The Depository Trust & Clearing Corporation’s depository processed yesterday the single largest corporate bond issue in its history while also exceeding by almost 60 percent the previous record for the daily cumulative monetary value of all its municipal and corporate bond issuances.
“EQCC Trust Asset Backed Securities, Series 2002-1 was processed yesterday and marks the single largest underwriting deal we have ever closed at The Depository Trust Company (DTC),” said Denise Russo, director of the depository’s Underwriting division.
The amount of the offering was $12.4 billion, capping a day in which the depository’s closing volume in underwriting-which covers both municipal and corporate bond issuances–was $49 billion. The depository’s previous daily record, set almost exactly a year ago (March 29, 2001), was $31 billion.
The certificates in the EQCC issuance represent interests in a trust agreement. The assets of the trust will include a 100 percent pro rata interest in five classes of asset backed securities previously issued by EQCC Trust 2001-2, primarily representing interests in five groups of adjustable rate, first or second lien mortgage loans on one-to four-family residential properties.
Banc of America Securities, LLP and Goldman, Sachs & Co. were joint underwriters of EQCC Trust Asset Backed Securities, Series 2002-1.
EquiCredit Corporation of America (EQCC) was the initial servicer of the mortgage loans in question, according to the prospectus, which notes that Fairbanks Capital Corp. has assumed the servicing of the mortgage loans.