The mezzanine wrangle

Mezzanine finance

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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 wi

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