With Q1 2003 over, a few trends in ABS have emerged. First, supply continues to set records, with issuance up about 17% over Q1 2002. Supply for 2003 will almost certainly end up well ahead of 2002’s record amount. Second, virtually all ABS sectors have seen good spread tightening over the first quarter. The lack o fixed-rate supply and the “safe have” view of most ABSs have created good demand in the current volatile market. Finally, spread tiering remains very much in place, with demand focused on higher-quality issuers and sectors.
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Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
11h ago -
Under the capital structure the senior notes will be repaid on a pro rata basis. Otherwise, the notes in the structure will benefit from excess spread and a senior-subordinate structure.
May 6 -
Both pools have exposures to large dealers, so losses could be more pronounced if one dealer goes bankrupt, while both series have revolving periods, when noteholders will not receive any principal.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3 -
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
May 3