Weekly Issue Archive »

Issue 146 - July 22nd

• News Analysis

  • Trading

    • Directional bets

      Macro uncertainty brings tranche opportunities

      Concerns over the sustainability of an economic recovery are causing uncertainty in financial market...

  • CLOs

    • Downgrades loom

      Moody's to cut most triple-A CLOs as improving metrics emerge

      Moody's has revised its CLO rating outlook for senior tranches of CLOs and now expects that the majo...

  • CMBS

    • False start?

      Muted start to legacy CMBS op as S&P refines methodology again

      The uptake for the 16 July legacy CMBS TALF loan operation was muted, with just US$669m requested by...

  • Ratings

    • Revisiting ratings

      Structured finance ratings still lack ability to describe cliff risks

      The US SEC says it is continuing to strengthen its NRSRO oversight. But, as the latest methodology t...

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• News

  • Clearing

    • CDS CCPs scrutinised

      The TABB Group has published new research regarding the clearing of CDS products in the US and Europ...

  • CLOs

    • CLO repacks to support senior bid?

      Structured credit analysts at JPMorgan note that, while very few such repacks have occurred to their...

  • CMBS

    • CMBS rating linked to UK government credit risk

      Provisional triple-A ratings have been assigned to the £370m Sceptre Funding 1 CMBS. Arrang...

  • Investors

    • Counterparty risk falls amid positive earnings

      Counterparty risk has fallen significantly in the last several weeks as investors gained confidence...

  • Secondary markets

    • Survey reveals views on fair value accounting

      Valuation Research Corporation has completed a survey of financial professionals' views on fair valu...

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• Job Swaps

  • • Risk advisory group names md

      Moelis & Company has recruited Yadin Rozov as an md in its risk advisory group. Rozov, who w...

  • ABS

    • Aladdin details sales and trading hires

      Aladdin Capital has expanded its sales and trading division with the appointment of eight new hires....

  • • Prop trader joins bespoke investment manager

      Bespoke investment manager Glendevon King has hired a new portfolio manager. Nicola Marinelli has jo...

  • • Jefferies names group head

      Jefferies & Company has hired Mark Plansky as an md and head of its ABS and MBS group in Bos...

  • • GE hires EMEA securitisation head

      GE Capital has named James Fenner as the new head of capital markets for EMEA. Based in London, he w...

  • • Manager replacement for ABS CDOs

      Aventine Hill Capital is set to replace Terwin Money Management as asset manager on the Cascade Fund...

  • • Permacap considers mezzanine investments

      As of the end of June 2009, the GAV of Volta Finance was €56.2m against €56.1m a...

  • Advisory

    • Managers selected to amortise Bayern portfolios

      Cairn Financial Products and Federated Investors have been selected by Bayerische Landesbank (Bayern...

  • Alternative assets

    • TD Ameritrade settles ARS charge

      The US SEC has settled charges against TD Ameritrade for making inaccurate statements when selling a...

  • CDO

    • US manager to take on seven CDOs

      Alcentra NY is expected to become replacement collateral manager on seven CDOs. The CDOs under consi...

  • • CDO collateral advisor replaced

      Stone Tower Debt Advisors has replaced Bear Stearns Asset Management (BSAM) as collateral advisor on...

  • Distressed assets

    • LBIE claims resolution progresses

      The joint administrators of Lehman Brothers International (Europe) last week made an application to...

  • Investors

    • IDB launches new prime brokerage business

      Cantor Fitzgerald has hired Noel Kimmel as senior md to head its new prime brokerage business. Kimme...

  • • Investment group expands management

      Fortress Investment Group has made several changes in management responsibilities. Daniel Mudd, cu...

  • Monolines

    • Monoline restructures, won't write new business

      Syncora Guarantee says it has completed all of the steps of its comprehensive restructuring. On 15 J...

  • Ratings

    • S&P completes ratings reform

      S&P says it has identified and undertaken four core reforms to restore investor confidence i...

  • RMBS

    • New REIT to benefit from proprietary loan mods

      PennyMac is readying an IPO on NYSE of its newly formed REIT, PennyMac Mortgage Investment Trust, wh...

  • Structuring/Primary market

    • Commutation agreement takes effect

      Radian Group has entered into a commutation and release agreement with Ambac, effective as of 1 July...

  • Trading

    • Boutique preps credit funds

      Ambix Capital is preparing three fixed income strategies to be managed by Marco Sticchi. Sticchi wil...

  • • FI head hired, interest in manager acquired

      Morgan Stanley has hired Jack DiMaio as global head of interest rate, credit and currency trading. H...

  • • Securities firm adds two traders

      Southwest Securities has added two traders to its taxable fixed income trading desk. Derek Rose has...

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• News Round-up

  • ABS

    • South African structured finance downgraded

      Moody's has downgraded all Aaa and Aa1 rated notes of outstanding South African ABS, RMBS, CMBS and...

  • • Indian ABS performance data published

      Performance data for each of the 21 Fitch-rated Indian ABS transactions currently under surveillance...

  • Alternative assets

    • Export finance deal prepped

      Fitch has assigned ExFin Capital's forthcoming issue of US$1.306bn Class A notes an expected rating...

  • CDO

    • Synthetic CDO notes repurchased

      The issuer of ARLO VI, a European synthetic CDO, has repurchased all outstanding notes of the class...

  • • Minimal CIT ratings impact on IG CSOs

      A credit event by CIT Group would have a minimal impact on investment grade ratings of synthetic CDO...

  • • Loan mods unlikely to impact CDO's liabilities

      Two recent loan modifications to collateral assets from ARMSS 2004-1 are not expected to adversely i...

  • • EODs for SF CDOs

      Moody's has withdrawn its ratings on 426 classes of notes issued by 60 SF CDOs. The tranches affecte...

  • CDS

    • Lear prices settled, another determination pending

      Final prices for Lear Corp CDS and LCDS were settled at 38.5 (with 12 dealers participating) and 66...

  • CLOs

    • Moody's to downgrade majority of triple-A CLOs

      Moody's has revised its rating outlook for senior tranches of CLOs and now expects that the majority...

  • • Euro CLO gets documentation revamp

      A number of amendments have been made to Neptuno CLO II, a European cashflow CLO. Among the modifica...

  • CMBS

    • Tentative start to legacy CMBS operation

      The New York Fed has announced that US$669m in legacy CMBS TALF loans were requested for the 16 July...

  • • Uncertainty remains for Epic CMBS

      31 of the 120 assets in the Epic Industrious portfolio were sold late last week at an average gross...

  • • Euro commercial loan defaults increase

      The number of defaulted loans in European CMBS transactions continued to increase in Q209, according...

  • Documentation

    • Loan data repository to launch

      Further to its partnership with the American Securitization Forum (see last week's issue), S&...

  • Investors

    • Investor taskforce urges reform

      A report issued by the Investors' Working Group (IWG) states that bold reforms are necessary to rest...

  • • Britannia closes tender offer

      Britannia Building Society has released the results of its tender offer for the Class A2 tranches of...

  • Ratings

    • Holmes affirmed on restructuring

      Fitch has affirmed notes from the Holmes Master Trust programme following its restructuring. The not...

  • • Asia Pacific tranches default, downgraded

      Fitch downgraded 101 tranches (including public, private, international and national ratings) during...

  • RMBS

    • Alt-A/subprime RMBS downgraded

      S&P has lowered its ratings to D on 864 classes of mortgage pass-through certificates from 7...

  • • New mortgage servicing platform launched

      Exact Mortgage Experts has launched its Intelligent Mortgage Servicing platform. The platform uses p...

  • SIVs

    • SIV ratings withdrawn

      Moody's has withdrawn its ratings assigned to the Euro and US MTN and CP programmes of Tango Finance...

  • Technology

    • Growth in online brokerages examined

      Online brokerages and the option of self-service are set to continue growing, according to a new rep...

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• Research Notes

  • Investors

    • Much-awaited PPIP finally announced

      Barclays Capital securitisation analysts Sandeep Bordia, Jasraj Vaidya, Glenn Boyd, Aaron Bryson and...

      The PPIP programme for securities was finally announced after months of anticipation. In this public...

  • Trading

    • Trading ideas: green shoots

      Dave Klein, senior research analyst at Credit Derivatives Research, looks at an equity outperform tr...

      Since mid-February, Monsanto's CDS level tracked closely to expected fair value. Recently, this rela...

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