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Issue 153 - September 23rd

• News Analysis

  • CMBS

    • Good with the bad

      European CMBS performance reflects deal difficulties

      European CMBS performance continues to reflect the stress of soft occupational markets, limited fina...

  • RMBS

    • The real deal?

      UK benchmark RMBS set to launch

      Lloyds Banking Group is expected to launch Permanent 2009-1 - a prime UK RMBS master trust...

  • Clearing

    • Challenging the status quo

      CME CDS clearing venture takes shape

      As yet unsuccessful attempts by other clearinghouses to capture market share has sparked concern abo...

  • RMBS

    • New proposal

      Improved Australian appetite for RMBS, but additional intervention needed

      The placement of an upsized prime Australian RMBS with real money investors late last week was taken...

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• News

  • Investors

    • Positive indications for write-downs and defaults

      Investors appear to be revising up their growth and earnings forecasts, as well as revising down the...

  • Structuring/Primary market

    • Barclays restructures structured credit portfolio

      Barclays has announced the restructuring of US$12.3bn of credit market assets by a sale of the asset...

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• Job Swaps

  • ABS

    • UBS makes strategic ABS hires

      UBS has made two key securitisation hires. Frank Byrne has been appointed head of securitisation and...

  • Advisory

    • Advisory firm names new partner

      Vertical Capital Solutions has appointed Jason Howell as a partner. Howell has over 17 years of expe...

  • CMBS

    • CRE investment md hired

      Redwood Trust has hired Scott Chisholm as md, leading the company's commercial mortgage debt investm...

  • Distressed assets

    • Distressed specialist taps Greywolf md

      Oak Hill Advisors has hired Alexandra Jung as co-head of its European business. Jung is based in Lon...

  • Investors

    • Start-up launches debut credit hedge fund

      Start-up hedge fund Raven Rock Capital has launched its first credit fund. The portfolio has two sub...

  • • Fixed income portfolio manager named

      Schroder Investment Management has appointed Dina Welch as senior client portfolio manager to coordi...

  • • Deloitte expands hedge fund team

      Deloitte has hired Ellen Schubert and Ray Iler to the hedge fund team of its asset management servic...

  • • Investor relations md promoted

      Structured Portfolio Management (SPM) has promoted Chris Sutter to head of marketing and investor re...

  • Legislation and litigation

    • KBC settles CDO case

      Belgian bank KBC says it has come to an 'amicable settlement' with a number of private and banking c...

  • Listed products

    • Permacap reports

      Permacap Carador has reported that, as at the close of business on 28 August 2009, the unaudited net...

  • Ratings

    • Euro ABS business development team expanded

      Fitch has hired James Simeons as a senior director for ABS business development in the EMEA region....

  • Real Estate

    • Annaly REIT to invest in CMBS

      Annaly Capital Management has completed an IPO on the NYSE for its new specialty finance company, Cr...

  • • CRE loan servicing business acquired

      The Situs Companies has acquired the primary and special loan servicing business of Global Servicing...

  • Secondary markets

    • Vehicle records 21.5% write-up in CDOs

      The gross asset value (GAV) of Volta Finance Ltd was €64.4m at the end of August. This equ...

  • • Alliance provides daily ARS valuations

      Interactive Data Corporation has teamed up with Pluris Valuation Advisors to offer clients daily val...

  • Technology

    • Securities class action data service formed

      Interactive Data Corporation's pricing and reference data business has formed an alliance with Goal...

  • • Novations partnership established

      ConvergEx has integrated its order management system, the Eze OMS, with ICE Link, an electronic affi...

  • • New development director for riskart

      Gerrard Mahony has joined riskart as EMEA business development director, based in Milan. In his new...

  • • Prime broker solution offered

      JPMorgan and Sophis together have launched a technology solution allowing hedge funds to manage thei...

  • • Vendor expands into Asia-Pacific

      Calypso Technology has expanded its presence in the Asia Pacific region through a new subsidiary com...

  • Trading

    • Broker-dealer appoints ABS head

      The PrinceRidge Group has named William Haley head of its ABS banking group, reporting to Ahmed Alal...

  • • New debt brokerage launched

      Two high-profile London traders, both with extensive experience in the European distressed market, h...

  • • New ABS sales head for agency broker

      Agency broker Hoare Capital has expanded its credit and ABS teams. Amongst those joining the firm...

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• News Round-up

  • ABCP

    • ABCP ratings to remain stable into 2010

      Moody's latest ABCP review reveals that the sector stabilised in the first half of 2009. According t...

  • CDS

    • Thomson deliverables agreed

      ISDA has published the initial list of deliverable obligations for Thomson, following a meeting held...

  • • Initial sovereign CDS index due

      The Markit iTraxx SovX Western Europe index is to begin trading on 28 September. This is the first o...

  • • TMT continues to drive Euro CDS liquidity

      Market uncertainty over the future direction of the European telecom and technology sectors has driv...

  • CLOs

    • Euro CLO triple-C assets drop, defaults rise

      S&P's European CLO performance index report for July shows that all four of its CLO cohorts...

  • • CLO brings in collateral eligibility changes

      MC Funding CLO, a middle market CLO launched in 2006, has been subject to a number of changes to col...

  • CMBS

    • Call for industry response to Windermere XII case

      A "fast and firm" reaction from the marketplace to recent developments surrounding the Windermere XI...

  • • TALF CMBS loan requests in

      US$1.4bn of loans have been requested through the CMBS TALF for legacy loans programme. No loans wer...

  • • South African CMBS tap finds four investors

      South African listed property loan stock company Vukile has raised R250m via a tap issuance of Vukil...

  • • Robust performance for Singapore CMBS

      Singaporean CMBS transactions still enjoy strong cashflow from the underlying properties, despite th...

  • Distressed assets

    • Irish bad-bank details released

      The Irish Finance Minister, Brian Lenihan, has disclosed details about the implementation of the dom...

  • Emerging Markets

    • Changes made to EM CDS trading convention

      Market practice changes to the trading convention for CDS in emerging markets have been announced by...

  • • Mexican RMBS performance deteriorates

      The economic slowdown in Mexico continues to impact the performance of RMBS in the country, accordin...

  • Indices

    • Constituent changes for CDX

      The Markit CDX.NA.IG and HVOL indices rolled into their thirteenth series, the CDX.EM into its twelf...

  • Legislation and litigation

    • Fraud firm to investigate mortgage securitisation

      MFI-Miami, a Florida-based mortgage fraud investigation company, has launched a nationwide service i...

  • Ratings

    • Global corporate CDO criteria updated

      S&P has published revised methodologies and assumptions it uses to rate global CDOs backed b...

  • • New calibration for Hedge Fund Evaluator

      S&P has updated the calibration of Hedge Fund Evaluator v2.2 (HFE), its analytical tool for...

  • • IDRs won't be assigned to SPVs

      Fitch says it will not assign issuer default ratings (IDRs) to SPVs used in structured finance, due...

  • Real Estate

    • US CRE prices resume steep decline

      Commercial real estate prices renewed their steep declines and low transaction volume in July, accor...

  • Regulation

    • Proposals should foster, not suffocate, securitisation

      The IMF calls for a return of 'sound securitisation' in its latest Global Financial Stability Report...

  • • Proposed OTC derivatives regulation rebutted

      While highlighting that the Association supports many key public policy concepts contained in the US...

  • • SEC to take action on NRSROs

      The US SEC has voted unanimously to take several rulemaking actions to bolster oversight of credit r...

  • RMBS

    • Hermes tender attracts investor interest

      The results of SNS Bank's Hermes Dutch RMBS tender offer have been announced, with €556.8m...

  • • US RMBS ratings approach updated

      Moody's has updated its approach to evaluating US RMBS to account for seasoned and non-performing re...

  • Secondary markets

    • CMBS spreads react to new US tax rule

      US CMBS spreads have tightened following publication of the Treasury's new tax rules that allow borr...

  • • Smaller US ABS outperform larger deals

      Small US ABS deals that have come to market in 2009 have outperformed larger issues so far this year...

  • Structuring/Primary market

    • Leasing ABS restructured

      The DFM Vehicle Loans Securitisation 2005 has been restructured to provide for an increase in the av...

  • Technology

    • CDS market premium ratio launched

      Thomson Reuters has integrated Kamakura's default probability service into its flagship financial de...

  • • US CRE risk analysis service launched

      Fitch Solutions and Algorithmics Advisory Service have launched a commercial real estate risk analys...

  • Trading

    • Fixed coupons to favour iTraxx skew trades

      The introduction of standardised fixed coupons with the new Markit iTraxx Series 12 indices is expec...

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• Research Notes

  • Trading

    • Trading ideas: rolling in cash

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a negative basis tr...

      The new issue corporate bond market was on an absolute tear last week. The 16 September saw the seco...

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