Mellon Bank is gearing up to issue its fourth transaction backed by insurance premium finance loans originated by its AFCO subsidiary, according to an S-1 filing with the Securities and Exchange Commission.
Mellon issued its first insurance premium deal in 1996. This deal marks the first time Citigroup Global Markets will be leading an AFCO transaction, said Steve Cobain, president and CEO of Mellon Financial Markets, Mellon's in-house investment bank. The two preceding deals in 2001 and 2002 were led by Deutsche Bank Securities. Credit Suisse First Boston led the 1996 debut. Mellon Financial will act as co-manager as it has on past deals.