Weekly Issue Archive »

Issue 193 - July 14th

• News Analysis

  • CMBS

    • Delaying disaster?

      Euro CMBS turns to extensions in face of due debt

      The slumbering European CMBS market is waking up to a nightmare scenario, with tens of billions of e...

  • CDS

    • Index growth

      Tradable sector CDS interest stirs

      A growing interest in using sector CDS indices for hedging purposes is stirring among institutional...

  • ABS

    • Stressing out

      Euro stress-test credibility questioned

      CEBS released further information on the EU-wide stress tests on 7 July. While some believe the exer...

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• Market Reports

  • ABS

    • Firming up

      US ABS markets seeing uptick in activity and tightening spreads

      The US consumer ABS secondary market saw something of a revival last week post the 4 July holiday, e...

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• News

  • ABS

    • Landmark Islamic securitisations emerge

      Two innovative sukuk came to the market this week. Cagamas Berhad launched its new Islamic CP and MT...

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• Provider Profile

  • Advisory

    • Hedge hunting

      Ari Bergmann, principal at Penso Advisors, answers SCI's questions

      Q: How and when did Penso Advisors become involved in the business of systemic risk management? A:...

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• Job Swaps

  • ABS

    • US syndicate head hired

      Brian Wiele has joined Barclays Capital as md and head of US securitisation syndicate. Wiele will be...

  • • Firm seeks Brazilian securitisation presence

      Chadbourne & Parke plans to increase its Latin American presence by opening a new office in...

  • Advisory

    • Boutique adds two mds

      Vincent Lima has joined Moelis & Company as md, together with Joseph Simon who joins as md a...

  • • Advisory firm appoints restructuring md

      Frank Jung has joined Hawkpoint's Frankfurt office as md, where he will lead the firm's German restr...

  • CDO

    • CDO manager launches mis-selling suit

      Cambridge Place Investment Management (CPIM) is suing 15 investment banks in the Massachusetts court...

  • • New evp for advisory arm

      Kristofer Kraus has joined PIMCO's New York office as evp, where he will be responsible for new busi...

  • • Replacement ceo for investment advisors

      Prytania Investment Advisors ceo Malcolm Perry is returning to live and work in Australia. He has be...

  • • CRE CDO management rights acquired

      CapitalSource has delegated the collateral management and special servicing rights in the CapitalSou...

  • CDS

    • Long/short credit fund launched

      LBBW and Universal Investment have joined forces to launch a long/short absolute return credit fund....

  • • Research house hires derivatives director

      Sean Owens has joined Woodbine Associates as director, fixed income and derivatives. He will focus o...

  • • Credit fund wins strategic investment

      SkyBridge Capital is to make a strategic investment in Viathon Capital's Whitewater long/short credi...

  • • Credit head moves over to commodities

      Richard Giles, GFI Group's UK head of credit, has been appointed md and head of the firm's commoditi...

  • • Syncora Master Agreement amended

      Syncora Guarantee Inc (SGI) has entered into a second waiver and amendment to the Master Transaction...

  • • Euro OTC trade repository discussed

      OTC post-trade services and data provider Xtrakter is entering into consultation with members of its...

  • • ICE passes US$10trn in CDS clearing

      ICE reports that cumulative gross notional value cleared by its CDS clearinghouses surpassed US$10tr...

  • CLOs

    • New replacement recovery manager for PREPS CLOs

      Fitch says there is no rating impact on the PREPS series of CLOs from the appointment of CorpRec Adv...

  • CMBS

    • Trading division adds CMBS team

      Macquarie Group's fixed income, currencies & commodities group has expanded its credit tradi...

  • • New CMBS md named

      Kara McShane has joined Wells Fargo as md, responsible for leading CMBS transactions to market, as w...

  • • Real estate partners recruited

      Eric Schwartz has joined Ranieri Real Estate as president and founding partner, together with Imran...

  • • New investment manager proposed for flexible CMBS

      A change in investment manager from F&C Investment Business to Ignis Investment Services has...

  • • German 'bad bank' established

      Hypo Real Estate Group has established a 'bad bank' called FMS Wertmanagement. Non-strategic assets...

  • • CMSA-Europe adopts name-change

      CMSA-Europe has changed its name to Commercial Real Estate Finance Council Europe, aligning itself w...

  • Distressed assets

    • Capital solutions fund closes

      GSO Capital Partners has closed its Capital Solutions Fund with total commitments of over US$3.25bn....

  • Legislation and litigation

    • 'Toxic mortgage-linked' class action to proceed in part

      The US District Court for the Southern District of New York has ruled that a consolidated amended cl...

  • RMBS

    • Mezz finance house hires in securitisation

      Stacey Rector has joined Patriot Capital as an associate. Most recently, she worked for Banc of Amer...

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• News Round-up

  • ABS

    • 'Many' deals would fulfil 10% retention requirement

      The current European primary market is characterised by many deals that would fulfil the 10% retenti...

  • • Interest deferrals expected on Spanish SME deals

      According to the latest sector indices published by Moody's, weighted-average 90- to 360-day delinqu...

  • • Improved performance for UK credit cards

      Fitch says the performance of UK credit card receivables improved in May 2010, with further reductio...

  • CDO

    • Municipal CDO marketed

      BB&T Capital Markets is in the market with a cashflow muni CDO - the US$391.68m Cu...

  • • Senior ABS CDO notes hit

      Moody's has downgraded the rating of 79 classes of notes issued by 42 ABS CDOs. The rating actions a...

  • CDS

    • Long mezz risk touted as recovery trade

      Structured credit strategists at Morgan Stanley review correlation performance themes of the last si...

  • • Eurozone CDS market confidence returning

      Fitch Solutions says that average CDS liquidity for developed market sovereigns has continued to dec...

  • • Positive momentum for subprime price index

      The latest Fitch US subprime price index results suggest that the positive momentum seen in May cont...

  • • CDS liquidity scores enhanced

      Fitch Solutions' CDS Liquidity Scores now provide CDS contract-level liquidity measures, in addition...

  • CLOs

    • Loan weakness reflected in CLO prices

      Babson Capital Management points out in its latest quarterly newsletter that - unlike in p...

  • • Euro CLOs show signs of stability

      Fitch says the pace of defaults and negative credit migration within European CLO portfolios is slow...

  • CMBS

    • Tension in CMBS regulatory reform outlined

      A draft Commercial Real Estate Finance Council document entitled 'Best Practices for CMBS Restart' i...

  • • Euro CMBS bondholder communication tool launched

      Savills Capital Advisors and Giltspur Capital have launched a new database for bondholders in Europe...

  • • White Tower 06-3 portfolios acquired

      The Carlyle Group has exchanged contracts for the acquisition of six landmark central London propert...

  • • Small rise for US CMBS delinquencies

      According to Moody's delinquency tracker (DQT), the delinquency rate on loans included in US CMBS in...

  • LCDS

    • ELCDS credit event called

      Markit iTraxx LevX index dealers have voted to conduct a credit event auction to facilitate the sett...

  • Regulation

    • Fair value feedback provided

      ISDA has commented on the IASB's exposure draft 'Fair Value Option for Financial Liabilities' (see S...

  • RMBS

    • Private-label MBS subpoenas issued

      The FHFA has issued 64 subpoenas to various entities, seeking documents related to private-label MBS...

  • • GSE prepayment speeds expected to increase

      Aggregate fixed rate prepayments for 30-year Fannie Mae and Freddie Mac mortgages respectively fell...

  • • Advances made in mortgage valuations

      Integrated Asset Services has released a new report on the state of the mortgage servicing industry....

  • • Milestone call for Aussie lender

      Pepper Australia has acquired a portfolio of residential mortgage loans from Permanent Custodians in...

  • • Dutch private placement completed

      AEGON has completed the sale of €1bn triple-A rated RMBS in a private placement with insti...

  • • High Court to rule on RMBS EOD

      The Trustee of Eurosail UK 2007-3BL is seeking directions from the High Court as to whether an event...

  • • Aire Valley ratings on review

      S&P has placed on credit watch negative its long-term credit ratings on all the notes rated...

  • • US prime RMBS delinquencies rising

      Fitch's latest performance metrics show that US prime RMBS serious delinquencies have risen for the...

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• Research Notes

  • Regulation

    • Retention requirements for ABS - part 1

      In the first article of a two-part series, Paul Hastings partners Charles Roberts, Conor Downey, Ron...

      While there has been some improvement in at least certain areas of the financial markets, the ABS ma...

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