Weekly Issue Archive »

Issue 187 - June 2nd

• News Analysis

  • Regulation

    • Fair value concerns

      FASB proposal to weigh on banks amid volatile markets

      The Financial Accounting Standards Board's (FASB) exposure draft that would require banks to mark fi...

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• Market Reports

  • ABS

    • Limited demand

      European ABS market activity in the week to 1 June

      Although European ABS had previously remained stable in the face of sovereign concerns, over the pas...

  • CMBS

    • Returning interest

      European CMBS market activity in the week to 27 May

      Although European CMBS markets have slowed due to eurozone contagion, the impact on pricing levels h...

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• News

  • ABS

    • BWIC trading stalls amid inventory rethink

      A growing percentage of BWIC lists that are making the rounds lately are not trading, say investors....

  • CDS

    • Macro concerns reflected in index-intrinsic basis

      Credit strategists at Barclays Capital have analysed the historical performance of both the CDX inde...

  • • 'Anatomy' of recent CDS sell-off analysed

      Based on a panel of more than 1000 European and US CDS names, credit strategists at Goldman Sachs ha...

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• Job Swaps

  • ABS

    • Veteran CMBS analyst recruited

      S&P has appointed Howard Esaki as md and head of its new global structured finance research...

  • • TD expects lower securitisation gains

      Toronto-Dominion Bank subsidiary TD Bank Financial Group says its securitisation gains will be lower...

  • CDS

    • Credit hedge fund adds five traders

      PVE Capital has added five new hires to its business on the back of growth in AUM and successful per...

  • • London finance partner hired

      Mayer Brown has hired Chris Arnold as a new finance partner in its London office to strengthen its d...

  • CLOs

    • Replacement CLO managers announced

      The replacement of three CLO managers has been announced. WestLB has resigned its position as inve...

  • Emerging Markets

    • EM veteran hired as co-head

      Gleacher & Company Securities has hired Harry Wool as md. Along with Peter Carril, who joine...

  • Investors

    • Asset management team gets private equity boost

      Rizvi Traverse Management and the management of Ziegler Capital Management (ZCM) have signed a unit...

  • RMBS

    • Strategic hires for alternative asset manager

      Structured Portfolio Management (SPM) has made four hires to expand its investment team. Mehdi Malak...

  • • Investment manager adds to MBS fund roster

      DoubleLine Funds Trust has launched an open-end mutual fund focusing on US government treasuries, ag...

  • • Securitisation director appointed

      Allonhill has hired former Fidelity Southern executive Kathy Ireland as securitisations director. Sh...

  • Trading

    • Credit trading business continues expansion

      Samantha Wessels has been appointed as md and senior credit analyst at Jefferies. She is based in Lo...

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• News Round-up

  • ABS

    • Poll predicts pain for sovereigns

      A Fitch survey of senior European fixed income investors, conducted before the recent EU/ECB/IMF sup...

  • • RFC issued on counterparty risk criteria change

      S&P is requesting comments on the proposed changes to its methodology and assumptions for as...

  • • Card charge-offs reach 'inflection point'

      Moody's reports that US credit card charge-offs declined month-over-month in April, finishing 30bp b...

  • • RFC issued on Australian servicing risk

      Moody's has published a report detailing its proposed approach to assessing servicing risk in struct...

  • • Auto RV risk approach explained

      Moody's has issued a new rating methodology report explaining its approach to rating UK auto lease s...

  • • SME ABS sweep shows significant stress

      Despite the number of transactions recently reviewed for possible downgrade and revised rating assum...

  • CDO

    • Spanish CDOs hit by sovereign downgrade

      Fitch downgraded 10 classes of CDO notes and affirmed 14 last week, following its downgrade of Spain...

  • • CDOROM v2.6 released

      Moody's has released an updated version of its CDO modelling tool CDOROM. The new v2.6 includes upda...

  • CDS

    • Report examines cost of derivatives reform

      Greenwich Associates has released a new report on derivatives reform, examining the consequences of...

  • • SN CDS clearing-eligibility to be assessed

      The DTCC has published data compiled from CDS trades registered in its Warehouse Trust Company at th...

  • • LCDX illiquidity drives underperformance

      Leveraged loans lost 2.63% last month (as at 26 May), albeit the asset class has been more resilient...

  • CLOs

    • CCP default guidelines published

      The European Association of Central Counterparty Clearing Houses (EACH) has published guideline defa...

  • • CLO haircut amended

      The ratings on the Neptuno CLO II deal will not be downgraded or withdrawn due to the issuer's entry...

  • CMBS

    • Multifamily housing deal in works

      A multifamily CMBS offering, which is considered a "baby CMBS deal" since it is backed by collateral...

  • • No rating impact for Tahiti restructuring

      Tahiti Finance's restructuring proposal, published on 27 May, will not have an immediate rating impa...

  • • 'Consistent' rise in CRE loan delinquencies

      Trepp's latest Monthly Delinquency Report indicates that the delinquency rate for commercial real es...

  • • Fleet Street 2 controlling creditor changed

      An appraisal reduction notice has been issued by UK CMBS Fleet Street 2, which is based on a revised...

  • • Strong Singaporean CMBS cashflow reported

      Singaporean CMBS transactions are enjoying strong cashflow from their underlying properties, accordi...

  • LSS

    • LSS note ratings raised

      S&P has raised its ratings for 11 spread-trigger leveraged super senior (LSS) notes and remo...

  • Real Estate

    • Distressed loan levels hamper stabilisation

      Lender Processing Services has released a mortgage monitor report suggesting that signs of stabilisa...

  • Regulation

    • Fair value accounting standards update proposed

      The FASB has issued an exposure draft of a proposed accounting standards update intended to improve...

  • RMBS

    • 'Credit burnout' to improve subprime forward defaults

      Subprime and Alt-A current to delinquent roll rates have improved substantially versus their peaks i...

  • • Increased verification requirements hit mod rates

      The number of newly started trial residential loan modifications dropped again in April to approxima...

  • • Fosse prices wide

      Santander's second Fosse issuance this year has priced - after a two-week delay - at significantly w...

  • • Continued support for Australian RMBS

      The Australian Office of Financial Management (AOFM) has issued a letter of support for the proposed...

  • • Ginnie Mae details pool programme changes

      Ginnie Mae released further details of the operational changes it is introducing to Ginnie II multip...

  • • Tougher approach brings re-REMIC rating stability

      Fitch says its rating stability for re-REMICs rated triple-A has improved significantly. After the m...

  • • Australian RMBS delinquencies rise in Q1

      The ability of Australian borrowers to repay their mortgages - as measured by delinquencie...

  • Technology

    • Loan analytics platform enhanced

      S&P has made changes to its structured finance and whole loan analytics platform, ABSXchange...

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• Research Notes

  • CDS

    • Trading idea: halitosis

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

      Halliburton's latest results show a change of tide with regards to its fundamentals. Cashflows, inte...

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