In Brief: BT Leading Euro-Backed Securitization

Bankers Trust International said Tuesday that it launched the first securitization to be denominated in euros. The 255 million-euro deal, valued at about $280 million, is for Euro Freight Car Finance SA, Luxembourg. Euro Freight will use proceeds to buy 5,326 freight railcars and their lease agreements from a unit of AAE Group, a large European freight car leasing company. The securitization, which includes three tranches of floating-rate notes, takes into account 15 European jurisdictions where the lessees are based. All three tranches carried investment-grade pricing and were oversubscribed, Bankers Trust said. Bankers Trust International is a subsidiary of Bankers Trust Corp., New York.