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06 Apr 2001
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED APRIL 5, 2001
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S INVESTORS SERVICE DURING THE SEVEN DAY PERIOD ENDED APRIL 5, 2001:
IN CLUB DEAL, DEUTSCHE BANK'S TWIN TOWERS, CHASE'S PARCO, CITIBANK'S CRC AND BANK ONE'S FALCON CO- PURCHASE A $400 MILLION TRADE RECEIVABLE TRANSACTION
Twin Towers Inc., Park Avenue Receivables Corp. (PARCO), Corporate Receivables Corp. (CRC) and Falcon Asset Securitization Corp. ("Falcon"), all partially-supported, multiseller ABCP programs, each purchased a $100 million interest in a $400 million trade receivable transaction. The receivables are originated by an investment grade-rated automotive parts company. The transaction is supported by dynamic reserves in the form of overcollateralization with a floor of 30%.
Twin Towers will increase its program-wide credit enhancement for this transaction by 8%, and currently has about $242 million in program-level credit enhancement. Twin Towers may issue up to $5 billion of ABCP.
ABCP investors in Park Avenue Receivables Corp. (PARCO) benefit from program-level credit enhancement equal to 10% of the program's purchase commitments (except for certain highly rated assets). The program enhancement in PARCO also has a $300 million floor, and PARCO is authorized to issue up to approximately $16 billion of ABCP.
CRC is a post- review program with program level credit enhancement totaling $1.5 billion, and may issue up to $15 billion in ABCP. Falcon is a post-review program with program credit enhancement of 10% held against its partially supported assets, and is authorized to issue up to $17.5 billion in ABCP.
CREDIT LYONNAIS' ATLANTIC ASSET ADDS TRADE RECEIVABLES DEAL
Atlantic Asset Funding Corp., Credit Lyonnais' partially supported, multi-seller ABCP conduit, added an $80 million trade receivables transaction to its portfolio. The seller is an subsidiary of an unrated, European manufacturer of electrical components. Transaction specific credit enhancement, in the form of overcollateralization is a minimum of 15%, which increases dynamically based upon performance of the receivables pool. Program-level credit enhancement was increased by $8 million for this transaction.
CREDIT LYONNAIS' ATLANTIC ASSET ADDS $100 MILLION TRADE RECEIVABLES CO-PURCHASE
Credit Lyonnais' Atlantic Asset Securitization Corp., a partially supported, multiseller conduit, has purchased an interest in a pool of trade receivables originated by an investment-grade-rated food services firm. The total receivables facility is $200 million; Atlantic's share is $100 million. The transaction has credit enhancement in the form of at least 10% overcollateralization, which increases dynamically depending on deal performance. In addition, incremental program credit enhancement of 10% was added. Atlantic is currently authorized to issue up to $3.050 billion of ABCP.
HVB'S BLACK FOREST ADDS FULLY SUPPORTED LEASE DEAL
Black Forest Funding Corp., Bayerische Hypo-Und Vereinsbank's partially supported, multi-seller ABCP conduit, added a $49 million lease deal to its portfolio. The lessee is a Baa2/P-2 rated energy company. Proceeds of CP issuance will fund the acquisition of two aircraft. The transaction is fully supported by two letters of credit which, combined, cover the face amount of outstanding ABCP related to this transaction. The letters of credit can be drawn to repay maturing ABCP in same day funds. Program-level credit enhancement was increased by 8% ($3.92 million) for this transaction.
CENDANT'S BISHOP'S GATE INCREASES PROGRAM AMOUNT
Bishop's Gate, a single-seller mortgage warehousing ABCP program sponsored by Cendant Mortgage Corp., increased its authorized amount by $1 billion. Of this additional amount, Bishop's Gate may issue up to $600 million of Aaa-rated medium-term notes, while up to $400 million of ABCP may be issued. Bishop's Gate is now authorized to issue up to $3.36 billion in ABCP and medium-term notes in the aggregate.
STATE STREET'S CLIPPER ADDS $65 MILLION IN STUDENT LOAN-BACKED SECURITIES
Clipper Receivables Corp., the partially supported, multiseller ABCP program sponsored by State Street Capital Markets, LLC has purchased $65 million of fixed rate notes backed by student loans. The notes are being purchased under a program securities arbitrage facility called a Global Liquidity Asset Purchase Agreement (GLAPA). Since the notes are Aaa-rated, they will not require additional program-level credit enhancement. Clipper is currently authorized to issue up to $2.663 billion of ABCP.
CDC's EIFFEL FUNDING ENTERS INTO $250 MILLION CREDIT FACILITY
Eiffel Funding LLC, sponsored by CDC Financial Products, Inc.'s (Aaa/Prime-1), a partially supported, multiseller conduit, entered into a $250 million revolving loan agreement. The loan, which is denominated in dollars, is to a British subprime mortgage lender, and is supported by liquidity from CDC that is available up to the amount of a full guaranty of the loan from a Prime-1 rated broker dealer. Eiffel currently is authorized to issue up to $1.6 billion of ABCP.
FOUR WINDS FUNDING CORP. ADDS $24.19 MILLION SYNTHETIC LEASE BACKED NOTE AND TWO $30.94 MILLION CREDIT CARD-BACKED "C" PIECES
Four Winds Funding Corp., Commerzbank's partially supported, multiseller and loan- backed ABCP program, has purchased a $24.19 million interest in a note backed by a synthetic lease originated by a Baa3-rated company. This deal is fully supported through liquidity. Four Winds also purchased two $30.94 million interests in credit card "C-pieces." A C- piece is the subordinated tranche that provides credit enhancement for the senior tranches of a credit card securitization. The credit enhancement supporting the C-pieces is a funded spread account which is initially funded at 1.75% of the deal size. Four Winds is authorized to issue up to $7.5 billion of ABCP.
STATE STREET'S GALLEON CAPITAL CORP. ADDS $100 MILLION TRADE RECEIVABLES FACILITY
Galleon Capital Corp., the partially supported, multiseller ABCP program sponsored by State Street Capital Markets, LLC, has purchased a $100 million interest in a pool of trade receivables originated by the speculative-grade-rated North American subsidiary of a global paper manufacturer. The transaction has credit enhancement in the form of 3% overcollateralization, as well as a 13% letter of credit provided by Prime-1-rated Bank Austria AG. In addition, incremental program credit enhancement of 10% was added. Galleon Capital Corp. is currently authorized to issue up to $1.628 billion of ABCP.
SCOTIA'S LIBERTY STREET ADDS $63 MILLION TRANSACTION BACKED BY TIME SHARE LOANS AND $100 MILLION FULLY SUPPORTED DEAL
Liberty Street, The Bank of Nova Scotia's partially supported multiseller conduit, added a $63 million transaction backed by time-share loans. The seller is a Baa1/P-1 rated leader in the hospitality industry. ABCP investors are protected by both structural features of the transaction and the credit strength of the underlying asset. The deal requires liquidity lenders to fund if the portfolio hits certain performance triggers. Total credit enhancement is 18%. The enhancement includes a limited repurchase agreement from the seller's parent. In addition, the program-wide letter of credit will be increased by 10% as a result of this transaction.
Liberty Street also added another deal, a $100 million transaction which is fully supported by liquidity. Liquidity fronts for an insurance wrap from a Aaa-rated bond insurer. Program level credit enhancement was also increased by 10% as a result of this purchase.
Liberty is now authorized to issue $5.8 billion in ABCP.
SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING ADDS $50 MILLION REVOLVING LEASE RECEIVABLES PURCHASE FACILITY
Manhattan Asset Funding Company LLC (Manhattan) is a partially supported, multiseller conduit, sponsored by The Sumitomo Mitsui Banking Corp., which is the surviving entity from the merger of Sumitomo Bank, Ltd. and Sakura, Ltd.. Manhattan added a $50 million revolving lease receivables purchase facility which finances the telecommunications equipment of the U.S. subsidiary of an investment-grade Japanese electronics manufacturer and distributor. A minimum of 7.5% of deal-specific credit enhancement is being provided, but it will adjust dynamically depending upon asset performance. Also, incremental program-level credit enhancement of 10% of the outstanding purchased receivables is added. Currently, a minimum amount of $50 million program-level credit enhancement is provided. Manhattan is authorized to issue up to $2 billion of ABCP.
MBIA'S TRIPLE -A ONE FUNDING ADDS MORTGAGE WAREHOUSING FACILITY
Triple-A One Funding Corp., the fully supported, multiseller conduit sponsored by MBIA, purchased a $200 million note issued by a mortgage warehouse trust. The notes, which are fully insured by MBIA, are supported by residential mortgage loans on single-family houses. All of the transactions in Triple-A One are fully supported by insurance policies issued by MBIA. Triple-A One currently has $3.3 billion of outstanding commercial paper.
DEUTSCHE BANK'S TWIN TOWERS PURCHASES $350 MILLION INTEREST IN POOL OF AUTO LEASES
Twin Towers Inc., a partially-supported, multiseller conduit sponsored by Deutsche Bank AG, purchased a $350 million interest in a pool of auto leases from a speculative grade-rated car rental company. The facility is intended to finance seasonal auto lease requirements. There will be no additional program-level credit enhancement, since the transaction will have full liquidity support provided by Deutsche Bank. Twin Towers may issue up to $5 billion of ABCP. It currently has $2.6 billion in outstanding ABCP and about $242 million in program-level credit enhancement.
For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly.
No Related Data.
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