Hedge fund manager Aladdin Capital Management is reportedly launching the firm's first securitization fund. Aladdin is now marketing the $100 million Aladdin New Alternatives Fund currently scheduled to launch at the end of 2006. The fund -- which will have a bias for long positions -- is set up to invest in a range of securitizations such as CDOs, structured credit, insurance-linked securities as well as future flow deals. Meanwhile, the firm recently hired John Brewer and Tim Goodale from London-based hedge fund Fusion Asset Management to focus on running a new relative value credit fund for Aladdin. Brewer joins the firm as head of European credit trading and Goodale will serve as head of European sales and marketing. The new vehicle, which is set to launch on Wednesday, is expected to build on the fund the pair managed for Fusion.
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24