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Issue196 - August 4th

• News Analysis

  • CMBS

    • CMBS strangle

      Private equity adds to servicing logjam

      Private equity firms' chokehold on CMBS special servicing is getting stronger. LNR Property Corp's recapitalisation last month highlights the increasing stream of private equity money flowing into the sector. But while it may temporarily pump up serv...

  • CDS

    • Switching to SEFs

      New OTC trading platforms could boost the CDS market

      The regulatory push taking place in the US has helped spawn the creation of a new electronic trading platform, which should be good news for CDS. A swap execution facility (SEF), called Javelin, is launching for OTC derivatives users who have to clea...

  • RMBS

    • Majeure concerns

      Fear of mass refinancing spooks agency MBS market

      Fear of mass government-sponsored refinancing in agency MBS spooked investors last week. With the market trading at a premium, bondholders could lose an estimated US$350bn if all agency borrowers refinanced into current mortgage rates. "The Fannie...

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• News

  • ABS

    • Feedback provided on Reg AB proposals

      The American Securitization Forum, CRE Finance Council and SIFMA have submitted letters to the US SEC, offering broad support for its proposals to increase transparency in the securitisation markets under Regulation AB (see seperate News Round-up sto...

  • • Securitisation included in UK government consultation

      The UK government has launched a consultation on financing a private sector recovery. Specifically,...

  • CMBS

    • Citi and GS CMBS deal to price tight

      A US$788.5m CMBS offering from Goldman Sachs and Citigroup is marketing at tight levels, leaving som...

  • • US CMBS loan modifications tracked

      MBS analysts at Barclays Capital have introduced a US CMBS Loan Modification Index to track modified...

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• Provider Profile

  • Technology

    • Data warehousing

      Greg Munves, vp at 1010data, answers SCI's questions

      Q: How and when did 1010data become involved in the financial markets? A: 1010data provides an anal...

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• Job Swaps

  • ABS

    • Partner strengthens NY, LatAm capabilities

      Ed De Sear has joined Allen & Overy as partner in its international capital markets group in...

  • • London partner adds to fixed income expertise

      David Eatough has joined DLA Piper as partner in its structured finance team in London. With experie...

  • • Funds and derivatives practice boosted

      Holland West has joined Dechert as partner in its financial services practice group in the New York...

  • • Corporate trust enhances SF team

      BNY Mellon Corporate Trust has appointed Richard Stanley and Debra Baker to oversee its structured f...

  • CDO

    • Uptick in CDO management transfers

      CDO manager transfer activity picked up over the last week, affecting 18 transactions. First, Cohe...

  • • Global CDO trading co-head named

      Jefferies has appointed Erez Biala as md and global co-head of CLO and CDO trading. He will partner...

  • CMBS

    • Investment manager buys into real estate venture

      Tetragon Financial Group (TFG) has entered into an agreement with John Carrafiell, Sonny Kalsi and F...

  • • CRE advisory adds svp

      Wayne Potters has joined RBS as svp for the firm's GBM Americas real estate advisory group. He is ba...

  • • CMSA-Japan follows suit

      CMSA-Japan has formally changed its name to Commercial Real Estate Finance Council Japan, aligning i...

  • Investors

    • REIT adds mortgage investments head

      American Capital Agency Management has appointed Christopher Kuehl as head of mortgage investments....

  • • Customised credit strategies group expands

      GSO Capital Partners has recruited John Cashwell and Eric Storch as mds and co-heads of institutiona...

  • Monolines

    • Monoline holdings sold

      PMI Mortgage Insurance Co has sold its equity ownership in FGIC Corporation. While the financial ter...

  • Ratings

    • Moody's says it has enough insurance

      Raymond McDaniel, chairman and ceo of Moody's Corporation, said on its 29 July conference call that...

  • RMBS

    • Misleading investors costs bank US$75m

      The US SEC has charged Citi with misleading investors about its exposure to subprime mortgage-relate...

  • Technology

    • IDC acquisition completed

      The acquisition of Interactive Data Corporation (IDC) by investment funds managed by Silver Lake and...

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• News Round-up

  • ABS

    • Euro repo haircuts raised

      The ECB last week raised the haircuts for repo lending, including ABS assets, from 12% to 1...

  • • AFME plea for a level ABS playing field

      In its response to the US SEC's proposed rule for revisions to Regulation AB, AFME says that the rul...

  • • Cabela's eyes more frequent securitisations

      Specialty retailer Cabela's is planning more securitisations this year, instead of its more typical...

  • • Another Wyndham ABS planned

      Wyndham Worldwide is planning another ABS transaction this autumn, which will likely be smaller than...

  • • Improving sukuk market still faces barriers

      An S&P report on the sukuk market says that global issuance in the sector exceeded US$13.7bn...

  • • DPR notes to be exchanged

      S&P has assigned preliminary triple-B ratings to Yapi Kredi Diversified Payment Rights Finan...

  • • Some AmeriCredit ABS tranches on upgrade review

      Moody's has placed on review for possible upgrade six tranches from two auto loan securitisations sp...

  • • Stable performance for trade receivables ABS

      According to S&P, the performance of European term trade receivables securitisations has rem...

  • • Credit card ABS performance improving

      Credit card charge-offs declined during the month of June, the third consecutive month, according to...

  • • Capital One's ABS on review for downgrade

      Moody's has placed on review for possible downgrade 47 classes of ABS issued out of the Capital One...

  • CDO

    • Trups CDO credit risk transferred

      Zions Bancorporation has entered into a total return swap and related interest rate swaps with Deuts...

  • CDS

    • Novation overhaul prepped

      ISDA is in the final stages of drafting the legal documentation for the Consent = Confirmation initi...

  • CMBS

    • Crown Castle deal adds to hybrid interest

      Crown Castle International is due with US$1.55bn of Senior Secured Tower Revenue Notes, which marks...

  • • CMBS model RFP released

      The National Association of Insurance Commissioners (NAIC) has released an RFP for a vendor to model...

  • • Bluebutton agreement positive for Broadgate Finance

      Bluebutton Properties, the joint venture between British Land and Blackstone, has signed a binding a...

  • • US CMBS loan defaults rising 'at record speeds'

      Fitch says that defaults on fixed-rate conduit US CMBS loans are continuing at record speeds. Cumu...

  • • All-time high for US CMBS delinquency rate

      The latest Trepp Delinquency Report highlights that although the overall US CMBS delinquency rate ro...

  • • Euro CMBS repayment index rises

      Fitch reports that European CMBS loans have seen an increase in repayment, with the agency's Maturit...

  • • Excess cashflow criteria confirmed for Japanese CMBS

      Fitch has clarified its methodology for calculating the credit that will be given to excess cashflow...

  • • Blue City CMBS downgraded

      Fitch has downgraded the class B notes of Blue City Investments 1 to single-C from triple-C and affi...

  • Distressed assets

    • Distressed exchanges lift recovery rates

      A Moody's review of nearly 60 US non-financial companies that have emerged from default since the tr...

  • RMBS

    • Good reception for FDIC RMBS

      The FDIC has closed on a US$471.3m securitisation backed by performing single-family mortgages from...

  • • Return of the agency MBS bank bid?

      Large commercial banks' agency MBS holdings increased by US$51.4bn in the past two weeks, according...

  • • Court rules out EOD for Eurosail

      The UK High Court has ruled that no event of default has occurred in Eurosail-UK 2007-3BL by reason...

  • • Chimera senior bond sales meeting robust demand

      Chimera Investment Corp said the triple A-rated bonds the company is selling are meeting robust dema...

  • • Agency MBS included in Fed repo transactions

      From this week, the Federal Reserve Bank of New York intends to conduct a series of small-scale, rea...

  • • UK RMBS ratings should remain robust

      Most ratings on UK non-conforming and prime RMBS transactions should remain robust in the face of fu...

  • Whole business securitisations

    • Dignity 'ripe' for a tap

      Credit analysts at RBS suggest that the Dignity whole business securitisation is "ripe for either a...

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• Research Notes

  • Trading

    • Trading ideas: steely nerves

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright long on...

      AK Steel reported strong second-quarter revenues last week, as sales more than doubled since their n...

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