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Issue 157 - October 21st

• News Analysis

  • CLO Managers

    • No respite

      Pressure still increasing for CLO managers to consolidate

      Optimism in the structured credit market has not alleviated the strain on CLO managers, many of whic...

  • RMBS

    • Silverstone prepped

      Strong demand anticipated, but lack of euro tranche may prove a sticking point

      Silverstone 2009-1, a UK prime RMBS from Nationwide Building Society, is expected to launch this wee...

  • Distressed assets

    • Liquidity boost

      Infrastructure issues hinder student loan ARS recovery

      Liquidity in the secondary student loan auction rate securities (ARS) sector has been boosted in rec...

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• News

  • ABS

    • Gap widens between US and Euro recovery

      The contrast between the securitisation investor base on either side of the Atlantic is becoming inc...

  • Alternative assets

    • Investor outrage at 'improper' Trups offer

      Trust Preferred Solutions (TPS), a vehicle affiliated with TPG Credit Management, is reportedly seek...

  • Investors

    • Coalition rejects 'aggressive' IO proposals

      The Mortgage Investors Coalition (MIC) has called on the US Treasury Department to reject banks' pro...

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• The Structured Credit Interview

  • Investors

    • Finding opportunity in the eye of the storm

      Vishal Bhutani, md at Structured Portfolio Management, answers SCI's questions

      Q: How and when did Structured Portfolio Management (SPM) become involved in the structured credit/s...

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• Job Swaps

  • ABS

    • DTZ taps Barclays' research co-head

      DTZ has appointed Hans Vrensen as global head of research. Vrensen will be responsible for leading D...

  • Advisory

    • Real estate boutique formed in JV

      FTI Consulting and Compass Advisers have established a new investment banking firm dedicated exclusi...

  • CLO Managers

    • Management fees reduced for ABS CDO

      Verde CDO, an ABS CDO, has entered into a supplement to the indenture with Bank of America. The supp...

  • Investors

    • Asset manager continues credit expansion

      Investec has continued the expansion of its structured credit department. Following the recent hire...

  • Legislation and litigation

    • Testimony to spark new Bear Stearns claims

      Claims against Bear Stearns on behalf of investors in the firm's High-grade Structured Credit Strate...

  • Listed products

    • Shares up for Carador

      Carador's NAV per share as of 30 September was €0.425 or US$0.55 - up by 4.88% a...

  • Ratings

    • Fitch achieves eligibility under CSCF

      Fitch has announced that it is to be considered as one of the eligible rating agencies in connection...

  • Real Estate

    • Ventras expands into CRE asset management

      Ventras Capital Advisors has hired Gregory McManus as a principal in the firm's Philadelphia office....

  • Secondary markets

    • Investment bank expands in valuations

      Houlihan Lokey has hired Kai-Ching Lin to its firm's New York office as an md, specialising in the v...

  • Structuring/Primary market

    • Northern Rock restructuring confirmed

      Northern Rock has confirmed that it is to be restructured into two separate companies (SCI passim) &...

  • Technology

    • Research tie-up to develop default risk model

      Rand Merchant Bank (RMB) and Kamakura Corporation have agreed to a joint research pact focused on de...

  • Trading

    • Credit sales team expands

      BTIG has bolstered its fixed income group with the addition of four key hires to its New York fixed...

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• News Round-up

  • ABCP

    • Basel 2 update to impact ABCP market

      The new Basel 2 guidelines will impact providers of liquidity support and credit enhancement to ABCP...

  • ABS

    • Incentive schemes unlikely to impact auto ABS ratings

      European Auto ABS transactions are unlikely to be significantly affected by the general success of t...

  • Alternative assets

    • CEDO deals hit by distressed exchange

      Credit Suisse, as swap counterparty on the deals, has repurchased at a discount and cancelled in ful...

  • CDS

    • Credit event auctions for MGM, Naftogaz

      A failure to pay credit event had occurred in respect of the National Joint Stock Company (NJSC) Naf...

  • • Global CDS liquidity rises

      Global CDS liquidity continued to rise in the past two weeks as market uncertainty about the overall...

  • • Fitch launches custom data service

      Fitch Solutions has launched an integrated data service (IDS) in order to offer a single, customisab...

  • Clearing

    • Clearing opportunities outlined

      JPMorgan's North American equity research analysts have published a new report on the impacts of pro...

  • CLO Managers

    • Deep discount amendments for two CLOs

      Churchill Pacific Asset Management has amended the documentation on two transactio...

  • CLOs

    • US CLO spreads firm, while European prices rise

      US CLO spreads stayed firm last week, but European CLOs traded up. According to data from JPMorgan,...

  • CMBS

    • TALF CMBS subscriptions expected to rise

      As the October TALF subscription date approaches (21 October), bid list activity points to an increa...

  • • US CMBS review completed

      Fitch has completed its review of 78 US CMBS conduit transactions issued between 2006 and 2008. The...

  • Documentation

    • Model sale/servicing agreement adopted

      The Mortgage Bankers Association (MBA) has adopted a model sale and servicing agreement. The MBA ant...

  • Indices

    • Counterparty risk index unmoved by Q3 earnings

      Strong third-quarter results from JPMorgan and Goldman Sachs and a surprise profit at Citi did not t...

  • Investors

    • Buyback for UCI transactions

      BNP Paribas has announced a tender offer for the Class A notes issued under the UCI 8 through to UCI...

  • Operations

    • UK ABS guarantee scheme unlikely to be extended

      Fitch does not expect the UK government to extend its ABS guarantee scheme, primarily as structured...

  • Ratings

    • NAIC ratings proposal analysed

      Fitch has outlined its observations regarding NAIC's expected RMBS-related changes for insurance com...

  • • Market value assumptions to be revisited

      S&P is continuing its review of the assumptions and methodologies that it uses to assign rat...

  • • Economic downturn weighs on Spanish performance

      Deteriorating macro-economic conditions in Spain are continuing to weigh on the performance of struc...

  • • Role of credit bureaus analysed

      Moody's has released a new special report explaining how it views credit bureaus in EMEA and how the...

  • Real Estate

    • CRE CDO note exchange completed

      Gramercy Capital Corp has settled an exchange of US$97.5m of junior subordinated notes due 30 June 2...

  • • CRE CDO universe under review

      Credit fundamentals continue to decline for collateral within US CRE CDOs, according to Fitch. In re...

  • • CRE prices decline, but at slower pace

      Commercial real estate prices - as measured by Moody's/REAL Commercial Property Price Indi...

  • • Credit deterioration continues in REIT TruPS CDOs

      Recent debt exchanges by US REITs, homebuilders and specialty finance companies are symptomatic of f...

  • Regulation

    • Legislation approved to regulate derivatives

      The US House Financial Services Committee approved on 15 October legislation that would, for the fir...

  • • Warning on exchange trading, collateral requirements

      ISDA has welcomed the European Commission's continued recognition of the important role derivatives...

  • • Trading book capital multipliers confirmed

      The Basel Committee has released the results of its recent trading book quantitative impact study. I...

  • RMBS

    • FSA proposal unlikely to impact RMBS market

      The UK FSA has released a discussion paper addressing regulatory reform of the country's mortgage ma...

  • • Banks prepare to consolidate certain RMBS

      New US GAAP accounting rules for securitisations and other off-balance sheet structures will become...

  • • US mortgage market outlook published

      S&P has published its outlook assumptions for the US residential mortgage market in an effor...

  • • Significant decline expected for Irish house prices

      Further house price declines in Ireland are expected, Fitch reports. The declines to-date amount to...

  • Structuring/Primary market

    • Re-REMIC moratorium expanded to all Alt-A RMBS

      Fitch has extended its moratorium on rating certain US RMBS resecuritisations to now include all tra...

  • Technology

    • Price verification application updated

      Technology integration company Formicary has released the latest version of RiskSeer - an...

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• Research Notes

  • Trading

    • Trading ideas: wrapped up

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

      The paper and packaging industry offers solid basis opportunities, with a few companies' CDS trading...

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