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Wyndham Worldwide Offers $250 Million Bond

By Anusha Shrivastava Of DOW JONES NEWSWIRES NEW YORK-(Dow Jones)- Wyndham Worldwide Corp. (WYN) is tapping the market with a $250 million timeshare receivables backed bond, according to a term sheet. The bond is being offered via the private Rule 144a market and is joint led by Credit Suisse (CS), Deutsche Bank (DB) and Royal Bank of Scotland (RBS). Wyndham's bond is among the first to be issued after ABS East, a securitization-industry conference held last week in Miami. Issuance of asset-backed securities for the rest of this year and 2011 is "likely to remain muted in most sectors, with issuance in credit card and student loan ABS low by historical standards and auto-related securitizations being the main engine of growth yet again," wrote Barclays analysts in a note. Large bank-card issuers may bring "occasional deals" to diversify funding sources or maintain their presence in the securitization market, they add. So far this year, issuance of credit card loan backed bonds has been about $5 billion. While consumer loan-backed issuance has climbed to about $80 billion so far this year, it is way behind the $140 billion issued last year, when a Federal Reserve program helped boost new issuance. In mid-September, Wyndham sold a $250 million 7.5-year senior unsecured bond. At the time, Tom Conforti, chief financial officer of Wyndham Worldwide, said the company found the ultra-low borrowing rates attractive. "With interest rates at historic lows, the timing of this bond offering is excellent," Conforti said at the time. Wyndham has issued two other asset-backed bonds this year. -By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; [email protected]

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