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Issue 168 - January 20th

• News Analysis

  • RMBS

    • Prepayment boost?

      Granite pool behaviour supportive of buoyant market

      Granite RMBS triple-A noteholders were pleasantly surprised last week when they received double thei...

  • CDS

    • Balancing act

      Sovereign/corporate CDS rebalance needed, but unlikely for now

      Continued economic concern over Greece, Portugal and Spain's credit quality has resulted in the iTra...

  • Investors

    • Alternative product

      Negative basis trades to target ABS CDS and LCDS

      A structural shift in the basis market has allowed smaller players to begin exploiting distortions i...

  • RMBS

    • Falling short

      HAMP modifications fail to meet expectations

      The US Treasury and the Department of Housing and Urban Development (HUD) report a significant accel...

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• News

  • CLOs

    • Multi-originator microfinance CLO completed

      IFMR Capital has closed a multi-originator securitisation of micro-loans originated by four microfin...

  • RMBS

    • Foreclosure paralysis 'not priced in'

      US foreclosure-to-REO roll rates (F2R) have trended lower over the past two years, due to servicer c...

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• Talking Point

  • ABS

    • Going it alone

      The time for government intervention in Euro ABS 'has passed'

      The need for government intervention in the European ABS market has passed, according to panellists...

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• Job Swaps

  • ABS

    • Credit card ABS pro recruited

      Barclays Capital has recruited Elizabeth Padova Hanson as an md in its asset securitisation originat...

  • Advisory

    • UK advisory expands remit with new hires

      Structured finance advisory boutique AgFe has acquired Burfield Capital Partners, a specialist comme...

  • • Advisory services unit adds Asian md

      Houlihan Lokey has hired Bing Chen to join its Hong Kong office as an md, responsible for the growth...

  • Alternative assets

    • SRZ names investment management partner

      Schulte Roth & Zabel has elected Daniel Hunter, of its investment management group, as a par...

  • CDS

    • Asian credit opportunity fund minted

      Singapore-based 3 Degrees Asset Management has launched 3 Degrees Credit Opportunities Fund (3DCO) w...

  • CLO Managers

    • CDO manager accused of double-crossing

      Hildene Capital Management has requested that StoneCastle Advisors be removed as collateral manager...

  • • High yield CDO manager spun off

      GIA Partners has assumed collateral management responsibilities from Reich & Tang Asset Mana...

  • Investors

    • Senior strategist joins IB solutions provider

      Alexander Ineichen has joined Prime Capital, a provider of integrated asset management and investmen...

  • • Ex-Merrill Lynch md hired as head of research

      Capstone Holdings Group is set to hire Heiko Ebens as global head of research. In this role Ebens is...

  • Legislation and litigation

    • SEC staffs up in enforcement

      The US SEC's enforcement division has appointed a number of officials to its national leadership tea...

  • Monolines

    • Monoline closer to recommencing claims payments

      Syncora Guarantee is moving closer to recommencing payment of claims, including all suspended paymen...

  • Operations

    • ASF and SIFMA part ways

      The American Securitization Forum (ASF) has voted to end its administrative affiliation with SIFMA,...

  • Ratings

    • Rating agency names ABS svp

      DBRS has recruited Rosemary Kelley to its structured finance group as an svp. She will focus her eff...

  • Real Estate

    • Morgan Stanley hires real estate head

      Morgan Stanley has appointed John Klopp as head of Americas real estate investing and global real es...

  • • CRE advisory acquired

      BlackRock has acquired substantially all the assets of Helix Financial Group. The transaction closed...

  • • REIT secures second CRE loan

      Inland Western Retail Real Estate Trust has obtained a second commitment for secured loans from JPMo...

  • Trading

    • Broker expands in credit sales and trading

      Cantor Fitzgerald has added eight experienced professionals to its debt capital markets business, un...

  • • Senior trader added to global credit team

      Thames River Capital has appointed Dahlia Verjee as a senior trader in its 12-strong global credit t...

  • • Evolution FI head departs

      Guy Cornelius, head of fixed income at Evolution Securities in London, has left the firm. The fixed...

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• News Round-up

  • ABS

    • Mixed bankcard ABS performance for December

      Securitisation analysts at JPMorgan report that bankcard ABS performance in December was within expe...

  • • Reserve draws 'not just weak performance indicator'

      Reserve fund draws in ABS and RMBS are not just an indicator of weak performance, according to a rep...

  • • Italian consumer ABS to be repurchased

      Fitch says that the ratings of the Nixes 4 notes are unlikely to be adversely affected by the amendm...

  • • Performance deterioration for Italian leasing ABS

      The performance of the Italian leasing ABS market continued to deteriorate in November 2009, accordi...

  • CDO

    • CDO investigation targets 06/07 vintages

      The US SEC's investigation into CDOs is to focus on deals structured and marketed in late 2006 and e...

  • • ... and CRE CDO delinquencies

      Delinquencies for US CRE CDOs closed out 2009 with a 2bp increase to 12.3%, according to the latest...

  • CDS

    • Aiful deferred, second Japan determination pending

      ISDA's Japan Determinations Committee has deferred Aiful Corporation's auction date to 18 February 2...

  • • Efforts to improve OTC infrastructure reaffirmed

      The Federal Reserve Bank of New York hosted a meeting of major market participants and their domesti...

  • • CDS on France up 50%

      Sovereign risk moved higher last week after briefly recovering from its spike in December, according...

  • • US CDS CCP interface debuts

      Bloomberg has launched what is believed to be the first interface in the US credit derivatives marke...

  • • CDS liquidity spike for US financials

      According to Fitch Solutions in its latest update on global CDS spreads/liquidity scores, US financi...

  • • CDS compression continues apace

      TriOptima reports that its triReduce multilateral termination service significantly reduced outstand...

  • CLO Managers

    • Euro mezz ABS CDO completes tender

      €27.5m of Faxtor ABS 2004-1Class A-1 notes have been repurchased by the issuer at an aggre...

  • CLOs

    • Balance sheet CLO restructured

      Moody's has withdrawn its ratings and assigned new ones to notes issued by SOLON 2009-1. The action...

  • • Euro CLOs subject to further downgrades

      S&P has downgraded 102 tranches in 21 European CLOs. Excluding combination notes, the affect...

  • CMBS

    • Rising trend for US CMBS loan ...

      Delinquencies on US CMBS loans in conduit/fusion deals increased five-fold during last year, as meas...

  • Emerging Markets

    • Taiwanese structured credit activity to remain slow

      Fitch expects Taiwan's quiet domestic structured credit market to continue with limited origination...

  • Indices

    • US housing market 'recovering well'

      The LoanPerformance US home price index declined by -3.1% (annualised) in November, while the Octobe...

  • Operations

    • Challenges of unwinding TARP examined

      The US Congressional Oversight Panel (COP) has released its January oversight report, entitled 'Exit...

  • • Wall Street responsibility fee in the works

      President Obama has confirmed his intention to propose a Financial Crisis Responsibility Fee that wo...

  • Ratings

    • Turbo O/C tests delay sequential O/C breaches

      Turbo overcollateralisation (O/C) tests may delay the breach of sequential O/C tests, according to a...

  • • Equity investment for mezzanine fund

      The recently proposed equity investment in one of GS Mezzanine Partners III's portfolio companies wi...

  • RMBS

    • AMP RMBS to benefit from AOFM support

      Ratings have been assigned to Australian RMBS Progress 2010-1 Trust - a securitisation of...

  • • US subprime loss projections revised

      Moody's has revised its loss projections for US subprime RMBS issued between 2005 and 2007. On avera...

  • • Eurosail deals face liquidity facility difficulties

      Noteholder meetings have been held in connection with the Eurosail Prime-UK 2007-A, Eurosail-UK 2007...

  • • Spanish RMBS defaults decrease

      The performance of the Spanish RMBS market stabilised during November 2009, according to the latest...

  • • UK non-conforming RMBS steadies

      The performance of the UK non-conforming RMBS market continued to hold steady in November 2009, acco...

  • • Italian RMBS stabilises

      The performance of the Italian RMBS market stabilised during November 2009, according to the latest...

  • • Irish prime RMBS continues to deteriorate

      Delinquencies in the Irish prime RMBS market increased again in November, according to Moody's lates...

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• Research Notes

  • RMBS

    • Managing extension risk with PAC structures

      Glenn Schultz, senior analyst at Wells Fargo Securities, LLC, argues that investors seeking to maint...

      The mortgage basis for both agency MBS as well as loan origination spreads is at or near historic ti...

  • Trading

    • Trading ideas: play time

      Byron Douglass, senior research analyst, looks at an outright long bond trade on Hasbro Inc

      The reach for yield continues. Comments from clients make it evident that investors are in need of c...

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