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Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Goldman Sachs & Co 1,380.7 1* 15.9 1 Lehman Brothers 1,380.7 1* 15.9 1 Banc of America Securities LLC 1,380.7 1* 15.9 1 Barclays Capital 1,343.3 4* 15.4 1 Morgan Stanley 1,343.3 4* 15.4 1 Credit Suisse 1,343.3 4* 15.4 1 JP Morgan 541.2 7 6.2 1 Industry Total 8,713.2 - 100.0 3 Source: Thomson Financial
February 26 -
auto ABS 15% credit card ABS 11% real estate ABS 67% student loan ABS 6%
February 26 -
Citing a "new paradigm" of subprime credit losses, Standard & Poor's last week stepped up its RMBS credit surveillance and simultaneously placed a negative CreditWatch on ratings of 18 subordinate classes from 11 RMBS deals issued in 2006 - both in the subprime and Alt-A sectors. According to S&P, the new rating methodology only affects how soon a deal is placed on rating CreditWatch negative. Previously, the rating agency would not place a deal on rating CreditWatch negative if there had not been a loss to the pool.
February 19 -
Several factors have kept annual student loan ABS issuance in the healthy area of $44 billion for the last few years, including government guarantees that act as enticing forms of credit enhancement for much of the sector's underlying collateral.
February 19 -
Hoping to capitalize on the various structured finance growth opportunities beyond securitization, seven ABS senior executives have left BMO Capital Markets to launch Six Degrees Capital Management (SDCM).
February 19 -
With the blessing of a triple-A rating from Moody's Investors Service, hedge fund Aladdin Capital Management became the proud parent of the newest credit derivative product company on the block. The road to obtaining a CDPC rating is a long, drawn out process, sources said - but demand certainly seems strong enough to obtain one.
February 19 -
Last week Federal Reserve Chairman Ben Bernanke managed to say something that both the stock market and the Treasurys market wanted to hear. There would be no pressing need to cut the target funds rate to spur economic expansion, and inflation was not yet out of hand.
February 19 -
In response to the inherent complexities of CRE CDO loans, Standard & Poor's released a report last week detailing how it evaluates companies who act as servicers and special servicers in this growing market segment. The report outlines the different servicing roles for CRE CDO transactions and the rating agency's method for evaluating each of them based on their specific responsibilities.
February 19 -
Lawmakers in the House recently proposed legislation designed to stop unethical practices that private student loan lenders sometimes undertake to gain preferred lender status with universities.
February 19 -
Last week, the American Securitization Forum filed a comment letter with the staff of the State of New York Banking Department regarding New York sales finance licenses, requesting that the department clarify the status under New York Banking Law Article 11-B of parties that acquire retail installment contracts in the secondary market.
February 19
