Near Term Visible U.S. CDO Pipeline | |||||||||||
Deal | Size (mln) | Collateral Manager | Deal Type | Assets | Credit Enhancement | Banks | Status | Banks | Status | Date Annc. | |
ACA ABS 2003-1 | 400.0 | American Capital Access | Arb cashflow | MBS/ABS | Wrap | BofA | Pre-marketing | BofA | 225/3ML | 37687.0 | |
Tsar_05 2003* | 7000.0 | Winchester Capital | BS cashflow | SF | Sen/sub | DB | 150-170/3ML | ||||
Unison CDO Limited 1 | 250.0 | TD Principal Finance | Arb cashflow | SF | Sen/sub | TD | 50/6ML | ||||
White Oak I* | 1000.0 | Barclays Bank | BS cashflow | SF | Sen/sub | BCG | 50/L | ||||
Mulberry Street II | 500.0 | Clinton Group | Arb cashflow | Cash/Trups | Sen/sub | UBS | Pre-marketing | UBS | 55-65/3ML | ||
C-Bass CDO VI | 330.0 | C-Bass | Arb cashflow | Cash/REIT | Sen/sub | CSFB | Pre-marketing | CSFB/GCM | 60-68/3ML | 37687.0 | |
South Coast II | N/A | TCW Advisors Inc. | Arb cashflow | SF | Sen/sub | SSB | 55/3ML | 37708.0 | |||
Birch Funding 1 | 204.0 | N/A | Arb cashflow | N/A | Sen/sub | BS/MS | 70/3ML | BS | 70/3ML | 37610.0 | |
Forest Creek 2003-1 | 300.0 | Deerfield Capital Mgmt. | Arb cashflow | HYL | Sen/sub | MS | 55/3ML | MS | 55/3ML | 37645.0 | |
Westmoreland CDO 2003-1 * | 1000.0 | Westmoreland Capital | Arb cashflow | IG Debt | Sen/sub | BofA | 65/3ML | ||||
Eclipse 1 CDO | 306.0 | Radobank | Arb cashflow | CDO of CDOs | Sen/sub | MS | 58-62/6ML | ||||
Galaxite CDO I * | 500.0 | Blackrock Financial Mgmt | Arb cashflow | IGB | Sen/sub | CSFB | 125/3M: | CSFB | 125/3ML | 37582.0 | |
Mount Mitchell CDO II | 300.0 | White Ridge Investment Advs. | Arb cashflow | HYB | Sen/sub | BofA | 50/L | BofA | 50/L | ||
Front Range CBO 2002-1 | 250.0 | Denver Investment Advisors | Arb cashflow | IG | Sen/sub | BS | 70/6ML | ||||
Tropic Trust Preferred CDO I | 309.0 | N/A | BS cashflow | Trups-backed/Static | Sen/sub | BS/MS | 80/3ML | BS/MS | 80/3ML | 37673.0 | |
Light Point CLO Ltd. 1 | 409.0 | LightPoint Capital | Arb cashflow | HYL | Sen/sub | ABN/LINK | 45/3ML | ABN/LINK | 45/3ML | 37456.0 | |
BSAM CLO I | 450.0 | Bear Stearns Asset Mgmt. | Arb cashflow | HYL | Sen/sub | BS | 45/3ML | BS | 45/3ML | ||
Silver Leaf I | 565.0 | Deutsche Bank Capital | Arb cashflow | PE Funds | Sen/sub | DB | 110/3ML | DB | 110/3ML | 37568.0 | |
Gemini Fund Ltd. I | 692.0 | Greenwich Street Capital Ptns. | Arb cashflow | HYL | Sen/sub | GS | 60-65/3ML | GS | 60-65/3ML | ||
Clydesdale CLO 2003 | 300.0 | Nomura Corp. Research | Cashflow | HYL | Sen/sub | BofA | Pre-marketing | BofA | 57/L | 37638.0 | |
PEPS I | 619.0 | Aon Corp. | Arb cashflow | PE/LBO | Sen/sub | CIBC | 250/3ML | CIBC | 250/3ML | 37561.0 | |
UBS Alpha 1 | 500.0 | UBS O'Connor | Arb cashflow | Hedge Funds | Sen/sub | UBSW | 60-70/12ML | UBSW | 60-70/12ML | ||
Connecticut Valley II | 400.0 | David L. Babson | Arb cashflow | CDO of CDOs | Wrap | JPM | Pre-marketing | 37706.0 | |||
SpiritsTrups CDO | 500.0 | N/A | Arb cashflow | P&C, L/H Insur Trups | Sen/sub | UBS | Pre-marketing | 37680.0 | |||
Ares VII | 300.0 | Ares Mgt. | Arb cashflow | Loans | Sen/sub | DB | Pre-marketing | 37687.0 | |||
Fort Point II | N/A | State St. | Arb cashflow | SF | Sen/sub | SSB | Equity | ||||
Callidus Debt Partners CLO Fund | 300.0 | Callidus Capital Mgmt. | Arb cashflow | Loans | Sen/sub | WA | Pre-marketing | 37673.0 | |||
Waveland Ingots | 400.0 | Pimco | Arb cashflow | Loans | Sen/sub | JPM | Pre-marketing | 37680.0 | |||
DLB CLO | 400.0 | David L. Babson | Arb cashflow | Loans | Sen/sub | WA | Pre-marketing | 37659.0 | |||
Aladdin IG CBO | 300.0 | Aladdin Capital Mgmt. | Arb cashflow | IG Corp. | Sen/sub | CSFB | Pre-marketing | 37687.0 | |||
Pacifica CLO II | 300.0 | Alcentra Group | Arb cashflow | Loans | Sen/sub | CSFB | Pre-marketing | 37701.0 | |||
Coast Senior Debt Opportunities | 500.0 | Coast Asset Mgmt. | Arb cashflow | CDO of CDOs | Sen/sub | CIBC | Pre-marketing | CIBC | Pre-marketing | 37659.0 | |
AIG Global CDO | 250.0 | AIG Global Investment Corp. | Arb cashflow | PE | Sen/sub | MS | Pre-marketing | MS | Pre-marketing | ||
Porter Square I | 400.0 | TCW Advisors Inc. | Arb cashflow | CDO of CDOs | Sen/sub | CSFB | Pre-marketing | 37659.0 | |||
Jackson Creek CDO 1 | 250.0 | Jefferies & Co. | Arb cashflow | HYB | Sen/sub | JC | Pre-marketing | JEFF | Pre-marketing | 37659.0 | |
Liberty Square III | 250.0 | Wellington Asset Mgmt. | Arb cashflow | HYB | Sen/sub | LB | Pre-marketing | Pre-marketing | |||
*Denotes Synthetic | |||||||||||
Recent Pricings U.S. Mkt | |||||||||||
Deal | Size (mln) | Collateral Manager | Deal Type | Assets | Credit Enhancement | Banks | Priced | Banks | Priced | AAA Spreads | |
Race Point CLO II | 400.0 | Sankaty Advisors | Arb cashflow | HYL | Sen/sub | DB | 50-55/3ML | DB | 37714.0 | 55/3ML | |
MM Community Funding | 314.0 | MM Community/SAMCO | Arb cashflow | Trups-backed | Sen/sub | SSB | Equity | SSB | 37708.0 | 75/3ML | |
RESI 2003-A* | 17200.0 | BofA/BAS | BS cashflow | RMBS | Sen/sub | BofA | 37701.0 | (B-3)160/L | |||
CREST Dartmouth St. 2003-1 | 350.0 | MFS Investment Mgmt. | Arb cashflow | REIT/CMBS/CML | Sen/sub | WS | 50-55/3ML | WS | 37700.0 | 55/3ML | |
Spices 2003-1 * | 273.0 | Morgan Stanley | Arb cashflow | SF | Sen/sub | MS | 37699.0 | N/A | |||
Pref Term Securities IX | 522.5 | FTEN and KBW | Arb cashflow | Cash/TruPS | Sen/sub | KBW | 37698.0 | 75/3ML | |||
Lliad Investment 8 * | 2000.0 | BNP Paribas | BS cashflow | SF | Sen/sub | BNP | 37693.0 | N/A | |||
Newcastle RE CDO I | 500.0 | Fortress Investment Group | Arb cashflow | CMBS/REITS/ABS | Sen/sub | BS/MS | 65/1ML | BS/MS | 37687.0 | 70/3ML | |
Crest 2003-1 | 600.0 | SCP/Wachovia | Arb cashflow | Cash/REIT | Sen/sub | WS | 37685.0 | WS | 37685.0 | 58/3ML; 58/Swap | |
Longhorn CDO III | 303.0 | Merrill Lynch Investment Mgmt. | Arb cashflow | Cash/HYL | Sen/sub | ML | 37684.0 | ML | 37684.0 | 55/3ML | |
GMAC (G-Star 2003-3) | 450.0 | GMAC Commerical Mortgage | Arb cashflow | CMBS/REIT/ABS | Sen/sub | SSB | 37679.0 | SSB | 37679.0 | 57/3ML | |
Blue Heron Funding V | 1000.0 | West LB | Arb cashflow | Cash/REIT | Sen/sub | WDL | 37679.0 | WLB | 37678.0 | 400/L | |
Harbourview CLO V | 300.0 | Harbourview Asset Mgmt. | Arb cashflow | Cash/HYL | Sen/sub | SSB | 37671.0 | SSB | 37671.0 | 54/3ML | |
Trapeza CDO II | 412.0 | Trapeza Capital Mgmt. | Arb cashflow | Cash/Trups | Sen/sub | CSFB/STES | 37671.0 | CSFB/STES | 37671.0 | 65/6ML | |
Oakhill Credit Partners II | 504.0 | Oak Hill Advisors | Arb cashflow | Cash/LL/HYB | Sen/sub | DB | 37666.0 | DB | 37666.0 | 55/3ML | |
NorthLake CDO | 350.0 | Deerfield Capital Mgmt. | Arb cashflow | REITS/CMBS/ABS | Sen/sub | MS | 37656.0 | MS | 37656.0 | 75/3ML | |
Trainer Wortham ABS CBO II | 303.0 | Trainer-Wortham | Arb cashflow | Diversified | Sen/sub | CSFB | 37652.0 | CSFB | 37652.0 | 65/3ML | |
Katonah CLO IV | 350.0 | Katonah Capital Mgmt. | Arb cashflow | HYL | Sen/sub | CSFB | 37649.0 | CSFB | 37649.0 | 55/3ML | |
CMBS/Realty One | 100.0 | Stonehenge Financial Partners | Arb cashflow | Static CMBS | Sen/sub | GCM | 37620.0 | GCM | 37620.0 | 65/3ML | |
*Denotes Synthetic | |||||||||||
Sources: IFR Asset-Backed Securities, ASR, Street Research |
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
19m ago -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23