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Loan Pricing Corporation Launches European Mark-to-Market Pricing Service
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Other Pricing Service Related Press Releases:
| Basis Point Publishing Limited launches Asia-Pacific Secondary Loan Composite |
| Loan Pricing Corporation Establishes Global Mark-To-Market Loan Pricing Capability |
LPC and the European Secondary Loan Trading Community Agree to Provide Loan Investors Portfolio Transparency
London, October 3, 2002 - Loan Pricing Corporation (LPC), a Reuters Company and authoritative source of primary and secondary loan market information in the Americas, Europe, Middle East, Africa and Asia-Pacific today announced the launch of a European Mark-to-Market Pricing Service. LPC has teamed up with a group of 12 major European dealers including Bear Stearns, CIBC World Markets plc, Deutsche Bank AG, Goldman Sachs International, HSBC Investment Bank plc, JPMorgan and The Royal Bank of Scotland to provide European loan investors and portfolio managers with weekly valuations for European leveraged and investment grade loans. The new service will be called the LPC European Mark-to-Market Pricing Service and will price transactions originated in Europe, the Middle East and Africa (EMEA).
The service builds upon LPC's experience in promoting transparency and liquidity in the North American secondary loan market over the last decade. It also leverages LPC's presence in the European secondary market, where LPC delivers the Euro-Secondary Market Pulse and other data, news and analytics.
Commenting on the launch, Deutsche Bank AG, Director and Head of Loan Trading, Stephen Snizek said, "The growth we have seen in loan volume trading in recent years coupled with wider recognition of syndicated loans as an asset class has been driven by the availability of secondary loan market information. Deutsche Bank AG views the more wide spread distribution of secondary market information as a way of promoting greater transparency and liquidity in the European loan market".
Over the last year LPC has worked with 8 major European secondary loan dealers to deliver a weekly loans composite. The demand from thousands of weekly recipients for this composite has demonstrated the market's interest in transparency. Current recipients of LPC's European composites include bank loan portfolio managers, CDO structurers, warehousers and investors, credit derivative investors, risk managers, traders and syndicators. Bill Petrunik, LPC's Managing Director of International Business, said, "In order to facilitate liquidity and transparency in the secondary loan market it is vital that dealers and investors know the current value of each of the assets in their portfolios. As with the exponential growth of the US secondary loan market a decade ago, LPC is responding to the needs of the rapidly evolving European market."
LPC is working with the more active European loan dealers on a weekly basis to provide the loan investor community with timely, unbiased valuations. Utilising a system of electronic audits coupled with qualitative audits performed by LPC's staff of secondary loan analysts, LPC will provide investors with confidential portfolio-wide mark-to-market loan valuations. These valuations will be distributed via LPC's secure loan platform - LoanConnector.
In 1992 at the request of a small group of buy-side customers, LPC first began collecting secondary loan market pricing data in the United States. In 1998 LPC launched a formal pricing service delivering weekly and monthly composites. Shortly thereafter LPC entered into a licensing agreement with the Loan Syndications and Trading Association and formed LSTA/LPC Mark-to-Market Pricing. The service now provides composites on approximately 2,000 tranches daily to over 125 institutions. These institutions are receiving monthly, weekly and daily pricing in their management of 175 funds/portfolios totaling approximately $200 billion in loan assets.
About Loan Pricing Corporation
Loan Pricing Corporation (LPC) (www.loanpricing.com), a Reuters Company, has provided financial institutions around the world with the most complete and accurate information on bank loans since 1985. LPC's reach on loan market news and information spans across the United States, Europe, Eastern Europe, Middle East, Africa, Latin America and via subsidiary Basis Point Publishing Limited, Asia, with market news delivered via publications, on-line news services and databases. Loan Pricing Corporation (LPC) has earned its position as the authoritative source of loan market information and analysis by its constant attention to the loan industry and development of state-of-the-art products and services for bankers, borrowers, and loan investors.
About Reuters
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For more information contact:
Loan Pricing Corporation
Bill Petrunik
Tel: 212-833-9308
Email: bpetrunik@loanpricing.com
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