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Article: ContiMortgage Prices $1.75 Billion Home Equity Loans ABS.
- Article from:
- Business Wire
- Article date:
- June 10, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--(BUSINESS WIRE)--June 10, 1998--ContiMortgage Corporation, a subsidiary of ContiFinancial Corporation (NYSE:CFN), has priced a $1.75 billion Home Equity Loan Asset Backed Security issue. This issue, ContiMortgage Home Equity Loan Trust 1998-2, is structured using a combination of a subordinated class and a 100% surety wrap credit enhancement.
The bonds will be issued by the Trust and will include 12 tranches as
follows:
Class Amount Yield S&P/Moody's/Fitch
($ millions)
A-1 (2a-7) $114.05.64875%A-1+/P-1/F-1+
A-2-A (PAC) $175.0L+3 AAA/Aaa/AAA
A-2-F (PAC) $250.0 ...