Trump Ocean Club wins "Deal of the Year" award
Even with a world wide credit crunch and a housing crisis in the U.S. and U.K. housing market, the Donald continues his lucky streak with the TOC here in Panama. The Bankers "Deal of the Year" award is significant when you consider that the TOC was the first bond project of this kind to ever receive it in Latin America and they had to compete with nearly 450 other entries from over 90 countries. At the same time, seven other emerging market corporate issuances worth more than $3bn were sidelined according to the Banker Magazine. This was probably the last big deal done before the demise of Bear Stearns. Excellent timing for what looks like a great project.
From their newsletter; The final expected delivery date, August 5 – 2010 is still maintained. Labor force has reached 496 workers this month and is increasing.
Trump Newsletter
The Banker Magazine “Deal of the Year Award” is a competition organized to recognize successful transactions on a global scale. With a record amount of entries this year, the award is swiftly becoming one of the most competitive platforms in the marketplace. Trump Ocean Club Panama was recently awarded the prize with a “landmark deal: being the first single-building project financed from Latin America to be executed in the international bond markets – was priced in some of the worst market conditions in recent history.” The Banker Magazine stated that, “The ‘Trump Ocean Club’ deal was structured to utilize its strong pre-construction receivables to finance the construction of the building. Despite the extreme market volatility, the deal attracted more than 35 investors from a diverse geographical pool and the bond has performed well in the secondary markets.”The Deal, judged by a panel of editors from The Banker Magazine, is awarded to significant financial transactions not to actual banks; it goes to the worthy transaction within that city or country.
Winners are determined by level of innovation, overall client response and whether it successfully entered a new market. The monetary scope of the transaction is not necessarily a deciding factor. They’ve also recently added a yearly event where participants are honored for their achievements. This years’ Gala took place in Bahrain. For approximately 5 years, “The Banker” has been inviting banks from cities and countries all over the world to participate, making this competition one without geographic boundaries. The Banker Magazine stated that: “The past 12 months have been turbulent for the banking sector. Despite the consequences of the credit crunch on structured credit models and transaction flows, both international and local banks have once again brought an impressive number of deals to the attention of The Banker’s judges. The global, regional and country winners have been picked from the 447 transactions submitted from 93 countries around the world.”For more information please visit: http://www.thebanker.com/news/fullstory.php/aid/5735/Country_Winners_H-R.html
