Securitisation first

Wall Street firm Carter Ledyard & Milburn has claimed that it has set a precedent in a $200m securitisation deal where for the first time the assets securitised were primarily equipment rather than a stream of payments.

The transaction, which closed on 30 December, allowed Sea Containers, an international marine container lessor, to reduce its borrowing costs by using marine cargo containers as collateral for up to $200m in notes.