All articles by Grant Collinson
Grant Collinson
Fleet Friday: Fraikin, Ryder, Barclays & more
European truck lessor Fraikin has secured funding for its UK, French and Spanish fleet businesses for the next five years through a maximum 1bn securitisation. The pan-European securitisation, arranged by Crdit Agricole CIB, with Natixis as co-lead arranger, is backed by long-term lease receivables and the related trucks residual value in a fleet of 49,000 across the three European countries, managed by Fraikin
Double-barrelled approach taken to lease accounting
An agreement has been reached by the international standard-setting bodies on the proposed changes to lease accounting and a second exposure draftscheduled for release in the fourth quarter of this year. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have agreed on a double-barrelled approach in which some lease contracts would be accounted for using a right-of-use approach similar to that proposed in the initial exposure draft released in 2010 and some leases would be accounted for using a straight-line lease expense approach. The right-of-use approach will typically be applied to equipment leases with the straight-line method largely applied to real estate leases, according to a spokesman for the IFRS Foundation, the independent body responsible for the IASB, although this definition is not binding.
On your marks. Leasing Life awards nominations now open
Nominations are now open for the Leasing Life Awards, which for the sixth year running willrecognise the performance of Europe’s top leasing and asset finance providers The Leasing LifeAwards 2012 will be presented following the annual European conference and gala dinner in Barcelona on29 November 2012 and are exclusivelysponsored again this year by CHP Consulting. To reflect the increasing number of nominations and attendees to the awards every year since its inception, 2012 will see the launch a handful of new award categories in addition to the usual core of hotly contested titles.
Strong April helps FLA to steady cross-sector growth
New business volumes were also up consistently in the three-month and twelve-month period to the end of April with the exception of business equipment finance which dipped 2% over the three-month period. Significant gains in IT equipment finance continued in April, up 40% year-on-year for the month to £98m and 31% for the three-month period, reaching £313m.
Public spending squeeze leads to rise in medical leasing
The growth rate of the global medical equipment leasing market is outstripping that of the medical equipment market generally, according to research by Siemens Financial Services (SFS). The Germany-based subsidiary of manufacturer Siemens, which specialises in healthcare equipment leasing, said the increase in leasing is helping to free-up capital for frontline services. The leasing market for medical equipment is expanding at a rate of 6.5% compared to a 5% growth rate in the medical device market, according to SFS research.
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1pm expects strong results after bumper May
UK lessor 1pm plc has announced a record month of new business to end a year of growth ahead of its final results due 16 July. The AIM-listed independent lender wrote more than £700,000 of business in May and expects to announce a significant improvement in trading exceeding market expectations for the year ending 31 May 2012.
Aldermore’s Ashworth joins Leaseurope board
George Ashworth, managing director of asset finance at UK bank Aldermore, has been appointed to the board of directors of European leasing trade body Leaseurope. Although Ashworth has vast experience in European leasing, having held positions with Fortis Lease Group, Lombard and De Lage Landen, the appointment could be seen as a coup for emergent bank Aldermore which launched in mid 2009 and opened its asset finance division six months later.
DWF expands services to Scotland
The deal is the third in six months following DWFs mergers with Buller Jeffries in the Midlands and Crutes in the North East, and reflects an ambitious regional growth strategy, according the firms managing partner. Biggart Baillie, which has offices in Glasgow and Edinburgh, shares expertise in several sectors with DWF including as real estate, retail and energy and infrastructure.
Fleet Friday: HGVs, fuel savings, BCA and pizza
Fleet management and leasing firms Zenith and Contract Vehicles Limited (CVL) have teamed up to provide an integrated HGV management product for its fleet customers. As part of the deal, CVL, which manages a 12,000-strong fleet of commercial vehicles, will provide its HGV services for Zeniths corporate customer roster, complimenting Zeniths existing company car and commercial vehicle offering.
Leasing market to be well represented at NACFB Expo
More exhibitors than ever have booked a place at the event, according to organisers, and the leasing and asset finance market is set to be widely represented with a range of funders setting up, including Investec and the first appearance of Singers Asset Finance since it was acquired by Shawbrook Bank at the start of the year.