Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
JP Morgan | 10,569.1 | 1 | 31.2 | 21 |
Citigroup | 4,698.3 | 2 | 13.9 | 15 |
Deutsche Bank AG | 3,274.6 | 3 | 9.7 | 14 |
Barclays Capital | 2,799.0 | 4 | 8.3 | 10 |
Morgan Stanley | 2,216.5 | 5 | 6.6 | 4 |
Banc of America Securities LLC | 2,041.2 | 6 | 6.0 | 8 |
Credit Suisse First Boston | 2,038.2 | 7 | 6.0 | 7 |
ABN AMRO | 1,833.2 | 8 | 5.4 | 7 |
Royal Bank of Scotland Group | 1,135.8 | 9 | 3.4 | 4 |
Merrill Lynch & Co Inc | 759.8 | 10 | 2.3 | 5 |
Industry Total | 33,840.7 | - | 100.0 | 68 |
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.
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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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