Asset Securitization Report articles from June 2006

Asset Securitization Report archives from June 2006

Whispers.(Declan Hegarty has been appointed managing director at HSBC Bank Middle East Ltd)(Jack Campbell has joined Hypo Public Finance Bank)(RBC Capital Markets appointed Patrick Demilecamps)
June 5, 2006... Declan Hegarty has been appointed managing director of global investment banking in the corporate, investment banking and markets division of HSBC Bank Middle East Ltd. Hegarty is responsible for HSBC's financing businesses in the MENA region....

Market for first loss mortgage equity heats up in Europe.
June 5, 2006... As the market for first loss in mortgage equity transactions heats up on the public front via some recent U.K. deals, so has the interest among buyers and sellers on private offerings. Behind this growth are banks that are turning to...

Mexico's version of PPP feeds ABS talk.(public-private partnerships)(asset backed securities)
June 5, 2006... Modeled after the U.K.'s public-private partnerships, Mexico's new regime for financing the development of infrastructure has local players rhapsodizing about the potential financing volumes and the advantages for federal, state and municipal...

Lenders upbeat on mixed '05 vintage.
June 5, 2006... The subprime RMBS from the 2005 vintage are turning into a puzzle for market professionals, because although the adjustable-rate loans are experiencing significant default rates, the fixed-rate deals have performed well. Out of all this...

DBRS expands EMEA region and CDO businesses.(Dominion Bond Rating Service)(Europe, Middle East and Africa)(collateralized debt obligations)(Jireh Wong)(Michael Buzanis)(Andrew Jones)
June 5, 2006... Dominion Bond Rating Service is expanding its presence in the EMEA region as well as growing its CDO business with several new hires in those areas. "The EMEA region is an area of key strategic focus for DBRS," says Huston Loke, assistant...

Lackluster month in ABS flow livens up towards the end.(asset backed securities)
June 5, 2006... Primary issuance in the ABS market chugged along last week and cleared about $9 billion in new deals by press time Thursday, continuing a push to circle transactions before the end of May. Judging by the amount of deals in the market on...

JPMorgan Securities: CDO investors should consider repo financing.(collateralized debt obligations)
June 5, 2006... Dealers are becoming increasingly interested in extending repo financing - a form of leveraged investment common in a number of asset classes - to would-be CDO investors, according to JPMorgan Securities. As global outstanding CDO volume is...

CLO market prepares for LCDS.(Collateralized loan obligations)
June 5, 2006... As the International Swaps and Derivatives Association prepares to release standards for trading leveraged loan credit default swaps - the market is expected to skyrocket just as the CDS of ABS market has thrived under increased standardization...

Market mulls impact of student loan ABS prepayments after T-Bill auction.(asset backed securities)(Treasury bills)(Brief article)
June 5, 2006... This year's T-Bill auction will boost student loan rates by 184 basis points, pushing the variable rate on FFELP loans to 4.84%, and Stafford loans originated to 6.54% during the in-school, deferment and grace periods, and to 7.14% during...

Accredited, Aames merger first in string.(Aames Financial Corp.)(Accredited Home Lenders)
June 5, 2006... The merger of Aames Financial Corp. and Accredited Home Lenders - a move that is expected to create the sixth-largest subprime retail lender - is being called the first in an anticipated string of consolidations within the U.S. subprime...

Dealers, investment firms tighten back office CDS operations.(Credit-Default Swaps)
June 5, 2006... Mention of the latest developments in credit default swaps, whether on CDOs or ABS, usually calls to mind an ever-swelling notional market value and customized deal structures. But the call for a standardized trading framework has prompted...

Limited flows on wait for FOMC minutes and non-farm payrolls.(Federal Open Market Committee)
June 5, 2006... May was a bust for mortgages. According to Lehman Brothers, the MBS Index recorded excess return versus Treasurys of negative 23 basis points for the month. As June starts, it looks like it will continue to be a difficult environment for...

Freddie Mac releases 2005 financial results.(Federal Home Loan Mortgage Corp.)
June 5, 2006... After a two-month delay, Freddie Mac revealed its 2005 financial results last week. Originally expected to come out in March but postponed as a result of the company's implementation of a new method of valuing certain assets, the recent report...

Home prices appreciation falls in first quarter.
June 5, 2006... U.S. home price appreciation in the first quarter of the year officially slowed down - to an 8.1% annual pace from 12.3% the previous quarter, according to the Office of Federal Housing Enterprise Oversight's quarterly home price index report,...

Barcelona conference debuts Islamic finance panel.
June 5, 2006... Islamic securitization is becoming more of a buzzword as an increasing number of industry players head out to the Middle East to set up shop (ASR, 05/01/06). This year's 10th annual Information Management Network Barcelona global ABS summit...

Listing securities on the Channel Islands Stock Exchange.(Company overview)
June 5, 2006... The Channel Islands Stock Exchange (CISX) began operations in October 1998, and has seen dramatic growth in the number of securities listed during the last 18 months. With the increase of European Union directive-driven changes to the way...

Euro primary market resists significant spread widening.(Banca Popolare di Milano S.C.A.R.L.)(Beni Stabili S.p.A.)(Banco Pastor S.A.)
June 5, 2006... It was a busy week for the European new issuance pipeline. Over 10 billion ($12.7 billion) was on offer by week's end, portending an abundant supply that will allow participants to be selective about the assets on offer. Italy's Banca...

Italy's rating in the spotlight again.
June 5, 2006... Fitch Ratings put Italy's country AA' ratings on watch negative last week. The Italian covered bond ratings will not be affected by the negative rating action, but some Italian sovereign-related ABS may be at risk. Since 1999, the Italian...

RMBS, credit card buzz from Russia.(Residential Mortgage-Backed Securities)
June 5, 2006... Russia and Turkey generated news last week in three different asset classes: mortgages, credit card receivables and diversified payments rights (DPRs). On the mortgage front, more details have emerged from Russia on an upcoming RMBS from...

Homeloans does A$460 million RMBS.(Residential Mortgage-Backed Securities)(Homeloans Ltd.)
June 5, 2006... Aussie mortgage specialist Homeloans Ltd. last week completed its first RMBS since December 2003, with an A$460 million ($351.2 million) offering. Westpac Institutional Bank acted as sole lead for the deal, issued via the Residential Mortgage...

Banks, corporates follow different paths in China.(People's Bank of China)(China Banking Regulatory Commission )
June 5, 2006... Fitch Ratings last week said the publishing of securitization rules in China could spur growth in the emerging market over the next two years. However, the agency cautioned that the rules - jointly administered by the People's Bank of China...

HSBC hires new Asian ABS chief.(Hongkong and Shanghai Banking Corporation Ltd.)(Will Ross )(Brief article)
June 5, 2006... HSBC announced last week the hiring of Will Ross as its new head of ABS and structured bonds for the Asia-Pacific region. Based in Hong Kong, Ross will head a nine-member team of ABS professionals located across the region. Ross, who...

Whispers.(HVB Group appointed Robert Fleisher)(BNP Paribas S.A. appointed Ricardo Moura)(Capital One Financial Corp. appointed Jory Berson)
June 12, 2006... Robert Fleisher has been appointed head of the U.S. securitization group at HVB. Fleisher is responsible for managing the origination and execution of new ABS transactions booked in the Americas. The U.S. securitization group is part of the...

First managed CCO comes to market.(collateralized debt obligations)
June 12, 2006... Investors are soon to have another chance to buy into the first managed, publicly rated CDO backed by so-called commodity trigger swaps. Barclays Capital last week closed the roughly $100 million first offering of Everest I - the first-ever...

Slow HPA has small impact on HEL.( home price appreciation )(home equity loans)
June 12, 2006... While the actual pace at which home price appreciation (HPA) dropped in the first quarter can vary depending on the source, nearly all market participants agree that the housing market is cooling off - with first quarter HPA estimates ranging...

Russia RMBS gets split rated.(residential mortgage backed securities)(Vneshtorgbank)
June 12, 2006... Two major rating agencies last week issued ratings on what could be Russia's first public RMBS. Vneshtorgbank (VTB) secured a split BBB+'/'A2' from Fitch Ratings and Moody's Investors Service, respectively, for $74.2 million in A notes, with a...

Exploding ABCP market requires more homework before buying, panelists said.(asset-backed commercial paper )
June 12, 2006... NEW YORK - ABCP volume has topped the $1 trillion mark, a welcome update at the Asset Securitization Forum's annual meeting here last week. Such a showing, however, means that competition is increasingly fierce for investors and dealers. Also,...

TPS CDO to close this week.(Trust Preferred Securities)(collateralized debt obligations)(Brief article)
June 12, 2006... FTN Financial Capital Markets and Keefe Bruyette & Woods Inc. are planning to close the 26th CDO in a series of CDOs backed by bank and insurance trust preferred securities this week. The $1 billion Preferred Term Securities XXII, Ltd. is...

Aether purchases UCC Capital.(Aether Holdings)(UCC Capital Corp.)
June 12, 2006... Aether Holdings acquired UCC Capital Corp., which provides structured finance solutions to intellectual property focused firms. The purchase, which was completed on Tuesday last week, will provide Aether with an IP centric company acquisition...

Market shrugs off HEL weaknesses, with promise of a nearly $20 billion week.(Home Equity Loan )
June 12, 2006... Strictly speaking, the U.S. ABS market did not have a lot to celebrate last week. According to JPMorgan Securities's tally, year-to-date issuance amounted to $290 billion, roughly flat compared to last year. The bank also pointed to weakening...

DTCC tries to solve CMO and ABS processing problems.(Depository Trust & Clearing Corp.)(collateralized mortgage obligation)(asset backed securities)
June 12, 2006... Along with the rapid growth of CMOs and ABS came a number of processing challenges and often late and inaccurate notifications related to these transactions. In an effort amend this situation, The Depository Trust & Clearing Corp. (DTCC) has...

TRS CLO volume could increase as market players warm up to vehicle.(total return swaps)(Collateralized loan obligations)
June 12, 2006... The CDO market continues to expand in leaps and bounds, and along with the expected surge in loan-only credit default swaps, one of the latest manifestations of its growth comes in the form of synthetic CLOs that uses total return swaps (TRS)....

CAT bonds placed on negative watch.
June 12, 2006... With the U.S. hurricane season officially kicking off this month, participants in the esoteric sector of catastrophe bonds find themselves awkwardly in step with the mainstream. As speculation abounds over hurricanes making landfall in the U.S....

Cohen runs second middle-market CLO.(Collateralized loan obligations)(Cohen Brothers Inc.)(Merrill Lynch and Company Inc.)(Brief article)
June 12, 2006... Merrill Lynch brought to market last week the $366 million Emporia Preferred Funding II - a collateralized loan obligation managed by Cohen Brothers subsidiary Emporia Capital Management and backed primarily by middle-market loans. The...

Student loan servicer Campus Partners to lend, securitize after AIG investment.(AIG United Guaranty)(Brief article)
June 12, 2006... Campus Partners, of Rockville, Md., one of the largest servicers of student loans in the U.S., is getting into the private student lending business, after it received an infusion of equity financing from AIG United Guaranty. After its initial...

Deutsche Bank and Pinnacle Commercial enter joint venture.(Deutsche Bank AG)(Pinnacle Financial Corp.)(Brief article)
June 12, 2006... Deutsche Bank Securities announced last week that it has entered into a joint venture with Pinnacle Financial Corp. to form Pinnacle Commercial Mortgage, which is a Florida-based originator of Alt-A small-balance multifamily, commercial and...

Mortgages bear near-term risks but have longer-term potential.
June 12, 2006... As last week opened, the market was feeling pretty good as the weaker-than-expected jobs report increased the odds that the Federal Reserve would pause in June. On top of that, the week saw limited key data to roil the markets, and support...

May prepayments mostly in-line with expectations.
June 12, 2006... The May prepayment report was fairly uneventful with speeds on FNMA 30-years mostly in-line with expectations. Noteworthy were speeds on certain discount vintages that were slightly slower than previously anticipated. These results could...

AD&Co. models credit risk as non-agency mortgage share rises.(Andrew Davidson and Co)
June 12, 2006... When MBS issued by Freddie Mac, Fannie Mae and Ginnie Mae dominated the secondary market, these government-sponsored enterprises assumed virtually all of the credit risk, leaving investors to worry principally about prepayment risk. Over the...

Investors look at currency-based relative value.(investment approaches)
June 12, 2006... Investors are rethinking their relative value framework for looking at the mortgage sector after Asian net purchases of mortgages have exceeded banks and agencies in all but one year since 2000, according to JPMorgan Securities analysts. While...

Freddie reports annualized Q1 home price growth.(Freddie Mac )(Statistical data)
June 12, 2006... Freddie Mac reported last week that its quarterly national Conventional Mortgage Home Price Index rose 2.1% in quarter one 2006, or an annualized 8.7%. This is down from the fourth quarter's annualized rate of 12.9%. The year-over-year change...

Barclays decodes recent housing numbers.
June 12, 2006... For some time, Street analysts have claimed that the combination of a less robust housing market and higher interest rates would result in slower prepayment speeds. And with the latest releases from the Office of Federal Housing Enterprise...

Summer slowdown nowhere in sight for European ABS market.(asset backed securities)
June 12, 2006... Even as several new deals priced in the run-up to Information Management Network's Barcelona conference, the pipeline still has enough steam to pump out product over the rest of the month. The weather may be calling for siesta, but ABS flow is...

U.K. credit card penalty charges challenged.
June 12, 2006... The major U.K. credit card lenders announced last week plans to cut penalty charges by almost half their current rate. For issuers, this means finding new ways to generate yield that could translate into higher charges for the consumer. ...

New kid on the block means more transparency for European ratings game.(Dominion Bond Rating Service Ltd.)
June 12, 2006... Dominion Bond Rating Service (DBRS) is setting up its own brand of structured finance ratings in Europe (ASR, 06/05/06). Although this is expected to add a new dimension to the European ratings business, it would likely take some time before...

Brazil's Dacasa to offer FIDC investors a new taste.(Dacasa Financeira)
June 12, 2006... A first-time issuer in Brazil is set to provide a test case for securitizing personal and consumer loans whose payments don't rely on automatic deduction. Dacasa Financeira is prepping a receivable investment fund (FIDC) backed by loans to...

Czech Republic's Home Credit taps payment cards.(Home Credit Finance )
June 12, 2006... An originator in the Czech Republic has closed a deal backed by payment cards, an asset that is mass marketed in Eastern Europe and Russia, according to sources close to the deal. Home Credit, a leading provider of consumer credit in the...

Maghreb Titrisation opens Tunisia to the structured world.(Banque Internationale Arabe de Tunisie)
June 12, 2006... Having arranged the debut securitization for the North African republic of Tunisia, Moroccan boutique shop Maghreb Titrisation plans to do more. The investment bank has a contract to lead two more RMBS for Banque Internationale Arabe de Tunisie...

Asset-backed activity stirs in Southeast Asia.
June 12, 2006... With fears of interest rate increases affecting securitization plans across Asia, the number of completed deals has been thin on the ground compared to the same period in 2005. Even so, that has not stopped some from pressing forward in...

RMBS deals dominate Aussie market.(residenatial mortgage backed securities)(St. George Bank Ltd.)
June 12, 2006... Australia's St. George Bank will soon launch its second RMBS of 2006 with an A$1.7 billion ($1.2 billion) offering via its Crusade program. Barclays Capital is the appointed arranger, with St. George co-lead. The deal, to be marketed in...

ABN Amro explores opportunities in China.(ABN AMRO Bank N.V.)(Haitong Securities Company Ltd.)
June 12, 2006... In China, ABN Amro has become the latest foreign bank to sign a memorandum of understanding (MOU) with a Chinese entity, eager to exploit growing opportunities in the People's Republic. The bank has aligned itself with Haitong Securities, a...

Whispers.(Deutsche Bank AG appointed Kevin Flaherty)(RFC Securities appointed Robert Cole)(Bear Stearns appointed Marielle Jan de Beur)
June 19, 2006... GMAC-RFC Securities has hired Robert Cole as managing director, head of trading, and appointed John Glessner as senior trader in MBS. Both Cole and Glessner were most recently with Friedman, Billings, Ramsey in Arlington, Va., where Cole was...

Conference attendees circumvent tight market spreads.(asset backed securities market)
June 19, 2006... BARCELONA Plagued by tight spreads, participants in the global ABS market are searching for new structures and asset classes to bring about more profitable deals. That was a common theme among speakers at Information Management Network's...

Aegis Finance casts Lehman as admin.(Lehman Brothers Holdings Inc.)
June 19, 2006... In a first, Lehman Brothers is acting as an administrator on an asset-backed commercial paper program. More accustomed to acting as a dealer for programs administered by others, the investment bank recently launched Aegis Finance, a partially...

Ambac's ready for Mexico peso action.(Ambac Assurance Corp.)
June 19, 2006... The charms of Mexico's domestic market have already captivated XLCA and MBIA. Now it's Ambac's turn. The monoline insurer is working on one transaction each with Su Casita and Patrimonio, originators that belong to a group of nonbank housing...

ASF gives revised rules a nod.(American Securitization Forum)(Brief article)
June 19, 2006... Last week the American Securitization Forum (ASF) expressed support for the revised guidance to complex structured finance transactions. The Office of the Comptroller of the Currency, the Office of Thrift Supervision, the board of governors of...

Prime, subprime auto ABS hits strong stride in 1Q, while 2005 vintage stumbles.(automobile asset backed securities)(Brief article)
June 19, 2006... Year-over-year net losses on securitized prime and subprime auto loans fell in the first quarter, reversing recent trends in the underlying loans of auto ABS deals, and hinting at better days ahead for the sector. The annualized net loss...

After early surge, ABS market mellows down to a $13 billion week in deals.(asset backed securities)
June 19, 2006... Despite the fact that much of the asset securitization market was overseas for the Investment Management Network's conference in Barcelona, Spain, enough of the market showed up to price nearly $13 billion in primary issuance last week. ...

Aging baby boomers drive reverse mortgage growth.
June 19, 2006... Even though reverse mortgages are currently still a small part of the U.S. mortgage market, they are expected to dramatically increase in the coming years. In a recent report, UBS analysts said they expect reverse mortgages to rise...

Focusing on credit, GSC Partners finds diamonds in RMBS roughs.(residential mortgage backed securities)
June 19, 2006... With home price appreciation on the downturn, widespread record-tight ABS spread levels and stricter credit enhancement levels now in place on certain home equity loan deals, GSC Partners picked a fine time to launch a pair of CDOs referenced...

Moody's may expand into Seven WTC.(Moody's Investors Service )(World Trade Center )
June 19, 2006... In a move that bodes well for the rebirth of the World Trade Center area in New York City's financial district, Moody's Investors Service is rumored to be close to inking a deal to be the first major tenant in Larry Silverstein's newly opened...

NewStar completes second CLO.(collateral loan obligations)(NewStar Financial )(Wachovia Securities)(Citigroup inc.)(Brief article)
June 19, 2006... Specialty finance company NewStar Financial announced last week that it has priced and closed a $500 million CLO called the NewStar Commercial Loan Trust 2006-1 CLO. The deal is secured by a portfolio of exclusively middle market assets...

Correction:.(Correction notice)
June 19, 2006... In a cover article on an RMBS from Russia's Vneshtorgbank, the provisional rating assigned by Moody's Investors Service to the A notes was incorrectly reported. The correct rating is A1'. (c) 2006 Asset Securitization Report and...

Fitch: U.S. term ABS remains resilient at the half, but for how much longer? Atlas Shrugged? For How Long...(asset backed securities)
June 19, 2006... The U.S. economy shrugged off significant obstacles in 2005, dodging with seeming agility ongoing geopolitical uncertainty, hurricanes, rising interest rates and mounting fuel costs. In addition, the economy proved resistant to fears of falling...

Merrill Lynch compares IO and subprime loan performance.(Interest Only Mortgages)
June 19, 2006... With the increasing popularity and the rising concerns about IO loans, analysts at Merrill Lynch set out to separate fact from the fiction. What they found was that there is no major difference between IO mortgages and other types of mortgages....

June prepays expected to be flat.(Brief article)
June 19, 2006... June prepayments are expected to be relatively flat overall, with slight gains expected in discount coupons while par and premium coupons are projected to decline slightly from May's levels. The lower coupons should benefit from seasonals. ...

Possible FHA program changes might be negative for GNMA performance, analysts said.(Federal Housing Authority)(Government National Mortgage Association)
June 19, 2006... Some changes to the Federal Housing Authority program are now being considered which, if passed, could affect Ginnie Mae securities down the road, JPMorgan Securities analysts said in a recent report. GNMA market share has steadily dropped over...

UBS recommends moving up in coupon.(Union Bank of Switzerland )(Brief article)
June 19, 2006... In research released last week, UBS recommended investors move up in coupon. Higher coupons have lagged recently on originator supply that has been focused in 5.5% and 6% coupons and servicer selling in higher coupons to buy 5s and 5.5s....

DBRS starts up Euro quantitative team, and Paris office.(Dominion Bond Rating Service Ltd.)(Kai Gilkes)(Adele Archer )(Norbert Jobst)
June 19, 2006... Dominion Bond Rating Service (DBRS) made two key announcements last week: the formation of its European-based quantitative analytics team and the opening of its structured finance office in Paris. The European-based quantitative analytics team,...

Moody's looks at Italian leasing securitization.(Moody's Investors Service)
June 19, 2006... European leasing companies have been turning more and more to the securitization market, according to a recent report by Moody's Investors Service. Italy is the most active participant in this sector, accounting for an overwhelming 80% of all...

Conference talk turns to emerging markets.
June 19, 2006... BARCELONA - As is always the case at the Information Management Network's ABS summit held here, this year's attendance for the second day's opening session was sparse, which means that either the attendees didn't bother with the hangover kits...

Eyes trained on CDO managers.(collateral debt obligations)
June 19, 2006... BARCELONA - As structural innovation takes hold within the European CDO market, there has never been a better time for investors to pay closer attention to the kind of manager who will helm credit decisions, said speakers at Information...

European investors discuss U.S. deal data.(asset backed securities information management)
June 19, 2006... BARCELONA - European ABS investors say they'd like more information prior to the close of a deal - along with more time to mull it over. And at Information Management Network's global ABS summit, participants said that both prospectus and...

Better days ahead in Germany.
June 19, 2006... BARCELONA - Germany has yet to live up to its full issuance potential. But for the first time in the 10 years of Information Management Network's global ABS summit, the German session had less to do with the problems the country's...

Panelists ask if tight spreads are here to stay BARCELONA - The topic of spreads and how tight they are has always been a favorite for European market players at the Information Management Network's global ABS summit. But after a few years of discussing the same points, last week's relative value panel focused on the question of whether tight spreads are here to stay.
June 19, 2006... "If we look at the broader market, across all asset classes, spreads have been tight but there is still a lot of value to be found in European ABS against other asset classes," said a participant at the panel called Relative Value In European...

Deutsche launches Web-based product for investors.(Deutsche Bank AG)(Brief article)
June 19, 2006... Deutsche Bank last week launched its new ABSquant EUROPE, a Web-based system that provides historical credit data on over 400 benchmark European securitization portfolios, including consumer ABS, RMBS, conduit CMBS and cash CDOs. ABSquant...

Mexican issuers keep up flow despite turbulence.
June 19, 2006... While global volatility has contaminated Mexico's domestic markets, it hasn't stopped originators from issuing paper over the last couple of weeks. But the word is that presidential elections set for July 2 will deter issuers from coming to...

Moody's gives first trustee grade to Argentina's Banco de Valores.(Moody's Investors Service)
June 19, 2006... Moody's Investors Service has assigned its first trustee quality rating in Latin America. The agency gave Argentina's Banco de Valores a grade of TQ1.ar,' the highest such rating for an entity in that country. The rating is based on Valores'...

Whispers.(Morgan Stanley-Robert Palache, Gary Cottle)(Federal Home Loan Mortgage Corp.- Manoj Singh)(Standard Bank Group Ltd.- Erick Hernandez, Christian Corcino )
June 26, 2006... Standard Bank is craving more Latin American action. The South African bank has recently poached Christian Corcino from Moody's Investors Service and Erick Hernandez from Deutsche Bank to beef up its Latin American capital markets group in New...

Is acquisition financing in the cards for Asian ABS?
June 26, 2006... Deal makers in the ex-Japan Asia region are hopeful a new asset class - acquisitions financed through securitization - may emerge in the near future. While acquisitions by leveraged buyout (LBO) and private equity firms have typically been...

Italian health care ABS in demand.(Asset backed securities)
June 26, 2006... Italian health care receivable ABS has become a major asset class. According to a Standard & Poor's report, some eight deals totaling about 3 billion ($3.7 billion) have been brought to market since 2003. With several deals in the making and...

New DPCs to bring liquidity to market.(derivative product companies )
June 26, 2006... While derivative product companies - essentially highly rated swap counterparties - have been around for years, the new thing is the surge in the number of such entities in the pipeline, said market participants from the various panels at the...

Tobacco settlement bonds in no immediate danger after payments diverted.(R.J. Reynolds Tobacco Co.)(Lorillard Tobacco Co.)
June 26, 2006... Tobacco settlement ABS bonds are not likely to experience increased liquidity risk in the short term, at least not because two tobacco companies diverted a portion of April's payments due to five states, according to Moody's Investors Service....

John Deere pricing exposes investor demand for spreads.
June 26, 2006... Razor-thin yields on short coupons have prompted securitization professionals to sigh, complain and scratch their heads in recent months. The recently priced $790 million John Deere Owner Trust, however, prompted investors to demand wider...