Weekly Issue Archive »

Issue 145 - July 15th

• Data

  • • The Palomar SC HF Index as at May 2009

      Cumulative and monthly returns         ...

  ---

• News Analysis

  • Structuring/Primary market

    • Rebalancing the books

      Renewed focus on portfolio restructuring activity

      Regulatory capital trades have been a feature of the market since the late 1990s. But accounting rec...

  • ABS

    • Esoteric alternatives

      IP ABS launched while another joins the pipeline

      A US$250m intellectual property (IP) securitisation of milestone payments tied to a new hepatitis C...

  • Structuring/Primary market

    • PPIP side-step

      Banks finding other ways to dispose of troubled assets?

      A downgraded CLO has been retranched into new securities with triple-A ratings, using a similar proc...

  • Regulation

    • Transparency to the fore

      US investigation launched as CESR proposals published

      The issue of transparency rose to the fore this week on both sides of the Atlantic. On the same day...

  ---

• News

  • Clearing

    • CDS CCP segregation/portability rights explored

      An ad hoc group comprising eight buy-side and eight sell-side constituents has delivered a report to...

  • Indices

    • Positive trend continues for hedge fund index

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

  • Investors

    • PPIP fund managers announced

      The US Treasury Department, the Federal Reserve and the FDIC have announced further details about th...

  • • Firm to link RMBS investors seeking loan disclosure

      A new company that will help investors recover money lost as a result of buying into pools of RMBS h...

  • • Investors bring suit against Highland

      A group of institutional and individual investors has filed a lawsuit against Highland Capital Manag...

  • Regulation

    • Singapore minibond distributors banned

      Upon the completion of its investigations into the sale and marketing of Lehman Brothers CLNs, the M...

  ---

• Job Swaps

  • • Raft of new hires for structured products team

      Henderson Global Investors has made a number of appointments to its structured products team. Jim Ir...

  • ABS

    • Recently-acquired broker names 29 new hires

      A group of investors, led by Ben Carpenter, Ron Kripalani and Jay Levine, has purchased a controllin...

  • • KfW outlines commitment to ABS

      KfW pledged its commitment to the securitisation market at a press conference held in London on&...

  • • Securitisation lawyer joins MoFo

      Morrison & Foerster has hired Jerry Marlatt to join the firm's capital markets group. Former...

  • Advisory

    • ABS research head recruited

      PIMCO Advisory, a division of PIMCO, has hired Rod Dubitsky as evp and global structured finance spe...

  • Alternative assets

    • Coventry expands into Asia

      Coventry has established Coventry Capital HK Ltd in Hong Kong and hired Charles Wong as md. Wong has...

  • CDS

    • CIT under pressure

      SME financing company CIT is struggling to avert bankruptcy, according to numerous reports. ...

  • • High yield group adds senior trader

      Robert Leone has been hired as md and senior high yield trader for Jeffries & Company, a sub...

  • • CypressTree acquisition completed

      Primus Asset Management, a wholly owned subsidiary Primus Guaranty, has completed its acquisition of...

  • CLOs

    • New CLO servicing mandate for Avoca

      The noteholders of Clio European CLO have voted to appoint Avoca Capital Holdings as replacement por...

  • • Law firm hires three

      Mayer Brown has hired three finance partners to its London office in order to strengthen the key are...

  • CMBS

    • CMBS advisory JV launched

      Real estate investment banking firm George Smith Partners (GSP) and law firm Manatt, Phelps &...

  • • New md for CMBS team

      Lisa Pendergast has joined Jefferies & Company's fixed income division as an md in the MBS/A...

  • • US$500m to be deployed for commercial real estate

      Investment management company, The Pembrook Group, is seeking to deploy up to US$500m over the next...

  • Distressed assets

    • Mortgage opportunity fund closed

      Fir Tree has announced the final closing of Fir Tree Mortgage Opportunity Fund (MOF), a limited term...

  • • Broker expands distressed credit group

      BTIG is set to continue the expansion of its fixed income group through the addition of both sales a...

  • Emerging Markets

    • SF partner to head Appleby in Bahrain

      Appleby has opened a representative office, as part of the corporate administration arm of the Apple...

  • Listed products

    • Permacap reports

      Carador has announced that, as at the close of business on 30 June 2009, its unaudited net asset val...

  • RMBS

    • Legal action taken against Countrywide

      MBIA has commenced an action in the Superior Court of California against Countrywide, several of its...

  • Trading

    • New md named for CMO/MBS trading

      A new md and head of agency CMO and MBS trading has been appointed by Oppenheimer & Co, a un...

  • • Conduit adds in sales

      Structured finance specialist Conduit Capital Markets has appointed Paul Blake as head of fixed inco...

  ---

• News Round-up

  • ABS

    • TALF-eligible subprime auto ABS deal debuts

      Americredit Corp has priced the first TALF-eligible subprime auto ABS through lead managers Credit S...

  • • 'Too early' for green shoots in Euro ABS

      Fitch says it is too early to identify 'green shoots' of recovery in European structured finance per...

  • • UK Banking Act unlikely to impact Euro ABS

      Moody's has confirmed that the UK Banking Act 2009 does not negatively affect the ratings of structu...

  • CDO

    • CRE CDO delinquency index increase to continue

      The June 2009 Fitch CREL CDO delinquency index has increased to 8.2% from 7.9%. While this appears s...

  • • TruPS CDOs rating pressure continues

      Recessionary pressures continue to weigh on US financial institutions, which in turn will continue t...

  • CDS

    • Six Flags settled, Bradbi determined

      Six Flags CDS and LCDS were settled on 9 July at 14 (with 11 dealers participating in the auction) a...

  • • Euro CDS market remains more liquid than the Americas

      Fitch Solutions says the European CDS market remains more liquid than the Americas market, closing o...

  • CLOs

    • Economic perspective of US CLO managers highlighted

      S&P has published the first in a series of articles highlighting the economic perspectives o...

  • • Geldilux given structural tweaks

      Structural amendments including an increase of credit enhancement and the adjustment of eligibility...

  • • Trustee seeks to divert collateral account payments

      State Street Bank and Trust Company, as trustee on the Cheyne CLO Investments I transaction, has not...

  • CMBS

    • CMBS Class As downgraded to Baa1

      The Class A notes of Windermere XII have been downgraded to Baa1 from Aaa by Moody's. The rating act...

  • • White paper on REMIC reform issued

      Commercial Mortgage Securities Association (CMSA) has issued a white paper that outlines its opposit...

  • • CMBS tap issued

      ABSA has launched a tap issuance of South African CMBS Vukile Series 1, which first closed in Novemb...

  • • Increased risk profile, downgrades for Japanese CMBS

      Japanese CMBS continues to see an unprecedented increase in underlying loan defaults - wit...

  • Emerging Markets

    • Unique criteria for Indian ABS

      Fitch has published a report detailing its analytical approach to rating Indian ABS transactions bac...

  • Indices

    • Home price improvement continues for third month

      May's LoanPerformance home price index showed a sharp improvement for the third straight month. Nati...

  • Investors

    • TARP warrant buybacks trending to fair value

      A new study by Pluris Valuation Advisors, a provider of market-based valuations of illiquid securiti...

  • • Q209 asset-backed new issuance plummets

      Asset-backed new issuance accounted for US$100.6bn of all issues in Q209, a drop of 54.1% (US$118.7b...

  • Ratings

    • Monoline-insured ratings approach revised

      Moody's has modified the rating methodology it applies to structured finance securities insured by f...

  • • MV CLO assumptions changed, ratings on review

      Changes in the modelling assumptions for market value CLOs are being implemented by Moody's. The cha...

  • • SF CDOs downgraded on EODs

      Moody's has downgraded to single-C the rating of 56 tranches contained within 41 US structured finan...

  • • Continued Asia downgrades due to CMBS

      Downgrades of Fitch-rated Asia Pacific structured finance tranches were up almost ten-fold in 2008,...

  • • EMEA SF outlooks remain negative

      The sector outlook for almost all RMBS, CMBS and ABS structured finance asset classes in EMEA remain...

  • • European SROC figures reported

      S&P has taken credit watch actions on 141 European synthetic CDO tranches, following its mon...

  • Regulation

    • Final enhancements to Basel 2 released ...

      The Basel Committee on Banking Supervision has approved a final package of measures to strengthen th...

  • • ...while EU proposes further CRD revisions

      The European Commission has put forward a further revision of EU rules on capital requirements for b...

  • • 'Small bang' protocol launched

      ISDA has launched its 'small bang' protocol and restructuring supplement, which allows for the incor...

  • • IASB releases draft financial instrument proposals

      The IASB has published for public comment an exposure draft of proposals to improve financial instru...

  • • RFC on model reps and warranties

      The American Securitization Forum (ASF) has issued a request for comment (RFC) on its new Model RMBS...

  • • UK outlines financial reform plans

      The UK government has released its White Paper on reforming financial markets, in which it sets out...

  • RMBS

    • US Alt-A loss projections revealed

      S&P has provided its revised projected losses for US RMBS transactions backed by Alt-A colla...

  • • RMBS originator review criteria updated

      New review criteria for European RMBS originators have been announced by Fitch. As part of the proce...

  • • Irish RMBS delinquencies on the rise

      S&P has published a report on Irish RMBS, focusing on the performance of the underlying mort...

  ---

• Research Notes

  • Distressed assets

    • European 'bad banks': issues and challenges

      Conor Downey, Alberto Del Din, Hergen Haas and David Lacaze, lawyers in Paul Hastings' European fina...

      Building on a variety of historic models, particularly the FDIC and the Resolution Trust Corporation...

  • Trading

    • Trading ideas: falling to pieces

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

      New York Times recently surveyed internet users to find out if they would pay between US$30 and US$6...

  ---

Click here to access this issue in print format Contact