Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
Merrill Lynch & Co Inc | 5,289.7 | 1 | 19.0 | 6 |
Deutsche Bank AG | 3,616.4 | 2 | 13.0 | 5 |
Morgan Stanley | 3,275.2 | 3 | 11.8 | 6 |
JP Morgan | 3,207.9 | 4 | 11.5 | 6 |
Citigroup | 2,986.6 | 5 | 10.7 | 4 |
UBS | 2,820.0 | 6 | 10.1 | 6 |
Credit Suisse First Boston | 2,745.6 | 7 | 9.9 | 4 |
Banc of America Securities LLC | 1,781.4 | 8 | 6.4 | 2 |
Lehman Brothers | 1,012.6 | 9 | 3.6 | 2 |
RBC Capital Markets | 462.0 | 10 | 1.7 | 1 |
Industry Total | 27,805.5 | - | 100.0 | 26 |
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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