Although there has been no new issue activity for marine container ABS seen throughout 2002, that should change this quarter. Wachovia Securities has transactions in the works for the near term for a pair of first-time issuers - one of which has been in the planning stages for over a year.
Throughout last week Wachovia Securities marked a $300 million Ambac-wrapped container lease-backed offering for GE SeaCo SRL, a London-based joint venture between triple-A rated General Electric Corp. and single-B rated Sea Containers Ltd. The Rule 144A GE SeaCo 2002-1 offering was shown to European investors the week of Oct. 28 and is expected to price this week. Price guidance for the five-year floater is 55 basis points over one-month Libor.