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Issue 171 - February 10th

• News Analysis

  • Investors

    • New strategies

      Dislocation funds repositioned for next wave of opportunity

      Two structured credit fund managers - Highland Capital Management and Declaration Manageme...

  • CDS

    • Clarification call

      Documentation issues dampen CCDS up-take

      Contingent CDS (CCDS) trading activity appears to be picking up as regulatory support for the produc...

  • Secondary markets

    • Staying firm

      US secondary market CLO activity to 9 February

      As with its European counterpart (SCI passim), the secondary US CLO market continues to thrive in it...

  • ABS

    • Hermes flies again

      Dutch RMBS remarketed in softening secondary market

      SNS Bank has remarketed and placed one tranche of its previously-retained Hermes XIV RMBS against th...

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• News

  • CLOs

    • Mezz CLO hedges recommended

      Mark-to-market investors that have already made substantial gains on mezzanine CLO tranche positions...

  • CMBS

    • Fleet Street restructuring to set precedent?

      The restructuring proposal put forward for Fleet Street Finance Two is the first c...

  • Indices

    • CMBX given AM boost

      Markit has launched a new set of AM sub-indices for all existing vintages of the CMBX indic...

  • Insurance-linked securities

    • Life settlement securitisation debate rages on

      The American Council of Life Insurers (ACLI) has called for the securitisation of life settlements t...

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• Talking Point

  • RMBS

    • Washington heights

      Regulation, RMBS dominate ASF discussions

      The location, in Washington DC, of last week's American Securitization Forum (ASF) conference was ai...

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• Provider Profile

  • Advisory

    • Illiquid solution

      Celestino Amore, md and founder of IlliquidX, answers SCI's questions

      Q: How and when did IlliquidX become involved in the structured credit market? A: IlliquidX is a...

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• Job Swaps

  • ABS

    • French bank expands ABS headcount

      BNP Paribas has made a number of hires within its ABS division. Perry Inglis, former head of S&a...

  • Advisory

    • Distressed asset advisory group formed

      The Corvus Group has formed a Troubled Asset Advisory Group (TAAG) in order to provide specialised s...

  • CDS

    • Derivatives veteran joins AIG

      AIG has hired Peter Hancock as evp of finance, risk and investments. Hancock will oversee finance, r...

  • • Bank hires two in credit research

      Nomura has hired Ronan Clarke as head of EMEA high yield credit research and Karine Elias as senior...

  • • ICAP beefs up in post-trade services

      ICAP has agreed to acquire all the outstanding share capital (61.78%) of TriOptima that it doesn't a...

  • • Derivatives documentation committee strengthened

      ISDA is broadening the leadership of its Documentation Committee by forming an advisory board that w...

  • CLO Managers

    • Manager suggests itself as replacement on CDO

      Hildene Capital Management, a New York-based asset management firm focused on distressed structured...

  • • New manager for three ABS CDOs

      Threadneedle International is set to assume the collateral management responsibilities previously pe...

  • CLOs

    • Alcentra takes on affiliate's CLO

      BNY Mellon Capital Markets (BNYMCM) has assigned its rights and obligations under the collateral man...

  • CMBS

    • Advisory service to focus on CMBS loans

      Marcus & Millichap Capital Corporation (MMCC) has launched a new division to serve the needs...

  • • Mortgage REIT details TALF purchases

      Apollo Commercial Real Estate Finance (ARI) says it has completed investments in CMBS totalling US$3...

  • Investors

    • Partnership for specialist credit managers

      Ignis Asset Management (formerly Axial Investment Management) has entered into a strategic partnersh...

  • • MBIA Asset Management restructured

      MBIA has restructured its fixed income asset management subsidiary. The firm, now known as Cutwater...

  • Legislation and litigation

    • State Street faces subprime enforcement action

      The US SEC has charged State Street Bank and Trust Company with misleading its investors about their...

  • • FSA bans EM fund manager

      The UK's Financial Services Authority (FSA) has banned a London-based hedge fund manager and fined h...

  • • Wisconsin school districts to pursue CDO claims

      Law firm Shepherd, Smith, Edwards & Kantas and its Milwaukee, Wisconsin-based co-counsel Kra...

  • • SF partner joins Canadian firm

      Canadian law firm Blake, Cassels & Graydon has hired Michael McIntosh as a partner in its Ca...

  • • New phase for Ocala Funding suit

      The Ocala Funding ABCP programme dispute entered a new phase last week when Bank of America (BoA) fi...

  • Real Estate

    • US real estate head appointed

      Deloitte has appointed Robert O'Brien to lead its US real estate practice as a vice-chairman, effect...

  • Technology

    • Software firm strengthens South Asia coverage

      Sophis has hired Jean-Sébastien Py to take on the role of general manager for South Asia, b...

  • Trading

    • Broker expands distressed, EM coverage

      BTIG's fixed income group has hired seven senior professionals in the areas of high yield/distressed...

  • • Ex-TCW manager hired as CRO

      Allan Toole, former portfolio manager at TCW and head of its portfolio analytics group, has assumed...

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• News Round-up

  • ABS

    • Monoline anticipates Euro ABS opportunities

      Assured Guaranty indicates it is seeing signs of support in the European structured finance market f...

  • • UniCredit tender 'oversubscribed'

      UniCredit has released the results from its tender offer to repurchase notes from 26 tranches of 14...

  • • Decline in ABS new issuance underlined

      Fixed income new issuance was valued at US$3.7trn for 2009, representing an 8.2% (US$280bn) rise on...

  • • Criteria for Greek SF transactions reviewed

      Following Moody's downgrade of Greece's government bond rating, the rating agency is reviewing its c...

  • CDO

    • CRE CDO asset re-hedged

      A recently-proposed re-hedging of one of the euro-denominated portfolio assets of CRE CDO Glastonbur...

  • CDS

    • Sovereign concerns raise systemic risk floors

      Sovereign risk rose over 12% this week led by the European majors, according to Credit Derivatives R...

  • • 'Valid reasons' for sovereign/corporate CDS inversion

      Despite the counterintuitive price levels, Fitch Solutions believes that there are valid reasons for...

  • • Euro sovereign CDS-implied spreads analysed

      Credit and equity markets are sending somewhat different signals on the outlook for credit risk, acc...

  • CLOs

    • Mezz fund to have limited effect on German SME CLOs

      Deutsche Bank's mezzanine capital fund will have a positive but limited impact on German SME CLOs, a...

  • CMBS

    • New US CMBS rated

      Ratings have been assigned to two classes of notes from GTP Global Tower Series 2010-1 - a...

  • • GAO foresees CMBS risks

      The US Government Accountability Office (GAO) has issued a report to Congressional committees highli...

  • • Failure-to-pays rising in Euro CMBS

      Fitch says in a performance update that although the majority of CMBS loan defaults currently stem f...

  • • Special servicer replaced on four CMBS

      Citibank International has terminated its appointment as special servicer with respect to loans secu...

  • • Performance pressure continues for EMEA CMBS

      Moody's reports that continued adverse performance and the expectation of further deterioration in t...

  • LCDS

    • Lafarge credit event determined

      Markit iTraxx LevX index market-makers have voted to run a restructuring credit event auction to fac...

  • Ratings

    • Transparency for valuation assumptions

      S&P's Fixed Income Risk Management Services (FIRMS) has launched a transparency initiative t...

  • • EMEA auto lease residual values re-evaluated

      Moody's is set to re-evaluate the assumptions it uses to rate auto lease ABS transactions exposed to...

  • • Deterioration in Japanese SF to slow

      Negative rating actions in 2010 are expected to slow in the Japanese CMBS sector, according to Fitch...

  • RMBS

    • Co-op on the road

      The Co-operative Bank is in the market with its first RMBS deal, the £2.9bn Silk Road Finan...

  • • Second liens complicate negative equity

      RMBS analysts at JPMorgan have underscored the increasing investor concern over negative equity in t...

  • • Graphite transactions impacted

      Fitch has downgraded three subordinated tranches and affirmed 11 tranches from the Graphite 2005-2 a...

  • • Downgraded Russian RMBS upgraded again

      The recently redenominated class A notes of Russian RMBS Gazprombank Mortgage Funding 2007-1 have be...

  • Technology

    • VaR module launched

      Pricing Partners has released a new module providing VaR and stress-test calculations. Delivered o...

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• Research Notes

  • CDS

    • CLNs: flexible and with higher yield than cash

      Michael Hampden-Turner, structured credit strategist at Citi, discusses the customisation options av...

      The flexibility of CLNs can make their yield more attractive than bonds on the same name. Most of th...

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