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Issue 148 - August 5th

• News Analysis

  • CLOs

    • CLO evolution

      European repack market gains momentum

      The development of a repackaged CLO market in Europe is gathering pace. Following a number of recent...

  • RMBS

    • At a crossroads

      Australian government intervention sought as RMBS funding runs out

      The final mandates for the Australian Office of Financial Management's (AOFM) A$8bn RMBS investment...

  • CLOs

    • Performance test

      CLO managers find new ways to improve overcollateralisation ratios

      Rising defaults mean that there is increasing danger of CLOs failing their performance tests. In the...

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• News

  • Clearing

    • CDS repository registration deadline met

      The DTCC reports that 216,765 CDS contracts valued at approximately US$5.7trn in gross notional valu...

  • CMBS

    • GGP warns of possible substantive consolidation

      The issue of substantive consolidation arose last week as a real possibility in General Growth Prope...

  • Distressed assets

    • FDIC distressed asset proposals move forward

      The FDIC continues to progress its initiatives around alleviating the pressure of distresse...

  • Indices

    • Dramatic reduction seen in counterparty risk

      Counterparty risk fell by over 25% in the last two weeks amidst a broader market rally. "With the S&...

  • Regulation

    • SFO to probe structured finance

      Structured finance products are to be included in the scope of investigations led by the UK's Seriou...

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• Provider Profile

  • Secondary markets

    • Accessing dark pools

      Robert Barsky, coo and a founder, and David Audley, founder responsible for strategic planning at Be...

      Q: How and when did Beacon Capital Markets become involved in the structured credit market? RB: Bea...

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• Job Swaps

  • ABS

    • Managers join forces to focus on ABS

      Harbourmaster Capital Management is set to establish a new business with Mirja Wenski, the former ZA...

  • • ABS and flow credit changes made

      The Royal Bank of Scotland has made changes within its ABS and flow credit sales teams. Jonathan Peb...

  • Advisory

    • Australian advisory/fund manager minted

      A new Australian advisory and funds management firm has launched. Moss Capital was founded by chairm...

  • CDO

    • Cairn wins CDO mandate

      Cairn Financial Products has replaced Duke Funding Management as collateral manager on the Duke Fund...

  • • CRE CDO manager replaced

      CWCapital Investments (CWCI) is being tipped as a potential replacement CDO asset manager for RFC CD...

  • • New manager to take on distressed CRE/SF CDOs

      Ventras Capital Advisors is set to become the replacement CDO asset manager for eight commercial rea...

  • • Credit trading trio hired

      Maxim Group has expanded its fixed income platform with the appointment of three senior-level execut...

  • • Redemption offer for CDO-linked investments

      Singapore-based Great Eastern is making a one-time redemption offer to its GreatLink Choice (GLC) po...

  • • Lehman CLN judgement obtained

      Perpetual Trustee Company, acting in its capacity as trustee for retail investors in Australia, New...

  • CDPCs

    • CDPC begins portfolio restructuring

      Primus Financial Products, a subsidiary of Primus Guaranty, has entered into a transaction to termin...

  • CDS

    • Derivatives partner appointed

      International law firm Jones Day has hired Joel Telpner as a partner in its banking & financ...

  • • Law firm adds two in structured finance

      International law firm Nixon Peabody has expanded its global finance practice with the addition of t...

  • Clearing

    • Clearer names CDS director

      Suzanne Hubble has joined ICE Clear Europe as director, CDS development. She is responsible for the...

  • CLO Managers

    • Rabobank confirms CLO business handover

      Rabobank has assigned the management of four CLOs (Prospero CLO I, Prospero CLO II, Veritas CLO I an...

  • CLOs

    • Manager retires debt of four CLOs

      KKR Financial Holdings has taken certain actions regarding four of its CLO transactions that the com...

  • Investors

    • Investment for ex-hedge fund execs' new venture

      FRM Capital Advisors (FCA), a division of Financial Risk Management (FRM), and WestSpring Advisors h...

  • Operations

    • PIMCO gets TALF monitoring role

      The New York Fed has named PIMCO as a collateral monitor for the TALF programme. The Fed clarifies t...

  • RMBS

    • Firm seeks downgraded MBS for re-REMIC treatment

      The Geary Companies has launched CEMP - a new firm that takes existing, recently-downgrade...

  • • Mortgage REIT IPO downsized

      PennyMac Mortgage Investment Trust, a newly-formed mortgage REIT, has announced the pricing of the i...

  • • Mortgage risk analytics team developed

      Strategic Analytics has launched an internal division dedicated to providing proven and significant...

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• News Round-up

  • ABCP

    • BoE support may ease ABCP liquidity pressures

      The expansion of the Bank of England's (BoE) support mechanisms to incorporate ABCP may ease liquidi...

  • ABS

    • Surveillance recommendations made for EMEA ABS

      Moody's has published its recommendations for further improving investor and servicer reports in EME...

  • • Australian ABS rating methodology published

      Moody's says in two new reports on the Australian ABS market that the sector should pick up in 2009...

  • • New functionality, additional models for ABSXchange

      ABSXchange is set to introduce new functionality next month, whereby users can add additional collat...

  • Advisory

    • Manager due diligence good practices published

      IOSCO's Technical Committee has published a final report - entitled 'IOSCO Good Practices...

  • CDS

    • BIS assesses financial sector rescue programmes

      BIS has published a paper entitled 'An assessment of financial sector rescue programmes', which prov...

  • • Final auction results in for Bradbi

      Final results for the Bradford & Bingley CDS auction were announced on 30 July. Senior CDS w...

  • Clearing

    • Euro CDS clearing services begin

      Eurex Credit Clear and ICE Clear Europe began operations in the European CDS market last week (see a...

  • CLOs

    • US CLOs resume rally

      US CLOs have responded to the July rally in broader markets and were subject to further spread tight...

  • • CLO liquidity facility agreement amended

      Amendments to Halcyon Structured Asset Management European CLO 2007-I's documents last week will not...

  • CMBS

    • Record CMBS loans transferred to special servicing

      A record US$36.1bn of CMBS loans has been transferred from master to special servicing since year-en...

  • • Defaulted US CRE loans enter special servicing

      Eight newly defaulted loans greater than US$100m have entered special servicing, according to Fitch...

  • Emerging Markets

    • CEEMEA securitisations remain on negative trend

      Fitch expects the performance of securitisations in central and eastern Europe and the Middle East (...

  • Indices

    • CMBX performance worsens 'slightly'

      CMBX credit performance in July worsened at only a slightly faster pace compared with the prior thre...

  • • CDX short protection candidates identified

      The Markit CDX IG12 has rallied from 199bp on 20 March to 116bp on 29 July 2009. In an attempt to es...

  • • Fourth monthly improvement for troubled companies

      The Kamakura index of troubled public companies made its fourth consecutive dramatic improvement in...

  • • Historical high for credit card charge-off index

      The UK aggregate credit card charge-off index has grown by 46.5% over the past year, says Moody's in...

  • Monolines

    • Moody's cuts Ambac to Caa2

      Moody's has downgraded to Caa2 from Ba3 the insurance financial strength ratings of Ambac and Ambac...

  • Ratings

    • Argentine securitisation market adjusts to changes

      The volume of domestic securitisations in Argentina should remain stable at roughly 2008 levels in 2...

  • • Australian SF outlook negative, despite positive signs

      Moody's maintains its negative outlooks for the collateral performances of Australian ABS, CMBS and...

  • • Ratings outlook assigned for Korea and Singapore

      In a new report Moody's says that the sector outlook for Korea RMBS is stable, while that for Korea...

  • Regulation

    • Derivatives oversight bill introduced

      The final draft of Senator Barney Frank's bill to improve oversight of the OTC derivative markets wa...

  • RMBS

    • No ratings impact from Granite reserve fund draw

      Fitch says that the Granite reserve fund draw is unlikely to immediately impact the ratings on RMBS...

  • • Buy-back for Irish RMBS

      EBS Building Society launched a tender offer to buy back up to €100m of Class A notes of i...

  • • Resiliency remains to LMI rating migrations

      Moody's says in a scenario analysis report on the Australian prime RMBS market that as long as the r...

  • • Portuguese RMBS defaults increase

      The default trend for Portuguese RMBS increased for all series in Q209, rising to 1% by the end of t...

  • Technology

    • Quantifi adds new correlation/index option features

      Quantifi has released Version 9.2 of its comprehensive pricing, hedging and risk analysis software....

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• Research Notes

  • Trading

    • Trading ideas: planes, trains and profit

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a pairs trade on Bo...

      Though Bombardier is positioned in a difficult industry with limited growth opportunities, the compa...

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