WestLB has been busy lately. In addition to its recent subprime auto transaction for SeaWest Financial Corp., WestLB quietly brought a first-timer to market in late July - a small-ticket equipment leasing company.

Though Financial Pacific Leasing has had a presence in the conduit market, last month's close represents its first term transaction, a $70 million, one-tranche deal wrapped to a triple-A by Financial Security Assurance. The 1.57-year class carries a 2.29% coupon.

WestLB, which was sole lead, also provides a $50 million credit facility to FPL, which compliments an additional $125 MBIA-wrapped ABCP facility with Banc of America Securities.

The equipment sector has been dominated by large-ticket agricultural and construction deals this year, with the likes of CNH Global ($1 billion), Caterpillar Inc. ($670 million) and John Deere Capital ($750 million) making up just under half of the $5.5 billion issued so far.

FPL, based in Federal Way, Washington, makes equipment loans of $5,000 to $75,000 across a variety of sectors, including construction, maintenance, industrial, food, data vehicles and trailers, according to the company's Web site.

Meanwhile, the SeaWest auto transaction closed last week (see scorecards ASR 08/04). This is the third securitization for SeaWest brought solely by WestLB. The $93 million two-tranche transaction consisted of a $22.4 million, 0.16-year, floating A-1 class bearing a 1.40% coupon (benched off three-month Libor), and a fixed-rate, $70.9 million, 1.61-year A-2 class with a 2.84% coupon. XL Capital Assurance wrapped both classes to triple-A.


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