Issue 155 - October 7th
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News Analysis
- Distressed assets
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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 (...
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- Operations
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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...
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- Trading
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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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- Distressed assets
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News
- CLOs
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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...
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- Distressed assets
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Global loss estimates lowered
The IMF has lowered its global loss estimates to US$3.4trn, following recent mark-to-market improvem...
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- Emerging Markets
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Major price dislocations persist in Asia
While the Asian public markets have traded up in line with global markets over the past few months (...
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- Operations
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Private sector home affordability strategies progress
The injection of private sector investment into pools of legacy assets via the PPIP is facilitating...
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- Secondary markets
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Structured credit reporting proposals unveiled
Two separate regulatory pushes towards improving reporting in the structured credit market were anno...
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- CLOs
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Talking Point
- ABS
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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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- ABS
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The Structured Credit Interview
- Investors
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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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- Investors
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Job Swaps
- ABCP
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Write-downs prompt Canadian ABCP sale
Strategem Capital Corporation has sold 100% of its holdings in the MAV 2 vehicle - the Can...
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- Advisory
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CRE capital markets group formed
NewOak Capital has appointed Amy Levenson md and chairman of its newly formed commercial real estate...
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- CDO
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CDO structurer recruited
Fifth Street Finance has added a new team member to its investment adviser subsidiary, Fifth Street...
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- CDS
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IDB adds to Euro high grade team
Colm Ryan has joined the Phoenix Partners Group and will be responsible for building its European hi...
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- CMBS
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CMBS investment vehicle to begin road-showing
The investment vehicle established in a joint venture between TwentyFour Asset Management and Rutley...
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Real estate debt strategy group formed
Urdang, the real estate investment subsidiary of BNY Mellon Asset Management, has created a new real...
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- Investors
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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...
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Credit fund adds head of sales
Assenagon has hired Ulrich von Altenstadt as head of credit sales. He will be responsible for the di...
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- Legislation and litigation
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Law firm names three partners
Allen & Overy has appointed three new senior counsel in its New York office to work across t...
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- Real Estate
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CRE CDO specialist added for special servicing
The Situs Companies has recruited Ginn Downing as director in its rated special servicing group. She...
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- Technology
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Partnership to offer TALF loan valuations
Interactive Data Corporation will offer valuations for loans made available by the Federal Reserve B...
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- Trading
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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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- ABCP
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News Round-up
- ABCP
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Shift in ABCP conduit activity observed
S&P has observed a shift from securities arbitrage conduits to large multi-seller conduits,...
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- ABS
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Fed steps up risk review of TALF deals
The New York Federal Reserve has announced two changes to the procedures for evaluating ABS pledged...
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Safe harbour uncertainty plagues credit card ABS
Many triple-A rated US credit card transactions could be placed under review for possible downgrade...
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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...
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Ratings impact of CIT bankruptcy analysed
Moody's has published a special comment discussing the implications of a possible bankruptcy of the...
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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...
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Spanish consumer ABS continues to deteriorate
Spanish consumer ABS transactions have continued to deteriorate during 2009, with the impact of the...
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- Alternative assets
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Second buyback for Euro ABS CDO
M&G Investments has approved the repurchase a portion of Pallas CDO II's €67m Clas...
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- CDPCs
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CDPC commutes large CDS portfolio
Primus Financial has terminated US$1.3bn notional principal of CDS with what it terms as a 'signific...
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- CDS
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Additional Thomson compression cycles completed
TriOptima has completed two additional portfolio compression cycles for Thomson single name and Thom...
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Significant rise in global CDS liquidity reported
Fitch Solutions reports that market uncertainty over the pace of global economic recovery led to a s...
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Australian dollar curve added to valuations platform
PricingDirect has begun to offer credit derivative valuations based on the Australian dollar curve....
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- Clearing
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Single name CDS clearing approval imminent
Both ICE Trust and ICE Clear Europe are operationally ready to begin clearing single name CDS contra...
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- CMBS
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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...
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- Distressed assets
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First PPIFs past the post
The initial closings of five public-private investment funds (PPIFs) established under the legacy se...
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- Documentation
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Determinations committees spring into action
ISDA Determinations Committees (DCs) have determined a slew of potential credit events this...
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Small bang given another chance
ISDA is set to reopen its 'small bang' protocol, in response to demand from new entrants. The protoc...
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- Indices
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LCDX, MCDX roll
The Markit LCDX.NA and MCDX.NA indices rolled into their thirteenth series on 5 October. 11 constitu...
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Subprime RMBS CDS index holds steady
Market prices within US subprime RMBS continue to show signs of stabilisation, although there is lit...
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Housing market index continues to show improvement
The S&P Case-Shiller home price index has shown its third consecutive month of improvement i...
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Improvement in default protection costs revealed
Despite recent increases in CDS spreads, the cost of buying default protection has shown a dramatic...
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Credit conditions now better than average
The Kamakura index of troubled public companies has made its sixth consecutive improvement in Septem...
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Dutch RMBS index decreases
Prepayments in the Dutch RMBS market continued to fall in Q209 and there was a minimal increase in d...
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- Investors
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Survey reveals continued anxiety over recovery
Despite news of economic recovery, many finance executives in Western Europe still believe that the...
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- Legislation and litigation
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Contractual alternative proposed for LBIE creditors
The joint administrators of Lehman Brothers International (Europe) have announced that they are deve...
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- Ratings
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Ratings differentiation proposal criticised
The US House Financial Services Subcommittee on Capital Markets held a hearing on 30 September to di...
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Deterioration in EMEA securitisation expected
The performance of many asset classes in the EMEA securitisation sector will continue to deteriorate...
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Global servicer rating criteria published
Fitch has published its global rating criteria for assessing the operational risk of servicers of st...
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- Regulation
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Moratorium requested on reg cap rule changes
The American Securitization Forum has submitted a letter to federal banking regulators requesting th...
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FSA publishes liquidity requirements
The UK FSA has published its final rules on the liquidity requirements expected of firms. The new ru...
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- RMBS
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Originator to purchase assets back
NIBC Bank, the originator and sole noteholder of the Essence II transaction, has made certain amendm...
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Colombian RMBS ratings criteria published
Fitch has published a criteria report introducing its approach to rating RMBS transactions in Colomb...
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- Technology
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Loan valuation and management platform launched
RiskSpan has released its RS Velocity whole loan valuation and portfolio management platform. The of...
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RMBS reporting tool enhanced
Fitch has enhanced its RMBS reporting tool, Deal Compare, to incorporate transactions from Ireland,...
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- ABCP
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