whole business securitisation is an hybrid between corporate bond and usual true sale securitisation.
Due to the quality of asset (barrier to entry, stability of income, etc) and Uk legal framework (administrative receivership to block junior creditor and crystalise floating charges), the corporate is able to issue debt rated much higher than its intrisic rating.
Whole business has been developped by bank innitially in the healthcare sector, than pub, motorways services areas ( this last is a failure). A good way to create high leverage for lbo mbo. ebitda multiple on whole business deal are very high.
Have a look at rating agencies website, there has been approximately 20-25 deal in total.
Posted on Jan 19, 2004, 11:42 PM from IP address 82.35.45.99