In last week's ASR, the issuer of the Saratoga arbitrage cashflow CDO (p. 5) was identified as the Denver-based INVESCO. The full name of the issuer on the $300 million Saratoga arb fund is Invesco Senior Secured Management Inc. Based in New York, the issuer is a unit of Atlanta-based INVESCO Inc., the institutional investment management arm of London-based AMVESCAP plc., which also owns private equity manager INVESCO Funds Group Inc. In the same issue, ABN Amro was misidentified as the co-lead, along with CitiBank, on the SIV named Tango. Rabobank should have been identified as CitiBank's co-lead on this deal.
-
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 -
The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
May 2 -
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
May 2