Weekly Issue Archive »

Issue 136 - May 13th

• News Analysis

  • CMBS

    • CMBS catastrophe?

      Industry braces for potential ramifications of GGP bankruptcy filing

      The ruling on a unique bankruptcy case that has the potential to change the face of the CMBS industr...

  • Trading

    • Rally drivers

      Can the high yield rally keep going?

      The high yield market is enjoying a rally that is notable for its magnitude and duration in a genera...

  • Operations

    • Under pressure

      Surge in troubled loans puts servicers to the test

      Mortgage servicers, both residential and commercial, are facing increasing pressure as the volume of...

  • Correlation

    • Mezzanine play

      But systemic risk concerns remain

      The recent rally in corporate credit has driven junior tranches tighter relative to index delta, whi...

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• News

  • CDPCs

    • CDPC aquires manager, details new strategies

      Primus Guaranty has announced a trio of strategies that it hopes will align the company with the new...

  • CLOs

    • CLO managers chase DIP-financed names

      CLO managers are choosing to remove defaulted names from their portfolios or reduce exposure partial...

  • Emerging Markets

    • Indonesia reopens sovereign sukuk market

      The Republic of Indonesia has issued a US$650m Shariah-compliant ijara sukuk - the first s...

  • Indices

    • Positive run continues for hedge fund index

      Both gross and net monthly returns for March 2009 in the Palomar Structured Credit Hedge Fund (SC HF...

  • Investors

    • SCI '09 London initial line-up announced

      The initial line up of panellists for SCI '09, the third annual Structured Credit Investor conferenc...

  • Operations

    • Stress test results in, but strictness questioned

      The US stress test (Supervisory Capital Assessment Program/SCAP) results were published last Thursda...

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• The Structured Credit Interview

  • Investors

    • New balance of power

      Jerome Booth, head of research at Ashmore Investment Management, answers SCI's questions

      Jerome Booth Q: How and when did Ashmore Investment Management become in...

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• Job Swaps

  • ABS

    • Structured credit head recruited

      Jefferies & Co has hired Andrew Peisch as an md and co-head of MBS and ABS banking and origi...

  • CDO

    • More CDO write-downs for KBC?

      KBC Group has requested to have its shares suspended today, 13 May, following rumours that have been...

  • CLO Managers

    • CLO manager fees plummet

      Deerfield Capital Management noted a 30% drop in its investment advisory fees in its Q109 results. T...

  • CLOs

    • New manager for middle market CLO

      Pangaea Asset Management is being tipped to become replacement CLO manager for De Meer Middle Market...

  • Distressed assets

    • Distressed credit analysts hired

      Broker-dealer Broadpoint Capital has hired Matthew Swope and Bradley Bennett for its debt capital ma...

  • • Commerzbank confirms structured credit spin-off

      Commerzbank confirmed its plans to ring-fence its structured credit products and spin them off into...

  • Investors

    • Investment manager attracts strategic capital

      SkyBridge Capital, a provider of strategic capital to new and early-stage hedge funds, has committed...

  • • Threadneedle launches credit opportunity fund

      Threadneedle has expanded its Absolute Return range, with the launch of the Threadneedle Credit Oppo...

  • Ratings

    • Fitch names Asia Pacific head

      Fitch has appointed Ben McCarthy as md and head of the structured finance group in Asia Pacific. He...

  • Regulation

    • ICFR appoints Prada

      The International Centre for Financial Regulation (ICFR) has appointed Michel Prada as non-executive...

  • Trading

    • FSA bans prop trader for mismarkings

      The FSA has fined Morgan Stanley £1.4m for systems and controls failings in relation to tra...

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• News Round-up

  • ABS

    • Texan collateral value in auto ABS monitored

      S&P is monitoring developments following a November 2008 US federal bankruptcy court case in...

  • CDPCs

    • CDPC downgraded, ratings withdrawn for another

      Moody's has downgraded the counterparty ratings of Athilon Asset Acceptance Corp and Athilon Capital...

  • CDS

    • CDS beta-neutral strategies suggested

      The rally in single name CDS has served to stabilise the basis, with the skew having flattened after...

  • • CDS notionals reach 2009 high

      CDS volumes were heavy in the week ended 8 May, according to the latest DTCC data, with a significan...

  • CLOs

    • Triple-A CLO overweight recommended

      Indicative secondary triple-A CLO spreads widened to 800bp last week, according to JPMorgan structur...

  • • Greek CLO closed

      Piraeus Bank has closed a €900m CLO. Axia II Finance has a €459m senior note, ra...

  • CMBS

    • Singapore CMBS highly sensitive to NPI

      Fitch says that Singapore CMBS transactions are highly sensitive to net property income (NPI) and re...

  • Correlation

    • CSO restructured

      Nomura International has restructured the AphexCapital MOTIVE Series 2005-D1 Trust by amending the p...

  • Documentation

    • Bowater settled, other credit events determined

      The final price for CDS referencing Bowater Inc is 15, after 11 dealers participated in yesterday's...

  • • CDS big bang challenged

      In what it describes as an open challenge to the financial industry, TABB Group has released a repor...

  • • More evaluation needed in financial statements

      Fitch says the proposed overhaul to financial statements offered by accounting standard setters cont...

  • Monolines

    • FSA downgraded

      Fitch has lowered its ratings on FSA from triple-A to double-A plus and on FSA Holdings from double-...

  • Operations

    • Servicer safe harbour provision passed

      Senate bill S.896, 'Helping Families Save Their Homes Act of 2009', was passed last week by a 91-5 m...

  • • TALF performance analysed

      In an effort to bring greater transparency and insight to the market, S&P has published its...

  • Ratings

    • Senior ABS ratings show resilience

      Fitch says that globally ABS ratings showed greater stability than other asset classes in 2008. Seni...

  • • ABS CDO OC tests breached

      S&P has placed on credit watch negative its credit ratings on 13 tranches issued by four CDO...

  • • More CLOs on watch

      S&P has put 199 tranches from 126 US cashflow CDOs on credit watch negative and three tranch...

  • • Cash/hybrid ...

      S&P has lowered its ratings on 18 tranches from five US cashflow and hybrid CDO transactions...

  • • ... and synthetic CDOs downgraded

      S&P has lowered its ratings on six US synthetic CDO tranches and one retranched CDO that ref...

  • Real Estate

    • CRE refinancing problem quantified

      Deutsche Bank has published an analysis that attempts to quantify the scale of the refinancing probl...

  • Regulation

    • UK set to strengthen insolvency regime

      UK Financial Services Secretary Paul Myners has published a report setting out the government's init...

  • • AIFM directive 'onerous' for ABS

      A recent Paul Hastings client briefing says that the draft EU Directive on Alternative Investment Fu...

  • • Octaviar clarification would benefit Australian ABS

      S&P continues to monitor developments following the March 2009 Queensland Supreme Court deci...

  • • Retention requirement improves alignment of interests, Fitch

      Fitch says that the amendment to the Capital Requirements Directive regulation passed by the Europea...

  • RMBS

    • Improving trend for HPA data

      One-month annualised non-seasonally adjusted LoanPerformance HPA came in at -7.13% for March. Accoun...

  • • Sharp rise in UK BTL RMBS delinquencies

      Key performance measures indicate that UK buy-to-let (BTL) delinquencies increased significantly dur...

  • Structuring/Primary market

    • ELCF I restructured

      European Loan Credit Fund I (ECLF I) noteholders have agreed to a number of amendments to the transa...

  • Technology

    • Pricing analytics vendors evaluated

      Firms and solution providers should re-examine their piecemeal approach to implementing pri...

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• Research Notes

  • ABS

    • Credit dulls, spreads sharpen

      Ron Thompson, global head of ABS strategy at RBS, expects credit card ABS spreads to remain range-bo...

      Over the last several months, consumer ABS spreads, especially in the credit card sector, have march...

  • Trading

    • Trading ideas: exposed negative

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright short o...

      The seemingly perpetual rally in credit spreads has washed through the good and the bad, creating a...

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