Weekly Issue Archive »

Issue 173 - February 24th

• News Analysis

  • Alternative assets

    • Problem assets?

      Bank Trups CDO demand wanes as defaults escalate

      Defaults and deferrals in US bank Trups CDOs are escalating rapidly, with the cumulative combined de...

  • ABS

    • Under pressure

      MBNA UK credit card trusts bolstered

      In a move that is being seen as a major positive for the programmes, given recent higher charge-offs...

  • CLOs

    • Extension differentiation

      CLO extension risk weighs on senior noteholders

      Extension risk is a growing concern for senior CLO noteholders, as collateral managers increasingly...

  • RMBS

    • Upside opportunities

      US HPA consensus emerging

      Both ABX and subprime cash triple-As have been trading in a narrow 1-2 point range since mid-January...

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• News

  • Insurance-linked securities

    • ILS issuance on hold as secondary prices rise

      Despite a continuing steady flow of maturing catastrophe bonds and potentially sponsor-attractive co...

  • RMBS

    • Fed tightening to help MBS settlement failures?

      Continuing trade settlement failures in the agency RMBS market, if left unaddressed, could result in...

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• Job Swaps

  • ABS

    • Senior hires added to SF team

      HSBC has made two new senior appointments within its structured finance team, reporting to head of s...

  • • ABS research head retires

      Deutsche Bank's global head of securitisation research, Karen Weaver, has left the bank. She is unde...

  • Advisory

    • Research duo land at credit hedge fund

      The team at PVE Capital, investment adviser to the Matrix PVE Global Credit Fund, has recruited to n...

  • • Investment advisory role swapped

      SciVest Capital Management has assumed investment advisory responsibility for Global Credit Pref Cor...

  • • Cross-market trading advisory launched

      Credit Derivatives Research (CDR) has launched a new equity options volatility (vol) advisory servic...

  • CDO

    • Broker adds in CDO sales

      Broker-dealer Auriga USA has recruited Steven Hilfer as an md. In his new role he is responsible for...

  • • Bank adds structured credit pros

      Declan Tiernan has joined UBS as European head of European FICC structured product syndication. Tier...

  • CDS

    • Derivatives specialist joins law firm

      Mayer Brown has appointed international derivatives specialist Josh Cohn as a partner and leader of...

  • • Fitoussi heads to RBC

      RBC Capital Markets has hired Bertrand Fitoussi as an md and head of European structured interest ra...

  • • ICE Trust replaces president

      IntercontinentalExchange has appointed Christopher Edmonds president of ICE Trust, its US CDS cleari...

  • • CDS, monoline exposures commuted

      Swiss Re says it has terminated substantially all of its exposures in portfolio CDS and liquidated s...

  • CLO Managers

    • CDO manager acquired

      MJX Asset Management has acquired 250 Capital, an affiliate of Merrill Lynch. 250 Capital will conti...

  • CMBS

    • CRE services firm expands capital markets group

      Peter Ruggiero and Lisa Birrittieri have joined CRE services firm Cassidy Turley's capital markets i...

  • • Commercial mortgage fund to wind down

      Colonial First State intends to liquidate the Colonial First State Mortgage Income Fund and begin a...

  • • CRE firm steps up servicing presence

      Waterstone Asset Management has received a special servicer rating from S&P as the firm look...

  • Operations

    • Default servicing vp hired

      Joseph Prat is to re-join Franklin Credit Management Corporation (FCMC)'s management team as vp of d...

  • RMBS

    • Servicing solutions firm hires two

      The National Groups has hired Mitchell Oringer and Richard Fikani, filling two new leadership positi...

  • Technology

    • Risk software provider adds to board

      Calypso Technology has named Masood Jabbar to its board of directors. He is the fifth independent di...

  • Trading

    • Boutique expands credit sales and trading team

      Heritage Capital has made four key appointments to its sales and trading team. Niels Nooy joins as m...

  • • New vp for SF analyst team

      Advantus Capital Management has promoted corporate bond analyst Erica Bergsland to the position of v...

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• News Round-up

  • ABS

    • Trade receivable ABS opportunities mooted

      Trade receivables have proved a popular choice of asset for securitisation in recent times due to th...

  • • US credit card ABS to face increased pressures

      US credit card ABS trusts are well-positioned to offset performance repercussions from changes to US...

  • • US credit card charge-offs show sharp increase

      Charge-offs on US credit cards rose sharply to 11.15% in January, according to Moody's in its new cr...

  • CDO

    • EODs to continue for Euro SF CDOs

      According to Fitch, Euromax IV MBS has breached its EOD overcollateralisation ratio trigger, as repo...

  • • Stable ratings expected for 2010 CDO market

      A gradually stabilising global economy, improving performance trends for most underlying assets and...

  • CDS

    • Sovereign risk drops amid increased protection buying

      Sovereign risk dropped over the last week based on CDS market interpretations, according to Credit D...

  • • Cemex settled, second FGIC credit event called

      The final settlement price for the Cemex CDS auction, held on 18 February, was 97. 13 dealers submit...

  • • Continued liquidity for consumer services CDS

      CDS on consumer services companies continue to trade with more liquidity than the broader market, gi...

  • CLOs

    • CLO settles claim with Lehman

      Gulf Stream Sextant CLO 2006-1 has terminated certain swaps with Lehman Brothers Special Financing,...

  • CMBS

    • Additional TALF collateral monitor named

      The New York Fed has added BlackRock Solutions as a collateral monitor with respect to TALF legacy C...

  • • Weak Aussie CMBS market spurs refinancing woes

      Australian property companies will face refinancing difficulties over the next 12 to 24 months becau...

  • • Early redemption proposed for Singapore CMBS

      Ascendas Real Estate Investment Trust is proposing to redeem the €165m outstanding notes o...

  • • Radamantis loan default 'likely', despite amendments

      Moody's has placed on review for possible downgrade the class A notes issued by Radamantis (ELoC 24)...

  • • Negative performance continues for Euro CMBS

      Conditions in the real estate market in January continued to put downward pressure on ratings and lo...

  • Indices

    • US CRE prices rise by 4.1%

      US commercial real estate prices as measured by Moody's/REAL Commercial Property Price Indices (CPPI...

  • Ratings

    • Fitch complies with EU regulation

      Fitch is to apply for registration under the European Regulation on Credit Rating Agencies by the en...

  • • Greek triple-A tranches hit

      The three major rating agencies have taken rating actions on triple-A rated Greek transacti...

  • • Irish bank guarantee expiry threatens SF ratings

      The September 2010 expiry of Irish government guarantees for certain obligations of Irish banks may...

  • • EMEA residential mortgage loss criteria enhanced

      Fitch has published a new criteria report detailing its rating methodology for assessing credit risk...

  • • Fitch enhances research, analysis output

      Fitch has launched a new quarterly report for the European structured finance market. The 'EMEA Stru...

  • Regulation

    • Trade associations call for safe harbour extension

      SIFMA, CMSA and the ASF have submitted formal comment letters to the FDIC concerning its safe harbou...

  • • FSA says no systemic threat from hedge funds

      Hedge funds do not pose a systemic threat to the market, according to a new report from the UK's Fin...

  • RMBS

    • New Fosse RMBS prepped

      Santander-owned Alliance & Leicester is set to sell new notes from its UK prime RMBS master...

  • • Hope for H4H programme?

      Banker's Portfolio says it has secured a forward commitment for the purchase of Hope for Homeowners...

  • • UK RMBS CPRs drop again

      UK RMBS master trusts exhibited weak CPR rates in January, averaging just 14.5% compared to 20.2% in...

  • • Lanark sub notes restructured

      UK RMBS master trust issuer Lanark has redeemed its Series 2007-1 subordinated notes and issued new,...

  • • New Zealand RMBS bolstered

      An additional NZ$1.27bn of Class B notes have been issued by The New Zealand Guardian Trust Company,...

  • • Delinquent loan sale for NC RMBS

      The majority of loans greater than 90 days in arrears in the Moorgate Funding Series 2009-1 portfoli...

  • • UK NC RMBS performance continues to improve

      The level of arrears in UK non-conforming RMBS transactions continues to decline, according to a rec...

  • Technology

    • Analytics, assumptions published on web portal

      S&P's valuation & risk strategies group has launched an analytics platform on the we...

  • • New version of FpML in the works

      Version 4.7 of ISDA's financial products mark-up language (FpML) is in the final stages of developme...

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• Research Notes

  • RMBS

    • Evidence of strategic default

      Ying Shen, research analyst at Deutsche Bank, finds that policy designed to keep borrowers in their ...

      The worst housing crisis since the Great Depression left 14 million Americans with "negative equity"...

  • Trading

    • Trading ideas: volatile fortune

      Dave Klein, senior research analyst at Credit Derivatives Research, looks at a long volatility trade...

      Fortune Brands' CDS and equity provided a roller-coaster ride for investors over the last year. In c...

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