Weekly Issue Archive »

Issue 199 - 8th September

• News Analysis

  • Investors

    • Pushing the envelope

      Wake-up call for CDO equity investors

      The failure to replace the collateral manager on Flatiron CLO 2003-1 and 2004-1 last month (see last issue) highlights the potential for conflicts of interest to arise between equity investors and CDO managers. It has underlined the importance of equ...

  • ABS

    • Primary positives

      Healthy outlook for European new issuance

      The successful pricing of Santander's Fosse Master Issuer 2010-4 RMBS has been taken as a positive sign for European primary ABS issuance. Public placement of the deal with a number of different investors indicates that the market could finally be mo...

  • RMBS

    • Revitalising Russian RMBS

      State support helps securitisation market get back on track

      The Russian RMBS market is showing signs of life, spurred on by the government. Programmes launched by the Agency for Housing Mortgage Lending (AHML) and the state development bank VEB (Vnesheconombank) to help originating banks are providing a welco...

  • CLO Managers

    • Limited opportunity

      CDO management contracts continue to trade well

      Prices for CDO management contracts continue to trade well. The window of opportunity will only last as long as the new issue CDO market remains broken, however. Matt Natcharian, head of structured credit investing for Babson Capital Management, co...

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• News

  • CLOs

    • CLO equity investor boost?

      CDO analysts at Wells Fargo don't expect the US CLO primary market to return in scale until at least...

  • Insurance-linked securities

    • Reinsurance pricing weighs on ILS recovery

      The ILS market appears to be regaining its confidence following the effective closure it experienced between late 2008 and mid-2009, according to S&P. However, the rating agency believes that pricing levels for traditional reinsurance and ILS...

  • Regulation

    • Compensation reform well under way

      Significant progress has been made in improving compensation policies and practices, according to an...

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• Job Swaps

  • ABS

    • Middle-market broker-dealer minted

      Cortview Capital Securities has commenced business operations, having received a US$125m capital com...

  • • Regulation vet joins advisory team

      Link Financial Group has appointed Marco Angheben as project director in its advisory team. The rece...

  • • Capital markets partner recruited

      Elana Hahn has joined Morrison & Foerster's capital markets group as partner in its London o...

  • • Partners added to investment funds group

      Dechert has appointed Achim Pütz as partner in its financial services and investment manage...

  • CDO

    • Investment manager names new SF head

      AXA Investment Managers has appointed Laurent Gueunier as head of structured finance. He will report...

  • CDS

    • Bank strengthens Euro HY trading

      Deutsche Bank has made two key hires to strengthen its high yield trading business in Europe. Andrew...

  • • IDB promotes Asia Pacific pair

      BGC Partners has promoted Vanessa Ko to director and regional head of e-commerce for Asia Pacific an...

  • • CME adds md for OTC risk

      CME Group has hired Alexandar (Sasha) Rozenberg as md, Over-the-Counter Risk for CME Clearing. He jo...

  • CMBS

    • Real estate firm adds acquisitions director

      William Broms has joined Cole Real Estate as director of acquisitions. He will focus on sale-leaseba...

  • Investors

    • Promotion for credit strategist

      Loomis, Sayles & Company has promoted Chris Gootkind to director of credit research &...

  • • Analyst appointed to hedge funds team

      Alkesh Chohan has joined Matrix Group as analyst in its fund of hedge funds group, led by the group'...

  • • Asset manager acquisition integrated

      F&C Asset Management has completed its acquisition of Thames River Capital and made two key...

  • RMBS

    • RMBS fund launched

      Performance Trust Investment Advisors (PTIA) has launched its first mutual fund, the Performance Tru...

  • • Countrywide reps and warranties investigation opens

      Clients of Gibbs & Bruns have issued binding instructions to Bank of New York, as trustee, t...

  • • Suit filed over MBS fund violation

      Hagens Berman Sobol Shapiro has filed a class-action lawsuit against Charles Schwab on behalf of inv...

  • Technology

    • Risk management firm opens in China

      Kamakura Corporation has opened new offices in Beijing and Shanghai to support its rapidly growing c...

  • • Analytics vendor names federal service md

      RiskSpan has appointed Allen Jones as md of its federal service - FHA and HAMP -...

  • Trading

    • Trading trio move again

      Knight Capital Group has recruited Todd Dahlstrom, Michael Cunningham and Eric Vander Mel, all from...

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• News Round-up

  • ABS

    • Canadian credit card portfolio acquisition completed

      CIBC has completed its acquisition of an approximately US$2bn credit card portfolio from Citigroup's...

  • • Confidential rating procedures revised

      S&P has announced that, from 7 September, it will only assign confidential ratings for issue...

  • • Encouraging trends for US credit cards

      According to Fitch's latest credit card index results, defaults on US credit cards touched a 15-mont...

  • • Argentina securitisation activity to grow

      Led by infrastructure deals and consumer loan-backed transactions, Argentina's domestic securitisati...

  • • Sovereign, Euro ratings 'impossible' to de-link

      According to Fitch, it is impossible to completely de-link the ratings of eurozone securitisation tr...

  • CDO

    • Minimal sovereign exposure for APAC CDOs

      S&P has undertaken two studies on potential corporate and sovereign exposures in the referen...

  • • RFC issued for market value securities

      S&P has requested comments on changes it is proposing to its methodology and assumptions for...

  • CDS

    • Index skew monetisation trade touted

      Credit derivatives strategists at Barclays Capital recommend selling 1x2 payer spreads with a Decemb...

  • • No new series for LevX

      The Markit iTraxx, CDX.NA.IG, CDX.EM and CDX.EM.DIV indices are scheduled to roll into their new ser...

  • • ICE buy-side single names to clear soon

      ICE remains optimistic about launching a buy-side single name CDS clearing service in the coming mon...

  • • Troubled company index deteriorates

      The Kamakura index of troubled public companies deteriorated slightly in August, rising by 0.22% to...

  • CLOs

    • CLO cross-investment mooted

      Avoca Capital is seeking to purchase - though the Lombard Street CLO it took over from KBC...

  • • CLO credit estimate conversion updated

      Moody's is to begin using an updated conversion of credit estimates when communicating rating factor...

  • CMBS

    • NAIC names CMBS modeller

      The National Association of Insurance Commissioners (NAIC) has selected Blackrock Solutions to assis...

  • • Industrial CMBS loan secured

      Holliday Fenoglio Fowler (HFF) has arranged a US$114m financing for six industrial distribution faci...

  • • Positive takeover outcome for FLTST 2

      A potential fire sale of the properties backing the Fleet Street Finance Two CMBS transaction has be...

  • • August US CMBS delinquency rate accelerates

      The delinquency rate for commercial real estate loans in US CMBS accelerated in August after two suc...

  • • BMF drafting errors corrected

      Amendments have been proposed to correct a drafting error in the documentation for the Business Mort...

  • • Euro CMBS repayments remain 'flat'

      Fitch reports that its European CMBS Maturity Repayment Index remained roughly flat at 37% over the...

  • • Attractive Japanese property market boosts CMBS

      Moody's indicates that, given the recent growth in property transactions in Japan this year, the res...

  • Documentation

    • Tightening underwriting standards continue

      The US Office of the Comptroller of the Currency (OCC) reports that the trend of tightening underwri...

  • Regulation

    • Qualitative Level 3 disclosure recommended

      ISDA's Accounting Policy Committee has submitted comment letters to the IASB and FASB on the respect...

  • RMBS

    • MBX index prepped

      Markit is set to launch a new series of structured finance indices, dubbed MBX, on 12 September. The...

  • • GSE housing goals established

      The Federal Housing Finance Agency (FHFA) has sent a final rule to the Federal Register establishing...

  • • More REO sales coming

      Moody's Analytics' chief economist Mark Zandi said that more real estate-owned (REO) sales are on th...

  • • 'Surprises' reported in FNMA prepayments

      MBS analysts at Bank of America Merrill Lynch point to a number of surprises in the latest fixed rat...

  • • Aussie RMBS delinquencies stable in Q2

      The ability of Australian borrowers to pay down their mortgages - as measured by delinquen...

  • SIVs

    • SIV amends restricted operations triggers

      Nightingale Finance is proposing to amend and restate the operating manual between the investment ma...

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