HSH Nordbank closes second ship loan securitisation
HSH Nordbank has closed its second ship loan securitisation deal, named ‘Ocean Star 2005’. The German bank, based in Hamburg and Kiel, used a private placement of structured notes to transfer the credit risk of a ship loan portfolio worth about $570 million. Its total ship loan portfolio was valued at $22.7 billion on June 30, 2005.
HSH Nordbank has now executed ship loan securitisations totalling around $1.6 billion, including the ‘Ocean Star 2004’ securitisation. But this latest deal was the first the bank had conducted since Germany abolished state guarantees to landesbanken in July this year.
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