Salomon Smith Barney is a co-manager (with Morgan Stanley Dean Witter and Deutsche Bank Alex. Brown) on the Atlas Air EETC $217 million private placement offering mentioned in last week's ASR (1/24/00). Additionally, the Class-A bonds of that transaction, rated A2/AA-minus, have a 13.5-year weighted average life (WAL) and a final maturity of 20 years, with a coupon of 8.717% and a spread of 195 basis points over Treasurys. The Class-B bonds, rated Baa2/A-minus, have a 9-year WAL and a final maturity of 16 years, with a coupon of 9.057% and a spread of 230 over. The Class-C bonds, rated Ba2/BBB-minus, have a four-year average life and a 11-year final maturity, with a 9.702% coupon; it priced at a spread of 310 over.
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Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6 -
Under the capital structure the senior notes will be repaid on a pro rata basis. Otherwise, the notes in the structure will benefit from excess spread and a senior-subordinate structure.
May 6 -
Both pools have exposures to large dealers, so losses could be more pronounced if one dealer goes bankrupt, while both series have revolving periods, when noteholders will not receive any principal.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3 -
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
May 3