Secured Single-Drug Notes Take Off

Abrams, Sandra Lea
March 2005
Investment Dealers' Digest;3/7/2005, Vol. 71 Issue 9, p7
Trade Publication
The article presents information on the pharma patent royalty securitization deals. One of the biggest recent deals was Morgan Stanley & Co. Inc.'s $170 million 7% note for Alkermes Inc., which was secured by future royalty revenues of Risperdal Consta, an injectable drug used to treat schizophrenia. The single-drug deals, as senior secured notes, are riskier and a sign of just how eager investors are to embrace risk for higher yields. Securitization deals use diversification and insurance or other enhancements to mitigate that risk.


Related Articles

  • Carving up loans in Japan.  // U.S. Banker;Jan2000, Vol. 110 Issue 1, p16 

    Reports on Morgan Stanley Dean Witter & Co.'s securitization of bad real estate loans in Japan. Bank's representation of 700 properties; Purchase of loans from banks and insurance companies; Government regulations' effect on the securitization of bad loans.

  • MSDW pledges its faith to European asset-backeds. O'Leary, Christopher // Investment Dealers' Digest;10/23/2000, Vol. 66 Issue 41, p10 

    Announces the establishment of Morgan Stanley Dean Witter's securitization research presence in London, England in year 2000. Impetus for the move; Background on the company's international securitization research operation; Opportunities seen in the European asset-backed...

  • Morgan Stanley encourages investors to eye Spanish RMBS. Corrigan, Colleen // Asset Securitization Report;8/5/2002, Vol. 2 Issue 31, p16 

    Reports on the call of a report issued by Morgan Stanley for investors to explore the RMBS market in Spain. Stability of the RMBS market; Impact of long-term lending on market development; Illustration of rate of Spanish RMBS issuance.

  • Phone Lease ABS Cameos in Market. Roper, Akil Salim // Private Placement Letter;04/10/2000, Vol. 18 Issue 15, p3 

    Reports on the asset-backed offering introduced by Morgan Stanley Dean Witter to buyers when it closed a telephone lease receivable transaction. Source of cash flows that backed the securities; Structure of the deal.

  • Hope Seen for European Securities.  // American Banker;1/23/2003, Vol. 168 Issue 15, p12 

    Presents information regarding the European asset-backed securities market this year. Addresses claims that bankers expect mortgage-related deals to continue to dominate in Europe; Provides details of a speech given by Robert Paterson, a vice president of European asset-backed research at Morgan...

  • MS structures AIRPT repackaging.  // Asset Securitization Report;12/15/2003, Vol. 3 Issue 48, p14 

    Reports that Morgan Stanley Group Inc. has closed a repackaging of impaired-aircraft asset-backed securities notes. Issuance of the ABS through the bank's Combination Repackaged Asset Backed Securities II shelf; Rating of the ABS.

  • CMBS booms in first half, slowdown expected. K.S. // Asset Securitization Report;7/9/2001, Vol. 1 Issue 27, p12 

    Presents the increase in market volume from Commercial Mortgage Backed Securitization (CMBS) issuance. Recognition given to Morgan Stanley for CMBS; Reference to the survey on the decline of issuance; Largest contribution of Morgan in the market.

  • U.K. Student Loans--Still Not Making The Grade... Gillman, Robert // Asset Securitization Report;06/18/2001, Vol. 1 Issue 24, p24 

    Focuses on Morgan Stanley Dean Witter's assessment of securitization of British student loans. Fitch's report on the British student loans transactions in Great Britain; Basis behind reaffirmation of ratings for all classes of THESIS and HONOURS 2; Examination of servicing performance; Deferral...

  • European combos growing. Jennings, John // National Underwriter / Property & Casualty Risk & Benefits Manag;02/09/98, Vol. 102 Issue 6, p37 

    Focuses on the report made by London-based Morgan Stanley Dean Witter on the continued consolidation in the non-life sector of the insurance industry of Europe. Implications of the consolidation; Brief information on the distribution systems in Europe; Assessment on the life insurance sector.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics