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Loan Pricing Corporation Establishes Global Mark-to-Market Loan Pricing Capability
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Other Pricing Service Related Press Releases:
| Basis Point Publishing Limited launches Asia-Pacific Secondary Loan Composite |
| Loan Pricing Corporation Launches European Mark-To-Market Pricing Service |
Loan Pricing Corporation (LPC) in Cooperation with Loan Dealers in the US, Europe (EMEA) and Asia-Pacific, Provide Loan Investors with Global Coverage for Secondary Loan Market Pricing
NEW YORK, November 19, 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 introduction of the first mark-to-market loan pricing service with global coverage. LPC has teamed up with major loan dealers in the various liquid, secondary loan markets globally to provide loan investors and portfolio managers with valuations for leveraged and investment grade loans. Pricing service capabilities are offered locally out of LPC's New York, London and Hong Kong offices. The New York pricing service capability is provided through a joint venture, LSTA/LPC Mark-to-Market Pricing.
LPC's global capability builds upon the company's success in promoting transparency and liquidity in the North American secondary loan market for the last decade. It also leverages LPC's eight year presence in the European loan market, where LPC offers the LPC European Mark-to-Market Pricing Service. In Asia-Pacific, LPC recently launched its pricing service through Basis Point Publishing Limited, a wholly owned subsidiary of LPC that has covered the local debt markets since 1993. For the first time, loan portfolio managers as well as secondary loan market participants can get the information they need to manage loan assets from one global source.
Commenting on LPC's global secondary market build out, ING Capital Advisors', Michael Hatley, President and Chief Investment Officer, said, "As a global asset manager and investor, it's important for us to be able to turn to a single firm to satisfy our global loan valuation needs. In addition to the process efficiencies that LPC's global offering provides us, ING Capital Advisors' clients know that our valuation approach is consistent and credible regardless of geography."
Jim Davis, LPC's President and CEO said, "Our clients are increasingly global in nature and are looking to LPC as a one-stop shopping solution to help them grow and run their business. Building out LPC's secondary loan pricing capabilities cements our position as the premier provider of data, news and analytics to the global loan markets.
LPC is working with secondary loan trading groups in the Americas, Europe (EMEA) and the Asia-Pacific to provide timely, unbiased indicative bid/offer prices to loan portfolio managers, CDO structurers, warehousers and investors, credit derivative investors, risk managers, traders and syndicators. Using a system of electronic audits coupled with qualitative audits performed by LPC's secondary loan analysts, LPC provides investors with confidential, portfolio-wide mark-to-market loan valuations.
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.
In 2001, LPC launched its European secondary market pricing operation, which currently prices over 200 European loan tranches, and now with the recent launch of Basis Point's Asia-Pacific Mark-to-Market Loan Composite, investors can obtain loan prices regardless of borrower location.
About Loan Pricing Corporation
Loan Pricing Corporation (LPC), 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 Basis Point Publishing Limited
Founded in 1992, Basis Point Publishing Ltd provides news and historical data on the Asia-Pacific loan and bond markets. Working out of bureaux in Hong Kong and Singapore, its mission is to provide fast, comprehensive and complete information essential for all debt market players. Basis Point delivers real-time news and historical data via the LoanConnector secured website, while a weekly review of the markets is provided via our flagship basis point newsletter.
About Reuters
Reuters (NASDAQ:RTRSY) (www.about.reuters.com) is the leading global provider of financial information, news and technology solutions to financial institutions, the media, businesses and individuals. Reuters strength is our unique ability to offer customers a combination of content, technology and connectivity. Our premier position is founded on continuous technological innovation and a reputation for speed, accuracy, integrity and impartiality. We have over 18,140 staff in 97 countries, including some 2,498 editorial staff in 198 bureaux serving approximately 150 countries, making it the world's largest international multimedia news agency. In 2001, Reuters had revenues of (pound)3.9 billion.
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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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