08/18/03
NEW YORK, N.Y., August 18, 2003 - The Bank of New York has been selected by Crédit Agricole Indosuez (CAI) Credit Portfolio Management to provide trustee, calculation agent, issuer account bank and cash manager services to the Daphne Finance I Credit-Linked Floating Rate Notes due 2010. The EUR 354 million mezzanine tranches were issued through a Special Purpose Vehicle and are part of a new EUR 3 billion Credit-Linked Obligation transaction originated by CAI Credit Portfolio Management.
Crédit Agricole Indosuez is a 100% controlled subsidiary of Crédit Agricole S.A., which operates as the central banking institution of the Crédit Agricole Group and has one of the largest banking distribution networks in France.
René Mouchotte, global head of CAI Credit Portfolio Management, said, "We chose to work with The Bank of New York on this complex transaction because of the Bank’s commitment and experience. Not only is Daphne I one of the largest credit-linked transactions issued by Crédit Agricole Indosuez, but it is also the start of our second CLO program, which offers the market an innovative asset class based on a new structure and portfolio type."
Steven Hodgetts, managing director and head of the global trust services division at The Bank of New York, said, "We are pleased to have been selected by CAI. This appointment is important to The Bank of New York because our reputation as a flexible provider of corporate trust services is based on our ability to customize services for individual issuers like CAI and handle the non-routine requirements of high-profile transactions like Daphne Finance."
This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.
The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 85,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including mortgage-backed and asset-backed securities, corporate and municipal debt, derivative security services and international debt offerings.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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