The entrance to a Verizon wireless store is seen in New York, in this May 12, 2015, file photo. REUTERS/Shannon Stapleton/File Photo
NEW YORK: Mobile phone giant Verizon has mandated banks for the first ever securitisation to be backed by cellphone contracts in the US, one of the banks managing the deal told IFR.
Bank of America Merrill Lynch (structuring), Barclays and MUFG have been hired as lead managers on the inaugural transaction, which is expected to be US$1.169bil (RM4.74bil) in size and rated Triple A.
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