Specific to the asset-backed securities and mortgage-backed securities market, April data showed the 22nd consecutive month of year-over-year declines.
And confidence in credit-card asset-backed securities is pretty firm despite paralysis in other corners of structured finance.
Lehman's exposure to mortgage- and asset-backed securities and collateralized debt obligations is 400% of its tangible common equity, according to research by Sanford Bernstein.
In addition, the Federal Reserve and the Treasury have jointly announced a facility that will lend against AAA-rated asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.
The facility may be expanded over time and eligible asset classes may be expanded later to include other assets, such as commercial mortgage-backed securities, non-agency residential mortgage-backed securities or other asset classes.
For some banks, the combined issuance of asset-backed securities and commercial paper (short-dated securities) amounted to about half of all their loans.
Known as conduits, these special-purpose vehicles borrow in the short-term, commercial-paper market to make acquisitions of highly rated paper in American asset-backed securities, and have been walloped by the plunging value of those assets since the frailty of subprime loans were exposed.
Recreating its backstops for money-market funds, commercial paper and asset-backed securities might require such stringent conditions that no one would participate.
But distressed-debt buyers, including hedge funds, have been snapping up the airlines' specialized securities, called pooled asset-backed securities and enhanced equipment trust certificates (EETC)--and making out quite well.
But high-yielding corporate bonds, munis, and asset-backed securities are likely to remain illiquid and will thus continue to provide profitable opportunities for those intermediaries willing to take the risk of making a market in them.
CDOs have helped fuel the boom in housing and are backed by junk bonds, leveraged loans, asset-backed securities (like mortgages), credit default swaps--and who knows what else.
But it is too soon to tell whether the vehicle will ever be restored to its former pre-credit-crunch glory, when it was able to issue short-term commercial paper to fund its investments in asset-backed securities.
In fact, for all the current excitement about rock-star bonds and the like, it is striking that the vast majority of asset-backed securities are American and involve a few types of assets, such as mortgage and credit-card loans, which generate relatively predictable amounts of cash at predictable times.
The SEC has eliminated some references to ratings from Depression-era laws and has proposed reducing their importance to asset-backed securities.
He also said the ECB had "decided to start consultations with other European institutions" on measures to promote non-bank lending to companies by trying to revive that side of the asset-backed securities market.
And he says GMAC has enough funding alternatives, such as sales of asset-backed securities or income from its fast-growing mortgage and insurance businesses, to preserve the company's liquidity.
This connection between tax dollars and contract awards to corporations with ties to countries like Iran has been exacerbated by Washington's TARP (Troubled Asset Relief Program) and TALF (Term Asset-Backed Securities Loan Facility) outlays undertaken thus far.
Shares of the private-market alternative to education lender Sallie Mae have been having a dreadful year, which you might expect given the growing distaste for asset-backed securities, the floundering takeover deal for its government-sponsored competitor and a recently announced investigation by New York State into its lending practices.
Many of the more exotic asset-backed securities, by contrast, are based not on earned-but-uncollected cash, such as monthly mortgage payments, but on forecasts of future earnings.
As of 2010, the European Central Bank reports, Spanish banks had issued more asset-backed securities than the banks of any other European country except the Netherlands -- and vastly more than the banks of France and Germany combined.
In the current issue of Forbes, I write about moves by solar companies SunRun and SolarCity to bundle leases for residential photovoltaic arrays into asset-backed securities that can be sold to pension funds, insurance companies and other institutions seeking long-term investments that generate steady cash flows.
Scott Davidson, who ran Amaranth's asset-backed securities desk, worked his own connections to land (along with some ten colleagues) at Carlyle-Blue Wave, a hedge fund offshoot of the private equity giant.
Some of these funds appear to have used asset-backed securities to boost the yield.
Another 37% of the total is pooled asset-backed securities, which are usually issued by leasing companies.
The model is another American innovation from the financial crisis the Term Asset-Backed Securities Loan Facility, or TALF.
Some of that collateral, now mostly asset-backed securities, is so illiquid that it has yet to be unwound.
On November 25, 2008, the Federal Reserve Board announced terms for the Term Asset-Backed Securities Loan Facility (TALF).
The big help has come from selling asset-backed securities, bunches of loans backed by assets like car loans.
It has sold some of its duff loans, mainly in the form of asset-backed securities to institutional investors.
ECONOMIST: A large Bavarian bank prepares itself for marriage
In contrast, our forthcoming asset-backed securities program, a joint effort with the Treasury, is not purely for liquidity provision.
应用推荐