Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Rate Declined
OREANDA-NEWS. The number of combined defaults and deferrals for U.S. bank TruPS CDOs decreased to 18.1% at the end of September from 18.8% at the end of August, according to the latest index results published today by Fitch Ratings.
In September, 16 bank issuers representing $138 million of notional cured in 10 CDOs. There were no new defaults in September. Three issuers, representing $10.5 million of notional in three CDOs, re-deferred.
One defaulted issuer with the notional of $115.5 million in six CDO has been exchanged for preferred stock, and the notional has been removed from the index.
Across 78 Fitch-rated TruPS CDOs, 229 defaulted bank issuers remain in the portfolio representing approximately $5.5 billion of collateral. 113 issuers are currently deferring interest payments on $1.4 billion of collateral.