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Issue 163 - December 2nd

• News Analysis

  • Listed products

    • Navigating the crisis

      Permacaps modify strategies to weather the storm

      Modifying investment strategies to adapt to the new financial landscape has proved successful for a...

  • Whole business securitisations

    • Both sides of the equation

      Whole business securitisations attractive to both investors and originators

      The placement of a new BAA whole business securitisation (WBS) last week (see separate News Round-up...

  • Emerging Markets

    • Wake-up call

      CDS market wobbles on Dubai credit concerns

      Sovereign default risk hit the headlines last week - but not in connection with Greece, as...

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• News

  • CDS

    • Policymakers urged not to 'stifle' the CDS market

      Streamlining trading and reducing complexity in the CDS market has made it easier to participate in...

  • CMBS

    • Dubai World's CMBS impact limited for now

      The Dubai World debt crisis has had a limited impact on the global CMBS markets so far, although som...

  • • US CMBS delinquencies soar

      Two new reports have been released, which highlight soaring US CMBS delinquencies. Accord...

  • • Call for property differentiation in future CMBS

      In order to avoid inflated valuations of second-tier properties in the future, only prime category p...

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• The Structured Credit Interview

  • Listed products

    • Participation rights

      Jonathan Cohen, ceo of T2 Advisers, answers SCI's questions

      Q: How and when did T2 Advisers become involved in the structured credit market? A: T2 Advisers ser...

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• Job Swaps

  • Alternative assets

    • Acquisition to enhance fund administration services

      State Street Corporation is expanding its global fund administration and alternative servicing capab...

  • CDS

    • Bank hires senior credit strategist

      RBC Capital Markets has hired Simon Ballard as a director and senior credit strategist. Ballard will...

  • CLO Managers

    • Subordinated CLO management fee waived

      New Amsterdam Capital Management has entered into a deed of waiver relating to the subordinated coll...

  • Investors

    • Initial closing announced for penultimate PPIF

      Marathon Asset Management has completed an initial closing of a Public-Private Investment Fund (PPIF...

  • Legislation and litigation

    • Promotions for structured finance lawyers

      Latham & Watkins has elected 23 associates to the partnership, with 13 associates elected to...

  • Technology

    • Valuation service tie-up for Japan

      Numerix has entered into a partnership agreement with Nomura Research Institute (NRI) to provide val...

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• News Round-up

  • ABS

    • First ABS closed under Canadian TALF

      DBRS has finalised the ratings on what it believes to be the first transaction to close under the Ca...

  • • 2010 Euro ABS supply could reach EUR150bn

      European primary ABS issuance in 2010 can be expected to range from €50bn to €15...

  • • Storm recovery ABS completed

      The CenterPoint Energy restoration bond company has closed a US$664.8m securitisation to recover cos...

  • • Update for Japanese ABS performance indices

      Moody's has updated the performance indices for Japanese ABS in its latest report for the sector. ...

  • CDS

    • New credit event called on Thomson

      A bankruptcy credit event has been called on Thomson, following the opening of a 'sauvegarde' procee...

  • • CDS pricing service to include Asia close

      Fitch has extended its CDS pricing service to include consensus pricing data that captures Asian mar...

  • CLO Managers

    • CLO managers' collateral purchases/sales assessed

      So far in 2009, S&P-rated US CLO managers have made gross purchases amounting to approximate...

  • CLOs

    • Fortis brings SME loan-backed master trust

      Fortis has issued €8bn of notes from its newly-established Esmee Master Issuer programme....

  • • Manager reaches agreement on note cancellations

      A majority of the controlling class of noteholders of KKR Financial CLO 2005-2 has agreed not to cha...

  • • Upgrades, downgrades for CLO after asset sales

      Moody's has upgraded the Class A-1, A-2, B and C notes of Marathon CLO I, reflecting the significant...

  • CMBS

    • No rating impact from Borders' bankruptcy

      Book store chain Borders (UK) has entered into administration. Such a move may have a negative effec...

  • • Liquidity strong in Singapore CMBS

      Singapore CMBS transactions are enjoying strong cashflow from their underlying properties, according...

  • Distressed assets

    • Troubled companies index jumps

      The Kamakura index of troubled public companies increased in November for the first time in the last...

  • Documentation

    • Investors reject CLO documentation changes

      The manager of Neptuno CLO I has failed to gain enough investor support to make amendments to the tr...

  • Indices

    • Moderating default rates for ABX?

      ABX remittance reports for the November distribution date suggest moderating default rates across in...

  • Investors

    • Third tender launched for UCI bonds

      BNP Paribas has announced its third tender offer for Class A notes from the UCI Series 8 to 17 trans...

  • Ratings

    • DSB deal ratings unchanged

      In contrast to Moody's, which downgraded the senior notes of the Chapel and Monastery deals due to t...

  • Real Estate

    • S-REITs' DRPs to improve ratings

      The recent proposal by some Singapore REITs (S-REITs) to implement distribution reinvestment plans (...

  • Regulation

    • Self-regulation enhanced for OTC derivatives markets

      ISDA has developed a governance structure for the privately negotiated derivatives industry's market...

  • RMBS

    • Dutch RMBS on offer

      Delta Lloyd's Arena 2009-1, a €904.5m prime European RMBS, went subject yesterday (1 Decem...

  • • Drive to make temporary loan mods permanent

      The US Treasury and Department of Housing and Urban Development (HUD) have launched a nationwide cam...

  • • ASF's LINC project gains industry support

      Clayton Holdings has lent its support to the ASF and S&P FIRM's jointly developed LINC proje...

  • • EMS precedent for other Dutch RMBS?

      ABN AMRO is to call EMS III on 29 December 2009, after deciding to not call the deal on its first re...

  • • Taiwanese RMBS unaffected by tax legislation

      The ratings on two Taiwanese cross-border RMBS transactions are not immediately affected by the anno...

  • • Recovery prospects analysed for UK prepayment rates

      Prepayment rates on UK mortgages may slowly begin to rise if UK house prices continue to recover and...

  • • MILAN methodology for Australian RMBS refined

      Moody's has published its updated MILAN methodology for rating Australian RMBS. At the same time, th...

  • • Delinquency ratio for Japanese RMBS rises

      Moody's has released its updated performance indices for Japanese RMBS in its latest report for the...

  • • Defaults to increase in Spanish RMBS

      Spain's ongoing economic woes are holding back any recovery in the country's mortgage loan market, a...

  • • Australian RMBS delinquencies fall in Q3

      Australian mortgage borrowers' ability to repay their mortgages - as measured by delinquen...

  • Technology

    • Analytics platform enhanced for the buy-side

      Interactive Data Corporation's fixed income analytics business has released a new service. BondEdge...

  • • Valuation service empowered by grid computing

      Pricing Partners' Price-it Valuation is now powered by grid computing to accelerate the pricing spee...

  • Whole business securitisations

    • BAA closes WBS

      BAA has issued a £700m WBS from its BAA Funding multi-currency debt programme, offering a c...

  • • UK pub securitisations remain under pressure

      The UK pub sector is likely to continue to experience difficulties in 2010, according to a new repor...

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• Research Notes

  • Trading

    • Trading ideas: high octane

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at an outright long on...

      Chesapeake Energy cut its hedge book to less than 25% of planned 2010 capacity, versus more than 75%...

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