Weekly Issue Archive »

Issue 194 - July 21st

• News Analysis

  • ABS

    • Auction fears

      NextStudent liquidation likely to come up short

      The first-ever liquidation of a student loan ABS is due today, 21 July. However, holders of...

  • • Sukuk potential

      Islamic finance ready for new style of issuance

      The sukuk market is seen as having huge potential if it can be tapped correctly. Indeed, Islamic fin...

  • Ratings

    • Ratings reliance

      Staffing developments indicate continued life for the credit rating model

      In the last week Kroll Bond Ratings announced its senior management team, while Jefferies named its...

  • CMBS

    • Regeneration required

      Changes necessary to see new issuance of Euro CMBS

      After a difficult couple of years for European CMBS, another daunting stretch extends before it. If...

  • Regulation

    • Regulatory push

      Solvency II to drive more ILS transactions, but could hit use of CLOs

      What is widely believed to be the last remaining test of Solvency II, the fifth quantitative impact...

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• Market Reports

  • RMBS

    • True sale

      US RMBS market absorbs SIV bid lists

      The central focus of the US RMBS market over last week was two bid lists from liquidating S...

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• News

  • CDO

    • Goldman settles Abacus case

      Goldman Sachs has settled with the US SEC over charges that it misled investors in the Abacus 2007-A...

  • Ratings

    • Plans to introduce SF rating identifier confirmed

      Fitch, Moody's and DBRS have confirmed that they will introduce a structured finance rating...

  • Real Estate

    • Pair of FDIC structured transactions close

      The FDIC has closed on two sales of 40% equity interests in two limited liability companies...

  • RMBS

    • Russian RMBS rated amid stabilising arrears

      Loans originated by Russia's Agency for Housing Mortgage Lending (AHML) have been used to back a R13...

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• Job Swaps

  • ABS

    • New rating agency team takes shape

      Kroll Bond Ratings has revealed the members of its senior management team. Ceo and chairman Jules Kr...

  • • Sales and trading platform expands

      RBS Securities has expanded its MBS & ABS sales and trading teams within its global banking...

  • • New fixed income head appointed

      Threadneedle has appointed Jim Cielinski as head of its fixed income desk. He will join the company...

  • • Structured products head resurfaces

      Jeffrey Mayer has been appointed head of global markets for North America at Deutsche Bank, managing...

  • • SEC staffs up in ABS disclosure, rulemaking

      The US SEC has appointed Paula Dubberly as deputy director for policy and capital markets in its cor...

  • • Permacap progresses with ABS purchase plan

      Queen's Walk Investment Ltd (QWIL) reports in its interim management statement for the period from 3...

  • • Latin American practice adds ABS counsel

      Alejandro Landa has joined law firm Chadbourne & Parke as counsel in its Mexico City office....

  • • Partner added in New York

      Emil Arca has joined Hogan Lovells as partner and will be based in the New York office. Most recen...

  • CDO

    • Further Callidus deal transferred

      GSO/Blackstone Debt Funds Management will replace Callidus Capital Management as collateral manager...

  • • Summary judgment entered against REIT

      NorthStar Realty Finance Corp has disclosed that the judge presiding over a lawsuit involving two of...

  • CDS

    • South Asian capital markets head named

      Pankaj Vaish has joined Citi as head of markets for India, Bangladesh and Sri Lanka. He will be resp...

  • • Structured credit exec promoted

      BNY Mellon has appointed Patrick Tadie as global business head for the company's Derivatives360(SM)...

  • CLOs

    • Manager hands over its CLOs

      Ares Management has replaced Navigare Partners as collateral manager for two CLOs. Navigare has tran...

  • CMBS

    • New York CMBS md recruited

      Bank of America has appointed George Kok as md, responsible for conduit lending in New York. He will...

  • • New cio to expand CRE investment footprint

      Cole Real Estate Investments has appointed Robert Micera as cio for its office and industrial platfo...

  • Investors

    • President appointed for debt investment group

      Gordon Brothers Group has appointed Judy Mencher as president of its debt investment group. Based in...

  • Monolines

    • Monoline completes remediation plan

      Syncora Guarantee has completed its remediation plan to meet its minimum statutory policyholder surp...

  • Ratings

    • Ratings advisory md named

      Paul Sandoli has joined Jefferies as md and head of its ratings advisory group, in a further expansi...

  • Real Estate

    • US real estate group leader hired

      Douglas Wisner has joined Clifford Chance as partner in the New York office and will lead the firm's...

  • Regulation

    • Goldman says some of Basel 3 'not workable'

      While it is too early to discuss all of the possible changes that could still take place on the regu...

  • RMBS

    • Amended Countrywide complaint filed

      Cohen Milstein Sellers & Toll has filed an amended consolidated class action complaint in it...

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• News Round-up

  • ABS

    • Fed survey shows increased ABS funding demand

      The US Fed has released its findings from the inaugural June 2010 Senior Credit Officer Opinion Surv...

  • • BoE updates on ABS transparency initiative

      The Bank of England has updated the market on its initiative to require greater information transpar...

  • • Few more FFELP securitisations could be on tap

      A couple more loan securisations under the Federal Family Education Loan Program (FFELP) are likely...

  • • RFC issued on Canadian rating oversight

      The Canadian Securities Administrators (CSA) has published for comment its proposed National Instrum...

  • • TALF credit protection reduced in line with outstandings

      The Federal Reserve Board says it agrees with the US Treasury that it's appropriate to reduce the cr...

  • • Greek downgrades begin

      Moody's has concluded its rating review of 25 Greek structured finance transactions, which resulted...

  • • APAC asset performance stabilising

      Fitch reports that a total of 16 Asia-Pacific structured finance tranches were downgraded during the...

  • CDO

    • CDO auction details emerge

      Details of the portfolios to be liquidated in next week's Ridgeway Court Funding I and Millstone IV...

  • • RFC issued on synthetic tranche recovery metrics

      S&P is requesting feedback on a proposed set of supplementary analytics that is intended to...

  • • Repurchases driving CRE CDO delinquencies

      According to Fitch's latest US CREL CDOs delinquency index results, delinquencies rose last month du...

  • • Trups CDO defaults continue to increase

      According to Fitch's latest default and deferral indices for the sector, three new bank defaults fro...

  • • Euro CDO credit quality decline decelerates

      The decline in portfolio credit quality for European synthetic CDOs has slowed over the past year, a...

  • CDS

    • Auction results released, succession event mulled

      The CDS auction for Truvo Subsidiary Corp occurred on 15 July. The final price remained unchanged fr...

  • • OTC standardisation, reporting consultations launched

      CESR has launched two consultations on OTC derivatives and announced a public hearing on the consult...

  • • CDS spreads reflecting credit quality distinctions

      According to Fitch Solutions' latest earnings commentary, rising CDS spreads are forcing the market...

  • CLOs

    • Middle market CLO completed

      Golub Capital has closed what is believed to be the largest CLO backed primarily by middle-market lo...

  • • UK SME CLO closes

      Lloyds TSB has priced its Sandown Gold SME CLO, following a last-minute amendment to the structure....

  • • CLO tranche recovery framework completed

      S&P has completed its framework for estimating recoveries on CLO tranches under various econ...

  • CMBS

    • CMBS loan, note maturity extensions approved

      The Mall Funding 1 restructuring proposal has been approved by noteholders (see SCI issue 189). Unde...

  • • Diverging recovery in commercial sector

      While most vacancy rates in the commercial real estate sector continued to rise due to the poor abso...

  • • Japanese CMBS defaults rising

      Fitch reports that the number and balance of defaulted loans backing Fitch-rated Japanese CMBS conti...

  • • 'Calm' Euro CMBS sector may be short-lived

      The relative calm experienced in the European CMBS sector during June may be short-lived, a...

  • Indices

    • Consumer credit default rates decline

      Data through to June 2010 for the S&P/Experian Consumer Credit Default Indices indicate that...

  • Investors

    • Property derivatives valuations service launched

      Northern Trust has introduced a daily independent valuations service for complex OTC property deriva...

  • Ratings

    • Wind farm securitisation downgraded

      Fitch has downgraded CRC Breeze Finance's (Breeze Two) €258.4m class A notes to double-B m...

  • Real Estate

    • US CRE prices rise for second month

      Moody's/REAL Commercial Property Price Indices indicate that US commercial real estate prices increa...

  • Regulation

    • Basel reforms progress

      The Basel Committee on Banking Supervision says it has developed concrete recommendations for comple...

  • RMBS

    • CWHEL trade touted

      Odeon Capital Group has released a primer on the Countrywide Revolving Home Equity Loan Shelf (CWHEL...

  • • Agency MBS best practice guidelines mooted

      The New York Fed's Treasury Market Practices Group (TMPG) has made available for review a new set of...

  • • UK master trust review completed

      Following a performance review, Fitch has affirmed 10 UK RMBS master trust programmes, but has also...

  • • Eurosail deals on review pending hearing

      Fitch has placed the senior A1 to A2 notes of Eurosail-UK 2007-3 BL on rating watch negative (RWN),...

  • • Negative outlook for Irish RMBS market

      According to the latest sector indices published by Moody's, Irish RMBS delinquencies have constantl...

  • • Stable outlook for German, Dutch deals

      Moody's has recently changed its performance outlooks for German auto ABS, SME ABS, RMBS and Dutch R...

  • • Greek mortgage loss assumptions updated

      Fitch has updated its criteria for assessing credit risk in Greek prime residential mortgage loans t...

  • Whole business securitisations

    • Unique pricing 'looks attractive'

      With operating performance expected to bottom out in 2011, pricing on the Enterprise debentures and...

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• Research Notes

  • ABS

    • Retention requirements for ABS - part 2

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

      US initiativesThe Financial Reform Bill Both the US House of Representatives and the US Senate have...

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