In the roundup column of Westlaw Business' Legal Currents they mention the advent of TALF-specific prospectuses. To be a TALF-eligible investment asset-backed securities must have been issued since January 1st, be rated triple-A, and be backed by a pool of either credit card or auto loan payments.
Not many asset-backed deals have been registered or issued since January 1st. I used Westlaw Business' Registrations and Prospectuses search to find out which were TALF-eligible:
Citibank: 3 billion, credit card receivables, AAA
Nissan: 2.5 billion, auto loan receivables, AAA
Ford: 2.2 billion, auto loan receivables, AAA
Harley Davidson: 5 billion, auto loan receivables, AAA
AMEX: 50 billion, credit card receivables, AAA
Chase: shelf filed, credit card receivables, expected AAA
Honda: 1.3 billion, auto loan receivables, AAA
Four of these seven issuers have produced TALF-specific prospectuses with TALF-related risk factors and an attached "Certificate of TALF Eligibility." Three of the four are auto companies (and the fourth is Citibank).
Citibank
Nissan
Harley Davidson
Ford
Friday, March 20, 2009
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