Weekly Issue Archive »

Issue 161 - November 18th

• News Analysis

  • Operations

    • Compensation review

      Structured credit and ABS bonuses on the rise

      New research suggests that bankers' bonuses will be up this year by an average of 35% to 40% globall...

  • RMBS

    • Testing the water

      Central bank puts repoed bonds up for sale

      The Bundesbank is selling a portfolio of Dutch RMBS pledged by Lehman Brothers as repo collateral be...

  • Documentation

    • Dispute resolution?

      Aiful case highlights ambiguities associated with default

      Disgruntled protection buyers appear to have created a storm in Japan after their attempts to trigge...

  • Regulation

    • Safe harbour extended

      New accounting and regulatory rules expected to depress issuance

      The FDIC last week provided some relief to the market by extending its securitisation safe harbour,...

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• News

  • CMBS

    • DDR CMBS uptake has limited effect on legacy prices

      Developers Diversified's long-awaited TALF-eligible new issue CMBS has priced. The US$400m deal &...

  • Regulation

    • Euro body refuses to endorse IAS 39 substitute

      The European Financial Reporting Advisory Group (EFRAG) says it will not, at present, endorse the IA...

  • RMBS

    • Fortis CBs to channel repoed RMBS to investors

      Fortis' new covered bond issuance is to be backed by structure-to-repo senior RMBS bonds from the Do...

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• Provider Profile

  • Documentation

    • Forensic analysis

      Richard Barrent, president and coo of The Barrent Group, answers SCI's questions

      Q: How and when did The Barrent Group become involved in the RMBS markets? A: The Barrent Group beg...

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• Job Swaps

  • ABS

    • Debt capital markets division reorganises

      NAB's wholesale banking division has launched a new debt capital markets business. The bank's securi...

  • • Bank strengthens DCM group

      Deutsche Bank has hired Patrick Käufer to join the firm as an md in the debt capital market...

  • Advisory

    • Advisories combine to create full-service SF house

      Green Street Capital - which was founded by Ian Robinson in 2008 - has acquired...

  • • Knight Libertas appoints credit specialist

      Knight Libertas, a subsidiary of Knight Capital Group, has hired Brian Yelvington as a director, fix...

  • Alternative assets

    • Alternatives group adds in business development

      Future Capital Partners (FCP) has appointed Andrew Derrington to its business development team, wher...

  • CLO Managers

    • Aladdin takes on CSO business

      Aladdin Capital Holdings has completed what is believed to be the largest European CSO consolidation...

  • • CLO manager consolidation continues

      Tetragon Financial Group (TFG) has entered into a definitive agreement with Calyon and certain of it...

  • • Management fees cut on ABS CDO

      Belle Haven ABS CDO and Wells Fargo Bank, as trustee to the deal, have entered into a management fee...

  • • Second manager change for two CDOs

      MBIA Asset Management is expected to be named replacement collateral manager for G-Star 2004-4, G-St...

  • CLOs

    • Broker appoints CLO sales and trading heads

      Broadpoint Capital has hired four senior professionals: Fred Engel, Philip Orenstein, Peter Carril a...

  • CMBS

    • TALF CMBS underwriting analysis provider named

      CW Risk Management Solutions (CWRMS) has been selected by the Federal Reserve Bank of New York to pr...

  • Documentation

    • Contract solutions practice launched

      ALaS Consulting has introduced Trading Contract Solutions (TCS), a new practice aimed at helping fin...

  • Emerging Markets

    • Emerging markets infrastructure fund launched

      PIMCO has launched the PIMCO Emerging Markets and Infrastructure Bond Fund. The underlying strategy,...

  • Investors

    • Long/short corporate credit fund prepped

      Cairn Capital has joined forces with OYSTER Funds, the Luxembourg fund family of Swiss banking group...

  • • FOHF hires credit strategist

      Hermes BPK Partners, the fund of hedge fund investment partnership within Hermes Fund Managers, has...

  • Operations

    • Corporate trust service beefed up

      Wilmington Trust, through its corporate client services (CCS) unit, has hired corporate trust profes...

  • Technology

    • Vendor acquisition completed

      Quantifi has acquired Moment Analytics, a privately held risk management software vendor. David Kell...

  • Trading

    • IDB hires for post-trade services

      Mark Beeston is set to join ICAP on 1 December in a new role as business development director for po...

  • • Credit flow trading head hired

      James Godfrey has joined Daiwa Securities Europe as executive director. He will be trading the corpo...

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• News Round-up

  • ABS

    • Redemption of synthetic ABS delayed

      Credit Logement has announced that it will not exercise the calls on the first callable dates of the...

  • • Imperfect hedges in EMEA ABS analysed

      A new report from Moody's highlights a recently-observed trend whereby the hedging agreements in som...

  • • Stable performance for Korean ABS

      Moody's reports that it sees no rating implications for outstanding Korean ABS transactions in view...

  • • EMEA consumer loan ABS performance deteriorates

      The performance of the consumer loan ABS market in EMEA deteriorated in September, according to Mood...

  • • EMEA auto loan ABS remain stable

      The performance of the auto loan ABS market in EMEA remained stable in September, according to Moody...

  • CDO

    • SIGTARP slams handling of AIG bailout

      The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has rele...

  • • Claris CLNs repurchased

      SG has repurchased €10m CLNs from each of two transactions issued via its Claris vehicle &...

  • CDS

    • Cemex decision to be reviewed externally

      ISDA's Americas Determinations Committee has sent the restructuring credit event question on Cemex t...

  • • CDS notionals continue to decline

      BIS OTC derivatives data for H109 indicate that notional amounts of all types of contracts rebounded...

  • • Government risk rises on Japan weakness

      Sovereign risk has risen across most of the major market constituents this month and broken out of t...

  • • Tightening trend for CDS indices

      Spreads for higher quality, large cap entities - as represented by the S&P 100 CDS...

  • CLO Managers

    • Restructured MV CLO hits the wall

      Moody's has withdrawn its ratings on Confluent Senior Loans Opportunities - a transaction...

  • CLOs

    • FINCA and DB bring microfinance CLO

      FINCA International and Deutsche Bank have secured US$21.2m for the FINCA Microfinance Fund, the fir...

  • • Synthetic CLO's exposure reduced

      The swap agreement between the counterparty in the Pro Rata Funding synthetic CLO and Citibank has b...

  • • Euro CLO triple-C assets increase in September

      S&P's European CLO performance index report for September shows that the 2004, 2005 and 2007...

  • CMBS

    • GRAND tender results in

      The results of the tender for GRAND bonds have been announced. €11.5m of the Class C notes...

  • • Australian CMBS refinancing successful so far

      The Australian CMBS market has successfully refinanced all 2009 year-to-date maturities, totalling A...

  • • US CMBS delinquencies rise

      The aggregate rate of delinquencies among US CMBS rose to 4.01%, as of the end of October, according...

  • • Euro CMBS downgrades and criteria review

      S&P says it will continue its downgrades of certain European CMBS. This will include a lower...

  • • RFC issued on Singapore CMBS assessment

      Moody's is requesting comments on its assessment that Singapore CMBS transactions should hold at lea...

  • • CMBS underwriting model launched

      The Rockport Group and Trepp have collaborated to launch a real estate underwriting model for the CM...

  • Documentation

    • RFC on ASF's trustee reporting package

      The American Securitization Forum (ASF) has released for comment the proposed ASF Project RESTART RM...

  • Indices

    • Performance indices launched for Euro ABS and RMBS

      Moody's is launching monthly updated performance indices for all major ABS and RMBS markets in Europ...

  • Investors

    • Student loan ARS exchange offer launched

      Brazos Student Finance Corporation has commenced an offer to exchange new floating rate notes for an...

  • Legislation and litigation

    • ESH case threatens trust documentation

      The Extended Stay Hotel (ESH) bankruptcy debtor is, in an unprecedented New York Bankruptcy Court ru...

  • Monolines

    • Assured downgraded, AG Muni affirmed

      Moody's has downgraded the insurance financial strength rating of Assured Guaranty Corp (AGC) to Aa3...

  • • CIFG rating downgraded, withdrawn

      Moody's has downgraded the insurance financial strength ratings (IFSRs) of CIFG to Ca from Caa2. The...

  • Ratings

    • ASIC strengthens CRA oversight

      Credit rating agencies operating in Australia will be required to hold an Australian Financial Servi...

  • • Fitch's cashflow CDO criteria amended

      Fitch has amended its global criteria for cashflow analysis in CDOs to include all CDO types. The re...

  • • Recovery uncertainty to be reflected in ratings

      Moody's has released a new report that details the expected recoveries of principal and interest ass...

  • • DSB's ABS/RMBS ratings hit

      Moody's has downgraded the ratings of five senior classes of notes issued by Chapel 2003-I, Chapel 2...

  • RMBS

    • Banks net sellers of MBS

      The US National Information Center has released Q309 consolidated financial statements for bank hold...

  • • AOFM RMBS exhibit better credit quality

      RMBS transactions mandated by the Australian Office of Financial Management (AOFM) have had very low...

  • • UK prime RMBS performance stabilising

      The performance of the UK prime RMBS market continued to stabilise during September 2009, according...

  • • Australian RMBS arrears continue to decline

      Australian mortgage delinquencies have decreased across the board, representing the third consecutiv...

  • • Continued deterioration for Spanish RMBS

      The performance of the Spanish RMBS market continued to deteriorate during September 2009, according...

  • • Italian RMBS performance declines

      The performance of the Italian RMBS market continued to deteriorate during September 2009, according...

  • Whole business securitisations

    • BAA's WBS bolstered

      BAA has injected an unexpected £500m into its whole business securitisation structure. The...

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• Research Notes

  • CLOs

    • Hunting for value in Euro single-A CLO tranches

      Madhur Duggar and Batur Bicer, structured credit strategists at Barclays Capital, gauge the sensitiv...

      We analyse 133 European single-A CLO tranches across different default scenarios and gauge their sen...

  • Trading

    • Trading ideas: round II

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright short o...

      The rapid recovery of the economy is seemingly priced into credit spreads on companies poised to ben...

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