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Last week the American Securitization Forum (ASF) expressed support for the revised guidance to complex structured finance transactions. The Office of the Comptroller of the Currency, the Office of Thrift Supervision, the board of governors of the Federal Reserve System, the Federal Deposit Insurance Corp., and the Securities and Exchange Commission issued the revised guidance jointly.
June 19 -
Year-over-year net losses on securitized prime and subprime auto loans fell in the first quarter, reversing recent trends in the underlying loans of auto ABS deals, and hinting at better days ahead for the sector.
June 19 -
Despite the fact that much of the asset securitization market was overseas for the Investment Management Network's conference in Barcelona, Spain, enough of the market showed up to price nearly $13 billion in primary issuance last week.
June 19 -
Even though reverse mortgages are currently still a small part of the U.S. mortgage market, they are expected to dramatically increase in the coming years.
June 19 -
In a move that bodes well for the rebirth of the World Trade Center area in New York City's financial district, Moody's Investors Service is rumored to be close to inking a deal to be the first major tenant in Larry Silverstein's newly opened Seven World Trade Center, which is the first building from the complex to be rebuilt since the Sept. 11 terrorist attacks.
June 19 -
With home price appreciation on the downturn, widespread record-tight ABS spread levels and stricter credit enhancement levels now in place on certain home equity loan deals, GSC Partners picked a fine time to launch a pair of CDOs referenced to home equity loans and make its debut as an RMBS issuer. Despite such apprehensions, the company recently priced and completed deals totaling nearly $2 billion.
June 19 -
Specialty finance company NewStar Financial announced last week that it has priced and closed a $500 million CLO called the NewStar Commercial Loan Trust 2006-1 CLO. The deal is secured by a portfolio of exclusively middle market assets originated by NewStar (primarily comprising first lien loans), the firm said in a statement, noting that it is retaining the CLO's equity. The structure has a five-year reinvestment period.
June 19 -
The U.S. economy shrugged off significant obstacles in 2005, dodging with seeming agility ongoing geopolitical uncertainty, hurricanes, rising interest rates and mounting fuel costs. In addition, the economy proved resistant to fears of falling home prices and persistent weakness in the airline and automotive industries. Even concerns regarding the potential negative impact of bankruptcy reform proved illusive. Through it all, collateral continued to demonstrate resilience throughout the majority of non-mortgage-related consumer and commercial non-mortgage-related term ABS.
June 19 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 6,027.5 1 19.1 12 JP Morgan 5,062.5 2 16.1 12 Wachovia Corp 3,139.5 3 10.0 7 Deutsche Bank AG 2,690.2 4 8.5 8 Royal Bank of Scotland Group 2,169.3 5 6.9 5 Merrill Lynch & Co Inc 1,847.5 6 5.9 4 Banc of America Securities LLC 1,682.4 7 5.3 2 Barclays Capital 1,603.4 8 5.1 3 Credit Suisse 1,550.0 9 4.9 3 HSBC Holdings PLC 1,329.2 10 4.2 2 Industry Total 31,534.7 - 100.0 40 Source: Thomson Financial
June 19 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 13,755.3 1 14.5 23 Merrill Lynch & Co Inc 12,695.7 2 13.4 18 Banc of America Securities LLC 9,548.4 3 10.1 22 Deutsche Bank AG 7,410.1 4 7.8 12 UBS 5,654.0 5 6.0 16 Credit Suisse 5,617.9 6 5.9 10 Bear Stearns & Co Inc 5,211.1 7 5.5 11 Wachovia Corp 4,213.6 8 4.4 9 Morgan Stanley 4,165.0 9 4.4 16 Lehman Brothers 4,019.1 10 4.2 7 Industry Total 94,928.4 - 100.0 184 Source: Thomson Financial
June 19
