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Issue 142 - June 24th

• News Analysis

  • Structuring/Primary market

    • MBS therapy

      CMBS and RMBS re-REMIC issuance surges

      There has been a significant rise in the number of re-REMICs coming to market in the US over the pas...

  • Secondary markets

    • Liquidity rising?

      Secondary CDO activity buoyant, in spite of downgrade threat

      The recent rally in CLOs and in credit more broadly has supported the burgeoning liquidity in the CD...

  • Structuring/Primary market

    • Dynamic disintermediation

      Unprecedented actions necessary to break CMBS stalemate

      Actions taken by individual Extended Stay America noteholders last week shocked the CMBS industry. H...

  • Documentation

    • Sticking point

      Optionality issues remain as Euro CDS standards applied

      Changes to the trading convention for European CDS took effect on Monday, 22 June, including the ado...

  • Regulation

    • Aligning incentives

      Securitisation reform proposals discussed

      The Obama administration's financial reform proposal is expected to have a wide-reaching impact on t...

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• News

  • Indices

    • Hedge fund index stays positive

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

  • Operations

    • Securitisation produced 'significant economic benefits'

      The American Securitization Forum (ASF) has released the results of a study assessing the long term...

  • Ratings

    • Ratings proposals under fire

      The Obama administration's plan for financial regulatory reform (see also separate News Analysis sto...

  • Structuring/Primary market

    • Structural concerns linger for Tesco CMBS

      Tesco Property Finance 1, a UK CMBS that was publicly marketed to investors via Goldman Sachs last w...

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• Provider Profile

  • Secondary markets

    • The new norm

      Nicholas Stewart, head of structured credit products at Prime Source, answers SCI's questions

      Nick Stewart Q: How and when did Prime Source become involved in the str...

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• Job Swaps

  • Advisory

    • Structured credit head joins advisory

      Zucker & Co investment advisors have announced that Rick Weinstein joined the newly establis...

  • CDO

    • Court of Appeal affirms HSH Nordbank/UBS ruling

      A UK Court of Appeal judgment has affirmed a lower court ruling dismissing a claim brought in London...

  • CDPCs

    • Senior advisor joins CDPC asset management unit

      Primus Asset Management has appointed Bryan Dunn as new senior advisor to the company. Dunn, who wil...

  • Distressed assets

    • Firms join forces to service distressed assets

      LaCrosse Global Fund Services and Ocwen Financial Corporation have introduced a suite of services av...

  • Listed products

    • Permacap's performance on the up

      Carador has reported that, as at the close of business on 31 May 2009, its unaudited net asset value...

  • Monolines

    • Renfield-Miller resigns as Everspan launch fails

      Ambac evp Douglas Renfield-Miller has announced his resignation from the company, effective as of 1...

  • Ratings

    • DSCM mandates confirmed

      S&P has issued a final rating confirmation with respect to Dock Street Capital Management (D...

  • • Mortgage servicer rating withdrawn

      Fitch has withdrawn M&T Bank's US residential mortgage servicer rating of RPS2. The withdraw...

  • Technology

    • Desktop application to focus on US RMBS

      Fitch Solutions and Portsmouth Financial Systems have partnered to launch Deal View, a desktop appli...

  • Trading

    • Structured sales and trading operation launched

      Aladdin Capital has launched a sales and trading operation in London, as part of the firm's ongoing...

  • • Trading platform set to expand

      Beacon Capital Markets plans to expand its trade discovery platform to include non-agency MBS, ABS a...

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• News Round-up

  • ABS

    • Portfolio uncertainty for Pillar ABS notes

      Moody's has placed all notes of Pillar Funding Series 2005-1 issued out of the Arch Funding Receivab...

  • CDS

    • Auction results in, more expected

      Credit event auctions for JSC Alliance Bank (CDS trades settled at 16.75, with 12 dealers participat...

  • CLOs

    • Synthetic CLO bought back

      Rabobank's tender offer for its synthetic balance sheet CLO Sundial 2004-1 saw €199m of no...

  • • Moody's launches CLO newsletter, reviews EODs

      To help market participants stay current on its ongoing views of credit issues involving CLOs, Moody...

  • CMBS

    • Euro CMBS deals under water

      A number of European CMBS have recently breached, or are close to breaching their financial covenant...

  • • Freddie multifamily CMBS oversubscribed

      Freddie Mac has completed its Series K-003 Structured Pass-Through Certificates, a multifamily CMBS....

  • • EMEA CMBS deterioration accelerates

      The performance deterioration of CMBS and multi-family transactions in EMEA accelerated in Q109, acc...

  • • CMBS loans of concern expected to increase

      Fitch has reported in the latest US CMBS VintageView results that despite recent growth in reported...

  • Indices

    • Volatility at last for MCDX?

      The Markit MCDX index spiked at 200bp on 18 June, with five-year California exposure heard to be off...

  • • Sharp improvement in home prices

      The latest LoanPerformance home price index data indicates a sharp improvement. Figures for April fe...

  • • CMBX 1 projected losses increase by nearly 36%

      As of the May 2009 remittance reports, CMBX 1 fundamentals have started to show new signs of stress,...

  • • Playing the normalisation trend

      With the market appearing to be in a 'recovery mood', but at risk of a short-term correction as sugg...

  • Operations

    • July TALF operation announced

      The New York Fed has announced the 7 July operation for non mortgage-backed ABS. The subscription da...

  • Ratings

    • Prime jumbo RMBS hit

      S&P has lowered its ratings on a number of US prime jumbo RMBS transactions. Ratings have be...

  • • FAS 166 and 167 unlikely to impact credit ratings

      Fitch says it does not expect FAS 166 and FAS 167, relating to the reconsolidation of off-balance sh...

  • • Loan recoveries shift dramatically lower

      Based on data obtained from its shadow rating process for CLOs and other structured vehicles, Fitch...

  • • Lehman-related CSO ratings withdrawn

      S&P has withdrawn its ratings on 104 synthetic CDO tranches that have counterparty exposures...

  • • Other rating agency actions

      SME ABS performance deteriorates S&P placed its ratings on 52 classes from various small bu...

  • Regulation

    • Reform agenda unveiled

      As expected, the Obama administration's financial reform proposals are set to have far-reaching cons...

  • • ISDA responds to Turner Review

      ISDA has submitted a letter to the FSA regarding the Turner Review and accompanying Discussion Paper...

  • RMBS

    • Granite has highest exposure to negative equity

      Some 15% of mortgage loans by value in UK prime RMBS master trust programmes are in negative equity,...

  • • Dutch RMBS downgraded as EOD looms

      Moody's has downgraded the ratings of all the notes issued in Dutch RMBS E-MAC 2002-I and the non-se...

  • Structuring/Primary market

    • Discover shores up credit card trust

      Discover has taken various steps to shore up its Discover Card Execution Note Trust (DCENT), accordi...

  • Technology

    • IDC to provide fair value data reports

      Interactive Data Corporation's pricing and reference data business has broadened its evaluated servi...

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• Research Notes

  • Trading

    • Trading ideas: no deficit here

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a negative basis tr...

      The bond market has entered a period of revival as cash products outperformed synthetic counterparts...

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