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Despite currency risk, structure offsets some dangers for investors, although lower credit quality remains
No one is sure when AI's threat will strike, or where
Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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Austin-based broker dealer Tejas Securities Group is expanding into high-grade securitization, appointing Samir Shah, former head of asset and mortgage-backed securities at MF Global, to its sales and trading desk.
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GSO Capital Partners is retaining 5% of the equity from its new $688 million collateralized loan obligation, Central Park CLO.
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Deutsche Bank has priced its €858 million ($1.23 billion) ECAS 2011-1 Loan B.V. collateralized loan obligation, which was backed by a book of second tier and mezzanine debt, but the deal’s pricing levels have sparked a bearish tone among some industry professionals in London.
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The pipeline of primary market collateralized loan obligations could slow as the secondary market for paper cools off amid market turmoil tied to the Greek sovereign debt crisis.
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Scott Eichel, former co-head of asset- and mortgage-backed securities trading at Bear Stearns, hasn’t looked back since the 85-year-old institution was absorbed by JPMorgan at the height of the subprime mortgage meltdown for just $10 a share. -
Citigroup is urging regulators to reconsider plans to force securitizers to keep a slice of risk in deals they structure, saying the plan lacks full analysis and is too broad and confusing.
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The industry is split over the effectiveness of the Securities and Exchange Commission's rule 17g-5 with bankers ratings agency officials taking different stances on the initiative at the American Securitization Forum's annual meeting in Washington.
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Investors in European asset-backed securities deals are facing a busy next few weeks as issuers press investors to vote on changes needed to bring existing transactions up to speed with revised Standard & Poor’s counterparty criteria.
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Apollo Global Management is planning to raise at least one more collateralized loan obligation this year, with an eye to testing the post-crisis market with at least two primary vehicles annually.
