JPMorgan And Asset Backed Securities
July 2, 2009 · Print This Article
Based on a report forwarded to the Down Jones Newswires, it looks like JPMorgan Chase & Co is set to sell a $1 billion credit card loan-backed deal on Monday, June 29th.
The company is spearheading the self-directed sell off just a short time after the recent Citigroup credit card backed deal with sales that were finalized on Friday the 19th. Like the former deal, JPMorgan Chase’s sell out will not be eligible for the Federal Reserve’s Term Asset-Backed Securities Loan Facility or TALF, as a support for the ailing securitization market.
The $1.25 billion in sales garnered by Citigroup was seen by many insiders as a sure sign of strength for the consumer loan-backed market. Among those who made up the buyers list for this substantial deal include many long-term investors with conservative leanings that rarely use debt financing like that witch has been approved by the Federal Reserve in order to make purchases elsewhere.
More importantly, the deal broke down the latest trend in bond selling just prior to the loan application deadline for TALF support funds. What these records of sales illustrate is that that asset-backed securities market may very well become a larger player in the next few weeks. Such a change would allow more credit to end up in the hands of American consumers.
JPMorgan’s sell-off deal, called CHAIT 09-A5, includes a price guidance level of 80 basis points over the one-month London interbank offered rate, or Libor rate.
Earlier in June, JPMorgan managed to sell $1.5 billion in a non-TALF deal, which was an increased amount from its initial offer of $750 million. The company sold a $5 billion TALF-eligible credit card loan-backed deal at 155 basis points over a one-month Libor back in May.
The status of companies like Citigroup and JPMorgan Chase is still fluctuating due the state of the U.S. economic markets.
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An established and reputable institution is looking to hire an experienced credit sales candidate to join their structured credit in London. The candidate should have strong knowledge of all associated credit products, with focus on asset backed securities. The candidate should have strong experience selling structured credit to UK and European institutional clients. Responsibilities Senior Sales – Institutional Structured Credit, London Salary: £Highly Competitive, (Sales, Credit, Structured, ABS, Derivative, Bonds, London, Senior, Institutional) – Selling structured credit to UK and European institutional clients. – Focusing mainly on ABS, although knowledge or all products necessary. – Using existing relationships in these regions …
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I agree! My account is already with the local credit union.
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Why are you so concerned about the label "recession"? The ramifications of conditions that may or may not technically be called a recession by concensus are still serious and worth watching. Action may be indicated before, during or after any such consensus labeling of the time we are in recession itself. So lets not dwell too much on a simplistic measure, and focus on the things we can and should do to avert the negative consequences
from wiki:
In the US, the judgment of the business-cycle dating committee of the National Bureau of Economic Research regarding the exact dating of recessions is generally accepted. The NBER has a more general framework for judging recessions:
A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.[1]
HealthSpring (HS) says it will acquire privately held Bravo Health, a Medicare plan operator, for $545M to expand into the Philadelphia market. JPMorgan (JPM) and other banks will put up $400M in cash to fund the deal, which HealthSpring expects will add $0.45-0.55 to its EPS in 2011. 1 comment!
The financial stocks have been under a ton of pressure of late but just in the last few days look to be turning higher. While this move higher may be short lived, it is none the less a positive sign. This bounce may last until after the Labor Day holiday in early September if the double bottom on the Financial Select Sector SPDR (ETF) (NYSE:XLF) holds. Note the chart below. Other stocks have also hit major levels. JPMorgan Chase & Co. (NYSE:JPM) came into a solid double bottom, Wells Fargo & Company (NYSE:WFC) formed a beautiful bottoming tail on the daily chart (bullish signal) and Bank of America Corporation (NYSE:BAC) hit major support at $12.50 while also showing a reversal signal yesterday on the daily chart. These signals tell traders to look for a move up in the short run. Over the long run there is little hope these will continue up however. Short term swing trades both long and short seem to be best as the market continues to whip back and forth. The financial stocks are…
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Might be easier to sign it over to the hospital assuming that the check is good.
The penalties for passing bad checks could result in jail time. Make arrangements with the hospital for payment.