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 weighted average, base-case annualized gross loss declined from 11.78%, from 11.86%, because of minor changes in its assumptions of pool segment defaults.
April 29 -
The whole business deal, built around a master trust structure, will be repaid primarily from franchise royalty revenue.
April 29 -
Kevin Warsh's nomination to be the next chair of the Federal Reserve passed through the Senate Banking committee in a party-line vote.
April 29 -
The government-sponsored enterprise recorded $98.7 billion in single-family loan acquisitions to begin the year, including over $43 billion in refinances.
April 29 -
The three class A notes, A1, A2 and A3, of GCAR 2026-2 notes will all benefit from hard credit enhancement levels, plus haircut to excess spread of 56.07%.
April 28 -
Irrespective of the transaction's trigger status, PRKCM 2026-AFC3 will pay the A-1FCF first, until its balance is reduced to zero, and then to the A-1LCF until it is paid down.
April 28








