Weekly Issue Archive »

Issue 147 - July 29th

• News Analysis

  • Real Estate

    • 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...

  • RMBS

    • 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...

  • Trading

    • 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...

  • ABS

    • 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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• News

  • ABS

    • Private-label issuers outperform in credit cards

      Against the backdrop of weaker consumer credit performance and the evolution of credit enhancement i...

  • Clearing

    • Euro CDS CCP, buy-side solution launched

      Eurex Clearing has partnered with Calypso Technology to support its new clearing service, Eurex Cred...

  • Indices

    • ABX outperforms on home price data

      Structured finance analysts at JPMorgan suggest that the Markit ABX index is "biased to more upside...

  • • Protection sellers warned over iTraxx levels

      Markit iTraxx Europe protection sellers should not accept spreads lower than about 80bp, if they bel...

  • Real Estate

    • REIT restructures financing, management agreement

      Arbor Realty Trust has completed a restructuring of its financing facilities, totalling US$374m, wit...

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• Talking Point

  • Alternative assets

    • 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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• Job Swaps

  • ABCP

    • Enforcement notices issued in ABCP investigation

      Current and former officers of Coventree have received enforcement notices from the Ontario Securiti...

  • ABS

    • Law firm adds partner in London

      Morgan Lewis has hired Christopher Harrison as a partner in its business and finance practice, resid...

  • Advisory

    • CDO head recruited

      Dominic Powell has joined Synergy Global Capital - the hedge fund founded in 2007 by Stefan...

  • • Advisory firm to manage defaulted CDO

      Annaly Capital Management's wholly-owned subsidiary Fixed Income Discount Advisory Company (FIDAC) h...

  • CDO

    • CDO jurisdictional issues come into play

      UK courts are next week set to decide on jurisdictional issues relating to the Dante CDO. Following...

  • • Wealth manager hires in structured credit

      The international arm of RBC Wealth Management, part of Royal Bank of Canada, has recruited Wasim Af...

  • CDS

    • Monoline hit by continuing CDS losses

      Ambac expects to report that estimated statutory impairment losses on credit derivatives increased b...

  • Clearing

    • UK clearer names ceo

      CME Group has named Andrew Lamb ceo for CME Clearing Europe, subject to the approval of CME Group's...

  • CLO Managers

    • US CDO manager to be replaced

      The collateral manager of Acacia CDO 6 - Redwood Asset Management - is to be rep...

  • CMBS

    • Asset manager debuts PPIP offering

      BlackRock has filed the prospectus for its PPIP offering, BlackRock Legacy Securities Public-Private...

  • • Director hired to head CMBS strategy

      The Davis Companies has hired Emily Cooper as director of acquisitions and fixed income investments....

  • • CMBS/WBS trader appointed

      Kale Brown has moved over to a trading role at Barclays Capital in London. Brown, who will trade CMB...

  • Investors

    • Investment manager hires three

      Structured Investment Management (SIM) has made three new appointments. Mark Graham has been named...

  • • Prime brokerage group offers FI services

      BTIG has expanded its prime brokerage group to offer fixed income services, including trading and po...

  • • Investment manager hires for high yield fund

      Hotchkis and Wiley Capital Management has hired Mark Hudoff to co-manage its high yield bond strateg...

  • Ratings

    • Morgan Keegan charged over ARS

      The SEC has charged Tennessee-based broker-dealer Morgan Keegan & Company for misleading tho...

  • Real Estate

    • ARMOUR REIT to focus on agency RMBS

      Enterprise Acquisition Corp, a public investment vehicle, and ARMOUR Residential REIT have signed an...

  • RMBS

    • Broker-dealer adds in RMBS sales

      Amherst Securities Group has appointed Charlie Ulmer as an MBS salesperson. Ulmer, who joins the RMB...

  • • REIT unveils investment strategy

      Invesco Mortgage Capital says it has almost completed the deployment of capital that it raised in it...

  • • Partnership to assist Freddie Mac initiative

      As part of its support for President Obama's Making Home Affordable programme, Freddie Mac has joine...

  • Technology

    • Mortgage data JV launched

      Strategic Analytics' mortgage risk software is now fuelled by BlackBox Logic, a repository of loan-l...

  • • OAS analytics partnership announced

      Calypso Technology has integrated BondOAS, a market standard in callable bond analytics from Andrew...

  • • Risk management company adds three directors

      FinAnalytica has appointed three new members to its sales teams in London and New York. This follows...

  • Trading

    • Cohen hires Sussman for European expansion

      Cohen & Co has announced the expansion of its European capital markets business with the hir...

  • • 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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• News Round-up

  • ABS

    • South African store card ABS prepped

      S&P has assigned preliminary credit ratings to the first issuance of notes from OntheCards I...

  • • Credit card delinquent accounts acquired

      Egg Banking has exercised a call option to acquire a number of delinquent accounts from the Pillar T...

  • • ABS CDO issuance remains muted

      Since July 2008, S&P has lowered its ratings on 107 tranches of cash or hybrid ABS CDOs and...

  • CDO

    • New asset manager rating criteria released

      Fitch has published criteria for assigning ratings to credit-oriented asset managers. The criteria w...

  • • Upward rating pressure for Japanese SME CDOs

      Moody's says that Japan's SME CDO sector will increasingly experience upward rating pressure, even i...

  • CDS

    • Not all CDS players signed up to 'small bang'

      The ISDA Small Bang Protocol (SCI passim) became effective yesterday. According to the Association,...

  • • CDS liquidity divergence signals market concern

      Fitch Solutions says the divergence in CDS liquidity between the financial sectors in European and A...

  • • NCOIL to review CDS proposals in November

      The National Conference of Insurance Legislators (NCOIL) is continuing its controversial efforts to...

  • • Credit event but no auction for Kellwood

      ISDA's determinations committee has determined that a failure to pay credit event has occurred on Ke...

  • CLOs

    • Revised SME CLO criteria released

      Fitch has published its revised criteria for rating CLOs of granular pools of smaller corporate loan...

  • CMBS

    • External guarantees to attract Euro ABS investors

      Sceptre Funding, a £360.25m single-tranche CMBS backed by lease payments on a Land Securiti...

  • • Realpoint publishes analysis for ratings-volatile CMBS

      Realpoint is making publicly available its subscription-based ratings and analysis for three CMBS tr...

  • • 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...

  • • Update released on CMBS rating refinements

      S&P has released an update on the criteria document outlining refinements it has made to its...

  • Indices

    • Index reveals drop in sovereign risk

      Credit Derivatives Research (CDR) has published the latest figures for its Government Risk Index (GR...

  • Ratings

    • Derivatives use concentrated among US financials

      The use of derivatives among US companies is widespread, although an overwhelming majority of the ex...

  • • 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...

  • • Ambac junked

      S&P has lowered its counterparty credit, financial strength and financial enhancement rating...

  • • Rating agency legislation sent to Congress

      The Obama administration has sent legislation to Congress designed to remove conflicts of interest b...

  • • CDPC downgraded

      S&P has lowered its issuer credit, senior subordinated and subordinated note ratings on Athi...

  • • Global SF rating action remains negative

      Fitch says that negative rating action continued to be prevalent for global structured finance in Q2...

  • • Spanish SME deal performance continues to decline

      S&P has seen the performance of Spanish securitisations backed by loans to SMEs that it rate...

  • Regulation

    • Basel LCDE results revealed

      Results from the 2008 Loss Data Collection Exercise (LDCE) have been published. The study was conduc...

  • • AIMA warns against EC directive

      The Alternative Investment Management Association (AIMA) has warned that the European Commission's d...

  • • Leaders call for far-reaching regulatory reforms

      The IIF has published a new report called 'Restoring Confidence, Creating Resilience: An Industry Pe...

  • RMBS

    • RMBS valuation benchmarking study unveiled

      S&P's Fixed Income Risk Management Services (FIRMS) has launched its quarterly valuation ben...

  • • Revised subprime RMBS loss projections announced

      S&P has provided its revised loss projections for US RMBS transactions backed by subprime co...

  • • 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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• Research Notes

  • Trading

    • 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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