Issue Archive


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  • Issue 117 - December 17th

    • New reality

      Structured credit recruitment trends assessed

      A survey of recruitment trends in the structured credit industry carried out by SCI reveals a bleak...

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  • Issue 116 - December 10th

    • Consolidation costs

      Tranche CDPC equity valuations raised by Cournot sale

      Suggestions that Magnetar Capital paid Morgan Stanley double its initial stake for Cournot Financial...

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  • Issue 115 - December 3rd

    • Solid as a rock?

      Future of bank finance debated

      The decision by HM Treasury to wind down Northern Rock's RMBS programme, Granite (see last week's is...

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  • Issue 114 - November 26th

    • Standardisation boost

      Initiatives underway to improve CDS transparency

      As the industry waits to see which central counterparty platforms survive regulatory scrutiny, other...

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  • Issue 113 - November 19th

    • Timing it right

      Distressed vehicle structures debated

      The shift in TARP's focus and consequent ABX rout (see News Round-up) has brought the importance of...

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  • Issue 112 - November 12th

    • Increased overlap

      CDS CCP to lower barriers to entry

      Analysts expect the introduction of a CDS central counterparty to lower the barriers to entry for ca...

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  • Issue 111 - November 5th

    • Risk reappraisal

      Improvements in the cash sector to reignite investor interest?

      Short-term risk aversion and 'forced' rebalancing after recent falls in other asset classes appears...

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  • Issue 110 - October 29th

    • Knowledge gap

      Regulators' motivations questioned

      The critical knowledge gap between those in the credit derivatives market and those outside is being...

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  • Issue 109 - October 22nd

    • Convexity in vogue

      Hedge funds seek differentiation in new strategies

      Investors withdrew over US$31bn from hedge funds in September, according to Hedge Fund Research. How...

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  • Issue 108 - October 15th

    • Enhanced services?

      Volatility drives CDO valuations in-house

      Some valuations software providers appear to have been caught out by recent volatile market conditio...

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  • Issue 107 - October 8th

    • MIR gain traction

      But transparency is still lacking

      Recent events have underscored the importance of including market-implied ratings (MIR) in risk mode...

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  • Issue 106 - October 1st

    • Seeking alternatives

      Nat cat deal to offer CDO investors diversification

      A new deal is in the works that offers investors a chance to buy into risk that is uncorrel...

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  • Issue 105 - September 24th

    • TARP assessed

      Structured credit market responds positively, but warns it's no panacea

      News of the US government's planned troubled asset relief programme (TARP) has been welcomed by stru...

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  • Issue 104 - September 17th

    • Systemic shocks

      CDS counterparty and operational risks remain

      Following an extraordinary weekend that saw Lehman Brothers filing for Chapter 11 protection, Bank o...

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  • Issue 103 - September 10th

    • SIV-likes?

      New SIV models under consideration

      The reemergence of demand for ABCP - together with the success of Goldman Sachs' SIV restr...

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  • Issue 102 - September 3rd

    • Credit opportunities

      Increasing demand set to bring some stabilisation for distressed assets

      The opportunities to be had in distressed assets are clear, but it appears that few early-movers in...

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  • Issue 101 - August 20th

    • Scratching the surface

      Refinancing call for structured credit-related ARS

      Recent broker settlements in the auction rate securities (ARS) market only scratch the surface of th...

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  • Issue 100 - August 6th

    • Convergence call

      Hybrid CLOs to gain traction?

      Synthetic CLOs represented the great hope of the market at the beginning of 2008 (see SCI issue 67),...

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  • Issue 99 - July 30th

    • Buy-back benefits

      Accounting advantages spur REITs to buy back CDOs

      Mortgage REIT Gramercy Capital has bought back US$37.8m of CRE CDO bonds that it had previously issu...

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  • Issue 98 - July 23rd

    • Cheyne reaction

      Valuation issues highlighted by 'dreadful outcome' of SIV auction

      Poorer than anticipated results from the auction of SIV Portfolio (Cheyne Finance) left few market p...

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  • Issue 97 - July 16th

    • Re-REMIC epidemic

      Issuance set to move into new asset classes as economic concerns mount

      An uptick in interest in the re-REMIC space has resulted in a three-fold increase in the number of s...

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  • Issue 96 - July 9th

    • On the rise

      Issuance prospects looking up for Japanese CDO market

      The Japanese CDO market looks to be shaping up for a better second half of the year than that of its...

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  • Issue 95 - July 2nd

    • New arrivals

      First-time investors enter credit opportunity fund space

      An influx of credit opportunity funds is providing a fresh investment source for existing investors...

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  • Issue 94 - June 25th

    • Arranger switch

      'Pricing issues' spur arranger change on Korean deal

      ING has replaced Merrill Lynch as international arranger on Value Master 2008-1, following alleged p...

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  • Issue 93 - June 18th

    • Redemption risk overblown

      Some credit hedge funds benefit from market dislocation

      The closure of Citi's US$9bn Old Lane hedge fund (see Job swaps) has sparked concern that a wave of...

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  • Issue 92 - June 11th

    • Moving up

      Portfolio switches gain popularity

      As rumours intensify about whether S&P and Moody's will tighten their corporate CDO methodologi...

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  • Issue 91 - June 4th

    • Shopped out

      More managers to drop Fitch rating as regulators crack down on ratings shopping?

      A number of CSO managers are likely to follow BlackRock's move in seeking to drop Fitch ratings from...

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  • Issue 90 - May 28th

    • Fair value?

      Proposals to relax MTM accounting split market

      The Institute of International Finance (IIF) has called for a dialogue to consider clarification on...

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  • Issue 89 - May 21st

    • Low-levered returns

      Credit hedge fund consolidation overplayed

      Talk of consolidation among credit hedge funds has been overdone, according to some investors. Inst...

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  • Issue 88 - May 14th

    • Statement of intent?

      Rating agencies get tough on leveraged loans and CLOs

      S&P's proposal for improving the transparency of the European leveraged finance market appears...

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  • Issue 87 - May 7th

    • Survival tactics

      CDO manager consolidation gathers pace

      The recent integration of Omicron Investment Management with Aurelius Capital highlights the diffic...

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  • Issue 86 - April 30th

    • Open for business

      Fitch releases refined CDO methodology

      Fitch has released its much-anticipated revised criteria for rating corporate CDOs (see SCI issues...

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  • Issue 85 - April 23rd

    • Secondary supply issues

      Demand is increasing but not yet met by supply

      Traders report an increased appetite for European CLOs in the secondary market, but the sector rema...

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  • Issue 84 - April 16th

    • Future path

      Simplicity is key for the market going forward

      With the structured credit market currently experiencing some respite, attention has turned to what...

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  • Issue 83 - April 9th

    • Too short?

      CDS margins revisited in wake of downside speculative bubble

      Concerns that short-selling is damaging the fabric of the CDS markets are being ever-more widely vo...

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  • Issue 82 - April 2nd

    • Entering phase two

      High yield set to be new focus for protection buyers

      The structured credit market appears poised to enter a new phase of the cycle. Now that government...

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  • Issue 81 - March 26th

    • The right to vote

      Lawsuit highlights potential future drivers for ABS CDO recoveries

      Merrill Lynch's lawsuit against XLCA over the termination of certain CDS contracts highlights the l...

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  • Issue 80 - March 19th

    • Base priced

      Warehouse liquidations gather pace in Europe

      Barclays Capital has priced Base CLO, the second European deal structured to manage an arranger's l...

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  • Issue 79 - March 12th

    • Super-senior sales

      Implied correlation offers entry point for broader range of investors

      Implied correlation finally began to decrease last week. The move appears to be providing a wider r...

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  • Issue 78 - March 5th

    • Liquidation sale

      ABX illiquidity underlined

      The liquidation of the Peloton ABS Fund last week renewed concerns over the growing illiquidity in...

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  • Issue 77 - February 27th

    • Manager alpha

      Rising defaults to kick-start CDO manager tiering

      As the level of defaults continues to rise, the viability of CDO managers and their ability to outp...

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  • Issue 76 - February 20th

    • Succession questioned

      Monoline division sparks credit definition concerns

      Suggestions that some monolines may split their businesses into separate municipal and structured f...

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  • Issue 75 - February 13th

    • Flipping the bid?

      Technicals could be overtaking fundamentals as market driver

      As the main CDS indices continued to hit new wides over the past week, speculation has intensified...

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  • Issue 74 - February 6th

    • Government issue

      Japanese fiscal loan deal on the horizon

      Japan's Ministry of Finance is set to launch by end-February the first deal in what could be a ¥2tr...

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  • Issue 73 - January 30th

  • Issue 72 - January 23rd

    • Mixed messages

      Confidence in monoline risk identification shaken

      The double-blow of unexpected increases in exposure to troubled assets and capital raising constrai...

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  • Issue 71 - January 16th

    • Liquidity rising

      Distressed ABS attracts both buyers and sellers

      A genuine distressed ABS market is taking shape amid continuing downgrades in the sector. Pricing a...

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  • Issue 70 - January 9th

    • CPDO crunch

      Rating agencies clamp down on market value deals

      Moody's and S&P placed over €2.4bn of CPDO paper on review for downgrade at the end of December...

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