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Issue 192 - July 7th

• News Analysis

  • RMBS

    • Short sale flurry

      More selling to hurt bank junior RMBS holdings

      The holders of subordinate or junior bonds - large banks for the most part - hav...

  • ABS

    • Going green

      Securitisation to help fight carbon emissions

      The Green Investment Bank (GIB) Commission, set up by the UK government minister for climate change...

  • • Offshore interest

      Demand imbalance to continue for Australian international ABS

      The latest offshore Australian transactions - brought by Macquarie Leasing and Members Equ...

  • Insurance-linked securities

    • Two becomes one

      Cat bond closes with one tranche rather than the expected two

      The senior tranche of US hurricane catastrophe bond Shore Re has closed. However, the originally ant...

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• Market Reports

  • ABS

    • Pockets of activity

      European ABS and MBS seeing some trading, but still relatively quiet

      European ABS and MBS secondary markets are still seeing some pockets of activity, but overall remain...

  • CLOs

    • Slight return

      CLO BWIC trading up, but euro loans slowing

      CLO BWIC activity has seen some increase over the past week or so on both sides of the Atlantic, mos...

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• Talking Point

  • Secondary markets

    • Re-thinking valuation

      In the first in a series of articles on structured credit valuations, R2 Financial Technologies ceo ...

      Pricing models for structured credit securities have often been overly simplistic, with many institu...

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• Provider Profile

  • Secondary markets

    • Secret service

      Russel Parentela, md for BNY Mellon Structured Credit, answers SCI's questions

      Q: How and when did BNY Mellon become involved with Structured Credit Connection? A: Structured Cre...

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• Job Swaps

  • ABS

    • Illiquid asset advisory formed

      G2 Investment Group has entered into a strategic partnership with Asset Oversight Services (AOS), an...

  • • New corporate trust partner recruited

      Charles Dietzgen has joined Nixon Peabody's New York office as partner in its corporate trust and gl...

  • CDS

    • UK to house global CDS data

      The DTCC plans to establish a new European subsidiary. The DTCC Derivatives Repository will maintain...

  • • Asia Pacific credit structuring team expands

      Stefan Masuhr has joined RBS as head of credit structuring & repackaging, Asia Pacific, as t...

  • • Complex workout exposures transferred

      Natixis says it has sold most of the complex credit derivative exposure held in its structured credi...

  • • Derivatives and funds capability enhanced

      James Waddington has joined Dechert's London office as partner. He moves over from Orrick, Herringto...

  • CLOs

    • Investment manager adds investor relations md

      Steven Delarosa has joined Highland Capital Management as an md. He will be responsible for managing...

  • • Permacap name change voted in

      Carador shareholders approved during the company's recent AGM a change in its name to Carador Income...

  • RMBS

    • New Euro RMBS head named

      Alex Maddox will join Deutsche Bank in August as head of European RMBS. In this newly-created role,...

  • • Broker boosts MBS capabilities with acquisition

      Knight Capital has acquired Urban Financial Group to strengthen its institutional fixed income MBS d...

  • Trading

    • Broker launches advisor services platform

      Knight Capital Group has established Knight Advisor Services to provide fixed income sales, trading...

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• News Round-up

  • ABCP

    • ABCP settlement to boost investor protection

      The Autorité des Marchés Financiers (AMF) says it plans to use the C$72.8m settlem...

  • ABS

    • Associations blast safe harbour NPR

      The American Securitization Forum, the CRE Finance Council and SIFMA's Securitization Group...

  • • Euro stress tests to support the market

      CEBS is expected shortly to reveal the names of the European banks that have undergone the stress te...

  • • Sallie Mae brings SLABs deal

      SLM Corp has closed its US$1.7bn SLM Private Education Loan Trust 2010-C offering. Underwriters are...

  • • BoE survey points to stabilising performance

      The Bank of England's Q210 credit conditions survey suggests that UK consumer-backed assets, such as...

  • • UK credit card trusts to benefit from extended support

      MBNA has extended the use of the discount option of 5% for newly added receivables in its two UK cre...

  • • CARD Act to have little impact on ratings

      Fitch believes that new regulations restricting US credit card issuer fees are likely to reduce over...

  • • Credit card delinquencies reach 17-month low

      Fitch reports that US credit card ABS performance remains stable, with late stage delinquencies impr...

  • CDO

    • CDO recovery rate criteria updated

      Fitch has updated its global rating criteria for corporate debt-backed CDOs. The criteria report out...

  • • Revised criteria impacts Trups CDOs

      S&P has lowered its ratings on 63 tranches, with a total issuance amount of US$8.84bn, from...

  • CDS

    • Japan set for CDS clearing

      Japan Securities Clearing Corporation (JSCC) is to introduce a clearing function for OTC derivatives...

  • • Bankruptcy credit event determined

      ISDA's EMEA Determinations Committee has resolved that a bankruptcy credit event has occurred in res...

  • • OTC collateralisation best practices issued

      Best practices for the OTC derivatives collateral process have been published by ISDA. The collatera...

  • • Platform to increase OTC derivatives transparency

      In response to the prospect of increased OTC derivatives regulation, Bloomberg is offering a new val...

  • CLOs

    • Indian microfinance deal completed

      IFMR Capital has completed its second securitisation with Bengaluru-based microfinance institution,...

  • • Landmark CDO warning issued

      Moody's has downgraded the ratings of two tranches of notes issued by Landmark CDO. The rating agenc...

  • CMBS

    • US CMBS delinquency rate moderating?

      The delinquency rate for commercial real estate loans in US CMBS showed signs of moderating in June,...

  • • REIT refinances Grand Central Mall

      Glimcher Realty Trust has closed on a ten-year, US$45m mortgage loan secured by Grand Central Mall i...

  • • Euro CMBS servicers under increasing pressure

      Fitch says that European CMBS servicers will come under increasing pressure as the volume of loans r...

  • Constant Proportion technology

    • Short- and long-term CPDO risks assessed

      Moody's has taken various rating actions on five CPDO transactions, reflecting its latest assessment...

  • Emerging Markets

    • Aircraft sukuk prepped

      Nomura Holdings intends to issue a US$100m two-year sukuk. The bank has appointed Kuwait Finance Hou...

  • Regulation

    • Call for accounting boards to agree on fair value

      The proposals issued by FASB and IASB last week, aimed at converging rules for measuring fair value...

  • RMBS

    • Increased convexity demand in CMOs

      A drop off of interest-only and principal-only (IO/PO) bonds has occurred in new issue CMOs from the...

  • • FHFA releases GSE conservatorship rules

      The Federal Housing Finance Agency (FHFA) has proposed rules on the conservatorship and receivership...

  • • Alt-A transactions assessed

      Fitch has reviewed all its alt-A transactions and taken rating actions on 760 of them. Total average...

  • • Majority of non-bank Aussie RMBS remain unredeemed

      S&P observes that 13 out of the 51 outstanding Australian prime RMBS transactions backed by...

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• Research Notes

  • Ratings

    • The unrecognised and unaddressed ratings issue

      Malay Bansal, md at NewOak Capital, suggests that credit rating agencies' activities should be separ...

      The most important and the most basic issue related to ratings and rating agencies has not been reco...

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