Weekly Issue Archive »

Issue 141 - June 17th

• News Analysis

  • CLOs

    • What lies beneath

      Is the mezz CLO rally more than just positive technicals?

      Mezzanine CLO tranches last week saw unprecedented upward price momentum, suggesting that positive t...

  • CMBS

    • Every little helps

      Tesco CMBS marketed to European investors

      Tesco Property Finance 1, a £415m CMBS for the UK supermarket chain, is being marketed to t...

  • • Downgrade mitigation

      CMBS investors seek new avenues as losses loom

      A number of US insurance companies are aiming to get Realpoint - a subscription-based rati...

  • CDS

    • Internal affairs

      Different agendas slowing US CDS clearing progress

      Speculation has been growing about the details in the Obama administration's financial reform plan a...

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• News

  • CDS

    • CDS premiums lagging interbank rebound?

      S&P's market, credit and risk strategies (MCRS) group recently stated that "once stability a...

  • CLO Managers

    • Manager criteria brought in line with new landscape

      Fitch is updating its criteria for rating credit managers and funds. The review is a subset of a bro...

  • Regulation

    • Compensation guidelines released

      SIFMA has released a set of guidelines for compensation, providing recommendations on how financial...

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• Job Swaps

  • ABS

    • Bank further expands ABS/MBS team

      Jefferies has hired three senior professionals in the firm's MBS and ABS sales and trading group. Ma...

  • Alternative assets

    • Prisma hires six

      Prisma Capital Partners has made six new hires in the areas of portfolio management, operational due...

  • CDO

    • Managers seeking CDO amendments listed

      S&P has published a list of the amendments to European CDO transactions for which it provide...

  • CLO Managers

    • Fortress takes on two CDOs

      Bernard Capital Funding has resigned as collateral manager on the Bernard National Loan Investors an...

  • • Manager replacement confirmed

      Pangaea Asset Management has confirmed that it is replacing De Meer Asset Management, a division of...

  • CMBS

    • TALF CMBS mandate awarded

      Trepp, a provider of information and analytic services to the CMBS and commercial mortgage finance i...

  • Emerging Markets

    • Law firm names three Moscow partners

      Chadbourne & Parke has named Dmitry Gubarev, Olga Koniuhova and Julia Romanova international...

  • Listed products

    • QWIL portfolio generates more cash than forecast

      Queen's Walk Investment Limited has reported a net loss of €2.3m, or €0.08 per o...

  • Monolines

    • Assured updates on FSA acquisition

      Dexia and Assured Guaranty have confirmed that the primary closing conditions, including rating agen...

  • Operations

    • New sub-servicers for CLOs

      Middle-market cashflow CLOs CoLTS 2005-1, CoLTS 2005-2 and CoLTS 2007-1 have executed sub-servicing...

  • • Kamakura gets OCC default probability mandate

      The US department of the Treasury Office of the Comptroller of the Currency has announced that the O...

  • Ratings

    • Realpoint to expand coverage

      Realpoint, the only subscriber-based credit rating agency in the structured finance sector, is to ex...

  • Regulation

    • Hong Kong SFC goes to court over minibonds

      The Hong Kong Securities and Futures Commission (SFC) has applied to the High Court for an order dir...

  • RMBS

    • New REIT formed to buy RMBS

      Capitol Acquisition Corp, a public investment vehicle, Pine River Capital Management, a multi-strate...

  • • REIT pursues RMBS investment

      Cypress Sharpridge Investments, a New York-based REIT, has raised over US$100m via an IPO. The proce...

  • Structuring/Primary market

    • Restructuring/valuations firm adds md

      Houlihan Smith has hired Bruce Lohman as an md in its corporate development group. Lohman h...

  • • Structured solutions pro recruited

      NewOak Capital has appointed Shad Quraishi as vice chairman and head of business developmen...

  • Technology

    • Risk management centre of excellence launched

      Technology solutions provider DST Global Solutions is set to establish a centre of excellence for ri...

  • Trading

    • Credit trading desk formed

      Collins Stewart has appointed Mike Wojtowicz and Mike Murphy to form a fixed income credit trading d...

  • • Broker-dealer adds in credit

      BTIG, an institutional broker-dealer that launched its fixed income arm earlier this year, has furth...

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• News Round-up

  • ABCP

    • APF to be extended to ABCP

      The Bank of England has published a consultative paper setting out proposed extensions to its Asset...

  • ABS

    • Originator insolvency in UK credit card MTs mulled

      Moody's is assessing the possible credit impact of certain trust provisions that exist in UK credit...

  • CDS

    • Auction results in, more to come

      The final prices for General Motors CDS and LCDS were determined at 12.5 and 97.5 on Friday, with 13...

  • • Largest CDS re-risking seen since March lows

      CDS volumes fell last week by US$260bn or 0.9%, according to the latest DTCC data, with single names...

  • • European sovereign CDS liquidity drops

      Fitch Solutions says its European sovereign CDS liquidity index has experienced a sharp fall in the...

  • CLO Managers

    • CDO note repurchases unlikely to impact ratings

      Fitch says the growing trend of portfolio managers repurchasing CDO notes at a discount is unlikely...

  • CLOs

    • Triple-C assets increase in Euro CLOs

      The performance of European CLO transactions continued to deteriorate in April, according to S&a...

  • CMBS

    • CMBS delinquency index sees historic highs

      Large loan defaults, coupled with declining performance on multifamily and retail properties resulte...

  • • Moody's-rated CMBS to remain 'broadly stable'

      Moody's expects that most ratings of late vintage conduit/fusion and large loan CMBS deals will rema...

  • Distressed assets

    • Losses expected at European banks until end-2010

      The ECB's latest Financial Stability Report forecasts that a further net US$283bn (gross US$649bn) o...

  • Investors

    • Barclays puts out tender offer for CLOs

      Barclays Bank has announced a tender offer for two of its CLOs. It will offer prices between 50% and...

  • Ratings

    • Public issuance in Japan falls, private issuance rises

      S&P says it assigned ratings to securitisation transactions worth ¥686.7bn in Japan...

  • • Korean ratings to remain stable

      Credit ratings assigned to Korean RMBS and ABS transactions are expected to remain relatively stable...

  • • SROC results in for the US ...

      S&P has placed its ratings on 60 tranches from 54 US synthetic CDO transactions on watch neg...

  • • Supplemental risk measures applied to SME CLOs

      Moody's has published a report showing how its supplemental risk measures for structured finance tra...

  • • ... and Europe

      After running its month-end SROC figures, S&P has taken credit watch actions on 119 European...

  • • Use of credit ratings examined

      The Joint Forum has released the final version of its paper entitled 'Stocktaking on the use of cred...

  • Real Estate

    • CRE CDO note repurchase planned

      Fortress Investment Group is proposing to repurchase the Class A notes of Duncannon CRE CDO 1 via tw...

  • • CRE CDO delinquencies 'relatively stable' for now

      Fitch has observed a larger number of asset managers removing credit-impaired assets at prices below...

  • Regulation

    • FAS 166/167 published

      FASB has published Financial Accounting Statements No. 166, 'Accounting for Transfers of Financial A...

  • • JSDA reporting standards implemented

      The Japanese Securities Dealers Association's (JSDA) new regulations regarding the distribution of s...

  • • Swedish banks pass stress test

      The Swedish financial regulator, Finansinspektionen (FI), has published the results and methodology...

  • RMBS

    • Freddie buys back euro securities

      Freddie Mac is to conduct cash tender offers for the purchase of a targeted group of its euro Refere...

  • • Tender offer for Dutch RMBS

      Rabobank is set to buy back all the outstanding tranches of Storm Series 2003, 2004, 2004-II, 2005,...

  • • Less pessimism on European mortgage performance

      Participants in the European structured finance market appear significantly less pessimistic about t...

  • • Positive outlook for Italian RMBS performance

      Italian RMBS transactions in Q1 showed a relative stabilisation in performance, according to a new r...

  • • Mortgage DTI ratios could lead to weaker performance

      Fitch says that European market-standard mortgage underwriting policies, with respect to debt-to-inc...

  • • Low foreclosure proceeds for Germany

      Fitch says that despite stable house prices in Germany, foreclosure proceeds are low due to steep di...

  • Technology

    • Software optimised for multi-core technology

      Quantifi has optimised its software suite for Intel(r) multi-core technology. The firm says that thi...

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• Research Notes

  • Indices

    • Status quo

      Barclays Capital MBS strategists Ajay Rajadhyaksha, Kumar Velayudham and Yan Cao discuss the implica...

      The Barclays Capital Index Team announced on 10 June that Fed purchases of agency MBS would remain p...

  • Trading

    • Trading ideas: dropped call

      Dave Klein, senior research analyst at Credit Derivatives Research, looks at a capital structure arb...

      Verizon Communication's CDS is enjoying a good run this year and trades well off its early year wide...

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