Weekly Issue Archive »

Issue 203 - 6th October

• News Analysis

  • RMBS

    • Changing masters

      Holmes restructuring to set precedent?

      Just days after rumours began circulating that Northern Rock Asset Management's (NRAM) Granite master trust could be set for a restructuring, Santander last week announced that its own master trust - Holmes - had been restructured...

  • Emerging Markets

    • Switch of focus

      Increasing EM allocations could reignite structured appetite

      The sovereign debt crisis in Europe and ongoing budget issues in a number of US states have served to switch investor attention towards emerging markets. With yields trending lower, this could lay the foundation for the re-emergence of structured cre...

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• News

  • CDO

    • Dante appeal to clarify subordination provisions

      The grant of appeal and language used by the judge in a recent Lehman CDO ruling are positive developments for the investors involved, according to Moody's in its latest Weekly Credit Outlook, as it indicates court willingness to end the dispute over...

  • CDS

    • Act to redefine financial services landscape

      The Dodd-Frank Act could have as large an impact on the financial services industry as the 1933 Glass-Steagall Act, according to a new report by Celent. The implications for derivatives are particularly significant and could influence how swaps are e...

  • CLOs

    • CLO manager issuance expectations grow

      In a recent survey of 127 US CLO managers undertaken by S&P, 63% of respondents said that they're contemplating future issuance of a new CLO. This compares with only 29.1% of managers in the agency's 2009 survey. The survey comprised 70 que...

  • • CLO equity offers 'incremental upside'

      Valuations for some CLO equity tranches have in recent weeks been observed as high as CLO subordinate or mezzanine debt prices. Demand for CLO equity appears to be being driven by the search for high yields - with investors expecting improv...

  • CMBS

    • 'Careful' scrutiny of US CMBS loans advised

      Modified loans are estimated to account for approximately 3% of the outstanding US CMBS universe, but their concentration continues to grow. Amid the further complications of defaults and liquidations, careful loan-by-loan analysis is consequently be...

  • • CMBS 2.0 harking back to the old

      Despite many people being under the impression that US 'CMBS 2.0' is a radical departure from what came before, much remains the same as it was in CMBS 1.0, according to MBS analysts at Barclays Capital. The analysts note that an increasingly great...

  • • Euro CMBS loan extension differentiation expected

      European CMBS loan-level delinquencies, defaults and transfers to special servicing were relatively low in number last month, according to S&P. The agency notes that these comparatively benign numbers are consistent with August falling betwee...

  • RMBS

    • Further servicing disclosures weigh on RMBS

      Chase Home Finance and Bank of America last week suspended foreclosure proceedings in 23 states, as they investigate possible foreclosure processing irregularities echoing similar actions recently taken by GMAC Mortgage (SCI passim). The disclosures...

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• Talking Point

  • ABCP

    • Basel 3 - securitisation opportunity?

      Mark Davies of Cedar Analytics hopes that high quality ABCP finds its way back onto the market under...

      In the hubbub surrounding the newly published 'Basel 3', regulated entities run the risk of losing sight of a couple of additional pieces of the requirement as published under BCBS157 - the snappily titled 'Enhancements to the Basel 2 Framework' - in...

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• Job Swaps

  • ABS

    • Securitisation sub-advisory mandate sealed

      UCM Partners has launched its next generation core fixed income strategy, along with BlackRock, with...

  • • Regional SF team expanded

      Yorkshire Bank has expanded its corporate & structured finance team in Birmingham with the a...

  • • ABS research vet joins investment firm

      Karen Weaver has joined Seer Capital Management as head of its market strategy and research group, s...

  • • Broker expands regional sales force

      KGS-Alpha Capital Markets has opened three new regional sales offices in Fort Lauderdale, Florida, R...

  • • ABS structurer moves into recruitment

      Raffaella Boscolo has joined Kinsey Allen International as a consultant responsible for its ABS and...

  • • Fixed income head named

      Evolution Securities has promoted Gary Jenkins to head of its fixed income division. He will be resp...

  • • Japanese credit rating application accepted

      Moody's application for Japan Kabushiki Kaisha (MJKK) and Moody's SF Japan Kabushiki Kaisha (MSFJ) a...

  • CDS

    • Asset manager acquired in credit build-out

      Moelis & Company has acquired Gracie Credit, a multi-strategy credit manager. On completion...

  • • AIG outlines government exit

      AIG has entered into an agreement-in-principle with the US Treasury, the Federal Reserve Bank of New...

  • • Credit fund principal finds new home

      State Street has appointed Sam Cole as evp and deputy head of its e-Exchange business, a division of...

  • • Primus settles LBSF claims

      Primus Financial Products has settled all outstanding claims with Lehman Brothers Special Financing...

  • CLOs

    • Debt capabilities enhanced with CLO manager buy

      3i Group has acquired Mizuho Investment Management (MIM), a debt management firm specialising in CLO...

  • CMBS

    • CRE advisory md named

      The Garibaldi Group has appointed Gary Sopko as md in its newly created capital markets advisory gro...

  • Investors

    • New EM fund launched

      Threadneedle has launched its Absolute Emerging Market Macro Fund, which has been rated single-A by...

  • • CRE vets boost REIT

      Starwood Capital Group has hired a team of executives to drive the growth of Starwood Property Trust...

  • Legislation and litigation

    • ABS CDO class action suit filed

      A client of Berger & Montague has filed a class action suit in the US District Court for the...

  • • Defamation lawsuits dropped

      Phoenix Partners founders Wesley Wang, Marcos Brodsky and Nicholas Stephan have dropped their defama...

  • Operations

    • Fund administration business restructured

      Maples Fund Services has formally launched its restructured fund administration business, formerly o...

  • Real Estate

    • CRE firm adds marketing pair

      Andy Carey and Roy Elengical have joined The Richland Companies in its Houston office as tenant repr...

  • RMBS

    • State Street pair charged with misleading investors

      The US SEC has charged a pair of former State Street Bank and Trust Company employees with misleadin...

  • • UKAR integration completed

      Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) are being integra...

  • • WaMu court case continues

      In the case of Boilermakers National Annuity Trust Fund versus WaMu Mortgage Pass Through Certificat...

  • • Euro mortgage asset sale completed

      Residential Capital has completed the sale of its European mortgage assets and operations to affilia...

  • • Partnership brings enhanced valuation platform

      MDA DataQuick and MBSData have partnered to launch an enhanced RMBS valuation product. The product m...

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• News Round-up

  • ABS

    • Final FDIC rule an 'improvement' on original

      Moody's says that the final safe harbour adopted by the FDIC on 27 September is an improvement from...

  • • ABCP 'flight to quality' to continue in 2011

      Fitch predicts that investor demand in the ABCP market will continue to focus on simple structures w...

  • • SLABS ARS buyback launched

      Nelnet has commenced a fixed price cash tender offer for the outstanding senior and subordinate auct...

  • • US credit cards improve against seasonal odds

      Moody's believes that US credit card performance will improve, despite the August 58bp rise in charg...

  • • NAIC ratings review completed

      In response to a rule-change request from the National Association of Insurance Commissioners (NAIC)...

  • • Auto residual value criteria updated

      Fitch has updated its EMEA auto residual value ABS criteria, which formalises its opinion on key ris...

  • • Stable performance for Indian ABS

      The majority of Fitch-rated Indian ABS transactions have performed as expected, with the ratings out...

  • • Pre-red SF cashflow tool launched

      Intex Solutions has launched its INTEXreds web-based cashflow projection tool. The offering aims to...

  • CDO

    • Higher recovery rates driving SF CDO liquidations

      Moody's has examined data relating to the amount and timing of liquidation proceed distributions, as...

  • • LCDO tender offer launched

      Columbia Point, a wholly owned subsidiary of Elliott International, has commenced tender offers for...

  • • Synthetic CDO surveillance assumptions updated

      S&P has clarified its methodology and assumptions for surveilling rated global synthetic CDO...

  • CDS

    • Auction for Takefuji Corp, but not Blockbuster

      ISDA's Japan Determinations Committee resolved that a bankruptcy credit event occurred in respect to...

  • • CDS clearing service enhanced

      LCH.Clearnet has enhanced the clearing functionality of its CDS offering in collaboration with its c...

  • CLOs

    • Euro CLO performance stabilising

      The pace of negative credit migration within European CLO portfolios is slowing, according to Fitch'...

  • CMBS

    • US$35bn US CMBS issuance forecast for 2011

      Tightening credit spreads for US CMBS since the highs reached in 1Q09 should continue to spur new is...

  • • Stuy Town auction postponed on mezz bid

      The foreclosure auction of Stuyvesant Town-Peter Cooper Village has been postponed to 13 October due...

  • • US CMBS delinquencies breach 9% mark

      US CMBS delinquencies topped 9% for the first time in history at end-September, reaching 9.05%, acco...

  • • CMBS maturity repayment index rises

      Fitch reports that its European CMBS Maturity Repayment Index increased to 38.5% from 36.8% during t...

  • Regulation

    • Auditor inspection reveals accounting weaknesses

      The Public Company Accounting Oversight Board (PCAOB) has released a report summarising its observat...

  • • FASB exposure draft rebuffed

      The Financial Reporting Executive Committee (FinREC) of the American Institute of Certified Public A...

  • RMBS

    • RMS 25 due next week

      Investec's UK non-conforming RMBS is expected to price next week. The £195.6m transaction &...

  • • Holmes restructuring is 'rating positive'

      Santander intends on 8 October to restructure its Holmes Master Trust RMBS programme (see also separ...

  • • ASF market reviews to aid transparency

      1010data has partnered with CoreLogic and Equifax to produce the first report in its 'ASF Market Rev...

  • SIVs

    • Nightingale SIV debt on review

      Moody's has placed under review for possible downgrade Nightingale Finance's Euro CP, Euro MTN, US C...

  • Technology

    • Post-trade interface tool enhanced

      MarkitSERV has enhanced its application programming interface (API) to provide buy-side firms with a...

  • • Analytics platform integrates performance data

      Principia Partners has integrated Intex performance data into its Principia Structured Finance Platf...

  • • Updated default probability model issued

      Kamakura Corporation has released version 5.0 of its default probability models, including a new ver...

  • Whole business securitisations

    • Whole business add-on securitisation executed

      NUCO2 Funding has executed a US$40m add-on securitisation to fund future acquisitions, pay securitis...

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