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News Analysis |
Macroeconomic impact23 December 2009 ABSFlat volumes but improved sentiment for US ABS in 2010  US non-mortgage ABS volumes are expected to remain flat next year, with macroeconomic factors influe... European expectations23 December 2009 InvestorsOptimistic outlook for the structured credit and ABS markets in 2010 After a roller-coaster year in structured credit and ABS, European market participants are wary of m... Gathering momentum16 December 2009 CMBSUS CMBS in demand, multi-borrower deal under construction Strong investor demand for the third new-issue CMBS in the US bodes well for the future of the asset... Back to the future16 December 2009 RegulationAddressing the extent of government involvement in US housing finance Speculation about the future of Fannie Mae and Freddie Mac is gaining in intensity as year-end appro... Challenging assumptions16 December 2009 Alternative assetsTrups holders encouraged to revisit portfolios A new analysis of Trups CDOs has challenged the standard industry assumption that all banks that def... Rating concerns9 December 2009 RatingsConventional approach criticised Investor concerns continue to be raised over the credit ratings process and there are calls for fund... Put-backs on the rise9 December 2009 RMBSTiming and degree of success uncertain Recent disclosures suggest that the ability of RMBS investors to reduce losses through loan put-back... Bleak outlook9 December 2009 RMBSTough year in store for Irish RMBS A new report on the Irish mortgage market suggests that a bottoming-out in the troubled sector is un... Navigating the crisis2 December 2009 Listed productsPermacaps modify strategies to weather the storm Modifying investment strategies to adapt to the new financial landscape has proved successful for a... Both sides of the equation2 December 2009 Whole business securitisationsWhole business securitisations attractive to both investors and originators The placement of a new BAA whole business securitisation (WBS) last week (see separate News Round-up... Wake-up call2 December 2009 Emerging MarketsCDS market wobbles on Dubai credit concerns Sovereign default risk hit the headlines last week - but not in connection with Greece, as... Cash versus synthetic25 November 2009 Secondary marketsCLO-LCDX relative value analysed As cash CLOs continue their tightening trend in the secondary market - particularly in sen... Sovereign concerns25 November 2009 CDSIncreased liquidity and spreads for emerging and developed economies Sovereign CDS levels have once again been on the rise as unprecedented government funding requiremen... CLN redux25 November 2009 StructuringNew sources of charged assets expected to emerge A rising interest rate environment, combined with tightening corporate bond spreads is expected to d... Back in vogue?25 November 2009 InvestorsLong/short credit opportunities gain favour The hedge fund industry appears to have reached a trough in terms of asset flows: for the first time... Compensation review18 November 2009 OperationsStructured credit and ABS bonuses on the rise New research suggests that bankers' bonuses will be up this year by an average of 35% to 40% globall... Testing the water18 November 2009 RMBSCentral bank puts repoed bonds up for sale The Bundesbank is selling a portfolio of Dutch RMBS pledged by Lehman Brothers as repo collateral be... Dispute resolution?18 November 2009 DocumentationAiful case highlights ambiguities associated with default Disgruntled protection buyers appear to have created a storm in Japan after their attempts to trigge... Safe harbour extended18 November 2009 RegulationNew accounting and regulatory rules expected to depress issuance The FDIC last week provided some relief to the market by extending its securitisation safe harbour,... Primary considerations11 November 2009 CLOsEquity economics continue to hinder CLO re-emergence Speculation is intensifying as to an imminent reopening of the primary CLO sector. Some observers be... Revival of the fittest?11 November 2009 Emerging MarketsNew EM CDO issuance contemplated Citi and Sydbank are hoping that the successful pay-down of their first local currency emerging mark... Looking east11 November 2009 ABSPositive outlook for asset-backed sukuk The global issuance of Islamic bonds (sukuk) has surged in recent months in a marked turnaround from... Ratings debate4 November 2009 RatingsNon-rated structured finance issuance to gain traction? The issuance of structured finance securities without credit ratings is tipped to become more preval... Steepener strategies4 November 2009 TradingInvestors seek to express specific credit index views iTraxx index tranches have generally lagged the credit rally, but over the last two weeks they have... Overruled4 November 2009 SIVsSigma creditor payment decision sets SIV precedent The UK Supreme Court last week overturned a Court of Appeal ruling dictating how the proceeds of the... New issues28 October 2009 CMBSTALF CMBS threatened by thawing of unsecured debt markets The renewed attractiveness of the unsecured debt market may pose a threat to the success of TALF new... Swap expense28 October 2009 Legislation and litigationCounterparty risk concerns set to increase the cost of securitisation Continuing Lehman Brothers-related litigation has ensured that counterparty risk has remained in foc... Taking the initiative28 October 2009 CDSCCDS trading expected to pick up in the New Year Activity in contingent CDS (CCDS) remains lacklustre, due to a general lack of understanding about t... Technology commitment28 October 2009 TechnologyInstitutions prepare to comply with new regulatory directives Asset managers with a long-term commitment to structured finance investments are coming under increa... No respite21 October 2009 Managed CDOsPressure still increasing for CLO managers to consolidate Optimism in the structured credit market has not alleviated the strain on CLO managers, many of whic... Silverstone prepped21 October 2009 RMBSStrong demand anticipated, but lack of euro tranche may prove a sticking point Silverstone 2009-1, a UK prime RMBS from Nationwide Building Society, is expected to launch this wee... Liquidity boost21 October 2009 Distressed assetsInfrastructure issues hinder student loan ARS recovery Liquidity in the secondary student loan auction rate securities (ARS) sector has been boosted in rec... Capturing market share14 October 2009 CDPCsDeleveraging poses challenges for changing credit insurance model The traditional credit insurance model is changing, with both CDPCs and monolines pursuing new ways... Harvesting returns14 October 2009 InvestorsCLO investors benefit from pre-summer purchases Investors that entered the CLO market before the fierce summer spread rally are now beginning to rea... The big squeeze?14 October 2009 DocumentationThomson auction to inform debate about value of restructuring credit event The forthcoming Thomson CDS auctions have raised a number of thorny commercial and legal issues, inc... Risk review14 October 2009 RMBSStricter TALF criteria shrugged off, but wider concerns remain Stricter criteria for submitting ABS to the TALF is expected to discourage top-tier issuers from usi... Timing issue7 October 2009 Distressed assetsRising prices and deteriorating fundamentals overshadow PPIF launches Five out of the nine managers mandated under the PPIP closed their public-private investment funds (... Baby steps7 October 2009 OperationsCall for ABS post-trade reporting to be developed sensitively FINRA announced last week that it intends to expand TRACE to include ABS (see also separate News sto... Arbitrage activity7 October 2009 TradingTrading drives majority of re-REMIC issuance Re-REMIC issuance in the US is continuing apace, with several billion dollars worth of bonds being s... Damp squib?30 September 2009 Secondary marketsSIV liquidates quietly, but secondary CDO market continues to improve The initial buzz surrounding the announcement of the Victoria Finance liquidation (see SCI issue 152... New avenues30 September 2009 CLOsCan leveraged loans find investors away from CLOs? High yield bond issuance has outstripped leveraged loan issuance by almost two to one year-to-date &... Granularity rules30 September 2009 TechnologyMarket-led initiatives to further liquidity risk management goal emerge Regulatory authorities have identified liquidity risk management as a key issue in the aftermath of... Good with the bad23 September 2009 CMBSEuropean CMBS performance reflects deal difficulties European CMBS performance continues to reflect the stress of soft occupational markets, limited fina... The real deal?23 September 2009 RMBSUK benchmark RMBS set to launch Lloyds Banking Group is expected to launch Permanent 2009-1 - a prime UK RMBS master trust... Challenging the status quo23 September 2009 ClearingCME CDS clearing venture takes shape As yet unsuccessful attempts by other clearinghouses to capture market share has sparked concern abo... New proposal23 September 2009 RMBSImproved Australian appetite for RMBS, but additional intervention needed The placement of an upsized prime Australian RMBS with real money investors late last week was taken... GSEs face the music16 September 2009 OperationsFannie and Freddie restructuring debate heats up Just over a year has passed since Freddie Mac and Fannie Mae were taken into conservatorship, follow... Capital idea?16 September 2009 RegulationHigh barriers to entry for contingent capital solutions Attempts by global regulators to address the pro-cyclicality of financial catastrophes have introduc... Pressure drop16 September 2009 Secondary marketsTender offer result endorses improved Euro investor sentiment Santander's €16.5bn European ABS tender offer saw less than 4% investor take-up (see last... Testing the water9 September 2009 ABSVW to market auto ABS to European investors Volkswagen Financial Services, a mainstay of the European ABS industry, is expected to reopen the lo... Litigation blues?9 September 2009 Legislation and litigationSIV Portfolio case breaks new ground US District Judge Shira Scheindlin's ruling last week that the rating opinions of Moody's and S&... Approval pending9 September 2009 Legislation and litigationNew draft law could broaden domestic Russian ABS market A draft law that seeks to address the securing of financial obligations was last week presented to t... Race against time9 September 2009 RMBSPPIP roll-out to drive RMBS demand With a potential hike in interest rates looming, loan modification programmes in the US mortgage mar... Looking up2 September 2009 OperationsRecruitment prospects improve as banks return to hiring mode Recruitment prospects for those with structured credit and ABS expertise are beginning to improve. A... Valuation question2 September 2009 Secondary marketsPricing still causing investor concern Despite improving market conditions, structured credit investors continue to report serious valuatio... Motivation shift2 September 2009 OperationsRepo-driven CLO issuance drops as banks refocus priorities The once-popular funding method whereby banks structured balance sheet CLOs and CDOs to repo with th... Ambac takes action19 August 2009 Legislation and litigationMonoline litigation cases to gather pace? Ambac has commenced legal action against Citigroup and Credit Suisse Alternative Capital (CSAC) in t... TALF extended19 August 2009 CMBSBut news fails to reverse weakening trend in secondary CMBS The US Federal Reserve and Treasury's decision to extend TALF for newly-issued CMBS to June 2010 was... Thomson tests small bang19 August 2009 DocumentationConcern mounts over potential short maturity bucket squeeze The Thomson SA restructuring credit event comes hot on the heels of the introduction of ISDA's restr... Extension risk rising19 August 2009 Secondary marketsViews diverge over non-agency RMBS fundamental value Slowing prepayment rates are raising the spectre of extension risk in the US non-agency RMBS market.... CLO evolution5 August 2009 CLOsEuropean repack market gains momentum The development of a repackaged CLO market in Europe is gathering pace. Following a number of recent... At a crossroads5 August 2009 RMBSAustralian government intervention sought as RMBS funding runs out The final mandates for the Australian Office of Financial Management's (AOFM) A$8bn RMBS investment... Performance test5 August 2009 CLOsCLO managers find new ways to improve overcollateralisation ratios Rising defaults mean that there is increasing danger of CLOs failing their performance tests. In the... REIT revival29 July 2009 Real EstateNew vehicles to provide sustainable MBS investment source? The return of mortgage REITs to Wall Street is providing a fresh source of investment capital for le... Lessons learnt?29 July 2009 RMBSSigns of life in primary US RMBS market The long-dormant US RMBS primary market is seeing flickers of life, with a handful of deals being pr... Seasonal protection29 July 2009 TradingCredit portfolio managers prepare for likely market 'events' After a strong second quarter, credit portfolio managers now face a summer period when market depth... Alternative routes29 July 2009 ABSDysfunctional ARS market continues to hamper origination A dysfunctional auction rate securities (ARS) market continues to hamper, among other asset classes,... Directional bets22 July 2009 TradingMacro uncertainty brings tranche opportunities Concerns over the sustainability of an economic recovery are causing uncertainty in financial market... Downgrades loom22 July 2009 CLOsMoody's to cut most triple-A CLOs as improving metrics emerge Moody's has revised its CLO rating outlook for senior tranches of CLOs and now expects that the majo... False start?22 July 2009 CMBSMuted start to legacy CMBS op as S&P refines methodology again The uptake for the 16 July legacy CMBS TALF loan operation was muted, with just US$669m requested by... Revisiting ratings22 July 2009 RatingsStructured finance ratings still lack ability to describe cliff risks The US SEC says it is continuing to strengthen its NRSRO oversight. But, as the latest methodology t... Rebalancing the books15 July 2009 StructuringRenewed focus on portfolio restructuring activity Regulatory capital trades have been a feature of the market since the late 1990s. But accounting rec... Esoteric alternatives15 July 2009 ABSIP ABS launched while another joins the pipeline A US$250m intellectual property (IP) securitisation of milestone payments tied to a new hepatitis C... PPIP side-step15 July 2009 StructuringBanks finding other ways to dispose of troubled assets? A downgraded CLO has been retranched into new securities with triple-A ratings, using a similar proc... Transparency to the fore15 July 2009 RegulationUS investigation launched as CESR proposals published The issue of transparency rose to the fore this week on both sides of the Atlantic. On the same day... Correlation return?8 July 2009 CorrelationEmergence of macro players and new risks could revitalise correlation Correlation market liquidity is suffering from the lack of a structured bid. However, the emergence... Appropriate strategies8 July 2009 Distressed assetsCredit spread tightening drives distressed opportunities further afield Tightening spreads mean that distressed credit investors are, at present, having to look further afi... European Communication7 July 2009 RegulationCall for more details around EC derivatives proposal The European Commission has adopted a Communication on ensuring efficient, safe and sound derivative... Limited mezz opportunity?1 July 2009 InvestorsInvestors seek hedge fund-style returns The latest European ABS fund to hit the market is to target mezzanine paper, as investors increasing... Uncertain direction1 July 2009 CDSHesitation over sovereign CDS pricing remains Sovereign CDS have tightened significantly since the beginning of the year, following the credit mar... Kicking the habit1 July 2009 CMBSUS ABS market's TALF dependence diminishing? The Federal Reserve has decided not to extend TALF past the end of the year, despite extending a num... Short-term gains1 July 2009 CLOsLoan amend-to-extend negotiations gather pace Negotiations between issuers and investors over loan amend-to-extend restructurings are expected to... MBS therapy24 June 2009 StructuringCMBS and RMBS re-REMIC issuance surges There has been a significant rise in the number of re-REMICs coming to market in the US over the pas... Liquidity rising?24 June 2009 Secondary marketsSecondary CDO activity buoyant, in spite of downgrade threat The recent rally in CLOs and in credit more broadly has supported the burgeoning liquidity in the CD... Dynamic disintermediation24 June 2009 StructuringUnprecedented actions necessary to break CMBS stalemate Actions taken by individual Extended Stay America noteholders last week shocked the CMBS industry. H... Sticking point24 June 2009 DocumentationOptionality issues remain as Euro CDS standards applied Changes to the trading convention for European CDS took effect on Monday, 22 June, including the ado... Aligning incentives24 June 2009 RegulationSecuritisation reform proposals discussed The Obama administration's financial reform proposal is expected to have a wide-reaching impact on t... What lies beneath17 June 2009 CLOsIs the mezz CLO rally more than just positive technicals? Mezzanine CLO tranches last week saw unprecedented upward price momentum, suggesting that positive t... Every little helps17 June 2009 CMBSTesco CMBS marketed to European investors Tesco Property Finance 1, a £415m CMBS for the UK supermarket chain, is being marketed to t... Downgrade mitigation17 June 2009 CMBSCMBS investors seek new avenues as losses loom A number of US insurance companies are aiming to get Realpoint - a subscription-based rati... Internal affairs17 June 2009 CDSDifferent agendas slowing US CDS clearing progress Speculation has been growing about the details in the Obama administration's financial reform plan a... New look10 June 2009 ABSSecond-generation ABS opportunity funds gain traction A handful of established managers have set out plans to start investing in European ABS in recent we... Hedging hangover10 June 2009 TradingLittle awareness of policymaker impact on risk management The spread differential between deals that are TALF-eligible and those that aren't reflects the US g... 'Small bang' approaches10 June 2009 DocumentationEuropean CDS convention changes unveiled Two key initiatives for the European CDS market were announced on Monday: the move to trading fixed... Reform agenda10 June 2009 RegulationBut already-available disclosure largely ignored European securitisation practitioners have urged policymakers to base regulatory reform on economics... Asian opportunities3 June 2009 Distressed assetsInefficiencies of Asian distressed debt offer risk and rewards With more than US$2trn in supply, Asia is fast becoming the largest distressed assets market in the... Limited mandate3 June 2009 ABSConsolidation on the cards for new entrants to ABS scene? The number of firms expanding into the ABS broking and advisory space shows no sign of letting up &a... Compression catalysts3 June 2009 TradingLimited time left for negative basis opportunities? Current trends point to continued compression in the cash-CDS basis, suggesting that profitable trad... Superseding the SIV27 May 2009 SIVsNew, enhanced structured finance vehicles discussed A number of potential sponsors are discussing how best to supersede the SIV structure to fit the new... Consolidation call27 May 2009 ABSProtectionism and political risk threaten Euro ABS recovery The recovery of the European ABS sector visibly lags that of the US, as signified by the disparity i... Turning point?27 May 2009 CMBSInclusion of legacy CMBS in TALF boosts market The US Administration's u-turn last week on the inclusion of legacy CMBS bonds in TALF has been warm... Double-A focus20 May 2009 CLOsCLO trading activity moves down capital structure CLOs still lag the broader rally seen in other structured finance securities, but more competitive p... Issue settled20 May 2009 DocumentationEurope moves to integrate restructuring into auction mechanism A new proposal to integrate restructuring as a credit event into the auction mechanism for CDS settl...
20 May 2009
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