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Investment manager Aladdin Capital Management, which has issued four CLOs, a high-grade CDO and one synthetic transaction to date, will soon begin purchasing structured finance product in order to start a relative value opportunity fund as well as begin issuing CDOs backed by ABS and CMBS.
February 7 -
Dominion Bond Rating Service is poised to begin rating more auto deals in 2005. Chris O'Connell, vice president at DBRS, said a number of different auto ABS issuers have been sending pool data for the company to run through its auto credit enhancement tool, and he expects that will result in an increased number of auto deal ratings. O'Connell declined to name specific issuers, but DBRS has rated two auto deals so far, a $2 billion offering from General Motors Acceptance Corp. last year and a $1.5 billion DaimlerChrysler N.A. Holdings deal last month.
February 7 -
The U.S. ABS primary market kept pace in between conferences to price close to $11 billion last week as of Thursday's market close, as real estate ABS accounted for $4.5 billion of the total volume.
February 7 -
The Bond Market Association has said it wants the Securities and Exchange Commission to be more clear on how the agency's securities offering reform proposal will affect asset-backed securities, particularly in relation to the recently approved Regulation AB. In one of two comment letters on the SEC's recently proposed amendments to Regulation M, the securities offering regulation, the BMA addressed several points they would like to see changed before the final rule.
February 7 -
Cendant Corp., the largest travel and real estate services company in the U.S., announced last week that it had spun off subsidiary PHH Corp., an entity that housed the mortgage and fleet leasing operations of the parent company.
February 7 -
As the market stands witness to current low default rates, thin credit spreads, and downward flexes in the loan market, analysts from Standard & Poor's are worried that these current positive market trend indicators will paint the wrong picture for market followers.
February 7 -
The annual study of structured finance ratings transitions by Moody's Investors Service found that upgrades have evened out with downgrades in U.S. the structured finance market.
February 7 -
NEW YORK - There was a familiar refrain heard throughout the first day of the World Research Group's third annual conference dedicated to advancing IP structured finance held here last week - where are the deals?
February 7 -
Year to date as of 02/03 Term (days) 01/28 01/31 02/01 02/02 02/03 1-week
February 7 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Credit Suisse First Boston 2,418.8 1 20.4 3 Deutsche Bank AG 2,162.6 2 18.2 3 Merrill Lynch & Co Inc 1,642.8 3 13.9 2 JP Morgan 1,545.0 4 13.0 3 Goldman Sachs & Co 1,259.0 5 10.6 1 Citigroup 1,232.1 6 10.4 2 Barclays Capital 1,154.4 7 9.7 2 Wachovia Corp 450.0 8 3.8 1 Industry Total 11,864.5 - 100.0 8 Source: Thomson Financial
February 7
