KBRA Affirms the Ratings for TruPS Financials Note Securitization 2019-2
2 Oct 2024 | New York
KBRA affirms the ratings for three classes of notes of TruPS Financials Note Securitization 2019-2 Ltd (TFINS 2019-2).
TFINS 2019-2 is a static cash flow CDO and will not allow for any reinvestments in the portfolio. The collateral consists of trust preferred securities (TruPS) and subordinated debt issued by community and regional banks and their holding companies, along with TruPS, surplus notes, surplus notes, and senior unsecured notes issued by insurance companies and their holding companies.
The initial portfolio at closing consisted of 60.0 assets from 56 obligors with a total collateral par value of $338.4 million and liabilities of $280.8 million. It now contains 50 obligors with a total performing par value of $283.9 million and liabilities of $229.1 million. The balance and liabilities have both dropped by $9.6 million since last year’s surveillance, while $3.5 million of defaults are currently being recognized. The decrease in the Note balances can be attributed to the underlying asset prepayments. The deal maturity is on 28 Feb 2039. Since last year, the K-PD, which adjusts for the asset tenor, decreased from 9.7% to 8.0% while the WAL decreased from 10.9 to 10.1 years.
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