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Issue 151 - September 9th

• News Analysis

  • ABS

    • Testing the water

      VW to market auto ABS to European investors

      Volkswagen Financial Services, a mainstay of the European ABS industry, is expected to reopen the lo...

  • Legislation and litigation

    • Litigation blues?

      SIV Portfolio case breaks new ground

      US District Judge Shira Scheindlin's ruling last week that the rating opinions of Moody's and S&...

  • • Approval pending

      New draft law could broaden domestic Russian ABS market

      A draft law that seeks to address the securing of financial obligations was last week presented to t...

  • RMBS

    • Race against time

      PPIP roll-out to drive RMBS demand

      With a potential hike in interest rates looming, loan modification programmes in the US mortgage mar...

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• News

  • Indices

    • Vintage-specific subprime indices launched

      Fitch Solutions has expanded its pricing and valuations platform with the launch of five new ABS CDS...

  • Operations

    • Call for clarity around TALF legacy CMBS acceptance

      CMBS analysts at Barclays Capital have called for greater clarity around the TALF rejection/acceptan...

  • RMBS

    • MBA proposes new line of MBS

      The Mortgage Bankers Association (MBA) has released a new paper outlining a proposed framework for a...

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• Job Swaps

  • Advisory

    • Boutique to focus on capital-intensive assets

      Falcon Group has hired two structured finance professionals, Niels Slikker and John Bishop, for its...

  • • Financial advisory JV initiated

      Pricing Partners is teaming up with ESTER S.A.S. to provide consulting services and financial adviso...

  • • Structured credit advisory launched

      UK-based Navigant Consulting has launched a new subsidiary called Navigant Capital Markets Advisers...

  • Alternative assets

    • Structured finance md moves to alternatives shop

      Trevor Castledine has been appointed the new coo for alternative investment boutique Future Capital...

  • CLO Managers

    • European CLO managers may need SEC registration

      European CLO managers may be required to be SEC-registered following a proposal from the US Treasury...

  • • Manager change for Ivory CDO

      Lyxor Asset Management has taken on collateral management duties for Ivory CDO - a deal or...

  • Distressed assets

    • Asian distressed credit franchise expanded

      Asian alternative asset investment manager Pacific Alliance Group has expanded its investment capabi...

  • Investors

    • Asset manager bolsters management team

      Annaly Capital Management has announced the addition of several new members to its management team....

  • • Investment manager adds four

      Vision Capital has strengthened its team with four hires to build out the organisation in operating...

  • • Bank adds in hedge fund credit sales

      UBS has made a number of hires in its credit sales department. Eleanor Robb joined on 24 August as a...

  • • Bank names EMEA fixed income research head

      Nomura has appointed Jim McCormick as head of fixed income research for the EMEA sector. He will be...

  • Legislation and litigation

    • Structured finance legal duo hired

      Marianne Rosenberg and Jill Davidson have joined the corporate law department of Cozen O'Connor in N...

  • Structuring/Primary market

    • Capital markets team expands

      Broadpoint Capital has recruited Keith 'Lex' Malas to head its capital markets origination division...

  • Technology

    • Euro structured finance head hired

      Markit has appointed Richard Paddle as md and head of its European structured finance business based...

  • • Structured credit valuation service enhanced

      Prime Source and CDO2 Solutions (CDO2) have together launched an enhanced service for performing ind...

  • • German expansion for derivative valuation service

      Reval has continued its expansion into central Europe by opening a German office and appointing Walt...

  • • Markit opens in the subcontinent

      Markit has opened an office in India through the acquisition of Seagal Financial Securities, a speci...

  • • New office for data provider in New York

      Lewtan Technologies, a provider of ABS surveillance data, analytics, software and content for the gl...

  • Trading

    • Boutique adds in distressed debt trading

      Anthony Guido has joined Imperial Capital as an md and senior trader in its leveraged loan, high yie...

  • • Trading and risk management team expands

      In light of its continuing expansion, Capstone Sales Advisors has officially changed its name to Cap...

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• News Round-up

  • ABS

    • Auto ABS dominates TALF subscriptions

      New issues totalled US$16bn last week for the September TALF subscription. Auto ABS led the way, acc...

  • • Softbank prepares mobile handset ABS

      Moody's has assigned provisional ratings to a Japanese ABS backed by handset installment sales recei...

  • • Scrappage schemes may impact EMEA auto ABS

      Although governmental bonus programmes to increase car sales across Europe have proved a huge succes...

  • • Negative trends continue for Euro auto ABS

      The European auto ABS sector has continued to experience an increased number of negative factors dur...

  • CDS

    • Global CDS liquidity decreases

      CDS liquidity has decreased over the past two weeks in Europe and the US for all sectors except heal...

  • • Expanded CDS data released

      The DTCC has expanded its public release of the CDS data maintained in its Trade Information Warehou...

  • CDS of ABS

    • Synthetic structures gain popularity in ABS sector

      Synthetic structures, which were first widely employed in CDOs, are now often being used to transfer...

  • Clearing

    • Dealers commit to clear 95% of CDS

      The Federal Reserve Bank of New York has received commitments from 15 major OTC derivatives dealers...

  • • Buy-side clearing initiative aims for October launch

      ICE's buy-side clearing initiative is on track to launch in October 2009, subject to regulatory appr...

  • CLOs

    • German CLOs face rising delinquencies

      Corporate delinquency and default rates for German balance sheet CLO transactions have risen notably...

  • CMBS

    • Sporadic EMEA CMBS issuance predicted

      New issuance CMBS in EMEA are expected to remain sporadic, according to Moody's H109 review and H209...

  • Emerging Markets

    • Moody's downgrades all Korean ABS and RMBS

      Moody's has downgraded all triple-A rated notes of outstanding Korean ABS and RMBS securities to Aa1...

  • Indices

    • CMBX delinquencies to pick up in recent vintages

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

  • Investors

    • Santander buyback results disappoint

      The results of Santander's tender offer (see last week's issue), which were released on 8 September,...

  • Operations

    • White Paper recommends structural changes

      Structural changes are key to financial market stability, according to a new White Paper entitled 'T...

  • Ratings

    • Counterparty instrument ratings assigned

      Moody's has assigned counterparty instrument ratings to liquidity facilities in three European trans...

  • • CDO EOD surveillance methodology updated

      S&P has updated its surveillance methodology for cashflow and hybrid CDO transactions. The m...

  • • Argentine surveillance tool released

      Moody's has released its 'Smart Monitoring Database' for Argentine ABS securitisations. Designed to...

  • • Stable performance outlooks for Asia Pacific

      Fitch reports that the majority of rating outlooks are stable for structured finance (SF) tranches w...

  • • Significant downgrades expected in Japanese CMBS

      Fitch has published its surveillance criteria and methodology for Japanese CMBS to better reflect re...

  • Regulation

    • G20 targets ABS/CDS standards

      Finance ministers and central bank governors from the G20 nations met in London last week to discuss...

  • • IOSCO issues ABS/CDS regulatory recommendations

      The IOSCO Technical Committee has published a report, entitled 'Unregulated Financial Markets and Pr...

  • • Measures agreed to tackle financial stress

      The Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Commit...

  • RMBS

    • Australian RMBS rated

      Ratings have been assigned to Maxis Loans Securitisation Fund 2009-1, an A$275m prime Australian RMB...

  • • Further deterioration for Spanish RMBS

      Five new Spanish RMBS transactions were rated by Moody's during Q209, with a total issuance of &...

  • • Barclays completes jumbo RMBS

      Barclays Bank has completed a £12bn UK RMBS. Gracechurch Financing Series 2009-1 is backed...

  • • Australian RMBS delinquencies fall

      Delinquencies greater than 30 days past due for Australian RMBS fell in Q209 for a second consecutiv...

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• Research Notes

  • Secondary markets

    • CLO triple-C buckets: key variations in terms and performance

      Mark Froeba, director at PF2 Securities Evaluations, finds that triple-C bucket variations pose a si...

      Even before last autumn, when the financial crisis spread to the wider economy, there was much specu...

  • Trading

    • Trading ideas: momentum play

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

      The plummeting natural gas market wreaked havoc on many of its players. Energy Transfer Partners did...

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