Weekly Issue Archive »

Issue 180 - April 14th

• News Analysis

  • CLOs

    • Lack of consistency

      Managers and investors moving beyond the ratings issue

      Consistency between CDO rating methodology changes appears not to have transpired, with the market l...

  • CDO

    • CSO return?

      New deal eyed as more in the offing

      A new CSO marketed by JPMorgan and managed by AXA Investment Managers, which has yet to get out of t...

  • ABS

    • Strength to strength

      US ABS and MBS to build on strong first quarter

      Strong performance in sectors across the US ABS space in the first quarter has resulted in positive...

  • Regulation

    • Reporting rules

      Market caught out by cashflow waterfall disclosure plan

      The US SEC last week proposed new rules that, if adopted, would revise the disclosure, reporting and...

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• Market Reports

  • CLOs

    • Buoyant and robust

      US CLO market activity in the two weeks to 13 April

      The secondary US CLO market has shown a marked improvement over the past few weeks, with both appeti...

  • RMBS

    • Faring well

      European MBS activity in the two weeks to 8 April

      The weeks leading up to Easter showed a flurry of RMBS activity as investors sought to prepare for b...

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• News

  • ABS

    • Strategic bond fund to focus on liquidity

      The TwentyFour Asset Management Dynamic Bond Fund is set to launch at the end of April. The fund wil...

  • CLO Managers

    • Manager consolidation gathers momentum

      M&A activity within the CLO and CDO management space continues apace. Several managers have...

  • Insurance-linked securities

    • More cat bonds line up

      Catastrophe bond investors have been given headline details of three new deals as speculati...

  • LCDS

    • Negative convexity and mergers loom over LCDX

      Despite market technicals that support higher prices in Markit's North American Leveraged Loan Index...

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• The Structured Credit Interview

  • Investors

    • Positioning for the future

      Marjorie Hogan, senior portfolio manager at Capstone Credit Advisors, answers SCI's questions

      Q: How and when did you become involved in the credit and MBS markets? A: My first exposure to the...

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• Job Swaps

  • ABS

    • Permacap snaps up discounted assets

      Permacap European Equity Tranche Income (EETI) reports that it has reinvested part of its cashflow b...

  • • Illiquid assets platform enhances ABS trading

      SecondMarket says it has formally launched the first centralised market for ABS, which will be run b...

  • • Hedge fund makes ABS hire

      Otaso Osayimwese has joined Ravenscourt Capital Partners, where he is understood to be working on th...

  • • ABS duo recruited

      Goldman Sachs is understood to have made two ABS hires in London. Rohit Sen, previously an ABS trade...

  • • Bank rebuilds Euro ABS strategy

      UBS' European ABS strategist Srikanth Sankaran is understood to be moving to Morgan Stanley to head...

  • • TALF funds exceed target

      Alternative investment manager Belstar Group has closed the Belstar Credit Fund and Belstar SJ Credi...

  • • Partnership to create securitisation market access

      The Business Development Bank of Canada (BDC) has formed a public-private partnership with TAO Asset...

  • CDO

    • DB tapped for credit sales co-head

      Bank of America Merrill Lynch has hired Gerry Walker to co-head Americas credit sales with Steve Hol...

  • • Structured credit consultancy minted

      Centerline Capital Group md and Centerline Financial coo Jack Chen has launched a new consultancy ca...

  • CDS

    • Bank hires credit sales specialists

      Deutsche Bank has appointed Casey Talbot as md and head of high grade credit sales, and co-head of c...

  • • Credit derivatives salesman appointed

      Bank of America Merrill Lynch is understood to have hired Michael Poppel as head of structured bank...

  • • Monoline vet joins CDS broker

      CDS brokerage Traccr has hired Philippe Tromp as a non-executive director. Tromp was most recently c...

  • • CreditTrade ceo finds new home

      Electronic trading platform operator MarketAxess Holdings has appointed Paul Ellis as head of Market...

  • • Analytics vet to lead portfolio risk advisory

      Chad Burhance has been appointed md and head of NewOak Solutions, leading its expansion in complex s...

  • Distressed assets

    • Distressed credit opportunities fund closed

      New York-based Atalaya Capital has closed its third fund offering with US$250m AUM. The firm says it...

  • Investors

    • Fund to focus on Euro recovery opportunities

      Intermediate Capital Group (ICG) has closed its €843m ICG Recovery Fund, which aims to foc...

  • Monolines

    • Monoline payment claim resumption hopes dashed

      Syncora Guarantee has closed the outstanding transaction that formed part of the company's restructu...

  • Real Estate

    • Fund of hedge funds adviser appointed

      Ramius Alternative Solutions and Perpetual Investment Management have agreed to create a partnership...

  • • Advisory boutique incorporated

      Evercore Partners has hired Martin Cicco as senior md and head of its real estate advisory practice....

  • Regulation

    • NR pair fined over arrears reporting

      The UK FSA has fined David Baker, former deputy chief executive of Northern Rock (NR), £504...

  • RMBS

    • SEC alleges subprime mismarking

      The US SEC has announced administrative proceedings against Memphis-based firms Morgan Keegan &a...

  • • RMBS sponsor sells European operations

      GMAC Financial Services' mortgage subsidiary Residential Capital (ResCap) - sponsor to the...

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• News Round-up

  • ABS

    • 1st Financial resurfaces with ABS card deals

      Two ABS credit card deals from 1st Financial Bank USA are due to price next week after initially bei...

  • • UK student loan ABS prospects re-emerge

      Prospects for UK student loan ABS are back on the radar following an announcement by the UK Departme...

  • • IOSCO unveils ABS disclosure principles

      The IOSCO Technical Committee has published its final report on ABS disclosure principles, intended...

  • • Euro dealer floorplan ABS prepped

      Preliminary ratings have been assigned to FCT Cars Alliance DFP France's series 2010-1 dealer floorp...

  • • Singapore card ABS affirmed on extension

      Fitch has affirmed the ratings of the class A and B notes of Orchid Funding Corporation -...

  • • EMEA ABS/RMBS call optionality analysed

      When swap counterparties in EMEA ABS or RMBS are downgraded below certain levels, assumptions about...

  • • UK credit card MPR hits new low

      The performance of UK credit card receivables deteriorated in February as the monthly payment rate (...

  • • Deterioration continues in EMEA consumer loan ABS

      The performance of the EMEA consumer loan ABS market continued to deteriorate in February, says Mood...

  • • Spanish SME ABS delinquencies stabilising

      Moody's says adverse economic conditions continued to impact Spanish SME ABS in February. Delinquenc...

  • • More Greek downgrades noted

      Fitch has downgraded 15 senior classes from 15 Greek RMBS transactions to double-A minus from double...

  • CDO

    • SF CDO senior investors recoup 70%

      The liquidation of US structured finance CDO Gennaker I resulted in a recovery of approximately 70%...

  • CDS

    • Asia Pacific index prepped

      As first reported in SCI issue 176, Markit has confirmed it is to launch an iTraxx SovX Asia Pacific...

  • • Call for clarity on 'significant risk transfer'

      AFME, the British Bankers' Association (BBA) and ISDA have written to the UK FSA outlining a number...

  • • Sovereign credit risk surges again

      Sovereign credit risk surged once again over the past month. While headlines continue to focus on Gr...

  • • CDS liquidity highlights ongoing uncertainty

      Fitch Solutions reports that global CDS liquidity is still indicating lingering concerns over public...

  • • Vintage disparity as US subprime prices increase

      A new Fitch Solutions report on RMBS CDS shows that while US subprime prices are continuing to stren...

  • • Action taken on 153 CSOs

      Fitch has taken rating actions on 153 global synthetic corporate CDO transactions, downgrading 99 tr...

  • • New OTC liquidity service launched

      Xtrakter has launched XVOL, its new OTC liquidity service providing access to a range of liquidity a...

  • CLOs

    • CRA may relax CLO default assumptions

      Moody's says it may relax the default stress assumptions on CLOs that it...

  • • Early liquidation for CLO's OAT strip protection

      Class D2 and D3 noteholders in CELF Low Levered Partners CLO have voted for an early liquidation of...

  • • SME CLO gets replenishment constraint

      The amendment to Schedule 3 of the loan receivables purchase agreement between German SME CLO Northe...

  • CMBS

    • Positive secondary as multi-borrower CMBS prices

      Positive momentum was witnessed in the US secondary CMBS market late last week, following the succes...

  • • TITN 07-3 to set Euro CMBS precedent?

      The special servicer appointed over both the A&A Express loan and the Lovat Lane loan in Tit...

  • • More CMBS loans in special servicing

      CMBS had a higher percentage of loans in special servicing through maturity defaults than the overal...

  • • Volte face on Fleet Street Two

      In contrast to previous guidance in February that it would not cut the ratings (see SCI issue 171),...

  • • Weak property income hurts Euro CMBS

      Fitch says property income weakness was a more significant driver of negative rating action for Euro...

  • • Center Parcs CMBS restructuring agreed

      The class A1 noteholders of CPUK Mortgage Finance have agreed to restructure the underlying CMBS loa...

  • • Multifamily delinquency rates rocket

      Fitch says US CMBS delinquencies rose by 85bp to 7.14% in March because of the expected foreclosure...

  • • Wholesale downgrade for GRAND

      Moody's has downgraded all 11 classes of CMBS notes issued by German Residential Asset Note Distribu...

  • Distressed assets

    • Speculative-grade default rate declines

      Moody's says the trailing 12-month global speculative-grade default rate ended the first quarter at...

  • Emerging Markets

    • New legislation to boost sukuk issuance

      Global issuance of sukuk looks set to benefit from legislative and regulatory developments over the...

  • Indices

    • H210 US house price low projected

      ABS analysts at JPMorgan continue to project that US home prices will bottom in H210, with peak-to-t...

  • RMBS

    • Uncertainty in non-agency MBS over HAMP 2.0

      While the recent HAMP announcement has caused uncertainty in the non-agency RMBS space, technicals c...

  • • Agency CPRs anticipate buyout programme impact

      Prepayment speeds in February (March data release) on 30-year Freddie Mac collateral experienced a s...

  • • Loan ranking, LTV impact RMBS severities most

      In a new special comment, Moody's has analysed the factors driving the severity of losses suffered b...

  • • Pre-2005 subprime RMBS on review

      Moody's has placed 3,890 subprime RMBS with an outstanding balance of US$50bn on review for possible...

  • • BTL RMBS performance 'mixed'

      The performance of the UK buy-to-let (BTL) RMBS market in the three months to February was mixed, ac...

  • SIVs

    • SIVs' ratings affirmed

      Fitch has affirmed the long-term senior notes of Beta Finance and Five Finance at single-A plus, out...

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