Weekly Issue Archive »

Issue 143 - July 1st

• News Analysis

  • Investors

    • Limited mezz opportunity?

      Investors seek hedge fund-style returns

      The latest European ABS fund to hit the market is to target mezzanine paper, as investors increasing...

  • CDS

    • Uncertain direction

      Hesitation over sovereign CDS pricing remains

      Sovereign CDS have tightened significantly since the beginning of the year, following the credit mar...

  • CMBS

    • Kicking the habit

      US 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...

  • CLOs

    • Short-term gains

      Loan amend-to-extend negotiations gather pace

      Negotiations between issuers and investors over loan amend-to-extend restructurings are expected to...

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• News

  • CMBS

    • CMBS re-REMIC-induced rally 'unsustainable'

      Additional CMBS re-REMICs were marketed in the US last week (see SCI issue 142). While the rise in t...

  • Indices

    • New sovereign CDS index prepped

      Markit is set to launch a family of sovereign CDS indices in July. Dubbed Markit iTraxx SovX, they w...

  • • ABX stabilises, but constituents continue to be hit

      ABS analysts at Wachovia Securities have updated their 'loss-timing' and 'unrealised factor' models...

  • Structuring/Primary market

    • Northern Rock to spin mortgage book off

      Further details have emerged in connection with the restructuring of Northern Rock (SCI passim). The...

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• Provider Profile

  • Trading

    • Driving democratisation

      Farooq Jaffrey, founder, chief executive and head broker of Traccr, answers SCI's questions

      Q: How and when did Traccr become involved in the structured credit market? A: We got UK FSA approv...

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• Job Swaps

  • ABS

    • Packman heads to Aladdin

      Alan Packman has joined Aladdin Capital Management UK as an md, where he will focus on ABS, CDOs, CL...

  • Advisory

    • Joint venture builds out advisory platform

      VCAP Solutions is set to offer independent valuation and strategic advisory services across all fixe...

  • CDS

    • FINRA fines ICAP, fines and suspends CDS broker

      FINRA has fined ICAP US$2.8m and sanctioned a former broker for numerous improper communications wit...

  • CLOs

    • Dispute arises over CLO manager replacement

      The controlling class of Hudson CLO 1 is trying to remove Aladdin Capital Management UK as collatera...

  • Distressed assets

    • Drum hires two

      Distressed investment manager Drum Capital Management has named David Marcus associate director and...

  • • Distressed debt manager wins Alaskan mandate

      The Alaska Permanent Fund Corporation Board of Trustees has hired Oaktree Capital Management to mana...

  • Investors

    • Hedge fund divests its structured credit portfolio

      Basis Pac-Rim Opportunity Fund is to begin selling off its structured credit securities and paying b...

  • • Middle market platform launched

      Steve Shenfeld has joined the newly formed Mid-Ocean Credit Partners unit as president. Shenfeld wil...

  • • Hedge fund vet joins asset manager

      Coast Asset Management has appointed hedge fund industry veteran Roy Callahan as a portfolio manager...

  • • Listed REIT to invest in MBS

      Invesco Mortgage Capital, a REIT managed by Invesco Ltd that plans to invest in agency and non-agenc...

  • LCDS

    • Boutique adds in high yield

      Pali Capital has continued the expansion of its high yield sales and trading team with the hiring of...

  • • Jefferies takes on two loan specialists

      Jefferies has hired two for its leveraged loan sales and trading effort. Anthony LoGrippo joins as a...

  • Ratings

    • Fitch expands and promotes in structured credit

      Fitch has hired Melissa Tessier as a senior director for structured credit business development. She...

  • Real Estate

    • Real estate specialist adds new role

      GE Capital Real Estate has expanded its global investment management team with the appointment of re...

  • • Real estate fund to target Europe

      The Blackstone Group has closed its latest real estate fund, Blackstone Real Estate Partners Europe...

  • • CRE manager appoints new ceo

      JE Robert Companies (JER) has appointed Barden Gale as ceo. He joins JER from Starwood Capital Group...

  • Regulation

    • EIWG to set regulatory agenda

      The European Investors Working Group (EIWG) met yesterday, 30 June, for the first time in B...

  • RMBS

    • Two Harbors SPAC financing completed

      Thomas Siering, a partner of Pine River Capital Management and the president and a director of Two H...

  • Trading

    • Trading and advisory capability for credit manager

      The Chenavari group has established an advisory and broker-dealer company called Chenavari Financial...

  • • Global credit trading head appointed

      Stephen Lane has joined Calyon as head of global credit trading for Europe and Asia in the debt and...

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• News Round-up

  • ABCP

    • European ABCP surveillance report released

      S&P has published its first monthly European ABCP surveillance snapshot, containing portfoli...

  • ABS

    • Credit card charge-offs rise to record level ...

      Charge-offs on US credit cards, as measured by Moody's credit card index, broke through the 10% leve...

  • • ... while new credit card ABS issuance increases

      Issuance of credit card ABS increased again in June to US$11.4bn, including US$5.6bn of non-TALF-eli...

  • • Survey highlights trustee importance

      A recent survey undertaken by The Bank of New York Mellon of over 200 participants of IMN/ESF's Annu...

  • CDS

    • Europe overtakes US in CDS liquidity

      Fitch Solutions reports that liquidity in the European CDS market has overtaken the Americas region...

  • • CDS roll spurs large single name re-risking

      The latest DTCC data shows that CDS notionals rose last week by US$140bn or 0.5%, despite single nam...

  • CLOs

    • ... while second Metrix buy-back sees limited interest

      The second tender for notes from HSBC's Metrix CLO issues has expired with no further bonds tendered...

  • CMBS

    • US conduit/fusion CMBS criteria updated

      S&P has updated its criteria for rating US CMBS conduit and fusion transactions. As a result...

  • • US CMBS deals to face in-depth review

      46 US CMBS deals have been placed under analysis by Fitch, which is expected to issue a rating actio...

  • • CMBS A/B loan structures scrutinised

      Securitisation analysts at Barclays Capital have in a new report attempted to answer a number of key...

  • • CMBS hit by declining commercial property values

      The swathe of downgrades of UK CMBS in recent months is due to the decline in UK commercial property...

  • • WaMu leases pose risks for CMBS

      Based on information recently made available by the FDIC on a significant number of Washington Mutua...

  • • Australian CMBS sector remains stable, despite risks

      Although the performance of Australian CMBS transactions has been stable in the face of the broader...

  • • Red Roof Inn defaults

      Red Roof Inn, the discount hotel chain, has defaulted on four loans totalling US$361.4m backed by 13...

  • Emerging Markets

    • Blue Granite notes repurchased

      The issuer of Blue Granite 2007-1- the first South African RMBS to be placed international...

  • • DPR programme terminated

      Kazkommertsbank will terminate its diversified payment rights (DPR) securitisation programme after i...

  • Indices

    • CDO EOD Index shows cushion remains for most deals

      The latest report released by S&P on its US Corporate CDO EOD Index shows that the cohorts c...

  • • Shariah-compliant index launched

      Russell Investments and Jadwa Investments have teamed up to create a Shariah-compliant index, which...

  • Investors

    • T2 begins CLO buyback ...

      The T2 Income Fund has purchased approximately US$1.1m of face value Class B second priority senior...

  • LCDS

    • LCDS auction results published

      Results for three LCDS auctions were published on 24 June: R.H. Donnelley LCDS were settled at 78.12...

  • Monolines

    • Ambac ...

      S&P has downgraded Ambac from single-A to triple-B and placed its ratings on credit watch ne...

  • • ... and MBIA downgraded

      Moody's has downgraded MBIA's senior debt rating from Ba1 to Ba3 and placed the rating on a negative...

  • Ratings

    • Rating agency actions

      CRE CDOs/re-REMICs hit by CMBS criteria changeS&P has lowered its ratings on 384 classes fro...

  • Regulation

    • IOSCO consults on ABS disclosure

      The IOSCO Technical Committee has published a consultation paper entitled 'Disclosure Principles for...

  • • BIS calls for government/private sector cooperation

      The BIS' 79th Annual Report underlines the need to focus clearly on the medium term and on sustainab...

  • RMBS

    • Spanish RMBS publicly placed

      Europe's second publicly-placed ABS deal of 2009 priced last week. The deal in question was a guaran...

  • • Deutsche Postbank completes synthetic RMBS

      Deutsche Postbank is securitising a portfolio of housing loans through KfW's PROVIDE securitisation...

  • • Non-conforming servicer strategies set to evolve

      Fitch says that the servicing strategies of UK non-conforming lenders have developed rapidly since t...

  • • Credit enhancement drives UK NC RMBS rating transitions

      The rating transitions of UK nonconforming RMBS have to date differed strongly by transaction vintag...

  • • Spanish RMBS delinquencies deteriorate further

      Spanish RMBS delinquency rates deteriorated further during Q109, according to Moody's. Weighted-aver...

  • Secondary markets

    • Disconnect between RMBS price and intrinsic value

      There is a disconnect between how the market prices US RMBS and the bonds' intrinsic value, accordin...

  • Structuring/Primary market

    • AIG liability structure simplified, MTM losses continue

      The US Fed has entered into a senior secured debt for preferred swap with AIG, which converts US$25b...

  • Trading

    • Trading revenues up, but CDS notionals down

      US commercial banks reported record trading revenues of US$9.8bn in the first quarter of 2009, compa...

  • • Further healthy CLO BWIC activity

      Structured credit analysts at JPMorgan report that around six BWICs traded last week, mostly in US C...

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• Research Notes

  • Documentation

    • Europe follows suit

      Tim Brunne, senior credit strategist at UniCredit, discusses the practicalities of Europe's 'small b...

      Since the Big Bang Protocol became effective, European dealers have been discussing several alternat...

  • Trading

    • Trading ideas: no clear plan

      Dave Klein, senior research analyst at Credit Derivatives Research, looks at an equity outperform tr...

      We've had Entergy as a long in our model equity portfolio since early May and the stock performed we...

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