We recommend a BUY on the triple-A rated, floating-rate securities issued out of Advanta Business Credit Card Master Trust (ABCMT), given that the securities trade 30-35 bp behind comparable benchmark credit card ABS issues. We believe these ABCMT issues should trade 22-25 bp in back of benchmark issues and anticipate that their spreads may tighten. For more aggressive investors, we find exceptional value in the subordinated single-A and triple-B classes.
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With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
5m ago -
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18 -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
April 18 -
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
April 18 -
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
April 17 -
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
April 17