CHICAGO--()--According to latest index results from Fitch Ratings, combined defaults and deferrals for U.S. bank TruPS CDOs have further decreased to 29.7% at the end of January from 30.2% at the end of the previous month.
Approximately 0.45% of this drop is attributed to the removal of the defaulted and deferring collateral of five TruPS CDOs that no longer have outstanding Fitch Ratings.
In January one new bank, totaling $3 million of collateral in one CDO, defaulted. Additionally, six banks representing $54.5 million of collateral in eight CDOs resumed interest payments and repaid cumulative deferred interest on their TruPS. One issuer immediately redeemed upon cure. There were no new deferrals in January.
At the end of January, 216 bank issuers were in default, representing approximately $6.4 billion held across 79 TruPS CDOs. Additionally, 333 deferring bank issuers were affecting interest payments on $4.8 billion of collateral held by 78 TruPS CDOs.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research: Fitch Bank TruPS CDO Default, Deferral and Cure Tables as of January 2013