With buyers about to be tied up with engagements at this week's Barcelona conference, dealers rushed to get deals priced last week, squeezing in even the more unusual asset classes along with the regular slate of RMBS as part of the lineup.
The first week of June saw a flurry of unusual asset-backed deals, including an ABS backed by $430 million in oil and metal receivables for Trafigura, the billion-dollar U.S. commodity trader. Trafigura Securitization Finance 2007-01 is backed by a revolving pool of oil and metal concentrate receivables. Societe Generale and Credit Suisse were lead managers on the deal, which priced within guidance issued earlier in the week. According to market reports, the triple-A, five-year Class A notes priced at 25 basis points over one month Euribor, while the triple-B, five-year Class B tranche priced at the wider range of guidance at 135 basis points.