KBRA Affirms the Ratings for TruPS Financials Note Securitization 2018-1 Ltd
8 Apr 2024 | New York
TFINS 2018-1 is a static cash flow CDO and will not allow for any reinvestments in the portfolio. The collateral consists of trust preferred securities (TruPS) issued by community and regional banks and their holding companies, along with TruPS, surplus notes, and a bond backed certificate issued by insurance companies and their holding companies.The initial portfolio at closing consisted of 77 assets from 66 obligors with a total collateral par value of $537.8 million and rated liabilities of $467.8 million. It now contains 51 obligors with a total performing par value of $410.0 and rated liabilities of $340.1 million. The performing balance and rated liabilities have both decreased approximately $9.0 million since last year’s surveillance. The Class A Overcollateralization Ratio has improved by approximately 18.4% since closing. Since last year, the K-PD, which adjusts for the asset tenor, decreased slightly from 8.96% to 8.31% while the WAL slightly decreased from 11.4 years to 10.4 years.The surveillance used information from the March 2024 trustee report through the March 2024 payment date. All rated notes have received timely interest payments since the transaction closed.
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