http://www.anotherfp.com Financial news and data focused on fixed income, hedge funds and banking. A direectory of Hedge Fund and Fixed Income Personnel is free to subscribers TransUnion released the results of its analysis of trends in the credit card lending industry for the third quarter of 2009. The national credit card delinquency rate (the ratio of bankcard borrowers 90 days or more delinquent on one or more of their credit cards) dropped to 1.10 percent in the third quarter of 2009, down 5.98 percent over the previous quarter. http://www.anotherfp.com/protected2/newstory.php?id=2911 Moody’s has assigned a rating of ‘Aaa’ on the GE Capital Credit Card Master Note Trust’s $400 million Series 2009 asset-backed notes, class A while Fitch assigned an ‘AAA’ rating to the bonds. http://www.anotherfp.com/protected2/newstory.php?id=2913 Moody’s assigned a Baa2 rating on Delta Airlines’ $568 million Class A pass through certificates while Standard & Poor’s assigned an ‘A-‘rating on the certificates. In addition, Moody’s assigned a Ba2 rating on Delta’s $119 million Class B pass through certificate while S&P assigned a ‘BBB-’ rating on the certificates. http://www.anotherfp.com/protected2/newstory.php?id=2912 After strong investor demand for the first commercial mortgage backed security to come to market in 18-months, the second, a $460 million deal from Bank of America, is being readied. http://www.anotherfp.com/protected2/newstory.php?id=2908 Ohio is coming to market with $80 million in new bonds, including $64 million in new Build America Bonds. The Bonds are expected to be sold on December 2, 2009. http://www.anotherfp.com/protected2/newstory.php?id=2909 Standard & Poor's Ratings Services said today that it assigned its 'CCC+' senior unsecured debt rating (two notches below the 'B' corporate credit rating) to the proposed offering of $250 million of senior unsecured notes due 2016 to be issued jointly by Graham Packaging Co. L.P. and GPC Capital Corp. I, both wholly owned subsidiaries of Graham Packaging Holdings Co. The recovery rating is '6', indicating the expectation of negligible (0%-10%) recovery in the event of a payment default. http://www.anotherfp.com/protected2/newstory.php?id=2910 A slew of non-TALF deals have come to market in the last week. Ford, Chrysler, Sallie Mae, Centerpoint Energy and GE have all launched deals outside of the Federal Reserve’s Term Asset-Backed Loan Facility (TALF) program, which may be a sign that not only is the securitization market normalizing, but the Fed’s program has worked. http://www.anotherfp.com/protected2/newstory.php?id=2907 The city of Jacksonville (FL) announced this week the sale of $84 million in 2009C-1 bonds and another nearly $30 million in Build America bonds from the federal government's recent stimulus package. All of the special revenue notes will be due in 2021. http://www.anotherfp.com/protected2/newstory.php?id=2906 Gerdau Holdings priced a new $1.25 private placement today. HSBC, Santander, Bank of America, Citi, JP Morgan, Itau Unibanco led the deal. http://www.anotherfp.com/protected2/newstory.php?id=2895 Moody’s Investor Service assigned Monroe County, Kentucky Public Properties Corporation’s first mortgage revenue bonds Series 2009 a rating of Aa3. http://www.anotherfp.com/protected2/newstory.php?id=2905 According to a report from Bloomberg, Christopher Flanagan, head of ABS research at JP Morgan will be moving to Bank of America. http://www.anotherfp.com/protected2/newstory.php?id=2899 California Attorney General Edmund G. Brown Jr. today announced a landmark $1.4 billion settlement with three Wells Fargo affiliates to pay back investors, charities and small businesses that purchased auction-rate securities based on "misleading advice." http://www.anotherfp.com/protected2/newstory.php?id=2903 The Federal Reserve Bank of New York said yesterday that $72 million had been requested in TALF loans for newly issued CMBS. That amount represents approximately 22% of the CMBS available, which demonstrates good investor demand for the asset class. The Fed also announced that $1.4 billion in loans had been requested for Legacy CMBS. http://www.anotherfp.com/protected2/newstory.php?id=2892 Chrysler Financial is coming to market with an $891.1 million auto loan-backed non-TALF deal. This is the second auto loan deal from Chrysler. This first deal was sold with financing from the Federal Reserve’s Term Asset Backed Loan Facility (TALF) program. http://www.anotherfp.com/protected2/newstory.php?id=2896 Broadpoint Capital, Inc., a broker-dealer subsidiary of Broadpoint Gleacher Securities Group, Inc., today announced the hiring of four senior professionals: Fred Engel, Philip Orenstein, Peter Carril, and Jeffrey Byrne. http://www.anotherfp.com/protected2/newstory.php?id=2898 Moody's Analytics today announced the immediate availability of Structured Finance Workstation Online, a new web-based cash flow and valuation platform for structured finance portfolios. http://www.anotherfp.com/protected2/newstory.php?id=2900 Progress Energy priced $950 million of new notes in two parts yesterday. The deal was led by Barclays, Citi and RBS. http://www.anotherfp.com/protected2/newstory.php?id=2893 The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 13, 2009. The Market Composite Index, a measure of mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.3 percent compared with the previous week. http://www.anotherfp.com/protected2/newstory.php?id=2894 Eaton Vance Management (MA) and Invesco PowerShares (GA) both announced Tuesday the launch of Eaton Vance Build America Bond Fund, which is the first actively managed mutual fund designed for investment as Build America Bonds. http://www.anotherfp.com/protected2/newstory.php?id=2902 Virginia Resources Authority priced $127,355,000 in Infrastructure Revenue Bonds and $58,975,000 State Moral Obligation Bonds. The Infrastructure Bonds consist of $82,175,000 Series 2009B Tax-Exempt Bonds and $45,180,000 Series 2009B Taxable Direct Pay Build America Bonds.. The State Moral Obligation Bonds consist of $38,190,00 in Series 2009B Tax-Exempt Bonds and $20,785,000 in Series 2009B Taxable Direct Pay Build America Bonds. http://www.anotherfp.com/protected2/newstory.php?id=2904 Moody’s has assigned an ‘A3’ rating to the $20.9 million Dormitory Authority of the State of New York (Siena College) long-term revenue bonds series 2009. http://www.anotherfp.com/protected2/newstory.php?id=2891 TriLinc Global, LLC, a leading social impact investment company, today announced the completion of the acquisition of the assets of Cambridge, MA based, MF Analytics, Ltd., a provider of financial solutions for Microfinance and SME institutions worldwide. Terms of the deal were not disclosed. http://www.anotherfp.com/protected2/newstory.php?id=2897 Moody’s assigned an ‘Aaa’ rating to the $59.8 million Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center) long-term revenue bonds series 2009B. http://www.anotherfp.com/protected2/newstory.php?id=2901 The long-term rating on Lancaster County Solid Waste management Authority, PA’s revenue bonds were raised to “AA-” from “A+” by Standard and Poor’s. http://www.anotherfp.com/protected2/newstory.php?id=2890 A new TALF-eligible commercial mortgage backed security priced yesterday with very strong investor demand. The $400 million deal from Developers Diversified Realty is the first deal to come to market 18 months and the first to be used as collateral in the Federal Reserve’s Term Asset Backed Loan Facility (TALF) program. http://www.anotherfp.com/protected2/newstory.php?id=2884 Ford is set to issue a $1.1 billion non-TALF auto loan deal. The deal is expected to price on Wednesday. Three classes of the deal will be offered to the public totaling $731.6 million. http://www.anotherfp.com/protected2/newstory.php?id=2883 HealthSouth Corporation announced Monday the issuance of $290 million in senior notes due 2021. The notes are being underwritten by J.P. Morgan, Barclays Capital and Goldman, Sachs, but investors are being mildly cautioned before buying the bonds. http://www.anotherfp.com/protected2/newstory.php?id=2887 Fitch Ratings assigned an ‘A’ rating to the $605 million American Municipal Power (AMP), Inc. (OH) combined hydroelectric project revenue bonds, series 2009A, 2009B (Build America Bonds), and 2009C. http://www.anotherfp.com/protected2/newstory.php?id=2885 The aggregate rate of delinquencies among US commercial mortgage backed securities (CMBS) rose to 4.01%, as of the end of October, according to a new report from Moody's Investors Service's. Moody's CMBS Delinquency Tracker (DQT) measures the percentage of conduit and fusion loans included in US CMBS transactions. http://www.anotherfp.com/protected2/newstory.php?id=2879 Sidley Austin announced today that Bart Capeci has joined the firm as a partner in the Securities practice, resident in the London office. Capeci will focus his practice on a wide variety of debt and equity offerings, including both SEC registered and exempt offerings. http://www.anotherfp.com/protected2/newstory.php?id=2888