Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
Morgan Stanley | 1,012.6 | 1* | 25.3 | 2 |
Lehman Brothers | 1,012.6 | 1* | 25.3 | 2 |
UBS | 530.0 | 3 | 13.3 | 1 |
Deutsche Bank AG | 489.9 | 4* | 12.3 | 1 |
Credit Suisse First Boston | 489.9 | 4* | 12.3 | 1 |
RBC Capital Markets | 462.0 | 6 | 11.6 | 1 |
Industry Total | 3,996.9 | - | 100.0 | 5 |
Source: Thomson Financial |
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There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
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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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