Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Rate Declined

NEW-YORK--(BUSINESS WIRE)-- The number of combined defaults and deferrals for U.S. bank TruPS CDOs decreased to 16.9% at the end of April 2016 from 17% at the end of March 2016, according to the latest index results published today by Fitch Ratings.

In April, three banks representing $38.2 million of notional in five CDOs cured. Two cured issuers with a combined notional of $12 million in two CDOs redeemed their TruPS. In addition, one performing issuer with notional of $13 million in one CDO redeemed its TruPS in April. One defaulted issuer, with a combined notional of $15 million in two CDOs, was sold with a realized recovery of 11.7%.

Across 74 Fitch-rated Bank and mixed Bank & Insurance TruPS CDOs, 228 defaulted bank issuers remain in the portfolio representing approximately $5.2 billion of collateral. As of April 2016, 95 issuers are deferring interest payments on $1.2 billion of collateral compared to $1.6 billion of notional deferring at the end of April 2015.

Additional information is available at 'www.fitchratings.com'.

Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Rate Declined

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=881690

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Bank TruPS CDO Index

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872849

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https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872566

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160511006571/en/

Fitch Ratings
Azadeh Sharif, +1-212-908-0874
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Todor Sapundzhiev, +1-312-368-3198
Analyst
or
Alina Pak, CFA, +1-312-368-3184
Senior Director
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Media Relations
Sandro Scenga, New York, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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