Weekly Issue Archive »

Issue 189 - June 16th

• News Analysis

  • CDS

    • Sense and sensitivity

      CDS market trends indentified

      It remains possible to pin down the micro themes month to month in the CDS market, but volatility in...

  • Investors

    • Investor views

      Surveys show positive signs, but growth could be being stifled

      Two new surveys indicate that current investor views in the ABS and CLO sectors are primarily positi...

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• Market Reports

  • CMBS

    • Against the tide

      US CMBS spreads widen in face of improving fundamentals and tight new issue

      US CMBS spreads have widened over recent weeks on the back of equity market volatility, despite the...

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• News

  • ABS

    • ABS index plan sparks shorting fears

      Markit has announced that it plans to launch an iBoxx ABS index in Q310. The move has sparked concer...

  • CDO

    • Tail risks drive CSO valuation divergence

      CSO valuations appear to have decoupled and diverged in recent months, driven by the mixed to positi...

  • CLOs

    • CLO manager divergence to deepen

      The European CLO asset management industry will become more concentrated as investors selectively al...

  • CMBS

    • No single issuer CMBS expected for DDR

      After the six-month long process in dealing with the underwriters and Federal Reserve on its US$400m...

  • RMBS

    • Limited future for Euro RMBS?

      Mortgage credit across Europe could become further constrained or more expensive when government and...

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• Talking Point

  • CMBS

    • Changing times

      CMBS sees increasing mezzanine focus

      A mezzanine focus and a competing origination market is how market participants described the curren...

  • Secondary markets

    • Open to interpretation

      Searching for transparency and liquidity

      The twin themes of transparency and liquidity were reflected upon in many of the panels at this year...

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• Provider Profile

  • ABS

    • A benchmark solution

      Brian Upbin, director, index research, and David Tattan, vp, index and portfolio and risk solutions ...

      Q: How and when did Barclays Capital become involved in ABS indices? BU: Barclays Capital publish...

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• Job Swaps

  • ABS

    • Trio hired for SF strategy group

      BTIG has hired a further three people to its new structured finance analytics and strategy group, wh...

  • • New SF team formed

      Sandler O'Neill and Partners has hired Carlos Mendez to lead its newly created structured finance gr...

  • • Fresh wave of Stamford hires announced

      RBS Securities has made three additions to its MBS, CMBS and ABS strategy team within its global ban...

  • • European securitisation vet moves

       UBS Investment Bank has appointed Mark Graham as head of EMEA securitised products. He joi...

  • • South American expansion for Calypso

      Calypso Technology has entered into a value added reseller agreement with Fundação...

  • CDS

    • Matrix launches second UCITS III fund

      Matrix has launched its second UCITS III fund, hot on the heels of last month's Matrix Asia UCITS Fu...

  • CMBS

    • CRE finance team expands

      Guggenheim Securities has hired Robert Brennan and Anand Gajjar to its commercial real estate financ...

  • • Senior hire for CRE business

      Brian Clark has joined Clayton Holdings as senior md and business development officer for the compan...

  • • SF lawyer added to real estate practice

      Law firm Jones Day has hired Richard White to its Atlanta office as a partner in the real estate pra...

  • • CRE Finance Council president announced

      CRE Finance Council has announced the succession of Lisa Pendergast as president of the organisation...

  • Emerging Markets

    • Global EM products head appointed

      Sudip Thakor has changed roles within Credit Suisse, moving from the investment bank to the asset ma...

  • Legislation and litigation

    • Securities law counsel elected

      Richards, Layton & Finger has elected Weston Peterson to the position of counsel and Marcos...

  • RMBS

    • Broker hires former Bear Stearns MBS team

      Independent broker-dealer Braver Stern Securities has added five new MBS hires, who formerly worked...

  • • Five hired for fixed income expansion

      Janney Montgomery Scott has made five additions to its fixed income team. The new arrivals follow an...

  • Trading

    • Fixed income team expands into Europe

      Cantor Fitzgerald has expanded into the fixed income, ABS and structured credit markets in Europe, w...

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• News Round-up

  • ABS

    • Structured credit trading platform ready

      BNY Mellon has launched its real-time auction marketplace where buyers and sellers of fixed income s...

  • • TARP repayments exceed outstanding funds

      TARP repayments to taxpayers have, for the first time, surpassed the total amount of TARP funds outs...

  • • Relative value indicator introduced

      ABS analysts at Wells Fargo have introduced a relative value indicator (RVI), which is designed to b...

  • • Deposit set-off exposure mitigated

      The implementation of UK deposit protection later this year for eligible bank deposits on a gross, r...

  • • Dealer floorplan ABS to stabilise

      Fitch says that now US auto dealers are showing profits, the performance landscape is likely to impr...

  • • UK credit card performance 'mixed'

      The performance of UK credit card receivables was mixed in April 2010, according to Fitch, with the...

  • • Spanish SME delinquencies stabilise

      Spanish SME delinquencies recorded their lowest level in April since December 2008, according to a r...

  • Asia

    • Asian corporate default rate set for sharp drop

      The default rate among non-financial corporates in Asia Pacific ex-Japan will drop sharply in 2010,...

  • CDO

    • Investors beware junior note cancellations

      A recent decision by the Delaware Court of Chancery involving Concord Real Estate CDO 2006-1allowed...

  • • CRE CDO delinquencies continue to decline

      Delinquencies for US CREL CDOs again declined slightly last month as asset managers continue to both...

  • CDS

    • Equity tranches to see more protection buyers

      CDS market participants in Europe are slowly contemplating buying more protection on equity tranches...

  • • Succession events reviewed

      Credit Suisse has asked ISDA's EMEA Determinations Committee to determine whether a succession event...

  • • Call for new counterparty risk strategies

      Given the current environment of capital scarcity and increased volatility, firms should look to ach...

  • • CDS volumes outstanding decline

      The BIS Quarterly Review for June 2010 attributes the recent surge in volatility in global financial...

  • Clearing

    • ISDA says some derivatives not eligible for clearing

      In a statement following the release of the European Commission's consultation papers on OTC derivat...

  • CMBS

    • Full repayment likely for White Tower senior notes

      The execution of Carlyle Group's sales bid of about £700m for a group of six properties bac...

  • • Blue City tender offer completed

      Essdar Investments has completed its tender offer to acquire the class A floating rate senior secure...

  • • Mall Funding restructuring proposed

      A restructuring has been proposed for the Mall Funding CMBS, comprising: a three-year loan extension...

  • • FS2 uncertainty remains, despite Karstadt sale

      The announced sale of Karstadt has no immediate rating impact on Fleet Street Finance Two's (FS2) cl...

  • • Appraisal reductions continue for US CMBS

      May saw 251 US CMBS loans assigned first-time appraisal reductions, totalling almost US$3bn in face...

  • • CMBS buy-back results announced

      Land Securities has announced the results of its £300m tender offer for the Class A9 notes...

  • • CMBS rating actions revealed

      S&P has published a summary of the rating actions resulting from its review of conduit and f...

  • • US CMBS loan delinquencies keep increasing

      The US CMBS loan delinquency rate increased by 48bp to 7.5%, according to Moody's delinquency tracke...

  • • CMBS presales enhanced

      As new US structured finance transactions begin to emerge, Fitch says it has enhanced its presale re...

  • Regulation

    • Reg AB proposal prompts reporting enhancements

      BNY Mellon has introduced new modelling and reporting capabilities in response to the SEC's proposed...

  • RMBS

    • Ginnie Mae creates new MH MBS programme

      Ginnie Mae has created a new MBS programme for manufactured home loans. It is currently accepting ap...

  • • Debut RMBS for New Zealand lender

      NZF Group has launched its first RMBS, the NZ$100m NZF Mortgages Series 2010-1, via Westpac. The tra...

  • • US mortgage credit shows improvement

      While subprime delinquencies decreased and transition rates improved during May, prepayments have dr...

  • Technology

    • CVA, counterparty risk solutions launched

      Quantifi is set to enhance its existing software suite with the release of two new products R...

  • Whole business securitisations

    • Hybrid WBS closed

      Porterbrook Rail has closed a hybrid whole business securitisation. Porterbrook Rail Finance compris...

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