Issue 265 - 21st December
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News Analysis
- CLOs
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More of the same?
US CLOs to build on 2011 foundations, alternatives sought for Europe
In a year that will be remembered for sovereign instability, market volatility and de-risking across financial institutions, the global CLO market has held its ground. Deals have performed well, forced sales have been minimal and spread widening has...
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- CLOs
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News
- Structured Finance
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SCI Start the Week - 19 December
A look at the major activity in structured finance over the past seven days
PipelineThree new deals remained in the pipeline at the end of last week, all of them from Europe. They comprise an RMBS (€90m AyT Celeris Hipotecario I) and two SME CLOs (€1.2bn BBVA Empresas 6 and Geldilux TS 2011). PricingsA...
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- CMBS
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Innkeepers portfolio modified
The modification and assumption of the Innkeepers portfolio securitised in LBUBS 2007-C6 and LBUBS 2007-C7 has been completed (SCI passim), according to the December remittance reports. As a result of the modification, the US$825.4m loan was written...
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- RMBS
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Updated HARP 2.0 guidelines released
Fannie Mae has released updated guidelines for HARP. Most of the changes were previously announced, but the removal of the 'borrower ability to pay' clause was not expected and could have a significant impact. Loans delivered to Fannie Mae must mee...
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- Structured Finance
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Job Swaps
- ABS
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ED counsel appointed
Morrison & Foerster has been appointed as legal counsel for the European DataWarehouse (ED)....
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Fixed income role created
BlackRock has hired Jeffrey Rosenberg as md and chief investment strategist for fixed income. It is...
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- Structured Finance
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Advisory duo hired
Duff & Phelps has made two hires at its Chicago office. Brian Weber and Aaron Roberts both j...
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Broker-dealer increases CDS, ABS coverage
ICE's inter-dealer broker Creditex has increased its coverage of corporate CDS and expanded its hybr...
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- CDO
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SEC seeks review of Citi judgment
The US SEC has filed papers seeking review of the US Court of Appeals for the Second Circuit's rejec...
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- CLOs
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Capital markets merger agreed
Apollo Global Management will merge Stone Tower Capital and its related management companies into Ap...
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Manager seeks broader opportunities
Greenwich Loan Income Fund (GLIF) has shelved its plans to sell its exposure to T2 CLO I (SCI 27 Apr...
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- RMBS
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SEC charges ex-GSE directors
The US SEC has charged six former Fannie Mae and Freddie Mac executives with securities fraud. The S...
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CMO trader moves again
Peter Ma has joined Guggenheim Partners as md and head of agency collateralised mortgage obligations...
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KBCM expands MBS team
KeyBanc Capital Markets has made two additions to its fixed income team to expand its MBS capabiliti...
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Trustees open investigations
Clients of Gibbs & Bruns have issued instructions to BNY Mellon, US Bank, Wells Fargo, Citib...
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FDIC, former WaMu officials settle
The FDIC has agreed a settlement with the former directors and officers of Washington Mutual Bank (W...
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- ABS
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News Round-up
- ABS
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Bank credit quality weighs on ABCP
Deterioration in the credit quality of euro area banks will be the key credit exposure for ABCP hold...
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Weak performance expected for private SLABS
Moody's expects the credit performance of private student loan ABS to remain weak in 2012 because of...
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Life securitisation marketing
Credit Agricole Securities (USA) is marketing an embedded value life securitisation for Aurigen Rein...
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Auto fundamentals to remain healthy
Moody's expects US auto loan credit fundamentals to remain healthy in 2012: issuance volume is expec...
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Credit card performance set to decelerate
The performance of US credit card securitisations will continue to improve in 2012, but at a deceler...
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- Structured Finance
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Stable outlooks for Aussie, NZ SF
Going into 2012, 98% of Fitch-rated Australian and New Zealand structured finance tranches ̵...
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MBIA Insurance on review
Moody's has downgraded to Baa2, from Baa1, the insurance financial strength (IFS) rating of National...
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Stable outlook for Japanese SF
Fitch's rating outlook for Japanese structured finance (SF) transactions is broadly stable in 2012,...
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- CDO
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CRE CDO delinquencies fluctuate slightly
US CRE CDO delinquencies reversed two months of slight increases this past month, according to Fitch...
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CDO interpleader complaint filed
The trustee on Cedarwoods CRE CDO II intends to file an interpleader complaint against the issuer, t...
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- CDS
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AMR Corp results in
The final price of the AMR Corporation CDS auction, held yesterday (15 December), was determined to...
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NRAM credit event called
ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a restructuring credit eve...
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Euro sovereign collateral policies revisited
AFME, ICMA and ISDA have released a paper on the impact of the collateral policies of European sover...
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RFC issued on OTC UPI
ISDA has published its draft taxonomies for credit, interest rate, commodity, fx and equity derivati...
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- CLOs
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CLO sale agreed
The receivers (Deloitte) of Clio European CLO have entered into a sale agreement, pursuant to which...
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US CLO review completed
Moody's has completed its review of all US CLOs previously placed on review for possible upgrade on...
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Euro, US CLO outlooks diverge
US CLOs issued in 2012 will have a strong credit profile, Moody's suggests. The agency has a stable...
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Euro CLO refi risk underlined
There is more flexibility in Fitch-rated European CLO reinvestment periods than many commentators be...
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Leveraged finance funding mix forecast
S&P has put forward three possible options for filling the funding gap in the European lever...
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- CMBS
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2012 'pivotal' for CMBS performance
With over US$55bn of US CMBS loans scheduled to mature next year, the most for any year to date, 201...
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US CMBS volumes forecast down
Moody's expects new US CMBS issuance to hit US$40bn in 2012, down slightly from 2011. These transact...
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- Risk Management
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Enhanced supervisory measures proposed
The Federal Reserve Board has proposed steps to strengthen regulation and supervision of large bank...
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Basel DVA proposal released
The Basel Committee has issued a consultative document on the application of own credit risk adjustm...
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- RMBS
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Spanish RMBS performance reviewed
Moody's has completed a performance review of the Spanish RMBS market and updated its portfolio loss...
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BOE-compliant models offered
Lewtan is providing Bank of England-compliant cashflow models for the UK RMBS market via its ABSNet...
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- ABS
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