Fitch Ratings recently downgraded four classes of notes of Bistro 2006-6, a synthetic balance sheet CDO, established by JPMorgan Securities. The following tranches were downgraded; the $300 million class A notes were downgraded to 'AA-' from 'AAA'; the $100 million class B notes were downgraded to 'BB' from 'AA'; the $100 million class C notes were downgraded to 'C' from 'CCC-'; and the $30 million class D notes were downgraded to 'D' from 'C'. The rating agency cited deterioration in credit quality and higher than expected credit protection payments under credit default swaps as reasons for the action. Bistro 2000-6 was established by JPMorgan to provide credit protection on a $4 billion portfolio of investment grade loans.
-
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
2h ago -
Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
9h ago -
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