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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (153265)	2/25/2002 2:13:33 PM
From: Petrol	Read Replies (2) \| Respond to of 436258

Could someone give me the ticker symbol for the nasdaq VIX? I can't figure out where to put the hat ;)

To: LLCF who wrote (153265)	2/25/2002 2:24:15 PM
From: oldirtybastard	Read Replies (2) \| Respond to of 436258

what are they going to securitize next? can we put a bond product together reflecting the future production of our intestinal waste for the coprophiliac market? Whisky Bonds to Refinance Management Buyout of Kyndal (Update1) 2002-02-25 12:18 (New York) Whisky Bonds to Refinance Management Buyout of Kyndal (Update1) (Adds size of asset-backed bond market in third paragraph.) Glasgow, Scotland, Feb. 25 (Bloomberg) -- Casks of whisky aging in Scottish cellars will be pledged as collateral for at least 188 million pounds ($268 million) of bonds to be sold in mid- April. Kyndal International Ltd. will sell the securities to help refinance last October's $290 million management buyout of whisky distilleries from Fortune Brands Inc.'s Jim Beam unit, according to a banker involved in the bond sale. The bonds will be a piece of the $2.1 trillion market for asset-backed debt, where everything from credit-card payments to royalties on David Bowie's record sales is repackaged into securities. The main thing the bonds have in common is a stream of money that can be pledged to repay investors. ``It's certainly something we'd look at,'' said Alix Stewart, who helps manages about $23 billion at Standard Life Investments in Edinburgh. ``It's quite interesting.'' The securities will help repay a 188 million-pound loan from West LB, which will manage the bond issue for the Glasgow, Scotland-based Kyndal. The terms of the bonds, which will use the proceeds from future sales of whisky to pay investors, haven't been set, the banker said. The securities will be the latest bonds backed by sales of alcohol. France's Marne et Champagne SA used asset-backed finance two years ago in a sale of 396 million euros of bonds secured by about 60 million bottles of champagne in various stages of production. Pubs including the U.K.'s Punch Group Ltd. have used their revenues and rents as collateral to raise money in the bond markets. Aging Scotch whisky can only be described as such if it has matured in an oak cask in Scotland for at least three years. The average age at which malt is bottled is between five and six years, compared with three to four years for grain liquor. Once whisky is distilled, the liquor is poured into casks for aging. Many scotches draw their flavor and color from the casks as remnants of their previous contents seep into the drink. Among the different varieties used are American bourbon barrels and old sherry casks. Kyndal's distilleries include facilities in Dalmore, Isle of Jura, Fettercairn, Tamnavulin and Tullibardine. Securitizations of whisky stock could become more commonplace in the future, WestLB Panmure analysts said in a research note. ``It can provide companies with capital to build'' or buy shares back from investors, West LB analyst Stuart Price said. The report cited Diageo Plc, the largest liquor maker, Allied Domecq Plc, the second-biggest liquor company, Pernod Ricard SA, the third-largest liquor company and Scottish company Glenmorangie Plc as potential candidates. --Cecile Gutscher in the London newsroom (44 20) 7073 3314 or cgutscher@bloomberg.net, with reporting by Amy Hellickston in Princeton and Peter Woodifield in Edinburgh. Editor: Z. Smith. Story illustration: To monitor new Eurobond issues, enter {NIM4 <GO>} Company news: FO US <Equity> CN WLBG GR <Equity> CN NI EBN NI ABS NI EUB NI BONDALERT NI NEWBON NI CNI NI COR NI CORPFIN NI UK NI GER NI SCOTS NI VC NI MNA NI US NI LBO NI COS NI LOAN NI SYNLOAN #<1010># -0- (BN ) Feb/25/2002 17:18 GMT