Hints and tips:
...The company, which sells hotel rooms to which multiple parties hold the rights, will include Wyndham Destination Network, which includes RCI, the world’s largest vacation exchange network....
...RCI Banque, the financing arm of French carmaker Renault, structured an asset-backed deal without a swap four weeks ago, thereby stripping out the need for a counterparty bank entirely....
...In May RCI Banque, the banking arm of carmaker Renault, went a step further and constructed an automotive ABS without any swap – an unusual move but one that analysts say could be repeated....
...The eurozone’s corporate debt market has gingerly reopened after a one-month hiatus in August as KPN, the Dutch telecoms company, RCI Banque and BAA, the airports operator, all sold euro-denominated bonds...
...Tangible NAV of 337p per share equates to ~320p a share including the £2.25bn in warrants which have yet to be issued and deducting our estimate of the remaining RCI derivative, ahead of our 312p forecast...
...In addition to granting 5-year warrants diluting upside above 197.775p per share for that period, the RCIs have twice as long a duration as the preference shares being written to the government by peers....
...issue, and that is true even if we take into account the cost of the warrants which attach to the RCIs....
...It agreed to acquire RCI Holdings, which supplies IT services to the US defence department and other parts of the government, for £113m....
International Edition