Weekly Issue Archive »

Issue 201 - 22nd September

• News Analysis

  • ABS

    • Premium concerns

      Should seasoned ABS deals be priced differently?

      The fact that some US auto loan ABS paper is currently trading at premium dollar prices has sparked concern that rising auto sales could create a prepayment wave that hits bond valuations. This, in turn, has caused some to question whether seasoned A...

  • CDS

    • Credit solutions

      CDS and CLN hedges for rate risk suggested

      The current interest rate environment and changes anticipated in the short- to medium-term are creating challenges for credit investors. However, analysts suggest that there are a range of credit derivatives-based solutions that could help. Three a...

  • RMBS

    • Servicing slow-down

      GMAC episode heightens concern over foreclosure glut

      Ally Financial has denied that GMAC Mortgage instituted a moratorium on all residential foreclosures across 23 states in the US. [This story updates the one published 21 September on the same topic.] The episode nonetheless hit a raw nerve among MBS...

  • CDS

    • The short of it

      'Flawed' EC short-selling proposals discussed

      The European Commission on 15 September adopted a proposal to introduce regulation on short selling...

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• Market Reports

  • ABS

    • Investor caution for US student loan deals

      The US ABS market has seen a surge in issuance over the past week. However, student loan deals are c...

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• News

  • CDO

    • Trups CDO investor options analysed

      In light of the current market debate about whether investors should take up discounted redemption o...

  • CLOs

    • 'Less pessimism' reported among CLO investors

      JPMorgan's latest CLO investor survey reveals that the majority of clients are less pessimistic about fundamentals and headline risks than earlier in the summer and are focusing on how to reach yield targets. For many respondents, the probability of...

  • CMBS

    • Future of Stuytown property in the balance

      CWCapital is expected to proceed with the foreclosure of the Peter Cooper Village and Stuytown (PCV...

  • • CMBS quality score mooted

      Investors in US RMBS and consumer ABS typically cite a pool's average FICO score as a succinct measu...

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• Talking Point

  • Clearing

    • Clearing foundation

      Preparations in place for OTC transparency

      ISDA's 2010 Regional Conference in London yesterday focused on, among other areas, global developments in OTC derivatives clearing. With the industry continuing to deliver on central clearing commitments, both traders and clients are preparing for th...

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• Job Swaps

  • ABS

    • SLC divestiture announced

      Citi is to divest approximately US$32bn of its US$46bn of Student Loan Corporation (SLC) assets to D...

  • • Structured settlements firm beefs up in legal

      Woodbridge Structured Funding has appointed Jim Klohn as corporate general counsel. He was previousl...

  • • SF partner named for Greek market

      Watson, Farley & Williams has appointed Nikos Kostikas as partner in its international proje...

  • • AFME names chief executive

      AFME has appointed Simon Lewis as chief executive. Lewis will help drive the agenda of AFME in its w...

  • CDO

    • CIBC comments on Lehman CDO suit

      CIBC has published a comment on a lawsuit filed on behalf of Lehman Brothers with respect to a CDO t...

  • CDS

    • Latest ICE Clear clearing member approved

      UniCredit Bank has become ICE Clear Europe's 15th CDS clearing member and has begun clearing CDS tra...

  • CLOs

    • CLO key manager events remedied

      Moody's has been notified that a key manager event occurred in respect of the First 2004-I and 2004-...

  • CMBS

    • CRE advisory appoints cio

      Andrew Reiken has joined Poinsett Capital Advisors as cio, overseeing all investment services offere...

  • • REO acquisition boosts investment portfolio

      Sand Capital has successfully acquired over US$100m in distressed debt and real estate-owned propert...

  • Real Estate

    • US real estate md named

      Miller Buckfire & Co has expanded its investment banking and real estate capabilities with t...

  • RMBS

    • Ambac rehab case to be determined

      The RMBS Policyholders Group has challenged the legality of the Ambac Assurance Corporation (AAC) se...

  • • Mortgage REIT names new cfo

      MFA Financial has appointed Stephen Yarad as cfo, replacing William Gorin. Gorin, who has served as...

  • • Agreement to bring enhanced RMBS analytics

      CoreLogic has entered into agreement with Intex Solutions and Vichara Technologies to integrate Core...

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• News Round-up

  • ABS

    • TARP's successes, failures weighed

      The Congressional Oversight Panel (COP) has released its September report, which assesses TARP on th...

  • • Brazilian SME fund issued

      IFC has issued a R$50m guarantee - its first - for investors in a fund that secu...

  • • Tariff deficit deal in approval process

      A preliminary prospectus was lodged with the CNMV, the Spanish financial markets regulator, last wee...

  • • NAIC ratings request met

      In response to a request from the National Association of Insurance Commissioners (NAIC)'s Valuation...

  • • Improvement continues for UK credit card ABS

      Fitch reports that the performance of UK credit card trusts continued to improve in July 2010, with...

  • • Rental fleet ABS criteria outlined

      Fitch has released its global rating methodology for rental fleet ABS, addressing key risks present...

  • • Expanded coverage for liquidity metrics

      Markit is to provide liquidity metrics and composite liquidity scores for leveraged loans and Europe...

  • CDO

    • CRE CDO delinquencies resume climb

      Delinquencies for US CRE CDOs resumed their climb in August, rising slightly to 12.1%, from 11.9% in...

  • • Updated cashflow CDO criteria explained

      Fitch has updated its global rating criteria for cashflow analysis of new and existing CDOs. The met...

  • • New criteria hits US Trups CDOs

      Following the implementation of updated surveillance criteria, Fitch has taken rating actions on 86...

  • CDPCs

    • CDPC drafting error corrected

      NewLands Financial is proposing to amend its class A loan agreement, class B deferrable loan agreeme...

  • CDS

    • Roll-down driving tranche performance

      Implied and realised volatility, as well as credit spreads, ground tighter over the summer following...

  • • Swap pricing considered

      ISDA has released two new additions to its Research Notes series, 'The Value of a New Swap' and 'The...

  • • Constituent change for CDX IG

      The Markit CDX.NA.IG, CDX.EM and CDX.EM.DIV indices rolled into their fifteenth, fourteenth and twel...

  • • Liquidity spike for technology sector CDS

      Fitch Solutions reports that, in contrast to the broader stability of its CDS market liquidity indic...

  • CLOs

    • GSO CLO joins queue on strong market

      Bank of America Merrill Lynch is marketing a US$400m CLO for GSO Capital Partners. The transaction j...

  • • Microfinance CLO completed

      IFMR Capital closed its eighth microloan securitisation transaction last week, an R370m multi-origin...

  • • Buyback to improve CRE CDO's par value ratios

      Fortress Investment Group is set to buy back another €6m of the class A notes from Duncann...

  • CMBS

    • Call for more focused TRX indices

      The need for more focused Markit TRX indices for hedging CMBS bond spreads is becoming apparent, as...

  • • CRE refinancing completed

      Younan Properties has completed the refinancing of a 20-story, 405,693 square foot class A office to...

  • • US CMBS delinquent unpaid balance rising

      The delinquent unpaid balance for US CMBS increased in August by an additional US$551.8m, up to US$6...

  • • EMEA special servicing activity to rise

      Moody's reports that, as of end-August, there were 65 loans in special servicing across all EMEA CMB...

  • Insurance-linked securities

    • Green Valley II marketing

      Swiss Re Capital Markets is marketing the second catastrophe bond from the Swiss Re Green Valley pro...

  • LCDS

    • Boston Energy LCDS settled

      The final results of the Boston Generating LCDS auction have been published. The final price was det...

  • Ratings

    • SF legal risk factors analysed

      Moody's has commented on the unique risk factors of structured finance transactions, indicating that...

  • Real Estate

    • CRE investors focusing on core assets

      PricewaterhouseCoopers' latest Korpacz Real Estate Investor Survey indicates that, with CRE fundamen...

  • • US CRE prices fall 3.1% in July

      The latest data from Moody's/REAL Commercial Property Price Indices (CPPI) indicate that US CRE pric...

  • RMBS

    • GSE liquidation remains on the cards

      MBS analysts at Wells Fargo suggest that there is a 50%-75% probability that Fannie Mae and Freddie...

  • • Arran print sparks Euro optimism

      The announcement that a significant portion of RBS' new UK prime RMBS - the £4.65...

  • • NC RMBS prepped amid improving performance

      Investec is believed to be prepping a £200m RMBS, backed by prime UK mortgages originated b...

  • • Spanish RMBS reviewed on irregular performance

      Moody's continues to review the ratings of Valencia Hipotecario 2, 3 and 4, while investigating the...

  • SIVs

    • Restructured SIVs restructured further

      HSBC has restructured the senior liabilities of its restructured SIVs, Barion Funding, Malachite Fun...

  • Technology

    • Partnership expands risk solutions access

      Numerix has partnered with Softek Computer Services to offer integrated pricing and risk solutions w...

  • Whole business securitisations

    • M&B on review following property disposals

      Moody's has placed five classes of notes issued by Mitchells & Butlers Finance on review wit...

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• Research Notes

  • CLOs

    • The CLO ratings upgrade story

      Rishad Ahluwalia, executive director, and Maggie Wang, associate at JPMorgan, find that the pace of ...

      As a result of credit performance, OC rebuilding, structural de-leveraging and other factors, the CL...

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