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Issue 159 - November 4th

• News Analysis

  • Ratings

    • Ratings debate

      Non-rated structured finance issuance to gain traction?

      The issuance of structured finance securities without credit ratings is tipped to become more preval...

  • Trading

    • Steepener strategies

      Investors seek to express specific credit index views

      iTraxx index tranches have generally lagged the credit rally, but over the last two weeks they have...

  • SIVs

    • Overruled

      Sigma creditor payment decision sets SIV precedent

      The UK Supreme Court last week overturned a Court of Appeal ruling dictating how the proceeds of the...

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• News

  • ABS

    • Lebanese auto ABS launched

      Bemo Securitisation (BSEC) has completed a US$13.15m auto loan securitisation for Rasamny Younis Mot...

  • CMBS

    • Rejected TALF CMBS indicate more cautious Fed

      The list of accepted (81) versus rejected (five) bonds for the October legacy CMBS TALF funding thre...

  • Correlation

    • 'Unobservable' risk factor needed in credit models

      The OCC has published a Working Paper entitled 'Correlation in Credit Risk', which examines the corr...

  • Regulation

    • Survey suggests broad IFRS 7 compliance failure

      CESR has published an analysis of European financial institutions' compliance with disclosu...

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• The Structured Credit Interview

  • Investors

    • Selling on detail

      Rob Ford, partner and portfolio manager, and Mark Holman, managing partner at TwentyFour Asset Manag...

      Q: How and when did TwentyFour Asset Management become involved in the structured credit market? MH...

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• Job Swaps

  • ABS

    • ABS sales group expands

      Southwest Securities has opened a new taxable fixed income office in San Francisco to serve institut...

  • • RBS analyst joins credit boutique

      Former RBS credit analyst Michael Cox has joined Chalkhill Partners in London as a strategist. In hi...

  • Advisory

    • Capital markets advisory hires for GSE activities

      NewOak Capital has appointed Jay Loan as md and senior member of its financial institutions group. H...

  • CLO Managers

    • Co-manager removed on Asian CDO

      Noteholders of Straits Global ABS CDO I have voted to remove Straits Lion Asset Management as the co...

  • • Replacement manager for ABS CDO

      Princeton Advisory Group has been appointed the replacement collateral manager on Cherry Creek CDO I...

  • Correlation

    • Risk reducing trade platform launched for correlation

      Tullett Prebon and Calypso Technology plan to launch the TP Correlation Service in order to provide...

  • Emerging Markets

    • Broker creates global EM sales platform

      Knight Libertas has established a global emerging markets sales team with offices in the US, Hong Ko...

  • • Emerging markets fixed income team expands

      BTIG is expanding its emerging markets fixed income platform with the addition of Alfredo Chang and...

  • Investors

    • Cohen subsidiary hires five in credit

      EuroDekania Management, a wholly-owned subsidiary of Cohen & Company, has hired five senior...

  • • AFME launches following trade associations' merger

      AFME will launch with effect from 2 November, as leading trade associations LIBA (the London Investm...

  • Monolines

    • Change of name, direction for FSA

      Assured Guaranty, the holding company for Assured Guaranty Corp and Financial Security Assurance (FS...

  • Real Estate

    • Industrial real estate investment firm formed

      A new privately-held industrial real estate investment firm has been formed, to be headed by Michael...

  • • CRE consulting head appointed

      Waterstone Capital Advisors has hired Webster Hughes to join the Charlotte, NC-based company as an m...

  • • Two Harbors to begin investing in RMBS

      Capitol Acquisition Corp and Two Harbors Investment Corp have completed their merger transaction (se...

  • Technology

    • Strategic partnership to enhance risk reporting

      Paladyne Systems and RiskMetrics Group have formed a strategic partnership in order to provide intra...

  • • Markit acquires ClearPar

      Markit has acquired ClearPar from FIS. ClearPar is an automated syndicated loan operations platform...

  • Trading

    • Citi adds md to global securitised market sales team

      Citi has hired Nicholas Letica as an md in global securitised market sales based in its New York off...

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• News Round-up

  • ABS

    • No further ratings action for CIT ABS

      Following the CIT Group's bankruptcy petition, Moody's has announced that no further ratings action...

  • • Italian leasing ABS defaults at highest level since 2001

      The performance of the Italian leasing ABS sector continued to deteriorate in Q309, according to Moo...

  • • Future of Canadian securitisation analysed

      While it remains to be seen whether ABS issuance in Canada will return to pre-financial crisis level...

  • Alternative assets

    • Tropic, Soloso deals downgraded

      Moody's has downgraded the ratings of certain notes issued by the Tropic CDO I, II, III and IV deals...

  • CDO

    • CIT CDO exposure analysed

      According to S&P, 643 rated US synthetic CDOs and 12 rated US cashflow and hybrid CDOs have...

  • CDPCs

    • CDPC set to access TALF

      Theta Corporation has amended its eligible transaction guidelines in order to be able to participate...

  • • Proposed criteria change for rating CDPCs

      S&P is reviewing its assumptions and methodologies used to rate CDPCs in order to determine...

  • CDS

    • Credit event called on CIT

      ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit ev...

  • • Structural shifts in CDS liquidity

      Fitch Solutions reports that liquidity across the CDS market is back at similar levels to where it w...

  • CLOs

    • CLO triple-As forecast at 150bp by Q110

      Structured credit analysts at JPMorgan have revised their spread targets for CLOs and expect triple-...

  • • October CLO BWIC activity lags September records

      CLO secondary market activity has abated somewhat after record-breaking levels in September (U$2.3bn...

  • CMBS

    • Capmark's Chapter 11 'best alternative' for investors

      Capmark Financial's Chapter 11 reorganisation is the best alternative for Capmark to maximise recove...

  • • Singaporean REIT defaults on CMBS loan

      Saizen Real Estate Investment Trust has announced a maturity default of the CMBS loan of YK Shintoku...

  • • US CRE delinquencies climb in October...

      US commercial real estate loan delinquencies continued to climb in October, with the lodging sector...

  • • ... while CMBS delinquent unpaid balances rise

      In September 2009 the delinquent unpaid balance for CMBS increased to US$31.73bn from US$28.16bn a m...

  • • EMEA CMBS performance deterioration continues

      Weaker occupational markets and adverse tenant performance across EMEA property markets are having a...

  • Documentation

    • Standardised CDS coupons rolled out in Asia

      ISDA has announced market practice changes to the trading convention for CDS in Japan and Asia ex-Ja...

  • Indices

    • Further improvement in troubled company index

      The Kamakura index of troubled public companies has made its seventh consecutive improvement in Octo...

  • • Continued negative trend for credit card indices

      The performance of the UK credit card master trusts continued to deteriorate during Q309, reflecting...

  • Investors

    • Improved outlook for Australian fixed income investors

      Fitch has released its third semi-annual investor sentiment survey of Australian fixed income invest...

  • • UCI results in, while another GRAND tender launched

      BNP Paribas has announced the results of its tender offer on the Spanish UCI series, which will be s...

  • Ratings

    • One-third of Moody's US CLOs retain top rating

      Moody's has completed the review of US cashflow CLOs that it initiated on 4 March. The review of EME...

  • • US RMBS/CDO ratings criteria change explained

      S&P's chief credit officer, Mark Adelson, has published a note commenting on the ratings age...

  • • Enhanced overviews for EMEA ABS/RMBS

      Moody's has introduced additional information to its performance overviews of ABS and RMBS in the EM...

  • • CIT will not impact MAV vehicles

      DBRS downgraded the ratings of CIT Group and its subsidiary, CIT Group Funding Company, to single-D...

  • Real Estate

    • Survey underscores CRE market stress

      The Real Estate Roundtable has released its quarterly survey of senior commercial real estate execut...

  • Regulation

    • Draft legislation published on ABS risk retention

      The US House Financial Services Committee and the Treasury Department have released draft legislatio...

  • • Rating agency act to further accountability

      The US House Financial Services Committee has passed HR 3890, the accountability and transparency in...

  • • Value of minimum retention requirement appraised

      The Committee of European Banking Supervisors (CEBS) has published its advice on the effectiveness o...

  • RMBS

    • Lloyds brings jumbo stand-alone RMBS

      Credit ratings have been assigned to a £12bn prime UK RMBS originated by Cheltenham &am...

  • • US RMBS lifetime loss expectations revised

      Moody's will update certain assumptions underlying its loss projections for each of the major RMBS s...

  • • UK non-conforming RMBS arrears stabilise

      The level of arrears in UK non-conforming RMBS transactions has stabilised, according to Fitch. The...

  • SIVs

    • BMO SIV debt programmes on review

      Moody's has placed the Euro and US MTN programmes of the Links Finance and Parkland Finance SIVs und...

  • Technology

    • Risk management platform upgrades

      Sophis has launched version 6.0 of RISQUE, its trading and risk management solution for investment b...

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