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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* 29.5 1 Lehman Brothers 1,380.7 1* 29.5 1 Banc of America Securities LLC 1,380.7 1* 29.5 1 JP Morgan 541.2 4 11.6 1 Industry Total 4,683.2 - 100.0 2 Source: Thomson Financial
February 19 -
auto ABS 15% credit card ABS 11% real estate ABS 67% student loan ABS 6%
February 19 -
The securitization industry is preparing to strike back at a U.S. Court of Appeals ruling that allows the Federal Deposit Insurance Corp. (FDIC) to ignore a credit card ABS trust contract's ipso facto clause, which would have triggered an early amortization of outstanding notes from defunct credit card issuer NextBank.
February 12 -
Just as the student loan ABS sector was digesting proposed cuts to federal student loan subsidies proposed by Congress, it was hit with a Bush administration proposal to cut lenders' special allowance payments (SAP) by 50 basis points in the 2008 budget plan. If Congress sanctions the changes, then it could change operations at several student loan providers. Future student loan ABS structures might experience declines in excess spreads from their existing levels, say industry observers.
February 12 -
Subprime lender stocks fell along with the ABX.HE index last week, as more news of troubled subprime lenders reverberated through the market. And unlike in the recent past, the news affected the second and third-largest U.S. subprime lenders - HSBC Holdings Plc and New Century Financial Corp., respectively. While sources betting against the subprime sector could almost be described as giddy, those on the other side of the fence worried that the damage 2006 vintage loans seemed to be causing for lenders might be the beginning of unprecedented defaults.
February 12 -
Ordinarily, a week of $20 billion in new ABS issuance would be considered a marvelous accomplishment, and one that would be expected for the market, especially after coming off of a major industry conference. Although the consumer ABS sectors hummed along with scarcely a worry, that buoyancy was juxtaposed against wild, painful gyrations in the HEL sector.
February 12 -
Credit derivatives market participants following the Aon Corp. versus Societe Generale case - which was on appeal before the United States Court of Appeals for the Second Circuit - were finally able to exhale last week. The court overturned a 2006 district court ruling that had favored Aon. The decision effectively sealed a Pandora's box full of disgruntled counterparties seeking to argue contract terms, according to industry experts.
February 12 -
Fitch Ratings continued its business expansion and substantial reorganization of its executive lineup last week.
February 12 -
Domino's Pizza is planning to issue up to $1.85 billion in asset-backed securities, funded by franchise fees from its stores. In turn, the company plans to use the funds to finance a stock repurchase plan.
February 12 -
Moody's Investors Service will start publishing presale reports for its rated U.S. subprime RMBS. The reports will offer the market a view of a transaction's rating drivers before the deal closes and, through standardized reporting, allow investors to make comparisons across deals.
February 12
