Despite the headline challenges, Lehman Brothers is making a play in the tobacco settlement legal fee-backed arena, said to be near an inaugural transaction, pending market conditions. According to a source familiar with the developments, because of the fundamental downward ratings shift for the tobacco industry, it will be difficult for a deal to score higher than the triple-B-plus level, capped at the credit perception of the industry by the rating agencies.
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The senior notes will build hard credit enhancement levels over time because classes B through G will be locked out of principal payments for eight months.
December 15 -
The home purchase market, which competes for consumers with rentals, should remain subdued in 2026 because of high mortgage rates and low affordability.
December 15 -
Federal Reserve Gov. Stephen Miran said higher goods prices could be the trade-off for bolstering national security and addressing geo-economic risks.
December 15 -
The industry expects resilient market conditions and fewer defaults, plus cheaper financing that supports M&A activity and more CLO issuance in 2026.
December 15 -
After home equity surged in 2023, average gains slowed last year before falling into negative territory over the past 12 months, Cotality said.
December 12 -
The deal includes debt service coverage ratio (DSCR) triggers, where a cash trap event will occur on any payment date if the DSCR falls below 1.15x.
December 12





