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Despite significant collateral and structural differences, some market participants are expecting TABX and mezzanine structured finance CDO spreads to converge. This is an unsettling thought to CDO issuers - but a possible scenario to real estate bears.
March 12 -
A weakened housing market might have changed the composition of the underlying collateral in CNH Capital America's $1.2 billion offering last week, but pricing appeared unscathed.
March 12 -
Wall Street dealers, some of which are rumored to be taking substantial losses from the ailing subprime mortgage market, are tightening the purse strings - in part to limit their exposure to mezzanine ABS CDOs. Rumors were running rampant last week of pulled or significantly tightened warehouse lines, liquidations and difficulty selling deals once they had priced.
March 5 -
Jardine Lloyd Thompson Group, a risk management advisor and insurance broker, and ICAP, an interdealer broker, formed a joint venture that might, among other deals, originate and structure insurance-related ABS deals.
March 5 -
The subprime mortgage market, stuck in a frenzied fall from popularity that began in full force several weeks ago, is generating all sorts of concerns among portfolio managers, dealers and broader financial market professionals. After last Tuesday's widespread sell off in just about everything except Treasuries, portfolio managers and traders alike want to know when the bloodletting will stop and whether they are next in line to feel the same kind of pain.
March 5 -
A number of market sources are predicting a Darwinian fate for CDO managers similar to that playing out among subprime mortgage lenders, as the credit cycle turns and funding can no longer be counted on. And while those established in the CDO sector have been eagerly awaiting spread tiering and greater availability of collateral, it's interesting to note that even among the Wall Street insiders, no one seems to have a firm grasp on just how many active CDO managers there are today.
March 5 -
Fremont General Corp., the country's third-largest subprime lender and the originator behind the first 2006 vintage collateral to receive negative rating action, announced late last week it would delay its fourth quarter earnings announcement and annual report filing.
March 5 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 3,580.8 1 32.0 7 HSBC Holdings PLC 1,458.7 2 13.0 2 Barclays Capital 1,348.8 3 12.1 2 Banc of America Securities LLC 1,347.1 4 12.0 3 Wachovia Corp 1,210.7 5 10.8 3 ABN AMRO 605.5 6 5.4 1 Royal Bank of Scotland Group 599.3 7 5.4 1 Credit Suisse 550.0 8 4.9 1 Morgan Stanley 492.3 9 4.4 1 Industry Total 11,193.2 - 100.0 12 Source: Thomson Financial
March 5 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Merrill Lynch 8,867.8 1 23.2 7 Citigroup 6,327.8 2 16.6 7 Barclays Capital 6,106.6 3 16.0 3 UBS 5,489.0 4 14.4 5 Deutsche Bank AG 3,067.3 5 8.0 6 Morgan Stanley 1,651.6 6 4.3 7 Bear Stearns & Co Inc 1,485.8 7 3.9 3 JP Morgan 1,293.0 8 3.4 3 Banc of America Securities LLC 1,269.0 9 3.3 2 Lehman Brothers 965.0 10 2.5 2 Industry Total 38,218.3 - 100.0 48 Source: Thomson Financial
March 5 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 5,169.8 1 38.5 6 Banc of America Securities LLC 4,312.4 2 32.1 6 Deutsche Bank AG 1,191.3 3 8.9 7 Wachovia Corp 962.5 4 7.2 3 HSBC Holdings PLC 500.0 5* 3.7 1 Citigroup 500.0 5* 3.7 1 Morgan Stanley 350.0 7 2.6 1 Lehman Brothers 266.3 8 2.0 3 Royal Bank of Scotland Group 87.5 9* 0.7 1 Credit Suisse 87.5 9* 0.7 1 Industry Total 13,427.2 - 100.0 24 Source: Thomson Financial
March 5
