Issue 153 - September 23rd
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News Analysis
- CMBS
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Good with the bad
European CMBS performance reflects deal difficulties
European CMBS performance continues to reflect the stress of soft occupational markets, limited fina...
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- RMBS
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The real deal?
UK benchmark RMBS set to launch
Lloyds Banking Group is expected to launch Permanent 2009-1 - a prime UK RMBS master trust...
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- Clearing
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Challenging the status quo
CME CDS clearing venture takes shape
As yet unsuccessful attempts by other clearinghouses to capture market share has sparked concern abo...
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- RMBS
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New proposal
Improved Australian appetite for RMBS, but additional intervention needed
The placement of an upsized prime Australian RMBS with real money investors late last week was taken...
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- CMBS
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News
- Investors
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Positive indications for write-downs and defaults
Investors appear to be revising up their growth and earnings forecasts, as well as revising down the...
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- Structuring/Primary market
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Barclays restructures structured credit portfolio
Barclays has announced the restructuring of US$12.3bn of credit market assets by a sale of the asset...
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- Investors
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Job Swaps
- ABS
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UBS makes strategic ABS hires
UBS has made two key securitisation hires. Frank Byrne has been appointed head of securitisation and...
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- Advisory
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Advisory firm names new partner
Vertical Capital Solutions has appointed Jason Howell as a partner. Howell has over 17 years of expe...
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- CMBS
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CRE investment md hired
Redwood Trust has hired Scott Chisholm as md, leading the company's commercial mortgage debt investm...
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- Distressed assets
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Distressed specialist taps Greywolf md
Oak Hill Advisors has hired Alexandra Jung as co-head of its European business. Jung is based in Lon...
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- Investors
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Start-up launches debut credit hedge fund
Start-up hedge fund Raven Rock Capital has launched its first credit fund. The portfolio has two sub...
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Fixed income portfolio manager named
Schroder Investment Management has appointed Dina Welch as senior client portfolio manager to coordi...
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Deloitte expands hedge fund team
Deloitte has hired Ellen Schubert and Ray Iler to the hedge fund team of its asset management servic...
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Investor relations md promoted
Structured Portfolio Management (SPM) has promoted Chris Sutter to head of marketing and investor re...
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- Legislation and litigation
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KBC settles CDO case
Belgian bank KBC says it has come to an 'amicable settlement' with a number of private and banking c...
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- Listed products
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Permacap reports
Permacap Carador has reported that, as at the close of business on 28 August 2009, the unaudited net...
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- Ratings
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Euro ABS business development team expanded
Fitch has hired James Simeons as a senior director for ABS business development in the EMEA region....
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- Real Estate
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Annaly REIT to invest in CMBS
Annaly Capital Management has completed an IPO on the NYSE for its new specialty finance company, Cr...
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CRE loan servicing business acquired
The Situs Companies has acquired the primary and special loan servicing business of Global Servicing...
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- Secondary markets
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Vehicle records 21.5% write-up in CDOs
The gross asset value (GAV) of Volta Finance Ltd was €64.4m at the end of August. This equ...
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Alliance provides daily ARS valuations
Interactive Data Corporation has teamed up with Pluris Valuation Advisors to offer clients daily val...
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- Technology
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Securities class action data service formed
Interactive Data Corporation's pricing and reference data business has formed an alliance with Goal...
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Novations partnership established
ConvergEx has integrated its order management system, the Eze OMS, with ICE Link, an electronic affi...
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New development director for riskart
Gerrard Mahony has joined riskart as EMEA business development director, based in Milan. In his new...
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Prime broker solution offered
JPMorgan and Sophis together have launched a technology solution allowing hedge funds to manage thei...
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Vendor expands into Asia-Pacific
Calypso Technology has expanded its presence in the Asia Pacific region through a new subsidiary com...
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- Trading
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Broker-dealer appoints ABS head
The PrinceRidge Group has named William Haley head of its ABS banking group, reporting to Ahmed Alal...
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New debt brokerage launched
Two high-profile London traders, both with extensive experience in the European distressed market, h...
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New ABS sales head for agency broker
Agency broker Hoare Capital has expanded its credit and ABS teams. Amongst those joining the firm...
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- ABS
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News Round-up
- ABCP
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ABCP ratings to remain stable into 2010
Moody's latest ABCP review reveals that the sector stabilised in the first half of 2009. According t...
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- CDS
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Thomson deliverables agreed
ISDA has published the initial list of deliverable obligations for Thomson, following a meeting held...
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Initial sovereign CDS index due
The Markit iTraxx SovX Western Europe index is to begin trading on 28 September. This is the first o...
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TMT continues to drive Euro CDS liquidity
Market uncertainty over the future direction of the European telecom and technology sectors has driv...
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- CLOs
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Euro CLO triple-C assets drop, defaults rise
S&P's European CLO performance index report for July shows that all four of its CLO cohorts...
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CLO brings in collateral eligibility changes
MC Funding CLO, a middle market CLO launched in 2006, has been subject to a number of changes to col...
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- CMBS
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Call for industry response to Windermere XII case
A "fast and firm" reaction from the marketplace to recent developments surrounding the Windermere XI...
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TALF CMBS loan requests in
US$1.4bn of loans have been requested through the CMBS TALF for legacy loans programme. No loans wer...
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South African CMBS tap finds four investors
South African listed property loan stock company Vukile has raised R250m via a tap issuance of Vukil...
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Robust performance for Singapore CMBS
Singaporean CMBS transactions still enjoy strong cashflow from the underlying properties, despite th...
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- Distressed assets
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Irish bad-bank details released
The Irish Finance Minister, Brian Lenihan, has disclosed details about the implementation of the dom...
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- Emerging Markets
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Changes made to EM CDS trading convention
Market practice changes to the trading convention for CDS in emerging markets have been announced by...
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Mexican RMBS performance deteriorates
The economic slowdown in Mexico continues to impact the performance of RMBS in the country, accordin...
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- Indices
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Constituent changes for CDX
The Markit CDX.NA.IG and HVOL indices rolled into their thirteenth series, the CDX.EM into its twelf...
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- Legislation and litigation
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Fraud firm to investigate mortgage securitisation
MFI-Miami, a Florida-based mortgage fraud investigation company, has launched a nationwide service i...
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- Ratings
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Global corporate CDO criteria updated
S&P has published revised methodologies and assumptions it uses to rate global CDOs backed b...
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New calibration for Hedge Fund Evaluator
S&P has updated the calibration of Hedge Fund Evaluator v2.2 (HFE), its analytical tool for...
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IDRs won't be assigned to SPVs
Fitch says it will not assign issuer default ratings (IDRs) to SPVs used in structured finance, due...
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- Real Estate
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US CRE prices resume steep decline
Commercial real estate prices renewed their steep declines and low transaction volume in July, accor...
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- Regulation
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Proposals should foster, not suffocate, securitisation
The IMF calls for a return of 'sound securitisation' in its latest Global Financial Stability Report...
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Proposed OTC derivatives regulation rebutted
While highlighting that the Association supports many key public policy concepts contained in the US...
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SEC to take action on NRSROs
The US SEC has voted unanimously to take several rulemaking actions to bolster oversight of credit r...
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- RMBS
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Hermes tender attracts investor interest
The results of SNS Bank's Hermes Dutch RMBS tender offer have been announced, with €556.8m...
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US RMBS ratings approach updated
Moody's has updated its approach to evaluating US RMBS to account for seasoned and non-performing re...
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- Secondary markets
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CMBS spreads react to new US tax rule
US CMBS spreads have tightened following publication of the Treasury's new tax rules that allow borr...
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Smaller US ABS outperform larger deals
Small US ABS deals that have come to market in 2009 have outperformed larger issues so far this year...
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- Structuring/Primary market
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Leasing ABS restructured
The DFM Vehicle Loans Securitisation 2005 has been restructured to provide for an increase in the av...
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- Technology
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CDS market premium ratio launched
Thomson Reuters has integrated Kamakura's default probability service into its flagship financial de...
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US CRE risk analysis service launched
Fitch Solutions and Algorithmics Advisory Service have launched a commercial real estate risk analys...
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- Trading
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Fixed coupons to favour iTraxx skew trades
The introduction of standardised fixed coupons with the new Markit iTraxx Series 12 indices is expec...
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- ABCP
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Research Notes
- Trading
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Trading ideas: rolling in cash
Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a negative basis tr...
The new issue corporate bond market was on an absolute tear last week. The 16 September saw the seco...
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- Trading
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