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Issue 181 - April 21st

• News Analysis

  • Whole business securitisations

    • WBS revival

      Whole business securitisation interest stirs

      Banks are in early talks to bring whole business securitisations back into the public's eye, accordi...

  • ABS

    • Experience required

      ABS recruitment trends assessed

      As confidence gradually returns to the structured finance market, the associated job market is also...

  • Legislation and litigation

    • Market reaction

      Goldman CSO fraud hard to prove

      The SEC's decision to bring fraud charges against Goldman Sachs in relation to Abacus 2007-AC1 CSO (...

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• Market Reports

  • ABS

    • Strong rally

      European ABS market activity in the week to 15 April

      Sentiment within the European ABS market is overwhelmingly positive. A strong rally dominated the to...

  • Trading

    • US CMBS rally accelerates

      US CMBS market activity to 19 April

      The secondary US CMBS market has experienced an escalating rally over the past few weeks with last w...

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• News

  • ABS

    • ILFC likely to wait on securitising

      International Lease Finance Corporation (ILFC) increased the limit on liens of its consolidated tang...

  • CLOs

    • Further clarity on Moody's CLO plans

      Moody's has provided further details on its plans to potentially relax the default probability stres...

  • Insurance-linked securities

    • Johnston Re cat bond markets

      Guy Carpenter is marketing Johnston Re, a US hurricane catastrophe bond offering for ceding reinsure...

  • Investors

    • BlueMountain positions for post-crisis opportunities

      While many credit hedge funds have failed to emerge from the financial crisis intact, those that hav...

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• Job Swaps

  • ABS

    • EM partner switches firm

      Peter Darrow has joined DLA Piper's corporate finance practice as a partner in New York. He comes fr...

  • • Moody's analyst returns for new role

      Moody's has rehired Andrew Jones, 17 years after he last worked there as a senior analyst for RMBS a...

  • • Barclays veteran changes allegiance

      Clydesdale Bank in London has appointed Stuart Trussler as director in its corporate and structured...

  • • SIFMA names new securitisation head

      The Securities Industry and Financial Markets Association (SIFMA) has appointed Richard Dorfman as m...

  • CDS

    • Quantitative modelling specialist hired

      Prudential Fixed Income has hired Bjorn Flesaker as md and head of quantitative modelling. His role...

  • CLO Managers

    • Brigade Capital wins CLO mandate

      Brigade Capital Management has taken on collateral manager duties for Camulos Loan Vehicle I, a CLO...

  • CLOs

    • CLO investor recapitalised, top staff replaced

      Saratoga Investment Advisors and CLO Partners are to purchase a minority stake in GSC Investment Cor...

  • CMBS

    • CRE partner joins law firm

      Steven Smith has joined law firm Perkins Coie as partner and will be in charge of the real estate gr...

  • Emerging Markets

    • DB hires in EM credit

      Deutsche Bank's emerging markets business has made a number of hires in Sao Paulo and Mexico City. R...

  • Investors

    • Cairn takes on credit fund and staff

      London-based credit asset management and advisory firm Cairn Capital has assumed management of the C...

  • Regulation

    • ISDA names risk, reporting head

      ISDA has appointed David Murphy as head of risk and reporting. He will be based in London and report...

  • Structuring/Primary market

    • LAMCO to go ahead

      Lehman Brothers Holdings has gained US court approval to establish a new asset management firm, dubb...

  • Trading

    • ABS trader promoted

      Deutsche Bank has promoted Pius Sprenger to head of trading for ABS and CDOs. He takes over from Gre...

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• News Round-up

  • ABS

    • Euro/US SF yield disparity still exists

      European structured finance bonds continue to offer greater yield than comparable US SF bonds, accor...

  • • Sallie Mae exec says consolidation expected

      Jonathan Clark, evp and treasurer at Sallie Mae, says in the wake of the government-backed FFELP pro...

  • • VW offers Spanish auto notes

      Volkswagen (VW) Finance - stalwart of the German auto ABS sector - is offering i...

  • • Spanish electricity tariff ABS closed

      Notes issued by Alectra Finance, a Spanish electricity tariff deficits transaction, have been assign...

  • • APAC upgrades match downgrades

      Fitch downgraded 25 Asia Pacific securitisation tranches (including public, private, international a...

  • • Concerns continue despite Spanish SF stabilisation

      Fitch says arrears have begun stabilising across more Spanish structured finance sectors, but the ag...

  • • Strong quarter for Indian ABS

      Fitch says it has affirmed 17 publicly-rated series of Indian structured finance transactions in Q11...

  • CDO

    • UBS marketing new CSO

      UBS and M&G are in the market with a new CSO dubbed Ocelot III, according to an investor. As...

  • • Bank Trups CDO defaults, deferral times up

      Fitch says seven new bank defaults caused US bank Trups CDO default rates to hit 11.6%. There are 10...

  • CDS

    • Determinations Committees kept busy

      A number of ISDA Determinations Committee (DC) decisions have been made in recent days. First, the...

  • • Basel 2 CVA proposals analysed

      The Basel Committee's comment period on its consultative paper, 'Strengthening the resilience of the...

  • • Vendor introduces CDS liquidity signals

      CMA has published a review of liquidity signals in the CDS markets - the first in a series...

  • CLOs

    • Small EM synthetic CLO rated

      Moody's has assigned triple-A ratings to €39m of notes issued by Terra II Senior CLO &...

  • • CLO amends interest proceeds definition

      Sandelman Finance 2006-1 has entered into an amendment to the indenture that revises the definition...

  • • CLOs amended to include workout securities

      A raft of CLO issuers have entered into supplemental indentures that allow them to create one or mor...

  • CMBS

    • Private placement for Dutch CMBS tap

      Vesteda, the Netherlands residential property investment fund, has launched a €350m CMBS t...

  • • NAMA transfer for Opera CMH loan

      The junior loan in CMBS Opera Finance CMH - a CMBS predominantly backed by Irish real esta...

  • • US CMBS delinquency increase 'largest on record'

      The delinquency rate for US CMBS recorded its largest increase on record, rising by 69bp in March to...

  • • 'Drastic' rating action for Eclipse 06-3

      In what has been described as a 'drastic' rating action, Fitch downgraded the class A notes of Gemin...

  • • Monthly updates for EMEA CMBS specially serviced loans

      As the number of loans going into special servicing increases, Moody's has launched a new monthly pu...

  • Indices

    • PrimeX launch imminent

      PrimeX, a new series of CDS indices referencing triple-A bonds in the US prime RMBS sector, is sched...

  • Legislation and litigation

    • SEC brings fraud charges against GS

      The Securities and Exchange Commission (SEC) on 16 April filed securities fraud charges against Gold...

  • • California steps up Moody's legal action

      Legal action is being taken against Moody's by the California Attorney General in order to force the...

  • • AIG mulls possible legal action against GS

      AIG is considering legal action against Goldman Sachs in order to recover losses incurred on US$6bn...

  • Operations

    • Panel rues HAMP's lack of progress ...

      The Congressional Oversight Panel (COP) has released its April report, evaluating TARP foreclosure m...

  • Ratings

    • Improved outlook in seven SF sectors

      Fitch says a number of structured finance sectors across EMEA are starting to benefit from the muted...

  • Real Estate

    • US CRE prices drop after short rally

      US CRE prices declined by 2.6% in February according to Moody's commercial property price index. It...

  • RMBS

    • Euro RMBS pipeline builds

      Lloyds TSB is set to launch its latest UK prime RMBS transaction from the Arkle Master Trust, with L...

  • • ... while latest report is criticised over redefaults

      The Association of Mortgage Investors (AMI) says it believes that homeowners need a programme design...

  • • Servicing uncertainty for RMAC/EMAC deals

      Uncertainty over the future servicing quality for GMAC's European RMBS deals has increased as a resu...

  • • No arrears impact for Granite ratings

      Fitch says the ratings of 18 securitisations containing mortgage loans originated by Northern Rock,...

  • • Australian, New Zealand performance 'relatively strong'

      Fitch says 95 publicly-rated tranches backed by assets in Australia or New Zealand were affirmed dur...

  • Secondary markets

    • Near-term CLO volatility possible

      Near term volatility may come into play in the secondary US CLO market following Friday's announceme...

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• Research Notes

  • • ABC's of Credit

      Byron Douglass, senior research analyst at CDR, looks at a long opportunity on AmerisourceBergen

      The prospect of generating trading gains from spread tightening is diminishing quickly as the credit...

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