| Vertical Communications Secures $10 Million Line of Credit with ...
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Vertical Communications (VRCC.OB) ("Vertical"), a leading provider of next-generation, IP-based phone systems and applications that help businesses better serve their customers, announced today it has secured a $10 million line of credit from SVB Silicon Valley Bank. The financing will be used for working capital and to support Vertical's growth strategies. SVB Silicon Valley Bank is the commercial banking arm of SVB Financial Group (NASDAQ: SIVB). "As we continue to transform Vertical and execute our growth strategy, it is important to establish a banking and lending relationship with a partner familiar with our industry and our business plan," said Bill Tauscher, chairman and chief executive officer. "The new line of credit facility with SVB Silicon Valley Bank allows us to pay off a higher cost short-term obligation and provides us with improved flexibility to manage our working capital requirements into the future." "SVB is proud of Vertical's success thus far," said Irina Case, senior relationship manager, SVB Silicon Valley Bank.
Fitch Affirms 3 Classes from 2 GMAC Securitizations
The affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $60.7 million of outstanding certificates. Credit enhancement for the 2000-HE2 series reflects the note insurance policy issued by MBIA Insurance Corporation, whose claims-paying ability is rated 'AAA' by Fitch. Credit enhancement for the 2001-HLTV1 series reflects the financial guaranty insurance policy issued by Ambac Assurance Corporation, whose claims-paying ability is also rated 'AAA' by Fitch. The collateral of the above transactions consists of fixed-rate closed-end home equity loans and adjustable-rate home equity revolving credit line loans creating a first or second lien on residential properties. As of the April 2007 distribution date, the 2000-HE2 and 2001-HLTV1 transactions are seasoned 82 months and 75 months, respectively, and the pool factors (current collateral balance as a percentage of original collateral balance) are approximately 10% and 7%, respectively.
Bond market and carry trade
In anticipation of higher interest rates - with inflation having risen in the latest releases - the R153 government bond a week ago trading below 8% hits 8.66% in its most recent high. Classic Business Day gets George Glynos from Econometrix Treasury Management on the line to find out if its overdone, and where the opportunities lie
LINDSAY WILLIAMS: George, its been a massive move - has that been backed up by massive volumes? Whats been happening?
GEORGE GLYNOS: There has been a fairly active market - its an adjustment for the money supply and inflation figures we saw last week, and the change in sentiment to expecting a rate hike rather than an unchanged decision. Whats happening now is that theyre even pricing in the possibility that there might be another hike beyond just this Thursday.
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