Issue 184 - May 12th
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News Analysis
- CLOs
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Power shift
Senior CLO investors seek more control
A power shift appears to be taking place within the CLO investor space. Whereas equity investors hav...
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- CMBS
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Tug of war
Servicers and CMBS holders agree to disagree
The tug of war that exists between commercial mortgage servicers and CMBS bondholders in the US has...
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- Regulation
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Lingering concerns
FDIC strikes middle ground with approvals
The FDIC approved two motions at its board meeting yesterday (11 May) that attempt to reform current...
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Help or hindrance?
Market participants divided over SEC rule 17g-5
The US SEC's rule 17g-5 has been met with compliance on the part of rating agencies (SCI passim). Ho...
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- CLOs
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Market Reports
- ABS
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Heads in the sand
European ABS market activity in the week to 6 May
The European ABS market over the past week has experienced a significant decrease in trading activit...
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- CLOs
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Temporary pause
US CLO market activity in the week to 10 May
The US CLO market has proven not to be immune to the effects of sovereign contagion - spre...
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- ABS
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News
- ABS
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BoA back in league with upsized card deal
Bank of America Merrill Lynch's upsized credit card offering signals that the bank is back in the mi...
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- CLOs
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Cash CLO pricing model proposed
Ex-Lehman Brothers analysts Yadong Li and Ziyu Zheng have published a paper proposing a top-down pri...
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- Insurance-linked securities
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Pre-hurricane season rush continues
Details of two more potential new catastrophe bonds have emerged over the past week, as price guidan...
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- RMBS
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Fed said to explore portfolio sale options
The US Fed has reportedly been in contact with broker-dealers to gauge the potential impact of selli...
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- Secondary markets
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Investors react to sovereign concerns
Eurozone sovereign contagion concerns finally took their toll on the ABS and CDO markets late last w...
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- ABS
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Job Swaps
- ABS
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Law firm bolsters global presence
Global offshore law firm Walkers has made a series of appointments to strengthen its Hong Kong and J...
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Aviation practice takes off with new hire
Elizabeth Evans has joined Jones Day as banking and finance partner in the law firm's New York offic...
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- CDS
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Bank bolsters US credit trading desk
BNP Paribas has made further credit trading appointments at its New York office. Matt Reid is joinin...
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Credit trader finds new home
Iftikhar Ali has joined Millennium Capital Partners in London. Millennium Management confirms that h...
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Bank beefs up in Euro credit sales
Morgan Stanley has made a string of hires for its European credit sales and trading business. The ba...
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Credit structurer appointed
RBS has appointed Gary Davis as md in its credit and rates structuring team within its global bankin...
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New head of credit strategy hired
Alan Capper has been appointed md and head of credit strategy at Lloyds TSB Corporate Markets. It is...
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Asset manager co-founder steps back
Nigel Legge has stepped down from his role as ceo of Liontrust Asset Management and will remain as a...
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- CLO Managers
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Euro CLO manager resigns
Natixis, the European collateral manager on Marquette US/European CLO, has tendered its resignation....
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- CLOs
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Manager adds to MSIM CDO roster
The appointment of Invesco Senior Secured Management as the replacement collateral manager for Morga...
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- CMBS
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Mortgage REIT adds structurer
Robert Restrick has joined CreXus Investment Corp. He will be responsible for the structuring and pl...
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Old hands to provide fresh drive
Four industry veterans have left Cushman & Wakefield to lead Jones Lang LaSalle's New York c...
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New additions to form capital markets practice
Mark Weibel has joined law firm Thompson & Knight's Dallas office as a partner and is joined...
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- Investors
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Asia Pacific hires continue apace
Babson Capital Management has hired Sue-Ellen O'Keeffe in a sales and investor relations role, as th...
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Another BarCap credit strategist moves on
Ashish Shah has left Barclays Capital just days after replacing Robert McAdie, who resigned as Europ...
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Asset manager names new recruits
Matrix Group's asset management business has hired Chris Beament as business development manager and...
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- Legislation and litigation
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CPDO coding error resurfaces
Moody's disclosed in its latest quarterly 10-Q filing that on 18 March it received a Wells Notice fr...
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- RMBS
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Data service adds MBS analyst
BlackBox Logic has hired Cory Lambert as senior MBS analyst. The data aggregation company says he wi...
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Loan servicing firm adds svp
Rudy Orman has joined Residential Credit Solutions as a director and svp, responsible for marketing...
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- ABS
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News Round-up
- ABS
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Structured credit trading platform prepped
BNY Mellon is preparing a new electronic trading platform called Structured Credit Connections. The...
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ECB extends liquidity, SF pressures remain
The announcement by the European Central Bank (ECB) that it will extend its non-standard liquidity m...
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Portuguese banks stockpiling assets
Portuguese structured finance transactions have seen increasing signs of declining performance that...
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RFC out on assessing operational risk
Moody's is asking market participants to comment on its proposed approach to assessing operational r...
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Basis risk impacts student loan ABS
US FFELP student loan ABS is being exposed to significant short-term volatility by basis risk, says...
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Cash release mechanism amended for card ABS
Shinhan Card Co has amended the cash release mechanism from the portfolio yield reserve account on t...
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Timeshare ABS delinquencies fall
Total US timeshare ABS delinquencies slipped in Q110, according to Fitch's ABS timeshare index. The...
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UK credit card performance 'mixed'
Fitch says the performance of UK credit card trusts showed a mixed trend in Q110. Quarter-on-quarter...
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- CDO
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CDO Evaluator error expunged
S&P has released version 5.1 of its CDO Evaluator credit model, correcting an error in the o...
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- CDS
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Peripheral CDS pushed to new highs
CDS levels on 5 May reflected the widespread unease surrounding the Greek bailout. Greek five-year C...
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Positive convexity trades to hedge contagion risk
Sovereign fundamentals point to a prolonged high-volatility environment rather than a quick resoluti...
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DTCC moves to provide greater transparency
The DTCC has expanded its public release of data in the Trade Information Warehouse's global reposit...
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Succession events determined
A couple of succession events have been determined by ISDA's American Determinations Committee. Firs...
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CCP, trade repository recommendations issued
The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the Internatio...
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CDS notionals down 9%
The total notional amount of outstanding OTC derivatives increased by 2% in H209 to US$615trn, accor...
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Second RFC issued on California CDS
California state treasurer Bill Lockyer has sent a follow-up request for information on muni CDS tra...
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Euro volatility drives global CDS widening
The Euro zone's ongoing fiscal problems resulted in a weekly widening of global CDS spreads not seen...
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OTC valuation costs analysed
A new Celent study, entitled 'Optimising the OTC Pricing and Valuation Infrastructure', has uncovere...
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- CLOs
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MV CLO gets additional flexibility
Shiprock Finance SPC, acting on behalf of and for the account of market value CLO SF-3 Segregated Po...
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Most MV CLOs avoided default
Moody's says events of default (EODs) were avoided by the vast majority of market value CLOs, despit...
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- CMBS
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Survey finds US CRE outlook improving
Results from a DLA Piper survey suggest that the US CRE industry remains largely bearish, although t...
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Broadgate Financing hit by development proposal
Moody's and S&P have taken rating actions on the junior CMBS notes issued by Broadgate Finan...
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EOD for Taurus 4 loan
Investors in UK CMBS Taurus 4 have been notified that the £170m St Katherine's Dock loan re...
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Singapore CMBS liquidity issue resolved
Moody's has today confirmed the triple-A rating on the €186.2m CMBS notes issued by Orion...
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Special servicers put brakes on delinquency rise
Fitch reports that US CMBS delinquencies rose by 34bp to 7.48% in April because of underperforming p...
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Japanese CRE picture improving
Moody's says that although the Japanese CMBS loan default rate has risen since last year, Y260bn of...
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- Real Estate
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Defeasance note-backed deal rated
Deutsche Bank has closed an unusual real estate-related securitisation, backed by three defeasance n...
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- Regulation
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Financial liability accounting changes proposed
Following the completion of work on the classification and measurement of financial assets, the IASB...
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- RMBS
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Agency MBS prepays meet expectations
April agency RMBS prepayment rates generally met market expectations, according to MBS analysts at W...
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NC RMBS arrears improvement slows
Arrears levels in UK non-conforming RMBS transactions are not declining as quickly as in 2009, accor...
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Alt-A RMBS delinquencies declining
Fitch says serious delinquencies for US Alt-A RMBS declined for the first time in four years, while...
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Partnership to provide SF analysis platform
FinCap Financial Services - Computech Corporation and CapitalFusionPartners' joint venture...
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RMBS data product launches
Experian has launched CreditHorizons for Securities, a data-feed product to help determine the credi...
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- SIVs
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Ratings-linked SIV obligations downgraded
Moody's has downgraded the senior obligations of the Harrier Finance Funding and Carrera Capital SIV...
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- ABS
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Research Notes
- Trading
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Trading ideas: un-reach for yield
Tim Backshall, chief strategist at Credit Derivatives Research, looks at a HY-IG decompression pairs...
The liquidity-fuelled rally of the last fifteen months appears to be stalling as expectations of a l...
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- Trading
 
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