In the Australian round-up in the October 4 issue of ASRI, the coverage of St. George Bank's Crusade Global Trust mortage-backed transaction should have given the lead-manager and bookrunner as Credit Suisse First Boston. JP Morgan and Deutsche Bank acted as co-managers.
The fixed, tax-exempt notes have about 137.5% in expected senior bond parity and 124.1% in subordinate bond parity levels.
Moody's took note of several credit strengths in the portfolio, including that on a weighted average (WA) basis, the contracts have a weighted average FICO score of 767 and only a point higher for the upsized pool.
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
Consolidation has slowed since the pandemic, but UMB's agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are said to be picking up.
Used cars make up virtually American Credit Acceptance entire collateral pool, and while observers said recoveries in this asset group have been lower, the pool includes a higher percentage of better performing called collateral.
The company's attorneys had previously managed to successfully decertify the class in the seven-year long case, but the decision was reversed last year.
