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Issue 218 - 26th January

  • News Analysis

    • Whole business securitisations

      • Trouble brewing

        Pub securitisations under threat

        Two recent developments illustrate the difficulties of the past and foreseeable future for the UK pub sector. First, S&P downgraded Punch Taverns' securitisations in December and then last Friday (14 January) Enterprise Inns entered into an e...

    • ABS

      • Green shoots

        'Green' securitisation one factor in renewed recruitment activity

        The tail-end of 2010 saw an encouraging increase in demand in the structured finance job market and the year ahead is expected to be an improvement on the last. Although restructuring concerns linger, hiring opportunities should arise - esp...

    • Monolines

      • One foot forward

        MBIA litigation presses ahead

        The banks involved in the fraudulent conveyance case against MBIA Insurance yesterday filed their Notice of Appeal of the First Department of the New York State Supreme Court Appellate Division's recent ruling (see SCI 19 January). In addition, they...

    • CMBS

      • Fundamental change

        US CMBS investor focus switches on performance concerns

        Investor focus in the US CMBS market has switched from being technical to fundamental. As last year's rally fades, differences in performance are expected to become more pronounced, leading to increased tiering between bond prices. The US CMBS mark...

    • CDS

      • Bail-in backlash

        EC proposal sparks debate on credit derivative definitions

        A new European Commission 'bail-in' proposal threatens the very viability of CDS contracts. The proposal, which would see banks' senior debt forcibly written-down when they get into difficulty, may result in credit derivative definitions being adapte...

  • Market Reports

    • ABS

      • Euro ABS has a good week-end

        With the S&P counterparty criteria announcement out of the way on Tuesday, the rest of the week has been positive for the European ABS market. A strong UK RMBS sector has fed into other asset classes, boosting investor appetite across the boa...

      • Bright outlook for credit card ABS

        It has been a good week for US credit card ABS, with two new deals pricing today. Further, the current outlook for both primary and secondary markets suggests a continuing improvement, with strong fundamentals underpinning spread levels. "We've see...

    • RMBS

      • Euro RMBS strikes back

        The secondary European RMBS market has been reenergised by a busy and successful week or so of bid-list activity. However, S&P's counterparty criteria update (SCI passim) - and its potential impact on higher rated benchmark deals in...

  • News

    • ABS

      • Euro CMBS targeted in criteria roll-out

        European securitisation analysts at Barclays Capital estimate that approximately 1,400-1,500 tranches will ultimately be downgraded following the roll-out of S&P's updated counterparty criteria. Negative rating actions are expected to be more...

    • RMBS

      • Slower prepays expected for 09/10 Freddie pools

        Freddie Mac has announced that it will no longer purchase Freddie Mac-owned streamlined refinance mortgages from 1 May 2011. MBS analysts at Bank of America Merrill Lynch suggest that elimination of this programme will result in slower prepayment spe...

  • Talking Point

    • ABS

      • Rating agency role in Euro ABS discussed

        The role of rating agencies in the European structured finance market has changed, according to panellists at a Fitch-hosted conference in London last Friday (21 January). The conference also focused on the outlook for the sector during the year ahea...

  • The Structured Credit Interview

    • CLOs

      • Underlying strength

        Jeff Herlyn, Michael Rosenberg and David Wishnow, principals of Tetragon Financial Management, discu...

        Q: How did Tetragon come about? JH: The idea for Tetragon came about because we are all big believers in the senior secured bank loan space, which has proved itself by weathering many different financial cycles, but saw that it was very difficult fo...

  • Job Swaps

    • ABCP

      • ABS duo promoted

        Sidley Austin has elected 28 lawyers to its partnership, including two securitisation specialists in...

      • Law firm beefs up SF group

        Watson, Farley and Williams has appointed Francesco Curreli as partner in its international project...

      • Special counsel appointed

        Cadwalader, Wickersham and Taft has appointed Joseph Beach as special counsel in its capital markets...

    • CDO

      • Broker adds trading team

        Sterne Agee & Leach has appointed Barry Dennis as head of its structured products trading te...

    • CMBS

      • CRE vets pair up again

        Cassidy Turley has appointed Noble Carpenter and Bart Steinfeld to lead its capital markets expansio...

      • CMBS counsel recruited

        Winston & Strawn has appointed Christine Spletzer as of counsel in its real estate practice...

    • Monolines

      • Ambac rehab plan confirmed

        The Wisconsin Office of the Commissioner of Insurance (OCI) has obtained confirmation of its Plan of...

    • RMBS

      • PIMCO pair promoted

        PIMCO has promoted 20 staff to evp level, including two involved in structured credit. Yuri Garbuz...

  • News Round-up

    • ABCP

      • Aussie ABCP ratings cut

        The programme documents for Deutsche Bank's Australian ABCP programmes - Cutlass Securitis...


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