The asset-backed market will see at least two small-ticket equipment lease-backed transactions in the near term, from two repeat issuers, and possibly one first-time issuer, according to market sources.
IKON Office Solutions is looking at this month or early July for its first deal of the year. There's no word on underwriter at this point, although the office supply leasing company has gone to market with Chase Securities for its last two deals, and Lehman Brothers for the two before that.
IKON most recently tapped the asset-backed market in November 2000, with a $634 million, five-part deal featuring a wrap from Ambac.
Ambac has insured all of IKON's deals. IKON has been the asset-backed market twice each year since 1999, according to Thomson Financial.
Also, Marlin Leasing Corp. is prepping its third deal for the 144A market, due this quarter or early July, according to market sources. The company, which leases office equipment as well, last came to market in September 2000, with a $97 million deal via Deutsche Bank. In 1999, Marlin securitized $86 million in loans, underwritten by Credit Suisse First Boston.
So far this year, there has been just $2.5 billion in equipment issuance, according to Thomson. At the half-year mark in 2000, there had been $5.6 billion in issuance, and close to $12 billion for the year.