Bear Stearns Announces the Release of Price Adjusted Credit Risk Evaluator.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 19, 2002 Bear, Stearns & Co. Inc. announces the release of Price Adjusted Credit Risk Evaluator (PACRE(TM)), a new tool for predicting defaults, recovery rates and call rates on high yield Collateralized Debt Obligations Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (CDOs). PACRE(TM) will allow investors to analyze the interaction between structure and collateral by using default rate projections based on objective, market-determined criteria. The model also allows investors to rank high yield CDOs consistently, using model generated Bear Stearns Default Scores (BDS BDS abbr. Bachelor of Dental Surgery BDS Bachelor of Dental Surgery BDS n abbr (= Bachelor of Dental Surgery) → tÃtulo universitario BDS (TM)). Both of these tools are available through the proprietary Bear Stearns analytic system, BondStudio(TM), developed by the firm's Fixed Analytics and Structured Transactions Department (F.A.S.T.). "PACRE(TM) has already been implemented and is frequently used by our salesforce and traders. We are now pleased to make it available to our clients," said Gyan Sinha, head of Bear Stearns Asset-Backed Securities and CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the Research. "I believe that the new model will be an essential tool to traders and investors in the CDO market. It will enhance liquidity in the secondary market for CDOs, an effort which Bear Stearns has dedicated increasing levels of resources to over the past two years," said Tom Marano, group head of mortgages. Founded in 1923, The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $29.6 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer clearing services, including clearing and securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees worldwide. |
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