Weekly Issue Archive »

Issue 154 - September 30th

• News Analysis

  • Secondary markets

    • Damp squib?

      SIV liquidates quietly, but secondary CDO market continues to improve

      The initial buzz surrounding the announcement of the Victoria Finance liquidation (see SCI issue 152...

  • CLOs

    • New avenues

      Can leveraged loans find investors away from CLOs?

      High yield bond issuance has outstripped leveraged loan issuance by almost two to one year-to-date &...

  • Technology

    • Granularity rules

      Market-led initiatives to further liquidity risk management goal emerge

      Regulatory authorities have identified liquidity risk management as a key issue in the aftermath of...

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• News

  • Investors

    • Euro benchmark deals price

      Two eagerly anticipated transactions have launched and priced in the European market - Per...

  • • Fortis non-call sparks extension risk fears

      Fortis Bank Nederland has announced that it will not call the Beluga Master Issuer 2006-1 Class A1 n...

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• Provider Profile

  • Advisory

    • Supporting change

      Rizwan Hussain and Pawan Malik, principals of Navigant Capital Market Advisors – the capital m...

      Q: How and when did Navigant Consulting become involved in the structured credit market? PM: Naviga...

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• Job Swaps

  • Advisory

    • Capital markets advisory adds two

      Merriman Curhan Ford Group has hired two senior investment bankers to help grow its investment banki...

  • Investors

    • Asset management firm expands

      GoldenTree has expanded its team with a number of new hires. Most recently, Yung Lee has joined th...

  • • Asset manager adds in credit portfolio management

      Aviva Investors has appointed Simon Blundell as a senior portfolio manager in credit, as part of the...

  • Legislation and litigation

    • Partner hired to business reorganisation group

      Schulte Roth & Zabel has appointed a new partner to its business reorganisation group, based...

  • Operations

    • TALF compliance practise established

      Ian Reid has appointed former US SEC branch chief Alicia Marshall as md. She will be responsible for...

  • Ratings

    • Ratings veteran hired for Canadian market

      Fitch is expanding its focus on ratings in Canada by hiring Charles Gamm as a senior director to hea...

  • RMBS

    • RMBS third-party review approval won

      Allonhill has won approval from S&P to perform third-party reviews on RMBS. The certificatio...

  • Structuring/Primary market

    • Bank hires structuring head

      Paul Levy has joined UBS as md and European head of FICC structuring. He was previously a partner at...

  • • Corporate risk solutions team expanded in Asia

      The Royal Bank of Scotland has made key appointments in its corporate risk solutions team in Asia Pa...

  • Technology

    • MBS analytics platform unveiled

      MBS Data has launched its new MBS deal and loan-level data and analytics platform. The platform has...

  • • Contract analysis tool strengthened

      docGenix has joined Mark Logic Corporation as a technology partner in launching the online applicati...

  • Trading

    • Bank adds in securitised products sales

      Bank of America Merrill Lynch has added a senior hire in securitised product sales. Michael Hokin wi...

  • • Portfolio trading platform established

      Lighthouse Financial is expanding its institutional sales and trading operations by launching a glob...

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• News Round-up

  • ABS

    • Floorplan ABS ratings criteria clarified

      Moody's has identified certain key factors which, where present, could support a top rating for seni...

  • • Canadian credit card performance deteriorates

      The performance of Canadian credit card debt continued to deteriorate in the second quarter of 2009,...

  • • Unemployment hits Euro consumer ABS performance

      Growing unemployment across Europe has had a negative impact on the collateral performance of consum...

  • CDS

    • CDS spread reaction to rescue packages analysed

      The BIS has published a report entitled 'Time to buy or just buying time?', which reviews the market...

  • CLOs

    • Bank undertakes jumbo CLO buyback

      Barclays Bank has repurchased a portion of the notes issued by Newfoundland CLO I and amended the te...

  • CMBS

    • Pros and cons for CMBS share deals

      Property acquisitions reported over the last two weeks suggest that the UK commercial property inves...

  • Correlation

    • Liquidity expected to pick up for IG.13 tranches

      Although liquidity has failed to pick up for on-the-run tranches since the IG.9 roll, structured cre...

  • Documentation

    • Manager establishes tax blocker subsidiaries

      Invesco Senior Secured Management has amended its documentation to allow the issuers in 10 CLOs to e...

  • • CLO discount obligation definition amended

      American Capital Asset Management says it intends to modify the existing discount obligation definit...

  • Indices

    • 90+ bucket drives ABX delinquency spike

      The latest remits for the Markit ABX index show that 60+ delinquencies increased by roughly 75bp-125...

  • • CMBX delinquencies remain steady

      The overall pace of new delinquencies across the Markit CMBX indices was fairly steady versus prior...

  • • HSBC least risky in counterparty risk index

      The CDR Counterparty Risk Index (CRI) has maintained its recent lows and continues to trade at mid-J...

  • • US credit card charge-offs surge in August

      After signs of improvement over the previous several months, the performance of US credit cards dete...

  • Investors

    • Credit investor survey reflects abundant liquidity

      Banc of America Securities-Merrill Lynch's latest credit investor survey reflects the abundance of l...

  • Monolines

    • MBIA junked

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

  • Operations

    • Pace of Fed MBS purchases to slow

      The Federal Open Market Committee has extended the Federal Reserve's purchase of agency MBS until th...

  • • No rejected legacy CMBS in latest TALF round

      The New York Fed has announced that no legacy CMBS bonds were rejected in the 17 September TALF oper...

  • • GFSR highlights role of securitisation in recovery

      The IMF has released its latest Global Financial Stability Report (GFSR), which notes that the immed...

  • Ratings

    • Realpoint gets NAIC vote

      The National Association of Insurance Commissioners (NAIC) has voted to include Realpoint as an acce...

  • • Recently-launched re-REMIC downgraded

      S&P has downgraded class 2-A-2 of JPMorgan Resecuritisation Trust Series 2009-3 from triple-...

  • Real Estate

    • Financial flexibility remains key for Singapore REITs

      Singapore REITs have, to a large extent, refinanced their maturing debt obligations in 2009 and have...

  • Regulation

    • RFC on ABS post-trade transparency

      The IOSCO Technical Committee has published a consultation report, 'Transparency of Structured Finan...

  • • FSB reports on ABS/OTC markets

      The Financial Stability Board (FSB) has submitted two reports to the G20 leaders at their Pittsburgh...

  • • Tranche retention screening model analysed

      The BIS has published a Working Paper entitled 'Incentives and tranche retention in securitisation:...

  • RMBS

    • Positive trend for non-agency mortgage severities

      August data for non-agency mortgages indicates that serious delinquencies and foreclosure inventory...

  • • UK RMBS on review as EOD looms

      Moody's has placed all notes and Mercs on review for possible downgrade from GMAC-RFC-originated UK...

  • • NC RMBS delinquencies stabilise

      Economic fundamentals in the UK remained negative in Q209. However, S&P says it has seen som...

  • • Australian RMBS arrears drop again

      Arrears on residential mortgage loans underlying prime Australian RMBS transactions eased for the fi...

  • Secondary markets

    • Securitised loan ID codes released

      The American Securitization Forum and S&P Fixed Income Risk Management Services (FIRMS) have...

  • • Trade repository consultation launched

      CESR has launched a consultation on trade repositories in the EU. The number of European entities ac...

  • Structuring/Primary market

    • Report on SPEs to inform policymakers

      The Joint Forum has released the final version of its paper entitled 'Report on special purpose enti...

  • Technology

    • Vendor mints counterparty risk solution

      Numerix has launched Numerix Counterparty Risk, powered by CompatibL - its integrated solu...

  • • Mortgage risk analysis tool extended

      Fitch has extended its European residential mortgage risk analysis tool, ResiEMEA, to cover Ireland,...

  • Trading

    • Fair value reporting impacts trading results

      US commercial banks reported trading revenues of US$5.2bn in Q209, compared to record revenues of US...

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• Research Notes

  • Alternative assets

    • High subordination mitigates industry/maturity risk

      Structured credit strategists at Citi find that TruPS CDOs can offer impressive returns for investor...

      CDOs of trust-preferred securities have been a niche asset class within the structured credit market...

  • Trading

    • Trading ideas: can it

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

      We revisit Alcoa Inc. Last May, we recommended buying Alcoa CDS protection, a Trading Idea that perf...

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