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ABOUT OUR READERS

Asset-Backed Alert is the first place professionals turn for breaking news on securitization activities in the U.S. and throughout the world. The publication is highly regarded for its steady flow of market gossip,

industry rankings and unbiased reporting on even the most controversial developments in the ABS and MBS business. The editorial content is supported by the newsletter’s proprietary ABS Database, which is

recognized as the definitive measure of worldwide securitization activity.

Asset-Backed Alert is published by Harrison Scott Publications, which also produces Real Estate Alert, Hedge Fund Alert and Commercial Mortgage Alert. More information about Asset-Backed Alert is available at www.ABAlert.com.

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ASSET-BACKED ALERT: February 11, 2011, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700

Th e state of Connecticut has lined up Barclays and Goldman Sachs to run the books on a utility-fee securitization that’s ex-pected to price in April.

Under a plan the Connecticut Legislature approved in 2009, the state Treasurer’s Offi ce will issue $646 million of munici-pal bonds backed by monthly surcharges for customers of the state’s two largest electric utilities. But instead of the power companies using the bond sale to fund infrastructure upgrades, as is typical of utility-fee securitizations, the state will use the proceeds to fi ll a gap in its fi scal-2011 budget.

Th e tax-exempt bonds are expected to be rated triple-A, with maturities ranging up to eight years. Cashfl ows to bondholders will be supported by $7-per-month fees tacked on to customers’ bills by Connecticut Light & Power and United Illuminating.

Fitch already is on board to rate the deal, while Moody’s and

S&P continue to wrangle with the state over the terms of their contracts. Specifi cally, state offi cials have balked at demands by the agencies that their contracts include language indem-nifying them in the event of investor lawsuits down the road. Responding to a provision in the Dodd-Frank Act that makes it easier for investors to sue rating agencies over losses, Moody’s and S&P in particular have pressed issuers to protect them from any such claims.

Th e state’s securitization plan has been in the works ever since former Gov. Jodie Rell proposed issuing “defi cit bonds” backed both by utility fees and lottery proceeds. Th e lottery component has since been dropped.

One potential obstacle to the transaction: Joe Markley, a Re-publican with Tea Party backing who was elected to the state senate last November, has sued to block the state from impos-ing the utility fees. A judge dismissed the case last month, but an appeal is pending. State offi cials are petitioning the Con-necticut Supreme Court to intervene so that the bond sale can

proceed as scheduled.

Th ough an unusual public-fi nancing mechanism, it wouldn’t be the fi rst time that Connecticut has turned to securitization to address a budget shortfall. In 2004, the state conducted a $194 million utility-fee securitization via Lehman Brothers. Th e proceeds were allocated to the state’s Energy Conservation and Loan Management Fund and Clean Energy Fund.

See GRAPEVINE on Back Page American Securitization Forum

members have told the trade group’s leaders that they want its annual conference moved back to Las Vegas in 2012. However, executive director Tom Deutsch said the organization has yet to decide on a loca-tion for the event, “ASF 2012.” Th e gath-ering’s earliest installments were held in Scottsdale, Ariz. Th e 2006-2009 versions saw a move to Las Vegas, followed by Oxon Hill, Md., in 2010 and Orlando in 2011. Th is year’s version, which wrapped up Wednesday, drew 4,400 attendees to the World Center Marriott. Head structured-product trader El-ton Wells

is leaving illiquid-securities exchange SecondMarket. His plans are unknown. Wells’ scope at SecondMarket encompassed trades of collateralized debt obligations, mortgage bonds and whole loans. He joined the New York

THE GRAPEVINE

2 Utility-Fee Deal Nears Completion

3 PennyMac Back in Issuance Pipeline

3 Values Head Into Narrower Range

3 Toyota Deals Seen as Brief Detour

4 State Preps Casino-Revenue Paper

4 Firm Eyes Debut Solar-Power Bonds

4 Maturities Impact CLO Buffers

5 Moody’s Defense Turns to Foe

5 Card Volume Maturing in ’11

6 Default Slide Boosts Sallie’s Prospects

6 INITIAL PRICINGS

FEBRUARY 11, 2011 Underwriters Eye Novel Dented-Loan DealsBank of America, Credit Suisse and Morgan Stanley

are pitching a streamlined securitization process to shops that buy nTh e strategy calls for a series of smaller onperforming home loans.issues, in the range of $50 million to $100 million apiece, that wouldn’t be markete

d to outside investors. Instead, the banks would take down the deals’ senior paper

and the issuers would retain the junior portions.

Bankers were talking up the idea at the American Securitization Forum’s “ASF 2011” conference in Orlando this week, with fi rms including Arch Bay Capital, Kond-aur Capital, Private National Mortgage Acceptance and Waterfall Asset Management

on the receiving end of their pitches. Th o se shops already securitize troubled mort-gages (see article on Page 3). But underwriters are holding out the new approach as a quicker and less costly exit strategy for loans that are beyond rehabilitation, meaning

See NOVEL on Page 6

Cortview Targets Underwriting ContrBroker-dealer Cortview Capital acts

is expanding into asset-backed bond underwrit-ing. Th e push is part of a broader eff ort by the fast-growing Cortview to build on its previous presence as a trading shop by managing a mix of debt off erings for cli-ents. Th e structured-fi nance side of the in

itiative gained momentum with the Feb. 1 arrivals of the Richmond, Va., fi rm’s fi rst three securitization bankers — Randall Fontes, Jerry RobinsonEach of the recruits formerly worked at broker-dealer and John Wheeler. Croft & Bender. Th ey are stationed in Cortview’s Atlanta offi ce, and already are assembling two securitiza-tions of consumer assets. Both deals are slaCortview plans to manage a variety of sected to price in the next 3-4 weeks.

uritizations going forward, with a focus on small, privately placed transactions. Th e shop also is working on corporate-bond issues and other types of fi nancing arrangements for clients, and it’s hoping theSee CORTVIEW on Page 2

Maturity Drop Spells Weak Card IssuanceFar fewer credit-card bonds are coming due this year than in 2010, suggesting another anemic year for card securitization.Only about $60 billion of such securities are slated to mature in 2011, down from $100 billion last year, according to Moody’s.

Despite the drop-off , the agency is esti-mating issuance of $15 billion to $25 billion of credit-card securities in the U.S. this year, which would exceed the $7.5 billion sold in 2010, according to Asset-Backed Alert’s ABS Database. Still, the middle of the predicted range would amount to less than half of the $47 billion sold in 2009.Analysts at Moody’s noted that most of the increased issuance isn’t expected un-til the second half of the year. At this time last year, Moody’s over-estimated 2010 is-suance by a wide margin, predicting that about $50 billion of card securities would hit the U.S. market.

Over the past couple of years, banks have been funding much of their cardSee MATURITY on Page 5

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