Weekly Issue Archive »

Issue 162 - November 25th

• News Analysis

  • Secondary markets

    • Cash versus synthetic

      CLO-LCDX relative value analysed

      As cash CLOs continue their tightening trend in the secondary market - particularly in sen...

  • CDS

    • Sovereign concerns

      Increased liquidity and spreads for emerging and developed economies

      Sovereign CDS levels have once again been on the rise as unprecedented government funding requiremen...

  • Structuring/Primary market

    • CLN redux

      New sources of charged assets expected to emerge

      A rising interest rate environment, combined with tightening corporate bond spreads is expected to d...

  • Investors

    • Back in vogue?

      Long/short credit opportunities gain favour

      The hedge fund industry appears to have reached a trough in terms of asset flows: for the first time...

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• News

  • Documentation

    • Basis unwinds drive CIT recovery

      The CIT settlement continues the upward trend in CDS recoveries so far this year. It also appears th...

  • Ratings

    • ECB tightens rating requirements for ABS

      The governing council of the European Central Bank (ECB) has decided to amend the rating requirement...

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• Provider Profile

  • Advisory

    • Wealth management

      Tarek Khlat, co-founder and ceo at Crossbridge Capital, answers SCI's questions

      Q: How and when did Crossbridge Capital become involved in the structured credit market? A: We laun...

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• Job Swaps

  • ABS

    • BofA poaches Flanagan

      BofA Merrill Lynch Global Research has hired Chris Flanagan as head of US mortgage and structured fi...

  • • MS hires Moffitt

      Morgan Stanley is understood to have hired David Moffitt as head of global credit...

  • • ASF's Miller resigns

      George Miller, executive director of the American Securitization Forum since 2004, is to resign from...

  • CDS

    • ISDA appoints new ceo

      ISDA's board of directors has appointed Conrad Voldstad as ceo. Robert Pickel, ISDA executive direct...

  • CLO Managers

    • CLO management agreement amended

      New York Life Investment Management has amended the collateral management agreement of NYLIM Flatiro...

  • CMBS

    • Merger and acquisition creates real estate giant

      Babson Capital Management's real estate finance group (REFG) is set to be integrated into Cornerston...

  • • CMBS special servicing capability strengthened

      CB Richard Ellis (CBRE) has appointed Paul Lloyd to its real estate finance division in London. He b...

  • • Subordinated CMBS holdings consolidated

      Issued Holdings Capital Corporation, a wholly-owned subsidiary of Dynex Capital, has completed the p...

  • Distressed assets

    • Japanese bank to spin off structured credit assets

      Mizuho Securities is, subject to approval from the relevant government authorities, set to establish...

  • Emerging Markets

    • Bank hires in emerging market sales

      BNP Paribas has hired Courtney Johnson as a director in the global local markets sales group. He wil...

  • Legislation and litigation

    • Ohio to take rating agencies through the ringer

      Ohio Attorney General Richard Cordray has filed a lawsuit against S&P, Moody's and Fitch. Th...

  • • Wells Fargo settles ARS complaints

      Wells Fargo has agreed to purchase auction rate securities (ARS) from eligible investors who bought...

  • Monolines

    • ABS vet to head up Syncora

      Syncora has appointed Susan Comparato ceo and president. Comparato has been serving as the company's...

  • Ratings

    • Rating agency named in EC antitrust investigation

      The European Commission has sent a Statement of Objections (SO) to S&P, which outlines the C...

  • RMBS

    • PIMCO named for NAIC analysis

      Members of the National Association of Insurance Commissioners (NAIC) have selected PIMCO as a third...

  • Secondary markets

    • Fed brings MBS purchase operations in-house

      The New York Fed is to stop using external investment managers for MBS purchases and will start usin...

  • Technology

    • Tie-up to improve access to US MBS loan data

      S&P's Fixed Income Risk Management Services (FIRMS) and Experian have formed a strategic all...

  • • Hedge fund technology provider expands in Asia

      Paladyne Systems has opened a Hong Kong office in order to expand its hedge fund technology and serv...

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• News Round-up

  • ABS

    • Euro triple-A ABS 'top pick' for 2010, says manager

      ING Investment Management Europe (ING IM) announced at its Annual Outlook Conference in London that...

  • • US credit card charge-offs to remain choppy

      Credit card charge-off rates continue to show signs of stabilising, according to the latest master t...

  • • FFELP ABS rating methodology updated

      Moody's has updated its rating methodology to incorporate an additional assessment of the risk posed...

  • CDPCs

    • CDPC's ratings cut by a notch

      S&P has lowered its issuer credit rating on Athilon Capital to single-A minus from single-A...

  • CDS

    • "Naked" CDS model legislation adopted

      The National Conference of Insurance Legislators (NCOIL) has unanimously adopted model legislation t...

  • CLOs

    • CLO buyback cuts exposure by half

      Newfoundland CLO I has entered into a supplemental trust deed with the rest of the transaction parti...

  • • US CLO exposure to Simmons reviewed

      68 S&P-rated CLOs across 34 collateral managers have exposure to Simmons, some of which have...

  • • Spanish SME CLOs remain under pressure

      Adverse economic conditions are continuing to weigh on asset performance in Spanish SME CLOs, despit...

  • CMBS

    • Fortress CMBS set to follow DDR

      Bank of America is expected to sell a US$460m CMBS for Fortress Investment Group before the end of t...

  • • Hotel delinquency rate 'set to explode'

      The delinquency rate for hotel loans, which was 8.67% at the end of October, seems poised to blow pa...

  • • Further US CMBS downgrades anticipated

      Property valuations on US commercial real estate have further to fall before they experience a modes...

  • • Performance pressure rising for Euro CMBS

      Fitch warns of the threat to European CMBS performance posed by a rising trend of commercial mortgag...

  • • CMBS loans in special servicing rise

      On the heels of another rise in US CMBS delinquencies, Fitch rated loans in special servicing rose b...

  • Documentation

    • Hellas credit event called

      ISDA's Determinations Committee has determined that a bankruptcy credit event has occurred with resp...

  • Emerging Markets

    • Fund first investor in Indian MFI CLO segment

      A recent micro-loan securitisation completed by IFMR Capital and Equitas Micro Finance (see SCI issu...

  • Investors

    • UCI tender offer results announced

      BNP Paribas has announced the results of the tender offer for ten UCI Spanish RMBS. Offers for seven...

  • LSS

    • Asset substitution for LSS deal

      The Starts (Cayman) Series 2007-34 leveraged super senior (LSS) transaction reports that it has accu...

  • Monolines

    • FGIC payment suspension to trigger CDS?

      The New York Insurance Department (NYID) has ordered FGIC to suspend paying any and all claims. The...

  • • Further rating action for Ambac

      S&P has lowered its counterparty credit and financial enhancement ratings on Ambac Assurance...

  • Operations

    • Special servicing opportunities attract new participants

      Due to financial institutions' continuing low lending levels, European servicers have reported that...

  • Ratings

    • UK credit card indices begin stabilising

      Moody's UK aggregate credit card charge-off index declined to 11.4% in October from 11.8% one month...

  • Real Estate

    • CPPI points to moderating CRE deterioration

      Commercial real estate prices as measured by Moody's/REAL Commercial Property Price Indices (CPPI) f...

  • Regulation

    • Retention requirement amendment passes

      An amendment to the House Financial Services Committee financial regulatory reform bill that reduces...

  • • Call for global mortgage underwriting standards

      Regulators around the world should address the problem that sparked the financial crisis of the past...

  • Secondary markets

    • Analysis of CLO reinvestments gains importance

      With CLO triple-As pricing firmly in the high-80s to low-90s region, the market appears to have swit...

  • Technology

    • 'On-demand' SF workstation launched

      Moody's Analytics has launched Structured Finance Workstation Online, a web-based cashflow and valua...

  • • Capital markets solution upgraded

      Misys has released Version 5.4 of its treasury and capital markets solution, Misys Summit FT. The ne...

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• Research Notes

  • CLOs

    • Tightening triple-A spreads key to new issue

      Structured credit strategists at Citi find that triple-A demand is key to making new issue CLOs work

      With most of the financing of a CLO being present in the triple-A tranche, the spread at which CLO t...

  • Trading

    • Trading ideas: riled up

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

      Homebuilders pose quite a conundrum to the credit market. They carry plenty of debt on their balance...

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