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Issue 155 - October 7th

• News Analysis

  • Distressed assets

    • Timing issue

      Rising prices and deteriorating fundamentals overshadow PPIF launches

      Five out of the nine managers mandated under the PPIP closed their public-private investment funds (...

  • Operations

    • Baby steps

      Call for ABS post-trade reporting to be developed sensitively

      FINRA announced last week that it intends to expand TRACE to include ABS (see also separate News sto...

  • Trading

    • Arbitrage activity

      Trading drives majority of re-REMIC issuance

      Re-REMIC issuance in the US is continuing apace, with several billion dollars worth of bonds being s...

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• News

  • CLOs

    • CLOs brush off broader market sell-off

      CLOs brushed off the broader market sell-off last week and set a near-term high in weighted average...

  • Distressed assets

    • Global loss estimates lowered

      The IMF has lowered its global loss estimates to US$3.4trn, following recent mark-to-market improvem...

  • Emerging Markets

    • Major price dislocations persist in Asia

      While the Asian public markets have traded up in line with global markets over the past few months (...

  • Operations

    • Private sector home affordability strategies progress

      The injection of private sector investment into pools of legacy assets via the PPIP is facilitating...

  • Secondary markets

    • Structured credit reporting proposals unveiled

      Two separate regulatory pushes towards improving reporting in the structured credit market were anno...

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• Talking Point

  • ABS

    • Primary revival?

      Japan leads Asia-Pacific ABS recovery

      Eight Japanese ABS transactions were completed towards the end of September, making it one of the fe...

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• The Structured Credit Interview

  • Investors

    • Filling the void

      John Uhlein, founder and managing principal of Grenadier Capital, answers SCI's questions

      Q: How and when did Grenadier Capital become involved in the structured credit market? A: I put tog...

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• Job Swaps

  • ABCP

    • Write-downs prompt Canadian ABCP sale

      Strategem Capital Corporation has sold 100% of its holdings in the MAV 2 vehicle - the Can...

  • Advisory

    • CRE capital markets group formed

      NewOak Capital has appointed Amy Levenson md and chairman of its newly formed commercial real estate...

  • CDO

    • CDO structurer recruited

      Fifth Street Finance has added a new team member to its investment adviser subsidiary, Fifth Street...

  • CDS

    • IDB adds to Euro high grade team

      Colm Ryan has joined the Phoenix Partners Group and will be responsible for building its European hi...

  • CMBS

    • CMBS investment vehicle to begin road-showing

      The investment vehicle established in a joint venture between TwentyFour Asset Management and Rutley...

  • • Real estate debt strategy group formed

      Urdang, the real estate investment subsidiary of BNY Mellon Asset Management, has created a new real...

  • Investors

    • Paris-based firm to focus on credit arb strategies

      A new Paris-based asset management firm focused on credit and merger arbitrage strategies has been l...

  • • Credit fund adds head of sales

      Assenagon has hired Ulrich von Altenstadt as head of credit sales. He will be responsible for the di...

  • Legislation and litigation

    • Law firm names three partners

      Allen & Overy has appointed three new senior counsel in its New York office to work across t...

  • Real Estate

    • CRE CDO specialist added for special servicing

      The Situs Companies has recruited Ginn Downing as director in its rated special servicing group. She...

  • Technology

    • Partnership to offer TALF loan valuations

      Interactive Data Corporation will offer valuations for loans made available by the Federal Reserve B...

  • Trading

    • Credit platform appoints ABS trading head

      Manish Peshawaria is understood to have joined Knight Libertas UK as head of ABS and MBS trading. Pe...

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• News Round-up

  • ABCP

    • Shift in ABCP conduit activity observed

      S&P has observed a shift from securities arbitrage conduits to large multi-seller conduits,...

  • ABS

    • Fed steps up risk review of TALF deals

      The New York Federal Reserve has announced two changes to the procedures for evaluating ABS pledged...

  • • Safe harbour uncertainty plagues credit card ABS

      Many triple-A rated US credit card transactions could be placed under review for possible downgrade...

  • • No ratings impact due to SLM forbearance policy

      The recent decline in performance of Sallie Mae's private student loan securitisations is due to the...

  • • Ratings impact of CIT bankruptcy analysed

      Moody's has published a special comment discussing the implications of a possible bankruptcy of the...

  • • Further reserve fund draws likely for auto deals

      S&P has taken rating actions on all notes issued by the BBVA Autos 2 and BBVA Finanzia Autos...

  • • Spanish consumer ABS continues to deteriorate

      Spanish consumer ABS transactions have continued to deteriorate during 2009, with the impact of the...

  • Alternative assets

    • Second buyback for Euro ABS CDO

      M&G Investments has approved the repurchase a portion of Pallas CDO II's €67m Clas...

  • CDPCs

    • CDPC commutes large CDS portfolio

      Primus Financial has terminated US$1.3bn notional principal of CDS with what it terms as a 'signific...

  • CDS

    • Additional Thomson compression cycles completed

      TriOptima has completed two additional portfolio compression cycles for Thomson single name and Thom...

  • • Significant rise in global CDS liquidity reported

      Fitch Solutions reports that market uncertainty over the pace of global economic recovery led to a s...

  • • Australian dollar curve added to valuations platform

      PricingDirect has begun to offer credit derivative valuations based on the Australian dollar curve....

  • Clearing

    • Single name CDS clearing approval imminent

      Both ICE Trust and ICE Clear Europe are operationally ready to begin clearing single name CDS contra...

  • CMBS

    • Strong gains for US CMBS spreads in September

      Ten-year triple-A US CMBS super seniors were 60bp tighter at the end of September than at the beginn...

  • Distressed assets

    • First PPIFs past the post

      The initial closings of five public-private investment funds (PPIFs) established under the legacy se...

  • Documentation

    • Determinations committees spring into action

      ISDA Determinations Committees (DCs) have determined a slew of potential credit events this...

  • • Small bang given another chance

      ISDA is set to reopen its 'small bang' protocol, in response to demand from new entrants. The protoc...

  • Indices

    • LCDX, MCDX roll

      The Markit LCDX.NA and MCDX.NA indices rolled into their thirteenth series on 5 October. 11 constitu...

  • • Subprime RMBS CDS index holds steady

      Market prices within US subprime RMBS continue to show signs of stabilisation, although there is lit...

  • • Housing market index continues to show improvement

      The S&P Case-Shiller home price index has shown its third consecutive month of improvement i...

  • • Improvement in default protection costs revealed

      Despite recent increases in CDS spreads, the cost of buying default protection has shown a dramatic...

  • • Credit conditions now better than average

      The Kamakura index of troubled public companies has made its sixth consecutive improvement in Septem...

  • • Dutch RMBS index decreases

      Prepayments in the Dutch RMBS market continued to fall in Q209 and there was a minimal increase in d...

  • Investors

    • Survey reveals continued anxiety over recovery

      Despite news of economic recovery, many finance executives in Western Europe still believe that the...

  • Legislation and litigation

    • Contractual alternative proposed for LBIE creditors

      The joint administrators of Lehman Brothers International (Europe) have announced that they are deve...

  • Ratings

    • Ratings differentiation proposal criticised

      The US House Financial Services Subcommittee on Capital Markets held a hearing on 30 September to di...

  • • Deterioration in EMEA securitisation expected

      The performance of many asset classes in the EMEA securitisation sector will continue to deteriorate...

  • • Global servicer rating criteria published

      Fitch has published its global rating criteria for assessing the operational risk of servicers of st...

  • Regulation

    • Moratorium requested on reg cap rule changes

      The American Securitization Forum has submitted a letter to federal banking regulators requesting th...

  • • FSA publishes liquidity requirements

      The UK FSA has published its final rules on the liquidity requirements expected of firms. The new ru...

  • RMBS

    • Originator to purchase assets back

      NIBC Bank, the originator and sole noteholder of the Essence II transaction, has made certain amendm...

  • • Colombian RMBS ratings criteria published

      Fitch has published a criteria report introducing its approach to rating RMBS transactions in Colomb...

  • Technology

    • Loan valuation and management platform launched

      RiskSpan has released its RS Velocity whole loan valuation and portfolio management platform. The of...

  • • RMBS reporting tool enhanced

      Fitch has enhanced its RMBS reporting tool, Deal Compare, to incorporate transactions from Ireland,...

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