While default and deferral rates for U.S. bank trust preferred security CDOs remain flat, the sector saw a first last month when a tender offer was accepted in connection with a CDO, according to Fitch Ratings.

Fitch said Monday it received notice of the first tender offer to be accepted and completed  in connection with a TruPS CDO. The offer, completed in January, affected four CDOs holding the TruPS. Each received roughly 21% of par in exchange for termination of the TruPS.

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