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Issue 170 - February 3rd

• News Analysis

  • Legislation and litigation

    • Uncertain outcome

      Dante ruling sparks fresh unease in ABS market

      Securitisation market professionals are considering the possible ramifications of a US bankruptcy co...

  • CLOs

    • Consolidation continues

      CDO manager changes impacting both old and potential new deals

      CDO manager consolidation continues apace. However, the trend also has ramifications for CLO new iss...

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• News

  • ABS

    • Euro/US ABS market disparity to continue

      European structured finance issuance has yet to recover from the global financial crisis, according...

  • CLO Managers

    • Positive outlook for CSO with ineligible assets

      UBS - CDS counterparty on Brooklands Euro Referenced Linked Notes 2002-1 - has a...

  • Operations

    • Comptroller calls for 'skin in the game' alternative

      John Dugan, US Comptroller of the Currency, has voiced his concerns over the risk retention or 'skin...

  • RMBS

    • Northern Rock issues new RMBS

      Triple-A ratings have been assigned to four classes of RMBS notes issued by Gosforth Fundin...

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• Job Swaps

  • ABS

    • Securitisation practice expands

      Nixon Peabody has expanded its corporate trust and securitisation and structured finance teams, with...

  • Advisory

    • New firm to target German mortgage assets

      Elystan Capital Advisors - a Munich-based investment firm targeting mortgage-backed assets...

  • CDS

    • Bank hires FI sales head

      Guy Cornelius is re-joining UBS as head of sterling credit sales, reporting to Mark Jones, co-head o...

  • • Ex-CDO underwriter hired

      Jas Jalaf has joined Deutsche Bank as vp of the credit solutions group. Until 2008 Jalaf was a direc...

  • • CCDS working group established

      As previously indicated in SCI in October, an ISDA working group on contingent CDS (CCDS) has been e...

  • CLO Managers

    • Collateral manager resigns on two CDOs

      GSC Partners is resigning as collateral manager on two of its European CDOs - GSC European...

  • • German manager seeks CLO transfer

      IKB Capital is asking noteholders of Bacchus 2006-1 CLO to consent or object to it...

  • • ING Alternative AM wins CLO mandate

      ING Alternative Asset Management is set to replace Avenue Capital Management as collateral manager o...

  • CLOs

    • CLO management team reshuffled

      Alcentra has announced several senior management changes. Paul Hatfield, currently cio and head of U...

  • Investors

    • Manager launches global credit boutique

      Hermes Fund Managers has formed a global credit asset management capability in partnership with John...

  • Real Estate

    • Six CRE lawyers switch firm

      Six partners from Paul Hastings' real estate finance and restructuring practices in New York have jo...

  • Secondary markets

    • Clayton hires ex-MBS trader

      Mortgage risk analysis provider Clayton Holdings has hired Raymond Redlingshafer as senior md. Red...

  • Trading

    • Advisory shop acquires broker-dealer

      NewOak Capital has established a fixed income trading desk by absorbing the staff of Vesper Capital,...

  • • Bank appoints CDO trading head

      Jefferies has appointed Sharif Anbar-Colas as an md and global head of CLO and CDO trading, where he...

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• News Round-up

  • ABS

    • Greek bankruptcy law increases ABS rating pressure

      A draft Greek law addressing household debt restructuring is likely to reduce recoveries and increas...

  • • Refinancing to drive S African ABS issuance

      Issuance in the South African structured credit market is expected to increase in Q210, according to...

  • • Recovery in sight for Asia-Pacific ABS

      Issuance in the Asian structured finance market will rise moderately in 2010, as investor interest m...

  • • Mixed outlook for Australian SF performance

      The collateral performance for Australian ABS, CMBS, and RMBS for 2010 has a stable outlook, accordi...

  • • US auto ABS stable, despite increased loss projections

      The US auto ABS market was impacted negatively in 2009, according to Moody's. This was due to increa...

  • • US credit card ABS methodology updated

      S&P has refined its methodology and assumptions for rating US credit card ABS. The revised c...

  • CDS

    • January's cash/CDS schism explained

      Credit markets underwent two distinct phases in January: the first half dominated by consistent tigh...

  • • DTCC CDS data trends analysed

      Credit derivative strategists at Barclays Capital have undertaken an analysis of the CDS data publis...

  • • Survey highlights lack of CPR hedging

      A recent survey of counterparty risk managers (CRMs) shows that most buyside firms do not hedge coun...

  • • Telecom sector drives Euro CDS liquidity surge

      22Fitch Solutions' European CDS liquidity index has now exceeded levels seen during the week of the...

  • • CESR launches OTC reporting consultation

      The Committee of European Securities Regulators (CESR) has published a consultation paper giving gui...

  • CLOs

    • Retranched 2009 CLO tweaked

      Blue Wing Asset Vehicle (BWAV) Series 2009-1 - a CLO repack - has amended its do...

  • CMBS

    • White Tower intercreditor clarified

      An amendment agreement clarifying the application of available funds under the terms of the intercre...

  • • US CMBS delinquencies at all time high

      January CMBS delinquencies are at an all time high, according to the latest Trepp delinquency report...

  • • Upcoming CRE loan maturity volumes 'relatively low'

      The Mortgage Bankers Association's (MBA) 2009 commercial real estate/multifamily survey of loan matu...

  • • Fitch launches CMBS loan maturity bulletin

      Fitch has launched its European CMBS Loan Maturity Bulletin as a supplement to its ongoing ratings a...

  • Indices

    • Further improvement for troubled company index

      The Kamakura index of troubled public companies improved in January for the ninth time in the last t...

  • Investors

    • Initial PPIF performance stats released

      Cumulative net performance data related to the nine Public-Private Investment Programme funds (PPIF)...

  • Legislation and litigation

    • Trustee to appeal Dante ruling

      The Bank of New York Mellon has, in its role as trustee, announced it is to appeal the US ruling on...

  • Ratings

    • K2 senior debt fully repaid

      Moody's has withdrawn its ratings on the senior debt programmes issued by Dresdner Kleinwort's SIV,...

  • • LatAm SF markets to recover gradually in 2010

      The domestic securitisation markets of Mexico, Brazil and Argentina should gradually recover in 2010...

  • • Japan SF sectors upgraded to stable

      The sector performance outlooks for three key asset classes in Japan's structured finance market hav...

  • Regulation

    • FSA and SEC confer on capital market strategy

      FSA chairman Lord Turner, chief executive Hector Sants, and SEC chairman Mary Schapiro have held a m...

  • RMBS

    • AOFM picks five for serial investment

      The Australian Office of Financial Management (AOFM) has received investment proposals to invest in...

  • • No sign of RMBS 'default burnout' yet

      US non-agency RMBS data still isn't showing much evidence of a 'default burnout' in underlying mortg...

  • • Granite CPR spike clarified

      The latest Granite Master Trust report has clarified why the CPR spike in December 2009 occurred (se...

  • • HAMP documentation requirements strengthened

      The US Treasury and the Department of Housing and Urban Development (HUD) have updated guidance for...

  • Technology

    • Technology round-up

      RMBS third-party review solution launched Allonhill has released what it describes as a complete se...

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• Research Notes

  • Trading

    • Trading ideas: inflating differential

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a long Cooper, shor...

      The fragile recovery has not treated all companies equally. At the close of last year's third quarte...

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