Weekly Issue Archive »

Issue 167 - January 13th

• News Analysis

  • Secondary markets

    • Strong opening

      Euro ABS spreads driven tighter

      The European secondary ABS market witnessed a strong start to 2010, with continued tightening in spr...

  • Legislation and litigation

    • Surveillance step-up

      CDS/MBS fraud cases to increase

      Government enforcement within the MBS and credit derivative sectors is likely to step up in the comi...

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• News

  • ABS

    • TALF expiration unlikely to destabilise ABS

      The US consumer ABS market is expected to take the expiration of TALF in its stride, with 2010 issua...

  • CLO Managers

    • CDO amendment requests evolving

      CDO documentation amendment requests are likely to continue to reflect changes in the market, accord...

  • CLOs

    • CDO survey reveals primary market optimism

      The results of a recent investor survey confirm industry expectations that a primary market...

  • CMBS

    • Slow CRE recovery expected in 2011

      The pace of US CMBS credit deterioration accelerated in December, with delinquencies toppin...

  • RMBS

    • RMBS market bolstered by PSPA amendments

      The US Treasury has amended the preferred stock purchase agreements (PSPAs) for Fannie Mae and Fredd...

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• Talking Point

  • Ratings

    • Evaluating credit ratings in structured finance

      Simon Collingridge, md, structured finance, at S&P explores the record of credit ratings in stru...

      At the start of the global financial crisis, credit deterioration was generally limited to certain U...

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• Job Swaps

  • ABS

    • ABS strategy heads switched

      Knight Libertas UK has appointed Ronald Thompson as md, global head of ABS strategy. Thompson joins...

  • • Broker hires healthcare structured financier

      Cowen Group has hired William Reiland for its broker/dealer subsidiary as an md in the healthcare in...

  • • Law firm hires tax counsel

      Law firm Nixon Peabody has expanded the firm's securitisation and structured finance team with the a...

  • Advisory

    • ABN vets launch SF boutique

      Ex-ABN/RBS securitsation veterans Mike Nawas and Steve Curry have launched London-based structured f...

  • • Advisory taps Huron valuation pros

      Duff & Phelps has added mds Kenneth Evola and Keith Keller, and director Matthew Douthit to...

  • Alternative assets

    • Political risk and structured credit practice head hired

      Insurance broker Marsh has appointed Julian Macey-Dare as international leader of its political risk...

  • • REIT restructures Trups as part of strategic review

      Crystal River Capital is to restructure its outstanding Trups assets, which currently have an aggreg...

  • CDO

    • Bank to take CDO hit

      Société Générale says it is taking into account the contrasted s...

  • CDS

    • Management reorganisation at Creditex

      ICE has announced changes to the management team within its Creditex business. Grant Biggar has been...

  • CLO Managers

    • Manager change for Biltmore CDO

      Dock Street Capital Management, an asset manager launched last year specialising in distressed CDOs,...

  • Distressed assets

    • Ex-MS CMBS banker tapped

      A10 Capital, a firm that finances commercial real estate and provides services to resolve troubled a...

  • Emerging Markets

    • DoubleLine builds in emerging markets

      Luz Padilla, former lead portfolio manager and md of the TCW emerging markets fixed income group, ha...

  • Investors

    • TCW saga continues

      The TCW Group has voluntarily withdrawn its UST/TCW Senior Mortgage Securities Fund from the PPIP, f...

  • Listed products

    • Mortgage REIT prices IPO

      Invesco Mortgage Capital raised US$148.75m via a public offering of seven million shares of...

  • Monolines

    • FGIC's surplus restoration plan under review

      FGIC has provided the New York State Insurance Department (NYSID) with its proposed surplus restorat...

  • • Proud succeeds Tromp at Assured

      Assured Guaranty has promoted Nicholas Proud as senior md, international. He reports directly to S&a...

  • Operations

    • Mortgage servicing vet returns to Franklin

      Franklin Credit Management Corporation (FCMC), the mortgage servicing subsidiary of Franklin Credit...

  • • Gandy appointed ESF chairman

      Steve Gandy, head of securitisation at Santander Global Banking and Markets, has been elected AFME/E...

  • Real Estate

    • CRE firm makes key hire

      Clayton Holdings has hired Edward Robertson as md in charge of its commercial real estate services,...

  • Regulation

    • Joint Forum names new chair

      The Joint Forum's parent organisations - the Basel Committee on Banking Supervision (BCBS)...

  • RMBS

    • Asia-Pacific RMBS head appointed

      Deutsche Bank has appointed Sal Mirran as md and head of RMBS for Asia Pacific. Mirran joins the fir...

  • • Conyers adds to structured finance team

      Law firm Conyers Dill & Pearman has hired Tara Rivers as attorney-at-law, as the firm contin...

  • Trading

    • Broker hires US credit sales co-head

      Knight Libertas has appointed Sean Dowd as md, co-head of US credit sales. In his role at Knight Lib...

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• News Round-up

  • ABCP

    • European ABCP conduit structures simplified

      Sponsors of European asset-backed commercial paper (EABCP) conduits are restructuring their programm...

  • • Credit arbitrage ABCP approach enhanced

      Moody's is supplementing its existing approach to monitoring credit arbitrage ABCP programmes by usi...

  • ABS

    • Renewed interest in negative basis trades

      If US corporate bond yields exceed swap spreads for a sufficient period of time in the future, marke...

  • • Safe harbour ANPR unclear on repudiation risk

      Moody's notes in a new report that although the FDIC effectively waives its right to delay payments...

  • • Timeshare ABS issuance defies recession

      Timeshare ABS was one of the few asset classes in 2009 that demonstrated strong investor demand and...

  • • Dealer floorplan moratorium lifted, criteria revised

      Fitch has lifted its moratorium on rating auto dealer floorplan transactions and published a revised...

  • Alternative assets

    • New fund launched in film finance segment

      P&C Arcade Fund Management has launched a new fund that provides short-term asset-backed liq...

  • Asia

    • Survey finds appetite for non-Japan Asian ABS

      Fitch's inaugural investor sentiment survey of non-Japan Asian structured finance (NJA SF) investors...

  • • CMBS downgrades hit Asia-Pacific performance

      Fitch reports that a total of 93 Asia Pacific structured finance or structured credit tranches (incl...

  • CDO

    • CSOs tipped for 2010 comeback

      The strengthening corporate credit markets could spark a renewed interest in corporate synthetic CDO...

  • CDS

    • Aiful credit event among new determinations made

      ISDA's Japan Determinations Committee has resolved that a restructuring credit event has occurred in...

  • • End-2009 decline in CDS liquidity less pronounced

      Fitch Solutions reports that the year-end seasonal decline in global CDS liquidity was far less pron...

  • • Japan calculation agent city protocol launched

      ISDA has launched the 2010 Japan corporate calculation agent city protocol. The purpose of the proto...

  • • Voltaire CLNs redeemed

      €12m notional of the Series 43/2005 Voltaire CLNs, issued via the Claris vehicle, have bee...

  • Clearing

    • CME seeks FCM CDS clearing change

      The Commodity Futures Trading Commission has issued a request for comment on a revised petition subm...

  • CLOs

    • CLO eligibility criteria questioned

      Bank of New York Mellon, the collateral administrator on the Bacchus 2006-1 transaction, has informe...

  • • MV CLO reduces funding costs

      The Avoca Credit Opportunities market value CLO has issued an unrated €30m Class E-7 subor...

  • • CLO Class Bs cancelled

      Moody's has determined that the purchase and cancelation of €2m notional of Egret Funding...

  • • Dutch CLO notes repurchased

      The issuer of Scute Bali has bought back €205.8m of the Class A notes. Scute Bali is a &am...

  • CMBS

    • Fed rectifies TALF CMBS error

      The New York Fed says one legacy CMBS - CUSIP 059497AX5 — was accepted as TALF c...

  • Distressed assets

    • Troubled public companies index improves

      The Kamakura index of troubled public companies improved in December for the eighth time in the last...

  • Emerging Markets

    • Record Lebanese auto ABS closed

      Bemo Securitisation (BSEC) in late December completed the second revolving auto securitisation for B...

  • Indices

    • iTraxx SovX CEEMEA due next week

      The iTraxx SovX CEEMEA index will start trading on 20 January. Markit says that the index will provi...

  • • Trend continues in ABX remittances

      Remittance reports for the December ABX.HE distribution date show a continuation in the trend of mod...

  • • Homebuilders CDS index prepped

      S&P is preparing a new CDS index, the US Homebuilders Sector Index. The index provides expos...

  • • 2004/2007 subprime RMBS prices buck trend

      While US subprime RMBS prices on the whole continue to stabilise, 2004 and 2007 vintages showed nota...

  • Operations

    • Accounting issues continue to dominate

      The dual issues of global convergence and accounting for financial instruments are set to dominate t...

  • Real Estate

    • Non-bank CRE origination gathers pace

      Another non-bank lender has announced its successful origination of new commercial real estate loans...

  • • Prime US CRE collateral on offer

      The Carlton Group has been retained on behalf of a number of CMBS trusts on the sale of approximatel...

  • Regulation

    • Supervisors target 'regulatory gaps' ...

      The Joint Forum has published a report that seeks to address regulatory issues in connection with ce...

  • • ... as Basel Committee reform package is reinforced

      The oversight body of the Basel Committee on Banking Supervision has welcomed the substantial progre...

  • • Euro ABS retention impact remains uncertain

      The impact of the forthcoming risk retention requirement for European securitisations under the EU c...

  • RMBS

    • Doubt over servicing advance for Dutch RMBS

      E-MAC NL 2003-1 has issued a notice stating that two stages of the deal's put option process ...

  • • Over US$47bn prime/Alt-A IOs to recast

      Many US prime and Alt-A mortgage borrowers that are making interest-only (IO) monthly payments will...

  • • Underwater prime borrowers on the rise

      More US prime jumbo borrowers are falling and staying behind on their monthly mortgage payments, wit...

  • • Solid performance for Indian RMBS

      The performance of Indian RMBS remained stable throughout 2009 due to low levels of default and high...

  • • Fitch warns on ABI loan modification scheme

      The mortgage loan modification scheme launched on 18 December 2009 by the Italian Banking Associatio...

  • SIVs

    • Sedna SPS notes default

      Fitch has downgraded the second priority senior (SPS) notes issued from the MTN programmes of Sedna...

  • Technology

    • Managing valuations process set to become costlier

      With OTC derivative end-users asking for more information and increased access, the cost of managing...

  • • Basel 2 capital charges tool debuts

      Fitch has launched its Basel 2 supervisory formula approach (SFA) tool, which calculates ca...

  • • Technology briefs

      Vendor signs up for ASF LINCClear Capital has updated its systems to accept the American Securitizat...

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• Research Notes

  • Trading

    • Trading ideas: Donnie's sister

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

      Investment grade energy credits have been on an absolute tear over the past month, with the average...

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