Weekly Issue Archive »

Issue 175 - March 10th

• News Analysis

  • Trading

    • Uncertain future

      New Basel 2 rules to thwart CSO return?

      FTDs, TRS, index tranches and leveraged baskets of names without tranching are all seeing renewed in...

  • ABS

    • Primary flurry

      New European ABS deals brought to market

      The primary European ABS market has seen a flurry of activity over the past week. The pricing of San...

  • Secondary markets

    • Old and new

      European MBS market activity in the week ending 9 March

      The European secondary MBS markets have remained quiet this week, but do appear to have begun moving...

  • CMBS

    • TALF choices

      New issue concerns remain for US CMBS market

      As the TALF programme reaches its conclusion for legacy CMBS, lack of new issuance within the US CMB...

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• News

  • ABS

    • Final TALF offerings squeezed in

      Premium Financing Specialists on 4 March priced its insurance premium receivables TALF-eligible offe...

  • Correlation

    • Trades mooted for declining correlation regime

      As global economies recover and markets re-risk, credit derivatives strategists at Morgan Stanley ex...

  • LCDS

    • Dealers nix cancelability in LCDS docs

      Both tranche and index dealers have agreed to remove the cancelability or prepayment option for comp...

  • Operations

    • Lifeline for distressed banks

      Vanquish Capital Group has developed a programme designed to help distressed banks and insurance com...

  • • Back-to-basics underwriting 'key' to performance

      A new study claims that risk retention provisions for home mortgages in the House Financial Reform b...

  • Regulation

    • CRD IV could 'hinder' the return of securitisation

      The European Commission has launched a public consultation on further possible changes to the Capita...

  • RMBS

    • FDIC resecuritisation bodes well for more deals

      The FDIC's US$1.8bn Structured Sale Guaranteed Notes Series I (SSGN 2010-S1) priced conside...

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• Job Swaps

  • ABS

    • Structured products boutiques combine

      ICP Capital is to transfer its domestic and international capital markets businesses to PrinceRidge...

  • • US ABS research head named

      Deutsche Bank has hired Steve Abrahams as an md and head of securitisation and MBS research within i...

  • • Dutch structured finance practice launched

      Linklaters is launching a structured finance practice in Amsterdam to be headed by newly-arrived Kee...

  • Advisory

    • Illiquid asset advisory formed

      Stifel, Nicolaus & Company has expanded its capital markets platform through the creation of...

  • • NewOak hires cfo

      NewOak Capital has hired Paul Valenti as cfo. He joins NewOak from Open Link Financial, where he was...

  • CDS

    • New head of credit alternatives hired

      The Carlyle Group has recruited Michael (Mitch) Petrick as md to fill the newly-created role of glob...

  • CLO Managers

    • CRE CDO management duties transferred

      The management duties of several CRE CDOs are to be transferred from Centerline REIT to Centerline S...

  • CLOs

    • Three Jefferies staff transfer to Babson

      Babson Capital Management has confirmed its role as replacement manager on five Jefferies Capital Ma...

  • Insurance-linked securities

    • Catastrophe fund sees US$340m inflow

      Nephila Capital has attracted inflows of US$340m from 11 UK institutions into its catastrophe reinsu...

  • Investors

    • Long/short credit fund launched

      Henderson Global Investors has launched the Henderson Credit Long Short Fund - a Cayman do...

  • • Fund to invest over US$30m in PPIP

      Following the successful February offering of the Nuveen Mortgage Opportunity Term Fund, the fund ha...

  • • Investor relations md hired

      BlueMountain Capital Management has expanded its investor relations and marketing team with the hire...

  • • Credit research team strengthened

      Aviva Investors has appointed Jiten Joshi as head of knowledge services to lead a new six-person tea...

  • RMBS

    • Broker hires in RMBS/HY sales

      US broker-dealer BTIG has hired Alexander Piper and James Zurovchak for its high yield and RMBS sale...

  • • RMBS due diligence contractor certified

      S&P has added RR Donnelley & Sons' global real estate services offering to its list...

  • Structuring/Primary market

    • SBA pro added as Counsel

      Bingham McCutchen has added Martin Teckler to its structured transactions practice group as a Washin...

  • Technology

    • Derivatives valuation provider acquired

      Tullett Prebon has acquired OTC Valuations, a provider of independent derivatives valuation services...

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• News Round-up

  • ABCP

    • Canadian ABCP ratings outlook 'stable'

      Moody's says in its annual review and outlook report on Canadian ABCP that its rating outlook is sta...

  • ABS

    • Senate urged to reconsider student loan act

      The ASF has submitted a letter to the Senate Committee on Health, Education, Labor and Pensions and...

  • • Swap headache for numerous ABN-linked ABS

      A number of European ABS, RMBS and CMBS for which RBS NV (formerly ABN AMRO Bank NV) acts as swap co...

  • • US auto ABS performance improves

      Seasonal weakness drove US prime auto loan ABS losses slightly higher in January versus prior months...

  • • Continued stress for UK card ABS

      Fitch says that the UK credit card ABS sector will continue to display signs of stress during this y...

  • • Drop in Euro auto ABS delinquencies

      Overall delinquency rates in S&P's European auto ABS index decreased by 6bp in Q409 from the...

  • CDO

    • CDO EOD volume expected to moderate

      Mezzanine and subordinated tranches are now representing a much larger percentage of total CDO BWIC...

  • • Tepid response to CSO tender offer

      A tender offer announced last week by Deutsche Bank for six outstanding series of notes issued by As...

  • • Dante ruling strikes again

      Five notes from two synthetic CDOs (Elva Funding and Rembrandt I Synthetic CDO) have been placed on...

  • CDS

    • Positioning trades suggested ahead of index rolls

      The Markit iTraxx and CDX indices, which are set to roll on 22 March (CDX...

  • • Sovereign CDS backlash reaches new heights

      The political backlash against sovereign CDS reached new heights this week, as German chancellor Ang...

  • • Succession events pending

      Two succession event determinations are outstanding. First, BNP Paribas has requested that the ISDA...

  • • Collateral management recommendations made

      ISDA has published its 'Independent Amount Whitepaper' and 'Market Review of OTC Bilateral Collatera...

  • • Developed economy sovereign CDS improve

      Fitch Solutions says the announcement of Greece's revised austerity package on 3 March has helped to...

  • CLOs

    • US outperforms Europe in CLO equity returns

      Citi has published a new report on the performance of CLO equity returns in order to analyse both pa...

  • • Loan/CLO disconnect doubles

      A softening in double-A to double-B CLO spreads throughout February alongside relative stability in...

  • • Small payout for Lehman CLO

      The receivers of a balance sheet CLO issued by Lehman Brothers in August 2008 - Clio Europ...

  • • US CLO concentration risk analysed

      S&P has published its quarterly report regarding concentration risk in the outstanding US CL...

  • • Manager-specific default rates analysed

      All European CLO managers experienced defaults in their CLO portfolios during 2009. However, a wide...

  • • Documentation discrepancies hit CLO cashflows

      Subtle differences in CLO mechanics may significantly influence the potential cashflow that notehold...

  • CMBS

    • Velocity of RE deals to improve

      The velocity of real estate transactions is expected to improve in 2010, according to FTI Schonbraun...

  • • Specially serviced loans surge

      In their latest update on CMBS remittances, securitisation analysts at Barclays Capital note that wh...

  • • Secondary CRE loan prices see small increase

      The aggregate value of commercial real estate loans priced by DebtX that collateralise CMBS increase...

  • • CMBS extension 'not the start of a trend'

      Noteholders of German single loan CMBS transaction, Fleet Street Finance Two, approved the extension...

  • • Defaults continue for Japanese CMBS

      Moody's has released its February 'Japan CMBS: Monthly Loan Performance Report', which provides upda...

  • Insurance-linked securities

    • New cat bond begins marketing

      Swiss Re has begun marketing the second series of notes under its Successor X catastrophe bond progr...

  • Operations

    • Mangusta loan enforced

      Special servicer Hatfield Philips has enforced the €159m Mangusta loan, originated in 2005...

  • Ratings

    • RFC issued on revised NHG criteria

      Fitch says it is seeking feedback from market participants in respect to its revised criteria for ra...

  • Regulation

    • Coordinated reform 'at risk of fragmentation'

      The Institute of International Finance (IIF)'s Market Monitoring Group (MMG) has issued a statement...

  • RMBS

    • Resi re-REMIC criteria updated

      Fitch has published an updated 'US Residential Mortgage Re-REMIC Criteria' report, summarising its c...

  • • Dutch RMBS prepayment index increases

      The weighted-average Dutch RMBS prepayment index increased to 6.08% in Q409 from 4.56% in Q3, accord...

  • SIVs

    • SIV-lite ratings withdrawn

      S&P has withdrawn its credit ratings on all of Duke Funding High Grade II-SEGAM I's notes. B...

  • Whole business securitisations

    • Increased concerns for UK pub sector

      Moody's has published its latest performance update for the UK pub sector covering developments over...

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• Research Notes

  • Trading

    • Trading ideas: advanced decay

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright long vo...

      Even though AMD experienced a recent upswing in good news with the US$1.25bn settlement from Intel a...

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