Bear Stearns F.A.S.T. Group Introduces The Investor's Guide to Credit Tenant Lease Securities.NEW YORK--(BUSINESS WIRE)--Dec. 16, 1999-- Bear, Stearns & Co. Inc. announced today that its Financial Analytics and Structured Transactions Group (F.A.S.T.) has introduced a ten-page Investor's Guide to Credit Tenant Lease A credit tenant lease is a method of financing real estate. The landlord borrows money to finance the property and pledges as security the rents to be received from the tenant. Securities (CTLS CTLS Constrained Total Least Squares (method) CTLS Concurrent Theater Level Simulation ). The guide continues Bear Stearns popular series of Investor Guides on Commercial Mortgage Backed Securities, CMBS CMBS See: Commercial Mortgage Backed Securities IOs, FNMA FNMA abbr. Federal National Mortgage Association Noun 1. FNMA - a federally chartered corporation that purchases mortgages Fannie Mae, Federal National Mortgage Association DUS MBS and Farmer MAC securities. The Guide is designed to give both the newcomer to the market as well as the seasoned professional, a framework for valuing and comparing various credit tenant lease deals and what factors can make them like a portfolio of corporate bonds. It also explains how changes in corporate ratings can affect the tranche ratings of a credit tenant lease security, attractions for the borrower and discusses the problems that have hit the sector. "Is it a corporate bond or a commercial mortgage backed security? The credit tenant lease security has sometimes been difficult to pigeonhole pi·geon·hole n. 1. A small compartment or recess, as in a desk, for holding papers; a cubbyhole. 2. A specific, often oversimplified category. 3. The small hole or holes in a pigeon loft for nesting. tr. ," said Brian Lancaster, managing director and Bear Stearns' CMBS strategist. "Backed by a combination of corporate credit tenant leases as well as commercial real estate, this sector has often been misunderstood and even mispriced. Given the traditional division of labor between CMBS and corporate bond investors this is understandable. Yet where there is confusion there is opportunity. That's why we developed the Guide," he explained. Bear Stearns involvement in the CMBS market began in the early 1990s when it was the largest issuer of securitized Resolution Trust Corporation assets and continues to today where it is recognized as being among the highest quality CMBS issuers in the market. Requests for a copy of the Investor's Guide should be directed to Lynn Verrecchio at (212) 272-3299. Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is a major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ). With approximately $21.4 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, asset management, correspondent clearing, securities lending and custody services. 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 10,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our website at http://www.bearstearns.com. |
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