Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
JP Morgan | 10,541.3 | 1 | 38.2 | 16 |
Citigroup | 5,048.3 | 2 | 18.3 | 13 |
Lehman Brothers | 4,119.2 | 3 | 14.9 | 8 |
Barclays Capital | 2,349.4 | 4 | 8.5 | 6 |
Deutsche Bank AG | 1,324.7 | 5 | 4.8 | 6 |
Credit Suisse First Boston | 1,194.3 | 6 | 4.3 | 4 |
Banc of America Securities LLC | 1,193.0 | 7 | 4.3 | 5 |
Merrill Lynch & Co Inc | 752.2 | 8 | 2.7 | 2 |
Morgan Stanley | 525.0 | 9 | 1.9 | 3 |
Goldman Sachs & Co | 425.0 | 10 | 1.5 | 2 |
Industry Total | 27,572.3 | - | 100.0 | 47 |
Source: Thomson Financial |
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.
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Four tranches of class A notes make up the capital structure, and they all benefit from 3.00% in total initial hard credit enhancement.
March 26 -
Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.
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