Two classes of notes issued by First Dominion Funding I were placed under review for downgrade by Moody's Investors Service late today. The $40M Class C-1 Floating Rate Notes, due 2013, and $35M Class C-2 Fixed Rate Notes, due 2013, currently rated Baa2 are on watch for downgrade. The $40M Senior Subordinated Floating Rate Notes, due 2013, and $15M Senior Subordinated Fixed Rate Notes, due 2013, currently rated Ba3 were also placed on watch for downgrade. Par losses and deterioration in the credit quality of the collateral were cited by Moody's as reasons for the watch. First Dominion Funding I, a CLO, closed June 10, 1998.
-
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.
8h ago -
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.
9h ago -
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