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Issue 160 - November 11th

• News Analysis

  • CLOs

    • Primary considerations

      Equity economics continue to hinder CLO re-emergence

      Speculation is intensifying as to an imminent reopening of the primary CLO sector. Some observers be...

  • Emerging Markets

    • Revival of the fittest?

      New EM CDO issuance contemplated

      Citi and Sydbank are hoping that the successful pay-down of their first local currency emerging mark...

  • ABS

    • Looking east

      Positive outlook for asset-backed sukuk

      The global issuance of Islamic bonds (sukuk) has surged in recent months in a marked turnaround from...

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• News

  • Monolines

    • Monoline explores liquidity solutions

      Ambac notes in its latest SEC filing that it is contemplating a prepackaged bankruptcy as one potent...

  • Operations

    • Concerns raised over new impairment model

      The IASB has published an exposure draft on the amortised cost measurement and impairment of financi...

  • • Q3 volumes highlight government intervention

      SIFMA's latest research quarterly shows that global CDO issuance continues to remain anaemic, with U...

  • Ratings

    • NAIC ratings proposal approved, rebuffed

      The members of the National Association of Insurance Commissioners (NAIC) have approved a proposal t...

  • RMBS

    • 'Alternative' Fed MBS exit strategy suggested

      Amid continued speculation about the US Federal Reserve's exit strategy with respect to its agency M...

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• The Structured Credit Interview

  • CMBS

    • Repricing risk

      Scott Roth and Patti Unti, principals at Ventras Capital Advisors, answer SCI's questions

      Q: How and when did Ventras Capital Advisors become involved in the structured credit market? A: Al...

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• Job Swaps

  • CDPCs

    • Manager preps two new credit funds

      Primus Asset Management announced during its Q309 results call that it has developed two new fund of...

  • CLO Managers

    • Dynamic Credit takes on RMBS CDO

      Dynamic Credit Partners is tipped to replace Summit Investment Partners as collateral manager for th...

  • CMBS

    • Cadwalader hires CMBS lawyer

      Cadwalader, Wickersham & Taft has appointed Susan Neuberg to the finance group of its corpor...

  • Distressed assets

    • Distressed debt team expands

      Morgan Stanley has expanded its London distressed debt desk through both a hire and a transfer. Davi...

  • Investors

    • DIP opportunity fund closed

      Tennenbaum Capital Partners (TCP) has announced the second closing of its DIP Opportunity Fund, an o...

  • Legislation and litigation

    • Bear pair 'not guilty'

      A verdict of not guilty has been handed down by a federal jury in the case against Bear Stearns hedg...

  • Operations

    • Seventh PPIF unveiled

      RLJ Western Asset Management is the latest firm to complete an initial closing of a Public-Private I...

  • • Fannie Mae requests further government funds

      Fannie Mae reported a net loss of US$18.9bn in Q309, compared with a loss of US$14.8bn during the pr...

  • • DTCC hires systemic risk officer

      The DTCC has appointed Anne Noonan to the new position of md and chief systemic risk officer, report...

  • Regulation

    • Hires made to new SEC risk division

      The US SEC has hired three experts in the fields of structured finance, risk management and corporat...

  • RMBS

    • MBS opportunity fund in the works

      Nuveen Investments is set to make a public offering of a new closed-end fund, Nuveen Mortgage Opport...

  • • Asset managers team up to implement loan mods

      Paladin Strategic Partners has acquired a controlling interest in HomeSaver Mortgage Management. Hom...

  • • REIT details RMBS purchases, losses

      PennyMac Mortgage Investment Trust (PMT) confirms that it invested approximately US$69.5m of the pro...

  • • Third-party due diligence provider approved

      Opus Capital Markets Consultants has been approved by S&P as a third-party due diligence pro...

  • Trading

    • Fixed income business expands

      BNP Paribas has expanded its fixed income business in New York, with the appointment of three staff...

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• News Round-up

  • ABS

    • Return to optimism for Australian ABS

      The Australian ABS market is showing signs of stabilisation and a return to optimism, echoing simila...

  • Clearing

    • Guidelines published for CCP give-up agreements

      ISDA has published a set of recommended common principles intended to guide documentation for give-u...

  • CLOs

    • US CLO index reveals slowdown in credit deterioration

      Credit deterioration among US CLO transactions appeared to slow in September 2009, according to S&am...

  • • Little movement in top-10 CLO obligors during Q3

      To determine the concentration risk in CLOs for Q309, S&P reviewed 645 outstanding rated US...

  • CMBS

    • Debut new issue TALF CMBS takes shape

      Further details have emerged on the US$400m Developers Diversified CMBS, which is now understood to...

  • Correlation

    • CIT short squeeze anticipated

      The bid for CIT bonds from correlation desks could raise the auction final settlement price 2.5 to f...

  • Documentation

    • CLO discount obligation definition modified

      ACAS CLO 2007-1 has entered into a supplemental indenture, which primarily modifies the definition o...

  • • Operational risk in securitisations analysed

      Moody's is to publish a series of reports that will detail its views on how operational risks in sec...

  • Indices

    • 2004 subprime index performance drops

      While prices among recent vintage US subprime RMBS continue to stabilise, 2004 saw a substantial dro...

  • Investors

    • Euro investor sentiment improves

      European investor sentiment has continued to improve during Q309, although at a slower pace than in...

  • LCDS

    • MGM LCDS auction posts 'low' result

      The final results of the MGM LCDS auction were determined to be 58.5 on 10 November, with 10 dealers...

  • Legislation and litigation

    • Dante payment waterfall confirmed

      The UK Court of Appeal has ruled against Lehman Brother's plea to gain preferential access to the co...

  • • Concerns over 'best effort' requirements for Japan ABS

      Following the proposed legislation bill on the facilitation of financing to SMEs in the country, Fit...

  • Operations

    • Treasury urged to disclose status of guarantees

      The Congressional Oversight Panel has released its November oversight report, entitled 'Guarantees a...

  • Ratings

    • Credit impact of originator insolvency assessed

      Moody's will continue assessing the credit impact of originator insolvency in UK credit card master...

  • • Increasing delinquencies weigh on SF ratings

      Negative ratings persist for global structured finance sectors in the third quarter, according to Fi...

  • • Charge-off index shows signs of stabilisation

      Moody's UK aggregate credit card charge-off index increased to 11.8% in September 2009, almost doubl...

  • Regulation

    • Concerns raised over financial stability draft

      ISDA has commented on the discussion draft, 'Restoring American Financial Stability', proposed by se...

  • • Nine out of 10 banks meet SCAP target

      The US Federal Reserve has confirmed that nine of the 10 bank holding companies (BHCs) that were det...

  • • Initial guidance released on systemic risk assessment

      The IMF, the BIS and the Financial Stability Board (FSB) have submitted to the G20 their initial con...

  • RMBS

    • Refinancing contribution for Arkle

      Lloyds TSB has made a refinancing contribution into the Arkle Master Issuer RMBS programme. This con...

  • • Seller share indirectly supports master trusts

      In a new report, Moody's examines how expected fluctuations in the seller share of UK RMBS master tr...

  • • UK non-conforming delinquencies remain stable

      Delinquencies in the UK non-conforming RMBS market have remained stable since June 2009, according t...

  • • European RMBS arrears stabilise

      Despite arrears levels in European RMBS transactions showing some signs of stabilisation in Q309, it...

  • Technology

    • ResiEMEA to include Portuguese coverage

      Fitch has expanded the coverage of its European residential mortgage risk analysis tool, dubbed Resi...

  • • Global data solution launched

      S&P's fixed income risk management services (FIRMS) is set to launch a global data solution...

  • • Platform integration to enhance data access

      An integration of the Bloomberg Server API and the Calypso Platform via Sky Road has been completed....

  • • Trade matching engine upgraded

      Euroclear Bank and Xtrakter have released TRAX 3.0. The new version of the trade automation engine f...

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• Research Notes

  • Trading

    • Trading ideas: technicalities

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a capital structure...

      KB Home reported weaker than expected earnings at the end of September and the follow-on action in t...

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