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 |
-
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.
1m ago -
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
6h ago -
The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
May 2 -
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
May 2 -
Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
May 1 -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
May 1