Weekly Issue Archive »

Issue 185 - May 19th

• News Analysis

  • Trading

    • Options open

      Volatility hedges return to popularity

      Amid the climb to recovery away from the credit crisis, CDS index option plays are proving increasin...

  • Legislation and litigation

    • Limited fallout?

      Plaintiffs to 'slipstream' behind SEC CDO probes

      As the US SEC expands its complex securities probe on Wall Street, the regulator's publicly-confront...

  • Insurance-linked securities

    • Pension interest

      New investors looking at cat bonds as deals keep rolling in

      The bevy of catastrophe bond offerings that have come to market recently are garnering interest from...

  • Regulation

    • Regulatory review

      Hurdles exist on way to Basel finish line

      The Basel Committee on Banking Supervision expects to issue a fully calibrated set of changes to its...

  • Distressed assets

    • Advantage Asia

      Distressed opportunities in an evolving landscape

      The distressed structured credit space has evolved dramatically over the past year, which saw a gene...

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• Market Reports

  • CLOs

    • Bouncing back

      European CLO market activity in the week to 13 May

      The European CLO market is showing positive signs of recovery this week, following its dramatic reac...

  • CMBS

    • Volatility persists

      The US CMBS market in the week to 17 May 2010

      The US CMBS market continued to feel the effects of sovereign events in Europe over the last week, w...

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• News

  • CDS

    • BaFin bans 'naked' sovereign CDS

      In a move that has been described by analysts as "spectacularly ill-timed and poorly detailed", the...

  • CLOs

    • Latin CLO interest stirs

      As private equity shops in the US help give some life to the CLO new issue queue, those in Latin Ame...

  • • Primus in discussions over new CLO

      Primus Asset Management (PAM) is considering launching a new CLO, according to Thomas Jasper, ceo of...

  • RMBS

    • European extension risk concerns reignited

      The non-call of CRSM 8 by First Active/Ulster Bank, although widely expected, represents the first f...

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• Job Swaps

  • ABS

    • Bank adds to cross asset solutions group

      SG has hired George Skelton as director in its cross asset solutions group in New York. Skelton will...

  • • Fixed income macro strategist hired

      Thomas Fahey has joined Loomis, Sayles & Company's fixed income group as senior global macro...

  • • Restructuring focus prompts hire

      Clifford Chance has hired Rick Antonoff as a partner, providing extra depth to its US financial rest...

  • • Law firm hires for financial services expansion

      Eversheds has appointed Steven Geerlings and Paul-Michael Rebus as the law firm enhances its city ba...

  • • Structured finance partner hired

      Carter Ledyard & Milburn has hired David Fernandez as partner. Fernandez will work from the...

  • Asia

    • Indian global markets head appointed

      Nomura Services India, based in Powai, Mumbai, has hired Anita Yadav as md and head of its global ma...

  • CDO

    • CDO managers sign sub-advisory pact

      Pemba Credit Advisers has signed a sub-advisory agreement with Pramerica Fixed Income for five of it...

  • CDS

    • EM md hired

      Credit Suisse has appointed Stewart Whitehead as emerging markets md in charge of flow credit tradin...

  • • Credit index trader appointed

      Citi has hired Haider Ali to its London office to trade credit indices. He joins from BNP Paribas, w...

  • • Bank expands credit team

      Deutsche Bank is expanding its global credit trading and institutional client groups with five new s...

  • • US credit strategy team expanded

      RBS has expanded its US credit strategy team with the appointments of Edward Marrinan, Ian Jaffe and...

  • CLOs

    • High yield team off to Pacific

      Pacific Income Advisers (PIA) has completed a lift-out of the entire Grandview Capital Management in...

  • • Project finance team expands

      Dexia has built up its London project finance origination team with a number of recent appointments....

  • Investors

    • IG credit platform launched

      IMC asset management (IMCam) has hired a team of senior investment professionals as it launches an i...

  • • Permacap buyback results announced

      GSO Capital Partners Employee Side by Side Fund and GSO Capital md Miguel Ramos-Fuentenebro have ann...

  • • Investment manager acquisition agreed

      Terms have been agreed for Man Group's acquisition of GLG Partners, which will create a diversified...

  • Real Estate

    • B-note servicing team expands

      Hatfield Philips International has doubled the size of its recently-launched B note team. The team w...

  • • Californian real estate vp named

      Franklin Templeton Real Estate Advisors (FTREA) has hired Julie Rost as private real estate vp. She...

  • • White House staffer joins CRE Council

      The CRE Finance Council (formerly CMSA) has hired Michael Flood as policy and research vp. He joins...

  • RMBS

    • Usury lawsuits to set precedent?

      A number of class-action lawsuits are underway in the US against RMBS trusts for alleged usurious lo...

  • Technology

    • Portfolio construction platform planned

      Cutwater Asset Management and Calypso Technology are to work together to build a unique asset/liabil...

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• News Round-up

  • ABS

    • BoE's DWF consultative paper analysed

      The deadline for submitting comments on the Bank of England's consultative paper entitled 'Extending...

  • • Fundamental improvement' for US credit card ABS

      Major bank credit card ABS trust collateral performance for the April collection period was mixed, a...

  • • Student loan ARS buyback announced

      Nelnet has commenced a fixed price cash tender offer for its outstanding senior auction rate student...

  • • Deterioration continues for SA securitisation

      The performance of the South African auto loan ABS and RMBS markets continued to deteriorate in Q110...

  • • Japanese ABS asset performance fairly stable

      The performance of asset classes backing Japanese ABS (excluding consumer finance ABS) has been fair...

  • CDO

    • Zero recovery rate expected for bank Trups

      S&P has published its revised assumptions for US bank trust preferred securities in Trups CD...

  • • Risk asset removal impacts CRE CDOs

      The removal of credit risk assets by asset managers resulted in lower US CREL CDO delinquencies last...

  • • Trups CDO default rates pass 13%

      Default rates on US bank Trups CDOs eclipsed the 13% mark, with the addition of 11 new bank defaults...

  • • Muni CDO rating process reviewed

      S&P says it is undertaking a review of the assumptions and methodologies it uses to assign r...

  • CDS

    • CDS spreads finally tighten

      Fitch Solutions' weekly risk and performance monitor reports that global CDS spreads came in for the...

  • • Prices rebound for most subprime vintages

      Fitch Solutions' latest RMBS CDS indices results show US subprime prices continuing a significant re...

  • CLOs

    • Apollo cashflow CLO priced

      The ALM Loan Funding 2010-1 cashflow CLO from Apollo Credit Management priced yesterday (18 May) via...

  • • US CLO OC performance analysed

      Structured credit analysts at JPMorgan have surveyed historical OC performance trends from senior (A...

  • • Cashflow, hybrid CLO review concludes

      S&P has finished reviewing US cashflow and hybrid CLO transactions after completing cashflow...

  • CMBS

    • Fleet Street Two downgraded again

      Moody's has further downgraded the class A CMBS notes of Fleet Street Finance Two to Baa2 from A3 an...

  • • CMBS review results published

      S&P's review of European CMBS, begun in May 2009 and covering €120bn across 188 tr...

  • • Sainsbury's CMBS ratings impacted

      S&P has affirmed and subsequently withdrawn its credit ratings for the Highbury Finance and...

  • • US CMBS delinquencies continue climbing

      The delinquency rate on loans included in US CMBS increased by 60bp in April to 7.02%, according to...

  • Legislation and litigation

    • Senate passes rating agency amendment

      US Senator Al Franken's amendment to create a ratings board to be overseen by the SEC passed in the...

  • Ratings

    • Most ratings improve, sovereigns still pressured

      Fitch says credit ratings for most sectors are stabilising, with high grade sovereigns and structure...

  • • Decisions made on Greek ratings

      S&P has lowered to single-A its credit ratings on all Greek securitisation notes previously...

  • Regulation

    • Call to move forward 'carefully' with regulatory reform

      Stephen Green, chair of the Institute of International Finance's (IIF) Steering Committee on Regulat...

  • RMBS

    • New IOS, PO indices offered

      Markit has launched three additional Markit IOS sub-indices: the IOS.FN30.550.08 - 5.5% co...

  • • FGIC expands exchange offer

      Sharps SP I has reported the initial results of its offer to exchange RMBS and ABS insured by FGIC....

  • • RMBS default forecasts soar

      Structured finance market participants are becoming more similar in their outlook and more concerned...

  • • Waterfall payment error corrected

      A regulatory filing on Kion Mortgage Finance has highlighted an error in the waterfall payments for...

  • Technology

    • Malaysian agency to market evaluated pricing service

      Interactive Data Corporation's pricing and reference data business has signed an agreement with Bond...

  • • Risk management platform upgraded

      Kamakura Corporation has sent out a Kamakura Risk Manager (KRM) upgrade to its clients. KRM version...

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