The mezzanine wrangle
HVB's mezzanine finance platform, Preps, has sparked disagreement in German banking circles over whether the financing qualifies as equity. Now, a handful of alternative mezzanine finance platforms are close to launch. By Duncan Wood
The first two weeks of July saw investment bankers from HVB and JP Morgan take to the road to promote the German bank's third securitisation of mezzanine loans under a programme it calls Preps (Preferred Pooled Shares). The deal aims to funnel e310 million in finance from capital markets investors to a group of 51 small and medium-sized companies in Germany, and with senior tranches of the last Preps transaction nearly five times oversubscribed, there's no reason to think that the bankers will
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