Issue 163 - December 2nd
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News Analysis
- Listed products
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Navigating the crisis
Permacaps modify strategies to weather the storm
Modifying investment strategies to adapt to the new financial landscape has proved successful for a...
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- Whole business securitisations
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Both sides of the equation
Whole business securitisations attractive to both investors and originators
The placement of a new BAA whole business securitisation (WBS) last week (see separate News Round-up...
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- Emerging Markets
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Wake-up call
CDS market wobbles on Dubai credit concerns
Sovereign default risk hit the headlines last week - but not in connection with Greece, as...
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- Listed products
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News
- CDS
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Policymakers urged not to 'stifle' the CDS market
Streamlining trading and reducing complexity in the CDS market has made it easier to participate in...
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- CMBS
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Dubai World's CMBS impact limited for now
The Dubai World debt crisis has had a limited impact on the global CMBS markets so far, although som...
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US CMBS delinquencies soar
Two new reports have been released, which highlight soaring US CMBS delinquencies. Accord...
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Call for property differentiation in future CMBS
In order to avoid inflated valuations of second-tier properties in the future, only prime category p...
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- CDS
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The Structured Credit Interview
- Listed products
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Participation rights
Jonathan Cohen, ceo of T2 Advisers, answers SCI's questions
Q: How and when did T2 Advisers become involved in the structured credit market? A: T2 Advisers ser...
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- Listed products
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Job Swaps
- Alternative assets
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Acquisition to enhance fund administration services
State Street Corporation is expanding its global fund administration and alternative servicing capab...
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- CDS
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Bank hires senior credit strategist
RBC Capital Markets has hired Simon Ballard as a director and senior credit strategist. Ballard will...
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- CLO Managers
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Subordinated CLO management fee waived
New Amsterdam Capital Management has entered into a deed of waiver relating to the subordinated coll...
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- Investors
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Initial closing announced for penultimate PPIF
Marathon Asset Management has completed an initial closing of a Public-Private Investment Fund (PPIF...
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- Legislation and litigation
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Promotions for structured finance lawyers
Latham & Watkins has elected 23 associates to the partnership, with 13 associates elected to...
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- Technology
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Valuation service tie-up for Japan
Numerix has entered into a partnership agreement with Nomura Research Institute (NRI) to provide val...
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- Alternative assets
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News Round-up
- ABS
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First ABS closed under Canadian TALF
DBRS has finalised the ratings on what it believes to be the first transaction to close under the Ca...
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2010 Euro ABS supply could reach EUR150bn
European primary ABS issuance in 2010 can be expected to range from €50bn to €15...
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Storm recovery ABS completed
The CenterPoint Energy restoration bond company has closed a US$664.8m securitisation to recover cos...
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Update for Japanese ABS performance indices
Moody's has updated the performance indices for Japanese ABS in its latest report for the sector. ...
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- CDS
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New credit event called on Thomson
A bankruptcy credit event has been called on Thomson, following the opening of a 'sauvegarde' procee...
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CDS pricing service to include Asia close
Fitch has extended its CDS pricing service to include consensus pricing data that captures Asian mar...
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- CLO Managers
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CLO managers' collateral purchases/sales assessed
So far in 2009, S&P-rated US CLO managers have made gross purchases amounting to approximate...
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- CLOs
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Fortis brings SME loan-backed master trust
Fortis has issued €8bn of notes from its newly-established Esmee Master Issuer programme....
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Manager reaches agreement on note cancellations
A majority of the controlling class of noteholders of KKR Financial CLO 2005-2 has agreed not to cha...
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Upgrades, downgrades for CLO after asset sales
Moody's has upgraded the Class A-1, A-2, B and C notes of Marathon CLO I, reflecting the significant...
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- CMBS
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No rating impact from Borders' bankruptcy
Book store chain Borders (UK) has entered into administration. Such a move may have a negative effec...
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Liquidity strong in Singapore CMBS
Singapore CMBS transactions are enjoying strong cashflow from their underlying properties, according...
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- Distressed assets
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Troubled companies index jumps
The Kamakura index of troubled public companies increased in November for the first time in the last...
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- Documentation
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Investors reject CLO documentation changes
The manager of Neptuno CLO I has failed to gain enough investor support to make amendments to the tr...
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- Indices
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Moderating default rates for ABX?
ABX remittance reports for the November distribution date suggest moderating default rates across in...
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- Investors
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Third tender launched for UCI bonds
BNP Paribas has announced its third tender offer for Class A notes from the UCI Series 8 to 17 trans...
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- Ratings
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DSB deal ratings unchanged
In contrast to Moody's, which downgraded the senior notes of the Chapel and Monastery deals due to t...
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- Real Estate
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S-REITs' DRPs to improve ratings
The recent proposal by some Singapore REITs (S-REITs) to implement distribution reinvestment plans (...
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- Regulation
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Self-regulation enhanced for OTC derivatives markets
ISDA has developed a governance structure for the privately negotiated derivatives industry's market...
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- RMBS
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Dutch RMBS on offer
Delta Lloyd's Arena 2009-1, a €904.5m prime European RMBS, went subject yesterday (1 Decem...
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Drive to make temporary loan mods permanent
The US Treasury and Department of Housing and Urban Development (HUD) have launched a nationwide cam...
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ASF's LINC project gains industry support
Clayton Holdings has lent its support to the ASF and S&P FIRM's jointly developed LINC proje...
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EMS precedent for other Dutch RMBS?
ABN AMRO is to call EMS III on 29 December 2009, after deciding to not call the deal on its first re...
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Taiwanese RMBS unaffected by tax legislation
The ratings on two Taiwanese cross-border RMBS transactions are not immediately affected by the anno...
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Recovery prospects analysed for UK prepayment rates
Prepayment rates on UK mortgages may slowly begin to rise if UK house prices continue to recover and...
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MILAN methodology for Australian RMBS refined
Moody's has published its updated MILAN methodology for rating Australian RMBS. At the same time, th...
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Delinquency ratio for Japanese RMBS rises
Moody's has released its updated performance indices for Japanese RMBS in its latest report for the...
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Defaults to increase in Spanish RMBS
Spain's ongoing economic woes are holding back any recovery in the country's mortgage loan market, a...
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Australian RMBS delinquencies fall in Q3
Australian mortgage borrowers' ability to repay their mortgages - as measured by delinquen...
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- Technology
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Analytics platform enhanced for the buy-side
Interactive Data Corporation's fixed income analytics business has released a new service. BondEdge...
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Valuation service empowered by grid computing
Pricing Partners' Price-it Valuation is now powered by grid computing to accelerate the pricing spee...
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- Whole business securitisations
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BAA closes WBS
BAA has issued a £700m WBS from its BAA Funding multi-currency debt programme, offering a c...
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UK pub securitisations remain under pressure
The UK pub sector is likely to continue to experience difficulties in 2010, according to a new repor...
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- ABS
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Research Notes
- Trading
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Trading ideas: high octane
Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright long on...
Chesapeake Energy cut its hedge book to less than 25% of planned 2010 capacity, versus more than 75%...
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- Trading
 
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