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BSC British Smaller Companies Vct2 Plc

52.50
-1.00 (-1.87%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
British Smaller Companies Vct2 Plc LSE:BSC London Ordinary Share GB0005001796 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -1.87% 52.50 51.50 53.50 52.50 52.50 52.50 10 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 11.11M 6.69M 0.0291 18.04 122.89M

UPDATE: Ally Financial Offers $1.06 Billion Bond, Is Upgraded

02/02/2011 7:21pm

Dow Jones News


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Ally Financial Inc., whose rating was upgraded Wednesday, is the first issuer to sell a large asset-backed bond this year, is back in the securitization market with a $1.06 billion bond.

The bond, which has six tranches, is expected to price later this week. Its largest portion is valued at $320 million. Joint leads on the deal are Citigroup, Barclays Capital and Royal Bank of Scotland.

Last month, Ally sold a $1.25 billion bond, which was increased from an original $500 million, and was backed by dealer inventory.

On Wednesday, Fitch Ratings upgraded Ally Financial by a rare three notches, pushing the provider of automotive financing closer to investment-grade territory. The ratings service boosted its rating on Ally to BB from B, citing risk-reduction efforts the company has made in its mortgage operations, as well as demonstrating "consistent operating profitability in all reportable segments."

Fitch's outlook on Ally--which provides financing for General Motors Co. (GM) and Chrysler Group LLC dealerships and their customers--is stable, indicating that upgrades or downgrades aren't likely in the near term.

Ally, formerly known as GMAC Inc., on Tuesday said it swung to a fourth-quarter profit as it set aside sharply less to cover potential loan losses and improved its revenue. The company struggled mightily during the recession and is controlled by the U.S. government after taking federal rescue funds.

Aside from Ally, other auto-sector issuance has been steady this week as it is the last full week before industry participants head to Orlando for the American Securitization Forum's conference next week.

On Tuesday, Santander Drive Auto Receivables Trust tapped the asset-backed market with a $565.33 million auto-loan-backed bond. DriveTime Auto is in the market with a $214 million bond, offered via the private Rule 144a market. In the meantime, General Electric Capital Corp.'s $717.28 million bond, offered via GE Equipment Small Ticket LLC, has priced, according to a person familiar with the matter.

In recent days, other asset-backed issuers include Toyota Motor Corp. (TM, 7203.TO) with a $1 billion prime retail auto loan backed bond, Ford Credit Auto Owner Trust with a $1.137 billion auto loan-backed bond and Hyundai Auto Receivables Trust with a $920.78 million auto sector bond.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;

anusha.shrivastava@dowjones.com

--Nathan Becker contributed to this article.

 
 

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