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Issue 191 - June 30th

• News Analysis

  • Alternative assets

    • Trups warfare

      Bank issuers face stiff buyback opposition from investors

      Banks are locked in conflict with investors in CDOs that pool their Trups as they seek to buy the se...

  • Investors

    • Holding up

      Change in approach for credit hedge funds

      May's 'flash crash' appears to have precipitated a switch in approach for many credit hedge funds. W...

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• Market Reports

  • ABS

    • Still sidelined

      Low volumes and wider ABS/MBS spreads causing some pain

      Low trading levels and wide spreads continue to characterise the European ABS markets. Those involve...

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• News

  • ABS

    • Latest Aussie deals tap US dollar demand

      Two Australian transactions are currently marketing, each with US dollar-denominated tranches &#...

  • CDPCs

    • Primus portfolio quality 'surprising'

      Primus Financial last week publically released details of its credit swap portfolio. The quality of...

  • CDS

    • Dodd/Frank legislation could hinder US CDS

      With CDS volumes already dwindling, the latest initiative by members of a House and Senate conferenc...

  • CMBS

    • US conduit CMBS loan payoffs examined

      Just short of US$11bn in US conduit CMBS loans reached their expected payoff date by the end of May,...

  • • Pair of unusual Euro CMBS proposals emerge

      Two unusual proposals have emerged in the European CMBS market over the past week. The sponsor of RE...

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• Talking Point

  • Regulation

    • Concerns continue

      Risk retention no solution for ABS

      The Senate and House bill requirements for securitisers to retain 5% of the credit risk from pools o...

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• Job Swaps

  • Advisory

    • Boutique lands senior advisor

      Richard Atterbury has joined structured finance boutique AgFe in a senior advisory capacity. He was...

  • CDO

    • Manager change for ABS CDO

      Moody's says the change of collateral manager for Parkridge Lane Structured Finance Special Opportun...

  • • Veteran to head up global sales

      Aladdin Capital Holdings has hired Keith Innes as global head of sales. He will be based in Stamford...

  • CDS

    • IDBs settle CDS pricing manipulation charge

      FINRA has imposed fines totalling US$4.3m against Phoenix Derivatives Group of New York and eight br...

  • • Co-head of credit to join ex-colleague

      Investec Asset Management's global co-head of credit, Jeffrey Burch, will leave the firm at the end...

  • • Global credit strategy head hired

      BNP Paribas has hired Robert McAdie to fill the newly-created post of global head of credit research...

  • • Asian fixed income duo hired

      Crédit Agricole CIB has hired two sales and trading personnel to its fixed income markets t...

  • • Derivatives partner recruited

      Robert McLaughlin has joined Fried, Frank, Harris, Shriver & Jacobson as a partner in its as...

  • CLOs

    • Leveraged finance director appointed

      GE Capital has hired Dan Matthews as executive director of its European leveraged finance unit. Matt...

  • CMBS

    • CRE advisory relationship agreed

      Sorin Capital Management and HFF Securities are joining forces in a strategic advisory relationship...

  • • Midwest CRE markets leader hired

      A10 Capital has hired Greg Cazel as evp, leading the firm's US Midwest markets division. Cazel was m...

  • • Strategic link-up for distressed CMBS

      1st Service Solutions has linked up with Reznick Restructuring Solutions (RRS) to provide CMBS loan...

  • • German CMBS debt assumed

      Corestate Group has announced its acquisition of a €160m residential and commercial real e...

  • RMBS

    • REIT reveals RMBS investment plans

      Chimera Investment Corporation has priced an underwritten public offering of 100 million shares of i...

  • Trading

    • Boutique adds three in sales

      The PrinceRidge Group has hired three new team members to its structured products desk in the firm's...

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• News Round-up

  • ABS

    • 1st Financial plans another ABS foray

      An ABS deal is in the planning stages for 1st Financial Bank USA for November, marking its second of...

  • • CarMax outlines issuance strategy

      Consumer demand for autos is just not back to where it was pre-recession since there is still a lot...

  • • Pair of German auto ABS surface

      A couple of German auto ABS transactions hit the market last week. FCE Bank's €502.75m Glo...

  • • Student Loan Corp due with FFELP deal

      Student Loan Corporation is due with a FFELP offering. It is expected to be rated triple-A by Fitch....

  • • Santander's auto loan purchase 'credit positive'

      Santander Consumer USA has agreed to purchase US$3.2bn in auto loans from CitiFinancial and to servi...

  • • US credit card performance improvement continues

      Moody's says US credit card charge-offs declined for the second consecutive month in May, finishing...

  • • Application of structured finance identifier outlined

      S&P has announced the categories of debt instruments whose ratings will have a structured fi...

  • • FFELP student loan ratings reviewed

      Fitch is to review its ratings on US FFELP student loan ABS bonds, including subordinated bonds, and...

  • • Greek review parameters updated

      After the recent downgrade of the government's bond rating to Ba1, Moody's is reviewing the increase...

  • • Korean ABS, Singaporean CMBS outlooks stable

      Moody's is changing its sector outlooks for Korean credit card ABS and Singaporean CMBS to stable. T...

  • CDO

    • CDOs land additional appraisal firm

      The indentures of Fortress Credit Funding III and IV have been amended to allow Deloitte Financial A...

  • • CRE CDO upgraded on correction

      Moody's has upgraded five classes of notes issued by G-Star 2002-1, due to a correction in the input...

  • • Criteria update prompts CRE CDO review

      S&P has placed 47 ratings from 12 US cashflow CRE CDO transactions and 106 ratings from 46 U...

  • • Defaults, deferrals prompt Trups CDO downgrades

      The ratings of 12 Trups CDO transactions - Alesco Preferred Funding VII, VIII, XI, XIV and...

  • CDS

    • Guidelines released for tackling 'moral hazard' risks

      Financial Stability Board (FSB) chairman Mario Draghi has told the G20 leaders that good progress ha...

  • • ABX remittances show improvement

      The June ABX remittance report indicates that CDRs are generally declining as timelines extend. The...

  • • New CDS sector indices launched

      S&P has launched a series of CDS sector indices, which seek to track the credit default swap...

  • • Trading revenues rebound in second-strongest quarter

      The US Office of the Comptroller of the Currency (OCC) reports that bank trading revenues in the fir...

  • • France, Greece push sovereign CDS wider

      Global CDS spreads are widening once more, says Fitch Solutions. Sovereigns are leading the trend by...

  • CLOs

    • US CLO default rates continue to decline

      US CLO default rates continue to retreat very rapidly. Principal-weighted LTM defaults were at 4.64%...

  • CMBS

    • CRE reform provisions finalised

      The House-Senate Conference Committee on financial reform legislation has finalised several provisio...

  • • Fourth Tesco CMBS marketing

      Goldman Sachs and HSBC are in the market with Tesco's latest CMBS. Moody's, S&P and...

  • • Balloon risk remains key for German MFH CMBS

      Fitch says balloon risk remains the key risk for large German multifamily housing (MFH) CMBS transac...

  • Ratings

    • Mid-year outlook released for US SF

      S&P has published its mid-year outlook for the US structured finance market. The rating agen...

  • • IO, prepayment tranche ratings withdrawn

      Fitch has withdrawn the ratings of 91 European structured finance interest-only and prepayment tranc...

  • RMBS

    • Fed's coupon swap gives lift to 4.5s

      The Federal Reserve Bank of New York Open Market Trading Desk has commenced a limited amount of agen...

  • • Fannie Mae gets tougher on borrowers

      In a new policy change announced on 23 June, Fannie Mae says defaulting borrowers who walk away &...

  • • HAMP trial modification backlog eases

      New HAMP trial modifications started in May declined by 36% from April to just 30,000 borrowers, acc...

  • • Freddie Mac buyouts expected to pick up

      Freddie Mac's end-of-May delinquency rates suggest that roll rates and delinquency buyouts are likel...

  • • US RMBS cashflow analysis criteria updated

      Fitch has published an updated US RMBS cashflow analysis criteria report. Cashflow modelling criteri...

  • • French mortgage loss assumptions revised

      Fitch has updated its rating criteria assumptions for assessing credit risk in French prime resident...

  • Secondary markets

    • RFC issued on enhanced fair value proposal

      IASB has published for public comment further enhancements to a disclosure proposal on Level 3 fair...

  • SIVs

    • SIV outlooks revised following error

      S&P has revised its outlooks on its issuer credit ratings on four Citibank-sponsored SIVs: B...

  • Technology

    • Evaluated price offerings expanded

      Interactive Data has broadened its evaluated pricing offerings for clients. Enhancements include new...

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