Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
Royal Bank of Scotland Group | 8,384.1 | 1 | 13.8 | 11 |
Morgan Stanley | 6,945.1 | 2 | 11.4 | 13 |
Lehman Brothers | 6,276.1 | 3 | 10.3 | 15 |
Credit Suisse First Boston | 5,632.2 | 4 | 9.2 | 12 |
Countrywide Securities Corp | 4,360.7 | 5 | 7.2 | 4 |
Deutsche Bank AG | 4,261.3 | 6 | 7.0 | 15 |
Merrill Lynch & Co Inc | 4,204.4 | 7 | 6.9 | 6 |
Bear Stearns & Co Inc | 4,086.6 | 8 | 6.7 | 7 |
Citigroup | 3,547.7 | 9 | 5.8 | 10 |
JP Morgan | 3,136.4 | 10 | 5.1 | 6 |
Industry Total | 60,978.1 | - | 100.0 | 101 |
Source: Thomson Financial |
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The fixed, tax-exempt notes have about 137.5% in expected senior bond parity and 124.1% in subordinate bond parity levels.
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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.
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Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
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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.
April 29