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DRESDNER Kleinwort Benson's Silver Tower securitisation programme, which has been active for two years in the loan and private placement markets, will begin rated public funding next month with a DM2bn CLO for its parent bank.
Dresdner has set up a Cayman Islands vehicle, Silver Tower Funding Ltd, which can issue Euro CP and Euro-MTNs. It has a Delaware subsidiary, Silver Tower US Funding LLC, to issue US CP.
Silver Tower Funding will be an unsupported programme, financing a range of purchasing companies. all of which must be rated triple-A by Fitch IBCA, Moody's and...