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Issue 150 - September 2nd

News Analysis

Operations

Looking up


Recruitment prospects improve as banks return to hiring mode

Secondary markets

Valuation question


Pricing still causing investor concern

Operations

Motivation shift


Repo-driven CLO issuance drops as banks refocus priorities

News

Documentation

Solution needed for CDS triggering complexity


Investors

European primary issuance rumours intensify


Operations

TALF could be extended again


Secondary markets

Real money leads CLO bid


Job Swaps

Alternative assets

Canadian DIP fund launched


CDOs

Swap counterparty replaced on two CDOs


CDPCs

CDPC eyes increased management fee caps


Clearing

CMA ceo appointed to CME management team


CLOs

Two Swiss asset managers merge


CMBS

Asset manager adds CMBS/CRE specialists


SBS bankruptcy impact monitored


Distressed assets

Distressed credit fund launched


Structured credit guarantee provided


Investors

Fund hires four in credit research


Managed CDOs

MBIA Capital takes on another CDO


CSO rating unaffected by collateral change


Operations

Non-primary dealers named as TALF agents


Regulation

AIFM directive impact assessment welcomed


Structuring

Law firm adds two in restructuring


Technology

LBHI asset servicing mandate awarded


Vendors form valuation partnership


Trading

French bank hires ABS trader


European credit sales and trading head hired


Asia-Pacific trading and sales team expanded


Bank adds in credit index trading


News Round-up

ECB pushes for CDS market improvements


Downgrade hits restructured monoline


ABS

EMEA ABS revival remains uncertain


Mortgage underwriting trends stabilise


Reserve fund depletions to hit Spanish SME ABS


Deterioration in Italian leasing ABS continues


CDOs

US$351.6bn in CDOs suffer EODs


CDS

CDS concentration risk remains


Materials/healthcare sectors drive Euro CDS liquidity


Clearing

EC given derivatives industry feedback


Debut single name CDS cleared


CLOs

Rating actions for cancelled KKR CLO notes


112 Euro CLO tranches on review


CMBS

Rare Australian CMBS rated


EMEA CMBS performance deteriorates further


US CMBS delinquencies fall


Constant Proportion technology

Spread tightening positive for CPDOs


Emerging Markets

Stabilisation for Asian RMBS markets


Indices

Stable collateral performance for ABX


Sovereign risk to outperform financial risk


Improvement continues for troubled companies index


Index rolls confirmed


Investors

Euro ABS buybacks to optimise funding profiles


Fed may not spend full agency MBS quota


Free Article SCI '09 New York initial line-up announced


LCDS

ISDA to publish auction terms for SSP


Legislation and litigation

FAS 166 prompts safe harbour concern


Basel releases accounting recommendations


Operations

Final AOFM submissions limited to non-deposit takers


Accounts receivable securitisation launched


Ratings

Fitch to update ratings models


Granite notes placed on watch negative


First Australian RMBS default recorded


RFC issued on recovery analytics tool


US credit card performance improves


South African securitisation performance negative


European RMBS performance indicators worsen


EMEA consumer ABS criteria updated


RMBS

UK prime RMBS concerns 'overdone'


RMBS cashflow modelling criteria updated


Steep increase in delinquencies for Irish RMBS


UK RMBS delinquencies rise


Recession takes toll on NC RMBS performance


Secondary markets

Fair value disclosure exposure draft issued


Technology

Enhancements made to surveillance tool


Research Notes

Ratings

Reconsidering ratings in a post-crisis market


Katie Reeves, research analyst at Deutsche Bank, finds that for non-mortgage ABS in general the ratings framework has not been discredited over the past several years and is not due for a huge overhaul

Trading

Trading ideas: run for the border


Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a pairs trade on El Paso Corp versus CDX HY 12

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