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

� 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 O 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 � ll a gap in its � scal-2011 budget.

� e tax-exempt bonds are expected to be rated triple-A, with maturities ranging up to eight years. Cash� 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. Speci� cally, state o 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.

� e state’s securitization plan has been in the works ever since former Gov. Jodie Rell proposed issuing “de� cit bonds” backed both by utility fees and lottery proceeds. � 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 o cials are petitioning the Con-necticut Supreme Court to intervene so that the bond sale can

proceed as scheduled.� ough an unusual public-� nancing mechanism, it wouldn’t

be the � 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. � 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.” � e gath-ering’s earliest installments were held in Scottsdale, Ariz. � e 2006-2009 versions saw a move to Las Vegas, followed by Oxon Hill, Md., in 2010 and Orlando in 2011. � 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 nonperforming home loans.

� e strategy calls for a series of smaller issues, in the range of $50 million to $100 million apiece, that wouldn’t be marketed 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 � rms including Arch Bay Capital, Kond-

aur Capital, Private National Mortgage Acceptance and Waterfall Asset Management on the receiving end of their pitches. � ose 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 6Cortview Targets Underwriting ContractsBroker-dealer Cortview Capital is expanding into asset-backed bond underwrit-ing.

� e push is part of a broader e� ort by the fast-growing Cortview to build on its previous presence as a trading shop by managing a mix of debt o� erings for cli-ents. � e structured-� nance side of the initiative gained momentum with the Feb. 1 arrivals of the Richmond, Va., � rm’s � rst three securitization bankers — Randall

Fontes, Jerry Robinson and John Wheeler.Each of the recruits formerly worked at broker-dealer Croft & Bender. � ey are stationed in Cortview’s Atlanta o� ce, and already are assembling two securitiza-tions of consumer assets. Both deals are slated to price in the next 3-4 weeks.

Cortview plans to manage a variety of securitizations going forward, with a focus on small, privately placed transactions. � e shop also is working on corporate-bond issues and other types of � nancing arrangements for clients, and it’s hoping the

See CORTVIEW on Page 2Maturity 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-o� , 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 card

See MATURITY on Page 5

Utility-Fee Deal Nears Completion


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