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In Phoenix last week, panelists on the non-mortgage research roundtable agreed that 2004 will not likely be "the year of the home run," compared to the massive tightening in just about every asset class throughout last year.
February 9 -
As auto lenders begin relying more heavily on favorable execution in the whole loan markets, investors are seeing more of an aggressive structure hit the sector. While the concurrent pay structure has obvious benefits to the issuer, it also heightens the extension risk for subordinate buyers, if the transaction is structured too aggressively.
February 9 -
The Blackstone Group wowed the structured finance world last week when it launched the largest CLO since 1998.
February 9 -
After wrapping up its Landmark III CDO less than two months ago, Aladdin Capital Manage-ment is busy in the market again, putting together its very first loan fund, which is expected to total more than $500 million.
February 9 -
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Even though the home equity and mortgage sectors of the securitization markets have experienced dramatic tightening since 3Q03, there is still room for appreciation in 2004, depending on where investors place their bets. In a pair of conference calls last week, researchers from Credit Suisse First Boston and UBS gave their respective opinions as to where value lies in the current market, and they shared surprisingly similar opinions.
February 2 -
A recent decision from a New York appellate court could cut into cash flows supporting the state's tobacco bond deals, according to a report from Moody's Investors Service.
February 2 -
In the midst of the winter ABS conference season, primary activity slowed last week. The presence of several large offerings, however, kept volume levels respectable. Through last Thursday, the U.S. ABS market had priced $8 billion, with an additional $1.5 billion hoping to wrap up in Friday's session.
February 2 -
A high yield CLO takes the prize for being the first visible U.S. CDO issuance to price in 2004. Sources report Light Point I, a $409 million arbitrage cash flow vehicle, priced in line with spread talk last week.
February 2 -
For a new kid on the ABS conference block, the American Securitization Forum (ASF) did well for itself as a solid showing flocked to attend ASF 2004, held last week at the Fairmont Scottsdale Princess in Scottsdale, Ariz. In fact, organizers have tentatively set a Jan. 23-26, 2005 date for next year's gathering. Unofficial estimates pegged this year's attendance at well over 1,000, a number that ASF Chairman Vernon Wright aims to double for next year's event.
February 2 -
The recent trend of capital infusion to the student loan sector, though positive, presents risks, said panelists at American Securitization Forum's ASF 2004 conference last week.
February 2 -
In the past year, unprecedented downgrades of senior CDO tranches caused many investors to ask: Does a triple-A rating imply less volatility?
February 2 -
With the recent volatility in the asset-backed market, investors - who get hardest hit when the going gets tough- should let their voices be heard louder, said participants at the "Investors' Perspective" panel at the American Securitization Forum's ASF 2004 conference.
February 2 -
The $1 billion manufactured housing portfolio that caused the Federal Home Loan Banks of New York so much trouble late last year - prompting a $169 million loss - resurfaced recently in a $252 million shelf offering from Credit Suisse First Boston's Asset Backed Securities Corp. issuance vehicle. Essentially a re-REMIC, this represents CSFB's first securitization of MH collateral from its principal finance vehicle - which, sources speculate, could account for a financial windfall for CSFB.
February 2 -
It was an exciting week of news in credit cards, as five high-profile issuers made the headlines in one way or another. Top-tier card issuers American Express and MBNA America Bank announced a first-of-its kind alliance. Former top-tier issuer Capital One Financial came one step closer to being top-tier again, and subprime specialist CompuCredit Corp. closed a transaction backed by loans it acquired from Providian Financial.
February 2 -
Year to date as of 02/04 Term (days) 01/29 01/30 02/02 02/03 02/04 1-week
February 2 -
2003 2002 2001 ABS (Public and 144A) 26,806 29,821 24,577 ABS (Public and 144A excluding CDOs) 26,806 28,986 24,128 ABS (Public Only) 22,402 27,169 22,756 ABS (144A Only) 4,404 2,652 1,821 Non-Agency MBS 1,846 14,637 9,578 Agency MBS 4,572 97,289 32,058 CMBS 418 2,337 649 Source: Thomson Financial
February 2 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Deutsche Bank AG 2,646.1 1 66.2 2 Citigroup 1,000.0 2 25.0 1 Credit Suisse First Boston 350.0 3 8.8 1 Industry Total 3,996.1 - 100.0 4 Source: Thomson Financial
February 2 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues - - - - - Industry Total - - - - Source: Thomson Financial
February 2 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 1,599.6 1 66.6 2 Merrill Lynch & Co Inc 452.2 2 18.8 1 Lehman Brothers 250.0 3 10.4 1 Wachovia Corp 100.0 4 4.2 1 Industry Total 2,401.8 - 100.0 4 Source: Thomson Financial
February 2
