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.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
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 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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