Search results for

Both the first and second liens for the Sturm Foods dividend deal broke above par and were active in the secondary last week.

Lead bank Bank of America is looking to take pricing on the "A" and "B" loan of HCA to LIBOR plus 2 1/4% from LIBOR plus 2 3/4%, which has caused the term loans to trade down. McJunkin Corp.'s term loan broke yesterday and was wrapped around par 3/4-101 1/4 most of the day, a trader said. Sbarro broke around par 1/2-101 and traded up to par 3/4-101 1/4 by day's end Tuesday.

An increase in non-traditional market players will fuel the U.S. asset-backed commercial paper (ABCP) sector to reach a high of $1.3 trillion in issuance in 2007, according to Fitch Ratings. The US ABCP market saw an increase in issuance of structures from non-traditional entities in 2006, and that trend is expected to continue this year.

San Diego-based Accredited Home Lenders Holding, a mortgage banking company, has closed its $760 million securitization of first and second-lien residential mortgage loans through its Maryland-based real estate investment trust (REIT) subsidiary, Accredited Mortgage Loan REIT Trust. The securitization utilized a senior/subordinated structure, with four classes of senior notes and nine classes of subordinate notes issued. The spread over one-month LIBOR ranges from .05% to 2%. The lead manager on the deal was Lehman Brothers, with Banc of America Securities, Bear Stearns and HSBC Securities USA acting as co-managers. Standard & Poor’s and Moody’s Investors Service rated the deal.

ASF2007 wrapped up in Las Vegas today, and nearly 6,700 people scuffled off to the airport to fly back to the real world. Exhausted attendees marveled that the already enormous conference will be even bigger next year. The buzz around The Venetian Hotel was that the event could swell to 12,000 attendees. That was a concern for one claustrophobic ASFer. "You can't go into a restaurant in the hotel without hearing names thrown around,” he said. “If they are of interest to you, your ears automatically prick up. The men’s room is particularly interesting. Guys are bad-mouthing other shops very loudly, seemingly oblivious to the fact that the guy peeing next to them could be from that shop. Sixty-five hundred is already too close for comfort. Twelve thousand --forget about it!"

Attendees are probably hearing more xylophone music than they might expect in Las Vegas. But the melodic ring of the chimes is being used by hotel staff to usher people into lunch and cocktail hours. One GE Commercial Finance attendee noted that the sounds were reminiscent of the NBC tune. He also pointed out, proudly, that the three notes of the NBC tune are actually G-E-C, a tribute to the network’s ownership. He said overheard little tidbit from ABC anchor Charles Gibson.

Vintage Filings caused the biggest stir at ASF2007 Monday by adding Jeremy Piven to its booth. The “Entourage” star posed for photographs and signed autographs for eager attendees who dropped a business card in Vintage Filings' box.

The Securities and Exchange Commission is expected to provide a definitive answer on its position regarding Reg AB item 1122 this week, after giving a hint of its thinking at the American Securitization Forum conference in Las Vegas last week.

Mizuho Corporate Bank has launched a synthetic European collateralized debt obligation of asset-backed securities.

GCO Education Loan Funding plans on executing two federal sector student loan deals this year and expects both deals to be in the neighborhood of $1.5 billion.

Intex has launched its first database of student loan asset-backed securities.

Lehman Brothers has hired Adam Habib, an ex-managing director and head of European structured retail products at Credit Suisse in London. Habib could not be reached and his new role and reporting line could not immediately be determined. It could also not be determined whether Habib left CS to go to Lehman. He left CS in October.