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 | 9,000.2 | 1 | 11.1 | 14 |
Lehman Brothers | 8,758.0 | 2 | 10.8 | 19 |
Morgan Stanley | 8,445.7 | 3 | 10.4 | 15 |
Citigroup | 7,676.4 | 4 | 9.5 | 20 |
Credit Suisse First Boston | 7,094.1 | 5 | 8.7 | 15 |
Merrill Lynch & Co Inc | 6,730.0 | 6 | 8.3 | 9 |
Bear Stearns & Co Inc | 4,806.7 | 7 | 5.9 | 9 |
Deutsche Bank AG | 4,394.2 | 8 | 5.4 | 18 |
Banc of America Securities LLC | 4,366.1 | 9 | 5.4 | 14 |
JP Morgan | 4,281.4 | 10 | 5.3 | 9 |
Industry Total | 81,124.6 | - | 100.0 | 136 |
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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