALF)”计划,得到证券化处理。TALF是美国政府的一个项目,旨在支持疲弱的证券化市场。

然而,一些正在考虑花旗资产的私人股本集团和对冲基金都表示,依赖于贷款现金流支撑的证券化债券市场形势低迷,使得这些资产缺乏吸引力。它们补充说,由于证券化市场不正常,收购方在花旗的贷款承诺期之后为贷款融资的不确定性加大了。

一家大型私人股本公司的资本市场负责人表示:“如果某项资产的商业模式,需要去押注外部的融资市场和证券化市场将恢复正常,那私人股本机构不可能竞购这种资产。”

花旗集团拒绝置评。

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