Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Declined
In February, three banks representing \$16 million of notional in two CDOs cured. Additionally, one previously cured issuer representing \$5 million of notional in one CDO redeemed its' TruPS. There were no new deferrals or defaults in February.
A defaulted bank with total notional of \$15 million has been exchanged with preferred stock in one TruPS CDO and subsequently the notional has been removed from the index.
Across 78 Fitch-rated TruPS CDOs, 233 defaulted bank issuers remain the portfolio, representing approximately \$5.9 billion of collateral. 164 issuers are currently deferring interest payments on \$1.9 billion of collateral.
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