Credit Lyonnais and Credit Agricole Indosuez Announce Joint Securitization Effort.NEW YORK--(BUSINESS WIRE)--December 2, 1999-- Credit Lyonnais New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Branch and Credit Agricole Indosuez announced today that they have agreed to jointly develop their asset-backed commercial paper securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. business in the U.S. Initially, the two banks will focus on the growth and development of Atlantic Asset Securitization Corp., an existing asset-backed commercial paper program administered by Credit Lyonnais. Atlantic was established in 1993 and currently has 25 different programs for various asset classes totaling approximately $2 billion. Atlantic's commercial paper is rated A-1/P-1. Credit Agricole Indosuez is active in the securitization market, principally in providing liquidity and credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing to asset-backed commercial paper conduits. "We believe the strengths of our two banks in securitization are very complementary," said Jerome Brunel, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Credit Lyonnais Americas. "In fact, we have already been working quite closely on a number of important transactions," added Bernard Chauvel, Senior Regional Officer - Americas for Credit Agricole Indosuez. Credit Agricole Indosuez will be added as Co-Agent for Atlantic and will become a provider of liquidity and credit enhancement to the program. While noting that Atlantic has grown substantially in 1999, Messrs. Brunel and Chauvel indicated that adding Credit Agricole Indosuez to the program will bring significant opportunities for even greater growth in the next few years. Credit Lyonnais is a worldwide financial institution with operations in more than 60 countries and assets of over $212 billion. Credit Lyonnais Americas ("CLA CLA, n.pr See acid, conjugated linoleic. ") encompasses all the bank's activities in the Western Hemisphere Western Hemisphere Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. , including Credit Lyonnais Securities (USA) Inc., based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , which engages in investment banking and broker/dealer activities. CLA employs approximately 1300 people throughout the Americas. Credit Agricole Indosuez is the international wholesale banking and capital markets division of the Credit Agricole Group, one of the largest banking groups in the world with over $450 billion in total assets. For additional information about Atlantic Asset Securitization Corp., please contact David Fink, Managing Director, Structured Finance, Credit Lyonnais New York Branch (212) 261-7816. Katherine L. Abbott is the Managing Director of Securitization at Credit Agricole Indosuez (312) 917-7521. |
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