Weekly Issue Archive »

Issue 138 - May 27th

• News Analysis

  • SIVs

    • Superseding the SIV

      New, enhanced structured finance vehicles discussed

      A number of potential sponsors are discussing how best to supersede the SIV structure to fit the new...

  • ABS

    • Consolidation call

      Protectionism 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...

  • CMBS

    • Turning point?

      Inclusion 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...

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• News

  • Operations

    • CDS auctions 'served their purpose'

      A new Federal Reserve Bank of New York staff report examines all of the CDS auctions conducted to da...

  • Regulation

    • ISDA, SIFMA slam NCOIL proposal

      SIFMA and ISDA have commented on the National Conference of Insurance Legislators (NCOIL)'s proposed...

  • RMBS

    • Freddie offers new multifamily programme

      Freddie Mac has launched the Series K-003 Structured Pass-Through Certificates - multifami...

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• The Structured Credit Interview

  • Investors

    • Seeking beta

      Scott Johnston, managing partner, and Simina Farcasiu, partner at Belstar Group answer SCI's questio...

      Scott Johnston Q: How and when did Belstar Group become involved in the...

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• Job Swaps

  • ABS

    • Portfolio manager moves to advisory role

      Krishna Prasad is believed to be joining BlackRock, where he will work in the financial markets advi...

  • • Rescue fund prepped

      SRA Management, an affiliate of Stamford Restructuring Advisors (SRA), is in the process of creating...

  • CDS

    • Misra heads to UBS

      Rajeev Misra is understood to be joining UBS as head of its global credit business. Misra was global...

  • • HSBC approved as ICE clearing member

      HSBC Bank USA has been approved as a clearing member by the board of ICE Trust. HSBC, the twelfth cl...

  • CLO Managers

    • New manager takes on distressed CDOs

      Dock Street Capital Management (DSCM), a newly-formed asset manager specialising in distressed CDO m...

  • Technology

    • Valuations firm hires for structured credit push

      Prime Source, the independent valuation service launched by NYSE Euronext last year, has hired Arvin...

  • • Alternative investment administrator expands

      Butterfield Fulcrum, an independent administrator for the alternative investment industry, has opene...

  • Trading

    • Credit trading head appointed

      Standard Chartered Bank has appointed Brent Eastburg as its new global head of credit trading. Eastb...

  • • Trading head exits

      Greg Branch, head of ABS trading at Deutsche Bank, has left the bank. A spokesperson for Deutsche Ba...

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• News Round-up

  • ABS

    • Severe stress scenario expected for Spanish SME ABS

      The real estate market downturn and its impact on unemployment, delinquencies and default rates mean...

  • • UK credit card ABS deterioration continues

      The UK credit card ABS sector continued to deteriorate in Q109, a trend which is expected to persist...

  • CDS

    • Bradbi credit event imminent?

      Bradford & Bingley has announced that it won't be paying coupons (due in June and July) on t...

  • • DTCC data shows light volumes

      The latest DTCC CDS data shows that volumes were extremely light in the week ended 15 May, with only...

  • • UK sovereign CDS react to rating action

      UK sovereign five-year CDS spreads widened to 80bp last Thursday, following S&P's placement...

  • CLO Managers

    • CLO O/C breach avoidance tactics scrutinised

      As more managers adjust their strategies to avoid breaching CLO overcollateralisation (O/C) tests, t...

  • CLOs

    • CLO spreads retrench

      Increasing confidence and participation in the CLO sector have resulted in spreads on senior and mez...

  • • Second Metrix tender announced

      HSBC has announced a second tender to buy back the outstanding notes from its Metrix CLO programmes...

  • • Alpha Bank brings CLO

      Definitive ratings have been assigned to Epihiro, a replenishable cashflow CLO originated by Alpha B...

  • • Euro SME CLO performance stable, except Spain

      The performance of pan-European balance sheet SME CLOs, excluding Spain, remained largely stable wit...

  • CMBS

    • RFC issued on US conduit CMBS assumptions

      S&P has published a request for comment article, in which it is seeking market feedback on p...

  • • GGP bankruptcy concerns 'overstated'

      Concerns may be overstated that the bankruptcy filings by General Growth Property's (GGP) SPEs will...

  • Documentation

    • US CLO O/C EOD provisions a growing concern

      According to a new report published by S&P, the credit quality of many US CLO transactions h...

  • Indices

    • ABX rallies on policy actions ...

      JPMorgan data indicates that most Markit ABX index LCFAAAs and PENAAAs are up two to three points th...

  • • ... while early-stage delinquencies improve

      ABX remittance reports for the May distribution date show improved early-stage delinquencies, slower...

  • • Counterparty risk hits lowest level since January

      Counterparty risk has fallen by more than half since the early March equity lows and spread highs, a...

  • Ratings

    • Loss severities assigned to CSOs

      Fitch has assigned loss severity (LS) ratings to 310 tranches (affecting 239 public ratings and 71 p...

  • • DBRS enhances ABCP conduit disclosure

      As part of its ongoing efforts to promote improved transparency in the Canadian ABCP market, DBRS is...

  • • Euro ABS downgrades far outnumber upgrades

      During Q109, downgrades outnumbered upgrades among European structured finance transactions by more...

  • • Asian CDOs hit by SROC results

      S&P has lowered the ratings on 24 Asia Pacific (excluding Japan) synthetic CDOs, nine of whi...

  • • Japanese CDOs impacted

      S&P has lowered its ratings on 29 tranches relating to 21 Japanese synthetic CDO transaction...

  • Regulation

    • Basel issues stress-test guidelines

      The Basel Committee on Banking Supervision has released a report entitled, 'Principles for sound str...

  • • US committee suggests plan for regulatory reform

      The Committee on Capital Markets Regulation, an independent and non-partisan research organisation d...

  • RMBS

    • Alt-A neg-am RMBS default risk 'may be dissipating'

      In its latest research report, S&P's market, credit & risk strategies (MCRS) group f...

  • • Subprime RMBS delinquencies decline

      Total delinquencies among US subprime RMBS transactions originally rated in 2005, 2006 and 2007 decl...

  • • Increased data required for South African RMBS

      Fitch has outlined increased interim data requirements for rating RMBS transactions backed by South...

  • Technology

    • Aire Valley cashflow model released

      Bradford & Bingley has developed a cashflow model for the notes issued under its Aire Valley...

  • • Non-agency MBS surveillance tool launched

      ABS data provider Lewtan Technologies has unveiled a new product called ABSNet Loan. The platform pr...

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• Research Notes

  • Trading

    • Trading ideas: spring forward

      Dave Klein, senior research analyst at Credit Derivatives Research, looks at a pairs trade on CDX NA...

      Both credit and equity enjoyed a pleasant spring, powering forward after reaching an early-March nad...

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