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Rev Cred/Home Eq 40% Auto Loans/Recs 13% Non-Jumbo Mtg Ln 12% Credit Card Rec 12% Student Loans 7% Other 17%
November 3 -
Holders of approximately $1 billion of First North American National Bank (FNANB) credit card ABS cheered last week's announcement that the $1.5 billion portfolio would be sold to FleetBoston Financial. While the move was viewed an undeniably positive for FNANB parent Circuit City, objective observers were questioning Fleet's motivation for acquiring the underperforming portfolio.
October 27 -
New-issue ABS volume soared last week, with $16 billion having priced and up to $2 billion left in the pipeline for this week. The auto sector led the way last week, pricing over $7 billion of supply split among loan, lease and floorplan receivables. There were also credit card, global MBS, student loan-backed deals to go with the standard flow of mortgage-related transactions, which totaled roughly $5.5 billion.
October 27 -
The decision to transfer the servicing rights of DVI Inc.'s deteriorating medical equipment portfolio has reportedly been made by debtor-in-possession provider Goldman Sachs. If all goes well, the servicing rights will be transferred to the winning bidder by Dec. 15, in an attempt to turn around the declining performance the collateral has experienced since the filing for bankruptcy in late August.
October 27 -
The pros and cons of CDO diversification has attracted a lot of attention.
October 27 -
With the recent hiring of Jim Regan to head its U.S. ABS secondary trading desk, the ABS puzzle is just about complete for ABN Amro. Since May, the Dutch underwriter has been quietly filling senior roles in its management team, poaching experienced ABS pros from various street firms one at a time, rather than an entire group in one fell swoop.
October 27 -
Grasping the brass ring of stable performance these days is as highly sought after as a World Series ring around Boston these days. But while no asset class is ever risk-free, the CBO market has been drawing a flock of investors in phenomenal numbers.
October 27 -
Year to date as of 10/23 Term (days) 10/17 10/20 10/21 10/22 10/23 1-week
October 27 -
2003 2002 2001 ABS (Public and 144A) 439,694 352,025 300,294 ABS (Public and 144A excluding CDOs) 406,677 311,993 261,702 ABS (Public Only) 353,567 280,565 225,210 ABS (144A Only) 86,128 71,460 75,084 Non-Agency MBS 262,550 194,814 142,838 Agency MBS 469,055 441,775 272,112 CMBS 56,119 40,612 47,850 Source: Thomson Financial
October 27 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 7,871.8 1 15.2 11 Credit Suisse First Boston 5,805.2 2 11.2 10 Deutsche Bank AG 5,349.0 3 10.3 9 Morgan Stanley 4,823.9 4 9.3 8 BANK ONE Corp 4,734.7 5 9.2 8 Citigroup 4,576.3 6 8.9 7 Barclays Capital 3,555.3 7 6.9 9 Banc of America Securities LLC 3,512.5 8 6.8 7 Bear Stearns & Co Inc 2,856.5 9 5.5 1 Wachovia Corp 1,853.6 10 3.6 7 Industry Total 51,728.2 - 100.0 64 Source: Thomson Financial
October 27
