Issue 147 - July 29th
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News Analysis
- Real Estate
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REIT revival
New 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...
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- RMBS
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Lessons learnt?
Signs 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...
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- Trading
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Seasonal protection
Credit portfolio managers prepare for likely market 'events'
After a strong second quarter, credit portfolio managers now face a summer period when market depth...
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- ABS
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Alternative routes
Dysfunctional ARS market continues to hamper origination
A dysfunctional auction rate securities (ARS) market continues to hamper, among other asset classes,...
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- Real Estate
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News
- ABS
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Private-label issuers outperform in credit cards
Against the backdrop of weaker consumer credit performance and the evolution of credit enhancement i...
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- Clearing
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Euro CDS CCP, buy-side solution launched
Eurex Clearing has partnered with Calypso Technology to support its new clearing service, Eurex Cred...
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- Indices
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ABX outperforms on home price data
Structured finance analysts at JPMorgan suggest that the Markit ABX index is "biased to more upside...
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Protection sellers warned over iTraxx levels
Markit iTraxx Europe protection sellers should not accept spreads lower than about 80bp, if they bel...
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- Real Estate
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REIT restructures financing, management agreement
Arbor Realty Trust has completed a restructuring of its financing facilities, totalling US$374m, wit...
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- ABS
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Talking Point
- Alternative assets
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An alternative universe
Edward Torres, president Baldwin & Lyons Capital Markets, argues that the last 12 months have sh...
Given the challenges facing investment managers today, it is not surprising that many are casting a...
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- Alternative assets
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Job Swaps
- ABCP
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Enforcement notices issued in ABCP investigation
Current and former officers of Coventree have received enforcement notices from the Ontario Securiti...
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- ABS
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Law firm adds partner in London
Morgan Lewis has hired Christopher Harrison as a partner in its business and finance practice, resid...
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- Advisory
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CDO head recruited
Dominic Powell has joined Synergy Global Capital - the hedge fund founded in 2007 by Stefan...
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Advisory firm to manage defaulted CDO
Annaly Capital Management's wholly-owned subsidiary Fixed Income Discount Advisory Company (FIDAC) h...
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- CDO
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CDO jurisdictional issues come into play
UK courts are next week set to decide on jurisdictional issues relating to the Dante CDO. Following...
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Wealth manager hires in structured credit
The international arm of RBC Wealth Management, part of Royal Bank of Canada, has recruited Wasim Af...
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- CDS
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Monoline hit by continuing CDS losses
Ambac expects to report that estimated statutory impairment losses on credit derivatives increased b...
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- Clearing
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UK clearer names ceo
CME Group has named Andrew Lamb ceo for CME Clearing Europe, subject to the approval of CME Group's...
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- CLO Managers
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US CDO manager to be replaced
The collateral manager of Acacia CDO 6 - Redwood Asset Management - is to be rep...
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- CMBS
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Asset manager debuts PPIP offering
BlackRock has filed the prospectus for its PPIP offering, BlackRock Legacy Securities Public-Private...
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Director hired to head CMBS strategy
The Davis Companies has hired Emily Cooper as director of acquisitions and fixed income investments....
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CMBS/WBS trader appointed
Kale Brown has moved over to a trading role at Barclays Capital in London. Brown, who will trade CMB...
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- Investors
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Investment manager hires three
Structured Investment Management (SIM) has made three new appointments. Mark Graham has been named...
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Prime brokerage group offers FI services
BTIG has expanded its prime brokerage group to offer fixed income services, including trading and po...
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Investment manager hires for high yield fund
Hotchkis and Wiley Capital Management has hired Mark Hudoff to co-manage its high yield bond strateg...
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- Ratings
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Morgan Keegan charged over ARS
The SEC has charged Tennessee-based broker-dealer Morgan Keegan & Company for misleading tho...
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- Real Estate
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ARMOUR REIT to focus on agency RMBS
Enterprise Acquisition Corp, a public investment vehicle, and ARMOUR Residential REIT have signed an...
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- RMBS
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Broker-dealer adds in RMBS sales
Amherst Securities Group has appointed Charlie Ulmer as an MBS salesperson. Ulmer, who joins the RMB...
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REIT unveils investment strategy
Invesco Mortgage Capital says it has almost completed the deployment of capital that it raised in it...
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Partnership to assist Freddie Mac initiative
As part of its support for President Obama's Making Home Affordable programme, Freddie Mac has joine...
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- Technology
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Mortgage data JV launched
Strategic Analytics' mortgage risk software is now fuelled by BlackBox Logic, a repository of loan-l...
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OAS analytics partnership announced
Calypso Technology has integrated BondOAS, a market standard in callable bond analytics from Andrew...
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Risk management company adds three directors
FinAnalytica has appointed three new members to its sales teams in London and New York. This follows...
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- Trading
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Cohen hires Sussman for European expansion
Cohen & Co has announced the expansion of its European capital markets business with the hir...
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Institutional credit sales team expands
BNP Paribas has grown its institutional credit sales (ICS) team, co-headed by Philippe Guyot and Joe...
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- ABCP
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News Round-up
- ABS
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South African store card ABS prepped
S&P has assigned preliminary credit ratings to the first issuance of notes from OntheCards I...
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Credit card delinquent accounts acquired
Egg Banking has exercised a call option to acquire a number of delinquent accounts from the Pillar T...
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ABS CDO issuance remains muted
Since July 2008, S&P has lowered its ratings on 107 tranches of cash or hybrid ABS CDOs and...
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- CDO
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New asset manager rating criteria released
Fitch has published criteria for assigning ratings to credit-oriented asset managers. The criteria w...
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Upward rating pressure for Japanese SME CDOs
Moody's says that Japan's SME CDO sector will increasingly experience upward rating pressure, even i...
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- CDS
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Not all CDS players signed up to 'small bang'
The ISDA Small Bang Protocol (SCI passim) became effective yesterday. According to the Association,...
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CDS liquidity divergence signals market concern
Fitch Solutions says the divergence in CDS liquidity between the financial sectors in European and A...
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NCOIL to review CDS proposals in November
The National Conference of Insurance Legislators (NCOIL) is continuing its controversial efforts to...
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Credit event but no auction for Kellwood
ISDA's determinations committee has determined that a failure to pay credit event has occurred on Ke...
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- CLOs
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Revised SME CLO criteria released
Fitch has published its revised criteria for rating CLOs of granular pools of smaller corporate loan...
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- CMBS
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External guarantees to attract Euro ABS investors
Sceptre Funding, a £360.25m single-tranche CMBS backed by lease payments on a Land Securiti...
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Realpoint publishes analysis for ratings-volatile CMBS
Realpoint is making publicly available its subscription-based ratings and analysis for three CMBS tr...
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Accepted/rejected TALF legacy CMBS revealed
The New York Fed has published a list on its website of the legacy CMBS that were accepted as collat...
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Update released on CMBS rating refinements
S&P has released an update on the criteria document outlining refinements it has made to its...
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- Indices
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Index reveals drop in sovereign risk
Credit Derivatives Research (CDR) has published the latest figures for its Government Risk Index (GR...
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- Ratings
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Derivatives use concentrated among US financials
The use of derivatives among US companies is widespread, although an overwhelming majority of the ex...
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Survey reveals improved outlook for US credit markets
The outlook for both the US economy and the credit markets has much improved, according to a recent...
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Ambac junked
S&P has lowered its counterparty credit, financial strength and financial enhancement rating...
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Rating agency legislation sent to Congress
The Obama administration has sent legislation to Congress designed to remove conflicts of interest b...
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CDPC downgraded
S&P has lowered its issuer credit, senior subordinated and subordinated note ratings on Athi...
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Global SF rating action remains negative
Fitch says that negative rating action continued to be prevalent for global structured finance in Q2...
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Spanish SME deal performance continues to decline
S&P has seen the performance of Spanish securitisations backed by loans to SMEs that it rate...
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- Regulation
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Basel LCDE results revealed
Results from the 2008 Loss Data Collection Exercise (LDCE) have been published. The study was conduc...
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AIMA warns against EC directive
The Alternative Investment Management Association (AIMA) has warned that the European Commission's d...
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Leaders call for far-reaching regulatory reforms
The IIF has published a new report called 'Restoring Confidence, Creating Resilience: An Industry Pe...
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- RMBS
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RMBS valuation benchmarking study unveiled
S&P's Fixed Income Risk Management Services (FIRMS) has launched its quarterly valuation ben...
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Revised subprime RMBS loss projections announced
S&P has provided its revised loss projections for US RMBS transactions backed by subprime co...
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Australian RMBS ratings to remain stable
Moody's says that despite the recent trend of increased delinquencies, Australian RMBS ratings are s...
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- ABS
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Research Notes
- Trading
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Trading ideas: rising tide
Dave Klein, senior research analyst at Credit Derivatives Research, looks at an equity outperform tr...
We revisit Procter & Gamble from an equity perspective. In May, we recommended selling CDS p...
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- Trading
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