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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (39836)	11/21/2000 6:36:20 PM
From: patron_anejo_por_favor	Respond to of 436258

The ABS beat goes on...CCR subprimes selling like hotcakes! biz.yahoo.com Tuesday November 21, 4:20 pm Eastern Time Countrywide, Bayview serve up home loan ABS deals By Richard Leong NEW YORK, Nov 21 (Reuters) - Countrywide Credit Industries Inc. (NYSE:CCR - news) and Bayview Financial dished out nearly $1.5 billion of asset-backed securities (ABS) on Tuesday before players dashed for their Thanksgiving feasts, market participants said. Investors took healthy servings of the two transactions, analysts said. Countrywide, the largest U.S. independent mortgage lender, priced a $1 billion-plus securitization, backed by home equity loans. The offering contained fixed-rate and variable-rate notes with average lives ranging from one year to 8.4 years. The Countrywide offering was led by Greenwich Capital. Bayview Financial sold about $475 million of floating-rate ABS, with three-year maturity and led by Lehman Brothers. In the Countrywide deal, the three-year, AAA-rated fixed-rate tranche was sold at more than 60 basis points over comparable three-year interest rate swaps. In the Bayview offering, the three-year senior variable-rate class was priced at 39 basis points plus the one-month London Interbank Offered Rate (Libor) The Bayview transaction was supported by a pool of subprime performing and nonperforming home loans. ``ABS deals are going quite well. They just had a great audience,'' said an ABS analyst. ``People are spooked by the corporate bond markets. They feel better about securitized products.'' Investors, who are jittery about the volatile stock market and poor performance of corporate bonds and are looking for bonds that bear higher yields than U.S. Treasuries, have been prime buyers of ABS. But not all players have been as upbeat on ABS. Some preferred the high liquidity and safety of Treasuries in these choppy times, as they trimmed their credit risk exposure. ``Our first inclination is to move into Treasuries,'' said Mark Newlin, head of fixed-income at Harris Investment Management Inc., in Chicago. But Newlin noted that he remained confident in his ABS positions, which are mostly from top-name issuers. ``We are not looking at reducing asset-backeds.'' Let's see...we're in a rapidly slowing economy, with J6P leveraged "Out of the Wazoo" (as our friends at E-Trade might say). We're also in an unprecedented real estate bubble, with 120% home equity lines being offerred like so much Halloween candy. (How does this crap get rated AAA anyway?...oh, right, its "insured"!!) Where does the harried, hapless bubble victim stash what's left of his ClownBux? I KNOW! Let's put 'em in asset-backeds, so we can get that COOL 90 bps more than treasuries!!!<GGG> Un-Shagging-Beleivable!!