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Issue 188 - June 9th

• News Analysis

  • Clearing

    • Clearing consensus

      Pricing and liquidity concerns remain

      Market consensus finally appears to be forming around CDS central clearing, despite the lack of regu...

  • RMBS

    • Unclear outcome

      GSE uncertainty lurks, despite performance

      Despite hefty demand for MBS securities currently, much uncertainty still exists over what shape Fan...

  • Ratings

    • Business boost

      TALF helps rating agency gain market share

      DBRS is making inroads into the US ABS rating market, gaining market share as its competitors see le...

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• Market Reports

  • CLOs

    • Mixed messages

      Secondary CLO market activity wanes, but new deal prices

      Sovereign contagion continues to weigh heavily on the CLO market in both Europe and the US. Unsurpri...

  • RMBS

    • Weighed down

      Secondary and primary markets hindered by broader concerns

      US RMBS trading over the previous two weeks has remained quiet in the face of continued volatility i...

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• News

  • ABS

    • Private equity eyes timeshare securitisations

      Private equity funds are currently buying pools of timeshare loans, which could eventually be securi...

  • CDO

    • Moody's ceo says compensation not linked to deals

      Compensation at Moody's is not tied to the number of securities analysts rate, the number of compani...

  • CDS

    • Counterparty criteria to impact derivatives

      The biggest impact from S&P's proposed changes to its counterparty criteria is on securities...

  • CMBS

    • JPMorgan's CMBS comes tight for investors

      JPMorgan's US$716.3m CMBS offering - which marks the second CMBS transaction to come to ma...

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• Talking Point

  • Regulation

    • Waterfall transparency

      Tania Fago, senior product manager at Quantifi, comments on how the ABS market could benefit from in...

      On 7 April 2010 the SEC proposed rules to amend the offering process, as well as tighten the disclos...

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• Provider Profile

  • Trading

    • Navigating the post-crisis landscape

      Evan Schwartzberg, head of sales and trading, and Mathew Van Alstyne, head of research at Odeon Capi...

      Q: How and when did Odeon Capital Group become involved in the structured finance market? MVA: Odeo...

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• Job Swaps

  • ABS

    • ASF examines regulation, makes appointments

      The American Securitization Forum (ASF) met yesterday (8 June) to discuss regulatory issues facing U...

  • CDO

    • Merger results in CDO manager transfer

      BNP Paribas Asset Management (BNP) has succeeded Fortis Investment Management France (Fortis) as por...

  • CDS

    • Former Lehman team reassembles

      G2 Capital Markets, a subsidiary of G2 Investment Group, has acquired the former Lehman Brothers' pr...

  • • Five hires to credit sales, trading teams

      RBS Securities has expanded its US flow credit sales and trading teams within its global banking and...

  • • Head of global credit strategy hired

      BNP Paribas Asset Management has hired Martin Fridson as global credit strategist. Fridson is a high...

  • CLOs

    • Changes to permacap's operations proposed

      Permacap vehicle Carador is set to propose a number of changes to its operations at its 30 June AGM....

  • Investors

    • Credit business expands in new direction

      BlueBay Asset Management has hired Mark Dowding to lead the development of a European government bon...

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• News Round-up

  • ABS

    • Private placements keep Euro ABS ticking over

      Five European deals closed over the last week, but they were either privately-placed, retained or re...

  • • CESR warned over ABS trade dissemination

      The Association for Financial Markets in Europe (AFME), the British Bankers' Association (BBA) and I...

  • • Indian retention requirements proposed

      The Reserve Bank of India has published draft guidelines on minimum holding periods and minimum rete...

  • • Impact of cajas consolidation unclear

      ABS analysts at Bank of America Merrill Lynch anticipate the impact on Spanish ABS of consolidation...

  • • EU CRA proposals gather momentum

      The European Commission (EC) has put forward amendments to the EU rules on credit rating agencies (C...

  • • Hydrocarbon royalties deal marketing

      A US$150m Argentinean oil and gas royalties securitisation is marketing. Moody's has assigned provis...

  • • Student loan ARS tenders gather pace

      The Student Loan Consolidation Center Student Loan Trust I (SLCC I) has commenced a cash tender offe...

  • • Tighter controls required to reduce reporting errors

      A number of reporting errors have been made in Asia ex-Japan by originators and servicers regarding...

  • • Euro ABS surveillance platform prepped

      Markit and Cairn Capital are to launch the Markit ABS Performance Monitor platform. This service wil...

  • CDO

    • Monoline commutes remaining ABS CDOs

      Ambac Financial Group has commuted all its remaining US$16.4bn of ABS CDO exposure. The commutation...

  • • Small business methodology scrutinised

      A number of updates are being considered to the methodologies and assumptions S&P uses to ra...

  • • Moody's launches structured credit publication

      Moody's has launched a new quarterly newsletter called Structured Credit Perspectives. The publicati...

  • CDS

    • Call for limiting leverage in muni CDS

      California state treasurer Bill Lockyer has called for the adoption of federal and international rul...

  • • Ambac CDS settle lower than expected

      The final results of Ambac Assurance Corp's CDS credit event auction were released on 4 June. The in...

  • • Call for quicker European CDS action

      A joint two-page letter has been sent by French President Nicolas Sarkozy and German Chancellor Ange...

  • • Subprime prices rise to 18-month high

      Fitch Solutions reports that US subprime CDS prices have increased to levels not reached since Decem...

  • • Global CDS liquidity declines

      Fitch Solutions says global CDS liquidity declined in the past two weeks, partly due to short tradin...

  • • Troubled companies index deteriorates

      The Kamakura index of troubled public companies deteriorated significantly in May after improving in...

  • CLOs

    • Second Indian MFI CLO closes

      IFMR Capital has concluded a R339m multi-originator micro-loan securitisation with three Indian micr...

  • • Further CLO upgrades expected

      Moody's has followed S&P's lead in reversing its earlier downgrades of US CLO tranches, acco...

  • CMBS

    • Freddie targets affordable properties for securitisation

      Freddie Mac hopes to add targeted affordable properties to the growing list of financing products el...

  • • CMBS loss severities soar

      The inventory of US CMBS loans in special servicing is at an all-time high and likely to tread highe...

  • RMBS

    • GSE buyout impact normalising

      ABS analysts at Bank of America Merrill Lynch forecast Gold 30-year prepayment speeds to increase by...

  • • IOS relative value analysed

      In a recent examination of valuations across the Markit IOS index stack, ABS analysts at Barclays Ca...

  • • May remits show continued non-agency improvements

      May remits indicate that current-to-delinquent rolls continue to improve across the non-agency RMBS...

  • • Data providers link up in RMBS

      CreditHorizons for Securities, which delivers Experian's consumer credit information for non-agency...

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