Weekly Issue Archive »

Issue 165 - December 16th

• News Analysis

  • CMBS

    • Gathering momentum

      US CMBS in demand, multi-borrower deal under construction

      Strong investor demand for the third new-issue CMBS in the US bodes well for the future of the asset...

  • Regulation

    • Back to the future

      Addressing the extent of government involvement in US housing finance

      Speculation about the future of Fannie Mae and Freddie Mac is gaining in intensity as year-end appro...

  • Alternative assets

    • Challenging assumptions

      Trups holders encouraged to revisit portfolios

      A new analysis of Trups CDOs has challenged the standard industry assumption that all banks that def...

  ---

• News

  • CDS

    • Sovereign CDS spikes again

      After a brief respite, sovereign risk jumped this week on the heels of downgrades to Greek debt rati...

  • Indices

    • Call for clarity around Prime index construction

      Markit's intension to launch the ABX.Prime index next year has raised a few eyebrows among industry...

  • RMBS

    • Remarketing trend gathers pace

      RBS has remarketed to third-party investors the Class A tranche of Eleven Cities 4, a prime Dutch RM...

  • • Re-REMIC collateral evolution analysed

      DBRS notes in a new report that re-REMIC underlying collateral has evolved during the year. Followin...

  • • US prime jumbo RMBS hit

      Moody's has revised its loss projections for US prime jumbo RMBS issued between 2005 and 2008. On av...

  ---

• Provider Profile

  • Technology

    • The regreening process

      Richard Bennett, European president of Razor Risk Technologies, answers SCI's questions

      Q: How and when did Razor Risk Technologies become involved in the structured finance market? A: Ra...

  ---

• Job Swaps

  • Advisory

    • Ex-TCW team forms new advisory

      Former TCW cio Jeffrey Gundlach has established DoubleLine, a new investment advisory company which...

  • Alternative assets

    • Insurance fixed income portfolio head hired

      John Melvin has joined Goldman Sachs Asset Management (GSAM) as an md and global head of insurance f...

  • • Structured settlement firm adds cfo

      Client First Settlement Funding has hired Dan Fischer as cfo. He has more than 20 years of experienc...

  • CDPCs

    • CDPC to invest in GSE securities

      Athilon has amended its operating guidelines to expand its permitted eligible investments to include...

  • CDS

    • New ISDA subcommittee to rule on ADR process

      Following a specially convened Japan CDS meeting to discuss whether the country's alternative disput...

  • CLO Managers

    • Change of control for three CDOs

      Lincoln National Corporation has agreed to the indirect sale of its subsidiary Delaware Asset Advise...

  • CLOs

    • CLO manager replaced, staff transferred

      Avoca Capital Holdings has entered into an agreement to replace KBC Financial Products (KBCFP) as po...

  • CMBS

    • Team hired for CMBS origination resumption

      Bridger Commercial Funding is to resume originating new commercial real estate loans on income-produ...

  • Investors

    • Key-man risk in the spotlight

      The departure of TCW's cio Jeffrey Gundlach has prompted the US Treasury to suspend TCW's PPIP fund....

  • • Investment manager beefs up multi-strategies unit

      BT Investment Management (BTIM) has added two investment professionals to its multi-strategies team...

  • • Aviva adds to growing credit team

      Aviva Investors has appointed Paarus Shah as credit analyst. He will report to Tim Barker, head of c...

  • • Two Eaton Vance funds sign up for TALF

      The trustees of Eaton Vance Limited Duration Income Fund and Eaton Vance Short Duration Diversified...

  • Legislation and litigation

    • Broker charged with CMO fraud

      The US SEC has charged Brookstreet Securities Corp and its president and ceo Stanley Brooks with fra...

  • Monolines

    • Monoline falls below NYSE listing standard

      Ambac has been notified that it has fallen below the NYSE's continued listing standard relating to t...

  • RMBS

    • REIT completes RMBS purchases

      Two Harbors Investment Corp has completed the purchase of RMBS and related investments with an aggre...

  • Technology

    • Derivatives processing firm names Kushner to board

      Point Nine has named Jeff Kushner as a non-executive member of the board of directors. As a member o...

  • • Valuations tie-up for Asia

      Pricing Partners has established a distribution agreement with a new partner, Belatos. The distribut...

  • Trading

    • Bank hires structured credit trader

      Paul Bajer, former structured credit trader at Nomura, is understood to have joined Calyon as head o...

  • • Structured credit head promoted

      Citadel Investment Group has confirmed that Chris Boas, head of structured credit trading at the fir...

  ---

• News Round-up

  • ABCP

    • Conduit sponsors unlikely to achieve full disclosure

      Fitch says in a new report that despite moves to improve transparency in the ABCP sector, it does no...

  • ABS

    • Transfer agreement amended on Italian lease ABS

      The transfer agreement between Lombarda Lease Finance 4 and UBI Leasing has been amended to enable t...

  • CDO

    • Third buyback proposed for CRE CDO

      Fortress Investment Group is proposing a third buyback of the Duncannon CRE CDO I transaction (SCI p...

  • • CDO sub-SPE criteria released

      S&P has published its methodology for analysing rating confirmation requests made in connect...

  • CDS

    • Three credit events settled ...

      Three CDS auctions have taken place over the last week. A final price of 77.75 was reached for the...

  • • ... while another is determined

      ISDA has confirmed that an external review panel of the Americas Determinations Committee resolved t...

  • Clearing

    • CME begins clearing CDS ...

      CME Group has begun clearing CDS through CME Clearing. On its first day of clearing, the firm cleare...

  • • ... while ICE starts clearing Euro single names

      ICE Clear Europe has launched clearing services for single name CDS contracts after receiving regula...

  • • ISDA applauds buy-side central clearing access

      ISDA has commended the derivatives industry's success in achieving buy-side access to central cleari...

  • CLO Managers

    • CLO to gain super senior exposures

      An amended deed to the collateral management agreement has received the consent of the majority of t...

  • CLOs

    • Restructuring proposed for crisis-hit MFI CLO

      Servicers of the BlueOrchard Loans for Development 2007-1 (BOLD 07-1) microfinance CLO have informed...

  • CMBS

    • GGP submits more than 90 loans for restructuring

      The law firms overseeing GGP's bankruptcy have published a document that lists the loans subject to...

  • • CMBS special servicers evaluated

      Fitch has released a report regarding attempts made by market participants to establish the 'best' C...

  • • CMBS ratings contingent on terrorism coverage

      As new issuance in the US CMBS sector begins to slowly re-emerge, so may a pair of issues that remai...

  • • US CMBS loan delinquencies jump to 4.47%

      The aggregate rate of delinquencies among US CMBS conduit and fusion loans is at 4.47%, based on dat...

  • Documentation

    • Project RESTART Model Reps released

      The American Securitization Forum (ASF) has released the final version of the ASF Model RMBS Represe...

  • Emerging Markets

    • Servicing concerns emerge on Kazakh deal

      An investor meeting for Kazakh Mortgage Backed Securities 2007-I is scheduled for 18 December 2009,...

  • Investors

    • Third UCI buyback results in

      BNP Paribas has announced the results of its third tender for UCI Class A notes, with €480...

  • Operations

    • TARP extended until October

      US Treasury secretary Tim Geithner has told Congress that the Administration is extending TARP until...

  • Ratings

    • HBOS dips into Perma seller share

      HBOS has asked Moody's to assess the impact on the ratings of the notes issued out of the Permanent...

  • • WBS downgraded on performance

      S&P has lowered its credit ratings on the £210m Roadchef Finance's Class A2 and B n...

  • • High yield default rate to decline in 2010

      Fitch projects that the US high yield default rate will continue to decline in 2010 to a range of 6%...

  • • Euro SF CDOs hit by CMBS review

      Fitch has downgraded 137 tranches and affirmed 167 tranches from 73 European structured finance CDOs...

  • • NACE mapping explained for SME obligors

      Moody's has released a special comment regarding its allocation of industry codes of borrowers/corpo...

  • • Fitch downgrades Tamweel notes

      Fitch has downgraded Tamweel Residential ABS CI (1)'s Class A notes to single-A from double-A and it...

  • • Agency discontinues rating MLNs

      S&P says it will no longer rate obligations with variable principal payments linked to commo...

  • Regulation

    • FDIC approves safe harbour ANPR

      The FDIC has approved an Advance Notice of Proposed Rulemaking (ANPR) regarding safe harbour protect...

  • • Constructive criticism for US reform bill

      The CMSA and SIFMA have both released statements following the passage of H.R. 4173, the Wall Street...

  • RMBS

    • Westpac returns to RMBS market

      Westpac is returning to the Australian securitisation market with its first public RMBS since 2007....

  • • Mexican RMBS delinquencies, defaults to rise

      Rising delinquencies and defaults within Mexico's RMBS market over the first ten months of 2009 are...

  • • UK NC RMBS performance stabilising

      The performance of the UK non-conforming RMBS market remained stable in October 2009, according to M...

  • • Continued deterioration for Italian RMBS

      The performance of the Italian RMBS market continued to deteriorate during October 2009, according t...

  • Structuring/Primary market

    • BTL deal restructured on basis risk concerns

      UK buy-to-let RMBS Hawthorn Finance Series 2008-A has been restructured to minimise basis risk and t...

  • • Alternative SF counterparty proposals reviewed

      Fitch is reviewing new and revised derivative structure proposals for structured finance transaction...

  • Technology

    • Risk measurement, reporting platform launched

      Risk Integrated, a consultancy and software firm specialising in risk measurement and reporting, has...

  • • Platform enhanced for data standardisation

      Principia Partners has enhanced its platform to help investors standardise the ongoing integration o...

  • • Risk management software enhanced

      Kamakura's Risk Manager (KRM) Version 7.1 has launched with significant advances in speed, accuracy...

  ---

• Research Notes

  • Trading

    • Trading ideas: metal test

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

      Incredible year-long rallies in base metals helped erase old memories of the massive declines they e...

  ---

Click here to access this issue in print format Contact