Weekly Issue Archive »

Issue 182 - April 28th

• News Analysis

  • Regulation

    • Cross-border barriers

      Australia appeals to Europe over ABS retention rules

      The hard-line approach being taken by European regulators with regards to the 5% ABS issuer retentio...

  • Legislation and litigation

    • Trigger happy?

      CDO litigation risk likely to remain stable post-Goldman

      The US SEC's complaint against Goldman Sachs appears not to have sparked a dramatic increase in CDO...

  • CMBS

    • Lending alternatives

      REITs to benefit from NAIC reserve increase

      The proposal by the National Association of Insurance Commissioners (NAIC) to increase capital reser...

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• Market Reports

  • ABS

    • Holding tight

      US ABS market activity in the week to 27 April

      While spreads in the US ABS secondary market continue to tighten due to a lack of available bonds, i...

  • CLOs

    • Business as usual

      European CLO market activity to 23 April

      Trading levels and sentiment within the European secondary CLO market appear to have been unaffected...

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• News

  • ABS

    • Euro new issue pipeline builds

      Next month is - absent a macro shock - shaping up to be a post-crisis milestone...

  • CLOs

    • CLO managers continue to snap up CLOs

      Several CLO managers have benefitted from a strategy of investing in other CLO tranches over the pas...

  • Operations

    • Servicing, operational risk in Euro ABS highlighted

      The issue of servicing and operational risk in EMEA structured finance transactions is becoming incr...

  • Secondary markets

    • Strong interest anticipated for new CDO liquidations

      A number of ABS CDOs are due to be liquidated in the coming weeks, creating the la...

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• Talking Point

  • Legislation and litigation

    • Sound and fury

      Tales told, but little signified

      Much has already been written about the appearance of "Goldman Sachs" before the "Senate" in the 18...

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• Job Swaps

  • ABS

    • Guggenheim tapped for aviation securities team

      Jefferies has expanded its aviation team with the hire of Nolan Heske, James Palen and Evan Wallach...

  • • Asset securitisation head steps aside

      Michael Wade has left his post as Barclays Capital's Americas asset securitisation group head, and J...

  • • Advisory takes on SF staff

      Valentina Santo has joined StormHarbour Securities as a director, ABS/CLO sales and advisory. She pr...

  • • Yorkshire Bank SF official promoted

      Yorkshire Bank has promoted Roddy Kilpatrick to area director for its corporate and structured finan...

  • • ARS settlements completed

      FINRA says it has settled charges with HSBC Securities USA and US Bancorp Investments relating to th...

  • CDS

    • Research pact achieves 'important insights'

      Rand Merchant Bank (RMB) and Kamakura Corporation say they have achieved promising results from the...

  • CLO Managers

    • Fortress affiliate takes on eight CDOs

      RAIT Financial Trust is selling or delegating its collateral management rights and responsibilities...

  • CLOs

    • Manager swap for Euro CLOs

      Invesco Asset Management is set to take on collateral management duties for cashflow CLO Morgan Stan...

  • CMBS

    • CRE investments md hired

      NewOak Capital has appointed Carlos Vigon as CRE investments and services md. The firm says he will...

  • • Bronx suit seeks CMBS borrower liability

      A motion has been filed by Legal Services NYC-Bronx, on behalf of tenants living in a portfolio of t...

  • Distressed assets

    • European distressed trading head hired

      Deutsche Bank has appointed Stephen Byrne as European head of distressed trading. He will report to...

  • Emerging Markets

    • EM trade finance agreement signed

      IFC, a member of the World Bank Group, and Standard Chartered have signed an agreement for a US$1bn...

  • Investors

    • New hire to drive asset management activity

      David Leone has joined Newtek Asset Management as svp, responsible for expanding the firm's loan ser...

  • • Flagship fund improved for investors

      Alpstar Capital has launched the Alper European Credit Fund, which it says is a more mainstream and...

  • Listed products

    • Permacap tender offer launched

      GSO Capital Partners Employee Side by Side Fund and Miguel Ramos-Fuentenebro, md at GSO Capital, hav...

  • Operations

    • ISDA names new directors

      ISDA has elected four new members to its board of directors, three of whom are involved in the fixed...

  • Real Estate

    • CRE head steps down

      A spokesman for Deutsche Bank has confirmed that Douglas Smith, head of its CRE financing business i...

  • Regulation

    • Regulatory counsel appointed

      Crowell & Moring has appointed Mark Egert as corporate and financial services partner in its...

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• News Round-up

  • ABS

    • Central bank ABS activity analysed

      Central bank funding operations once again dominated securitisation markets in 2009. The ECB's ann...

  • • Euro ABS data requirements prepped

      The European Central Bank's governing council has confirmed that work will begin to establish loan-b...

  • • New aircraft leasing deal surfaces

      Air transport equipment renter Premier Aircraft Leasing (EXIM) 1 Limited is issuing US$188m secured...

  • • ARS debt exchange offers gaining viability

      Debt exchange offers appear to be gaining viability as a way to refinance auction rate debt, particu...

  • • Indian ABS retention requirements mandated

      The Reserve Bank of India has announced changes to its securitisation guidelines in line with the mo...

  • • Fitch addresses SEC disclosure amendment

      Fitch says it cannot rate a new structured finance security using its international credit rating sc...

  • • Greek bailout may bring ABS FX risk

      The secondary European ABS market appears to have been insulated from Greece's ongoing funding probl...

  • • Wells Fargo creates prime auto ABS indexes

      To assess the credit performance of prime auto ABS deals, analysts at Wells Fargo Securities have be...

  • • Auto ABS prepayments spike in April

      Most US auto loan ABS deals backed by prime borrowers showed a significant jump in prepayments in Ap...

  • • US credit card charge-off rate to peak in Q2

      Charge-offs on US credit cards increased marginally in March, finishing at 11.21%, just 13bp above t...

  • • Seasonal benefits fuel US auto ABS improvements

      US auto loan ABS experienced solid improvements in both delinquencies and annualised net losses (ANL...

  • • Shipping loan ABS criteria updated

      Moody's has completed its review of the methodology that it uses to rate and monitor ABS transaction...

  • CDO

    • Goldman's Tourre surprised over ACA

      In testimony on Capitol Hill yesterday (27 April), Goldman Sach's trader Fabrice Tourre said he was...

  • • Euro CDO outlook still negative

      The outlook for European structured credit transactions is still negative despite the pace of corpor...

  • CDPCs

    • CDPC rating criteria upgraded

      S&P is amending its methodology and assumptions for rating CDPCs, with most of the changes r...

  • CDS

    • JAL auction results published

      Markit and Creditex have announced the auction results for Japan Airlines Corporation credit default...

  • • California CDS trading volumes revealed

      California state treasurer Bill Lockyer has released data showing that since 2007 the top six fee ea...

  • • Results published for 2010 ISDA surveys

      ISDA has released the results from its 2010 year-end market survey of privately-negotiated derivativ...

  • • CDS spreads signal further euro pressure

      The CDS market expects Eurozone government funding pressures to intensify, pushing bond yields highe...

  • CLOs

    • Symphony CLO marketing

      Symphony CLO VII, which will be managed by Symphony Asset Management, is marketing via Bank of Ameri...

  • • Exit loans 'attractive candidates' for CLOs

      As the calendar for bankruptcy emergences becomes more visible, exit financing is tipped to be a maj...

  • CMBS

    • UK prime CMBS outlook improves

      A new Fitch EMEA CMBS report says the UK prime property market, primarily London office properties,...

  • • Japanese CMBS collateral prices 'as expected'

      Sale prices of collateral property backing Japanese CMBS have generally matched es...

  • • US CMBS loan defaults to top 11%

      US CMBS loan defaults will continue rising, with an additional 4.4% likely in 2010 and the overall r...

  • Ratings

    • Further downgrades for Greek deals

      Moody's has taken negative rating actions on 30 structured finance transactions backed by Greek asse...

  • • Global SF downgrades moderate

      Fitch says the number of negative structured finance (SF) rating actions in Q110 was lower than the...

  • • Fitch extends scope of SF IR stresses

      Fitch has broadened its recently-updated criteria for stressing interest rate risk with respect to e...

  • Regulation

    • Japanese law paints mixed ABS picture

      The Japanese government's proposals to mitigate some aspects of its revised Money Lending Business L...

  • RMBS

    • Redwood Trust RMBS deal prices

      The much-anticipated RMBS deal from Redwood Trust launched on 23 April. The US$222.378m offering, ca...

  • • PPIP portfolios analysed

      The Office of the Special Inspector General for the Troubled Asset Relief Program (SIG-TARP) last we...

  • • Non-agency RMBS remits surprise to the upside

      April non-agency RMBS remits surprised to the upside as net new delinquencies dropped and voluntary...

  • • US mortgage fraud continues to proliferate

      Reported mortgage fraud and misrepresentation by professionals in the US mortgage industry continues...

  • • EMEA RMBS to take time to improve

      There will be some delay to a general improvement in asset performance for EMEA RMBS, says Fitch, de...

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