Weekly Issue Archive »

Issue 186 - May 26th

• News Analysis

  • ABS

    • Gaining traction

      Specialty finance firms eye ABS return

      Specialty finance firms like Consumer Portfolio Services (CPS) are among a group of niche companies...

  • Insurance-linked securities

    • Smooth-ish progress

      Final pre-hurricane season cat bonds line up

      The last three catastrophe bond deals of the 2010 pre-hurricane season have all progressed relativel...

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• Market Reports

  • ABS

    • Decreased liquidity

      US ABS market activity in the week to 24 May 2010

      Despite the initial belief that the US ABS market might remain relatively immune to the current euro...

  • RMBS

    • Wait-and-see attitude

      European RMBS market activity in the weeks to 20 May

      Since a dramatic market spike two weeks ago the European RMBS market has seen something of a recover...

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• News

  • ABS

    • Senior auto ABS thrives, but subs feel contagion

      A slew of auto ABS deals managed to get done in Q1 and so far in Q2, including those with subordinat...

  • • New Euro MMF rules to impact ABS demand

      CESR has released guidelines on European money market fund ABS investments, which require the use of...

  • CLOs

    • 'Buy' recommendations for CLO permacaps

      Liberum Capital's latest Alternatives Daily publication compares the performance of the Carador, Tet...

  • CMBS

    • UK CMBS borrower difficulties highlighted

      Fitch says that the results of the 2009 De Montfort UK commercial property lending market study high...

  • RMBS

    • Currency reallocation impacting MBS valuations, risk

      The flow of funds out of the euro and other currencies into the US dollar has quickened two importan...

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• Job Swaps

  • ABS

    • Securitisation, equity investment completed

      First Capital has completed two transactions as it moves to increase lending to small and mid-sized...

  • • New hire to build SF analytics and strategy team

      Dan Castro has left his role as chief risk officer at Huxley Capital Management to join BTIG in New...

  • • Asset finance co-head appointed

      Michael Wade will join Credit Suisse this summer as md and co-head of asset finance in the bank's gl...

  • • Euro ABS sales desk expands

      Citi has expanded its European ABS sales desk with the hire of Marissa Harris from Nomura Holdings....

  • • SF partner joins executive committee

      Sidley Austin has added Myles Pollin to its executive committee, which exercises general authority o...

  • CDS

    • CDS trader joins DB

      Deutsche Bank has hired Bob Keller as an md in global credit trading within its global markets divis...

  • CMBS

    • Senior hire for due diligence team

      Allonhill has hired Ross Gammill to serve as director of its new commercial due diligence offering....

  • Investors

    • Special situations fund launched

      Nuveen Investments has launched the Nuveen Symphony Credit Opportunities Fund. The new fund will lev...

  • RMBS

    • MBS vet to lead FI group

      Amherst Securities Group has hired Dan Hoffman as head of sales. He will be based in New York and ma...

  • Trading

    • Hedge fund adds three credit traders

      BlueCrest Capital Management has hired three new credit traders for its multi-strategy credit fund....

  • • BNPP reorganises fixed income

      BNP Paribas has reorganised the senior management within its fixed income business. The move include...

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• News Round-up

  • ABCP

    • Ocala Funding mired in another court ruling

      A recent Eleventh Circuit Court of Appeals ruling - that the broad statutory receivership...

  • • MAV II offers good risk/return

      Structured credit strategists at Citi have found that the single-A rated Master Asset Vehicle II (MA...

  • ABS

    • UK credit card, non-prime deals marketing

      The European primary ABS market received a boost last week when details of new credit card and non-p...

  • • Mixed reception for financial reform

      The financial reforms passed in the US Senate last week have had a mixed reception from industry tra...

  • • DPR notes extended

      The Series 2008-1 notes issued by International Diversified Payment Rights Company, a Cayman Island...

  • • Equipment leasing and finance confidence up

      Confidence in the equipment finance market rose over the past three months, according to the Equipme...

  • • Thai political turmoil to impact ABS performance

      The recent political turmoil in Thailand will likely impact the performance of credit card and auto...

  • • US prime auto loan ABS delinquencies decline

      A 30% decline in delinquencies and losses on US prime auto loan ABS through the first four months of...

  • • Australian ABS remains robust

      Australian ABS is experiencing a limited rating impact from the softening in economic and industry c...

  • CDO

    • Trups tender offer improved, lawsuit launched

      BankAtlantic Bancorp has extended the expiration time and increased the purchase price of its offer...

  • • Nine SF CDOs liquidated

      Moody's has downgraded the ratings of 13 tranches from nine US structured finance CDOs that have exp...

  • CDS

    • CESR calls for urgent legislative reform

      CESR reports that dialogue between its members has been intensified, in order to assess if any furth...

  • • Broad agreement on derivatives regulation

      A research report commissioned by BNY Mellon and the TABB Group has found that regulators and indust...

  • • Contagion concerns spark sovereign CDS divergence

      Emerging market sovereign CDS liquidity continued to outpace that for developed market sovereigns in...

  • • Automated OTC processes gaining traction

      OpenLink Financial has surveyed senior operations professionals at investment firms involved in OTC...

  • CLOs

    • European CLO OC performance lags US

      Structured credit analysts at JPMorgan have released a report that surveys OC performance across Eur...

  • CMBS

    • Creative CMBS workout strategies emerging

      A rapid increase in specially serviced US CMBS loans has brought the volume to approximately 5000 lo...

  • • CMBS loan restructurings to increase

      With many EMEA sponsors having insufficient equity to support their loans, CMBS loan and transaction...

  • • Loan impairments likely in Japan CMBS

      Loans that remain unresolved for a prolonged period have an increased likelihood of impairment, acco...

  • Operations

    • Court ruling sparks concern over 'Shariah risk'

      Moody's has examined Shariah risk linked to Islamic financial instruments after a UK court decision...

  • • Partnership to drive LINC initiative

      S&P Valuation and Risk Strategies has partnered with financial services technology provider,...

  • Ratings

    • US, Euro CRA regime compatibility examined

      CESR has issued a document that examines the equivalence between the US legal and supervisory framew...

  • • Ratings unaffected by counterparty change

      Moody's says that the replacement of the swap counterparty for the outstanding euro-denominated note...

  • • SF performance improves in first quarter

      European SF transaction performance improved slightly in Q110, despite difficult economic conditions...

  • • Japanese synthetics upgraded

      S&P has raised its ratings on eight tranches relating to six Japanese synthetic CDO transact...

  • • US CDOs downgraded

      S&P has lowered its ratings on 26 tranches from six US cashflow and hybrid CDO transactions...

  • Real Estate

    • FDIC closes fourth structured note sale

      The FDIC has closed its fourth sale of structured notes, which are backed by commercial real estate...

  • • US CRE price decline slows

      US CRE prices declined by 0.5% in March, according to Moody's commercial property price index. This...

  • • Dutch housing market shows signs of recovery

      Recent data on the Dutch housing market indicate that it may be starting to emerge from the difficul...

  • Regulation

    • SEC issues offshore exemption for 17g-5

      The US SEC has published an order granting temporary conditional exemption until 2 December 2010 for...

  • RMBS

    • ABX remittances show mixed results

      May ABX remittance reports show mixed CDR performance and a drop in delinquencies. Furthermore, ABS...

  • • Enforcement clarification expected for Eurosail

      A legal clarification is expected in the coming weeks that could allow enforcement in Eurosail deals...

  • • Sponsor continues to support RMBS redemptions

      Lloyds is understood to have made significant refinancing contributions to its Pendeford and Arkle R...

  • • South African RMBS refinanced

      Fitch has assigned final national ratings and loss severity ratings to Nqaba Finance 1's additional...

  • • Sharp rise in Japanese RMBS repurchase rates

      The repurchase rate for asset classes backing Japanese RMBS has risen sharply, according to a recent...

  • • Losses continue for prime Irish RMBS

      Delinquencies continued to increase in Irish prime RMBS transactions in March, says Moody's in its l...

  • • Analytics providers team up

      S&P's valuation and risk strategies group will offer new investor analytics for US RMBS usin...

  • SIVs

    • SIV hybrid senior notes downgraded

      Moody's has downgraded US$2.5bn notes issued by AEGON Global Institutional Markets' (AGIM) Secured E...

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• Research Notes

  • Trading

    • Trading ideas: no flow

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright short o...

      Louisiana-Pacific reported disappointing earnings earlier this month. Revenue growth was anaemic at...

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