Orix Credit Alliance filed an S-1 with the Securities & Exchange Commission. According to the filing, Orix's next deal will likely be structured in six parts, with A-1 through A-4 class notes, plus B-class and C-class notes.

New Jersey-based Orix leases large ticket agricultural and construction equipment. The company last came to market in February with a $290 million deal managed by First Union.


Following a voluntary bankruptcy filing by home furnishings retailer Heilig-Meyers, early amortization triggers were hit for two series of the Heilig-Meyers Master Trust: 1998-1 and 1998-2. Pool performance has been in line with expectations, with the portfolio yield averaging 25%, defaults 7% to 8% and payment rate 9% over the past six to 12 months.

The law firm of Giancarlo & Gnazzo, A Professional Corporation has changed its name to GnazzoThill, A Professional Corporation, effective Aug. 1. Their practice continues to focus on corporate and structured finance, commercial lending and leasing, insolvency and tax matters. The firm has also recently hired Ruth A. Strauss, formerly of Brown & Wood LLP, as a shareholder in the firm.

MBNA has paid an undisclosed amount for First Union Corp.'s credit card business. The sale included three million accounts, with $5.5 billion in loans. First Union, hoping to reverse a two-year trend of falling earnings, will take a $1 billion pretax gain from the sale. MBNA currently has $76.3 billion in loans outstanding.

According to Moody's Investors Service June credit-card indexes, delinquency and loss rates on credit-card loans are at a four-year low, as the chargeoff rate fell to 5.26%, its lowest since March 1996. The delinquency rate has fallen to 4.26%, the lowest levels seen since October 1995. However, profit margins have also declined during the second quarter of 2000, to 5.14%, the second consecutive quarterly decline.


Moody's has realigned its global structured finance group with three new management appointees. Brian Clarkson was appointed group managing director responsible for all Moody's U.S. asset-backed and residential mortgage-backed ratings and research. He will also lead the U.S. RMBS team. Daniel Curry was appointed group managing director in charge of the Europe and Asia structured finance business. Noel Kirmon will serve as group managing director in charge of commercial mortgage-backed securities and fully-supported securities, as well as head the U.S credit derivatives business.

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