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...The American Bankers Association recently dropped a lawsuit against regulators on the TruPS CDO issue....
...known as “TruPS CDOs”....
...Community banks would be able to retain their TruPS CDOs if they were acquired by December 10, when the Volcker rule that bans proprietary trading was approved....
...Wall Street groups have lobbied for such relief, arguing the issues they face are similar to community banks’ TruPS dilemma....
...TruPS were sold by small banks and insurance companies in the run-up to the financial crisis and often repackaged into collateralised debt obligations known as TruPS CDOs....
...Wall Street trade groups are arguing that collateralised loan obligation securities have many of the same characteristics as TruPS CDOs and should also be exempted....
...But Zions’ adventures in TruPS CDO accounting also highlights a wider trend in banking....
...Zions Bancorp, Utah’s biggest bank, announced that it could be forced to take a $387m post-tax charge on its portfolio of collateralised debt obligations known as “TruPS CDOs” because of the Volcker rule...
...Zions, one of the largest holders of so-called “TruPS” CDOs, had hoped to hold on to its portfolio until the market value of the bundled debt increased....
...The Trups will go away – they are not perpetual....
...A special Trups redemption provision permits early regulatory call even before the initial call date is reached....
...At the same time as banks are issuing preferred shares, they are redeeming the Trups, citing the regulatory overhaul as a reason....
...Asset backed securities are seen similarly as a flight to quality and look very attractive on a relative basis, according to Mr Trup....
...Citigroup has almost $10bn of outstanding Trups with coupons that pay more than 7 per cent, while JPMorgan has almost $15bn of Trups that pay more than 6 per cent, according to Barclays research....
...Banks can also use preferred stock to replace Trust-preferred securities, or Trups, a type of capital that will be phased out under Basel III....
...- The TruPS CDO makes a comeback. - Are stock valuation ratios rear-view mirrors? - SEC v Judge Rakoff, take two. - And you thought exchange hacking was a problem. - Further, further reading....
...“In addition, this could be used to break the impasse with other TruPS holders, even at healthier institutions.”...
...- Covering and uncovering the world of TruPS CDOs. - Stimulus vs austerity, an interview with Nick Rowe. - You are a teenager hosting a pizza party… - Why fair bosses fall behind....
...Behold a central pricing solution for illiquid assets… stuff like TruPS CDOs or, err, Irish bank loans....
...Mergermarket, however, says the banks are unlikely to ‘rush’ into Trups redemptions....
...Ally, formerly known as GMAC, is not raising any funds in the offering of the five-year “Trups” which carry a coupon of 8.125 per cent....
...It’s a veritable war of attrition a-TruPS-tion....
...Moody’s estimates that US banks have about $118bn of Trups outstanding....
...’s TruPS CDOs are heading one way....
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