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Issue 166 - December 23rd

• News Analysis

  • ABS

    • Macroeconomic impact

      Flat volumes but improved sentiment for US ABS in 2010

      US non-mortgage ABS volumes are expected to remain flat next year, with macroeconomic factors influe...

  • Investors

    • European expectations

      Optimistic outlook for the structured credit and ABS markets in 2010

      After a roller-coaster year in structured credit and ABS, European market participants are wary of m...

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• News

  • CLOs

    • NewStar CLO a "one-off"

      The pre-placement of a US$275m managed CLO, NewStar Commercial Loan Trust 2009-1, grabbed the headli...

  • Regulation

    • FDIC balks at industry response to reg cap rule

      The FDIC last week finalised the regulatory capital rule related to FASB's adoption of FAS 166 and 1...

  • Structuring/Primary market

    • Reputational capital reviewed post-subprime

      The BIS has published a Working Paper entitled 'The risk of relying on reputational capital: a case...

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• The Structured Credit Interview

  • Investors

    • Leveraging experience

      Sara Bonesteel, head of alternative products, and Mike Collins, senior investment officer and credit...

      Q: How did Pramerica become involved in the structured credit market? SB: Pramerica has been involv...

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• Job Swaps

  • CDO

    • ABN replaced on another two synthetic deals

      ABN AMRO Bank has been replaced by BNP Paribas as issuer account bank, forward payment bank, reserve...

  • CDPCs

    • CDPC completes block trade

      Primus Guaranty has purchased one million of its common shares in a privately negotiated transaction...

  • CDS

    • Broadreach hires FI specialist for global markets push

      Broadreach Group has hired Michael Nelson to build the firm's global markets search practice. Nelson...

  • Investors

    • Another TCW official joins DoubleLine

      Ronald Redell has become the latest high-profile TCW official to join DoubleLine, the investment man...

  • • Credit fund manager hired

      Insight Investment has appointed Adam Mossakowski as a credit fund manager within its fixed income t...

  • • Alternative investment firm names md

      NIR Group has hired Robert Cohen as md, based in the firm's Roslyn headquarters. Cohen is responsibl...

  • • Final PPIF closes

      The final pre-qualified PPIP fund manager, Oaktree Capital Management, has completed an initial clos...

  • Legislation and litigation

    • Canadian third-party ABCP settlement reached

      Canada's Autorité des marchés financiers (AMF), the Ontario Securities Commission...

  • • Canadian bank fined for pricing errors

      The UK FSA has fined Toronto Dominion Bank (London Branch) £7m for repeated systems and con...

  • Listed products

    • Permacap bolsters CLO coverage tests

      Greenwich Loan Income Fund (GLIF) has acquired a senior secured corporate loan from T2 Income Fund C...

  • RMBS

    • Mortgage solutions provider names two to board

      Richard Santulli, former chairman and ceo of NetJets, has joined the board of Loan Value Group as ch...

  • Technology

    • Trustee acquires structured credit analytics provider

      BNY Mellon has acquired Portsmouth Financial Systems, a developer of modelling and analytics of stru...

  • • Data provider reorganises leadership

      Market data provider Xtrakter has announced a series of changes to its leadership team, which will t...

  • Trading

    • Broker hires pair of securitisation vets

      RAIT Financial Trust's broker-dealer subsidiary, RAIT Securities, has recruited two seasoned securit...

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• News Round-up

  • ABCP

    • Royal Park SPV to begin arbitrage issuance programme

      S&P has assigned an A-1+ credit rating to the short-term notes to be issued by Royal Park In...

  • CDS

    • 'Empty creditor' hypothesis dismissed

      ISDA has published an analysis of the issues and implications raised by the 'empty creditor' hypothe...

  • • Credit risk in bank trading books continues to decline

      The Office of the Comptroller of the Currency reports in its latest 'Quarterly Report on Bank Tradin...

  • • Temirbank failure to pay determined

      ISDA's EMEA Determinations Committee has ruled that a failure to pay credit event occurred on 8 Dece...

  • • Teamsters weigh in on CDS regulation

      Teamsters Union general president Jim Hoffa has sent letters to the US SEC, state Attorneys General,...

  • Clearing

    • ICE begins US single name CDS clearing

      ICE Trust US has received regulatory approval to offer clearing services for single name CDS contrac...

  • CLOs

    • Euro CLO O/C ratios continue to improve

      S&P has released its latest European CLO Performance Index report. The month saw an almost u...

  • CMBS

    • CMBS restructured for tax purposes

      Credent Limited noteholders have approved a restructuring proposal in relation to the CMBS. The aim...

  • • Limited CMBS losses likely for US life insurers

      Losses on US life insurers' commercial mortgage loans (CML) and CMBS will be less than those of both...

  • • Japanese CMBS downgraded

      In Q309, S&P downgraded 77 tranches relating to 21 Japanese CMBS transactions and did not up...

  • Documentation

    • Standard coupons introduced for Asian CDS

      Market practice changes to the trading convention for credit default swaps in Japan and Asia ex-Japa...

  • • Swap counterparty replaced on Granite notes

      Northern Rock has requested that Moody's assess the impact on the ratings of the notes issued out of...

  • Legislation and litigation

    • LBIE resolution takes shape

      The UK High Court this week ruled that the LBIE pre-administration client money pool consists of acc...

  • Monolines

    • Assured ratings affirmed

      Moody's has confirmed the Aa3 insurance financial strength rating of Assured Guaranty Corp and the A...

  • Operations

    • Portfolio reconciliation feasibility study released

      ISDA has published its 'Feasibility Study: Extending Collateralised Portfolio Reconciliations'. The...

  • Ratings

    • Set-off risk approach updated

      Moody's has updated its approach for analysing set-off risk in UK securitisation and covered bond tr...

  • • Tax lien methodology updated

      S&P has updated its methodology for rating US tax lien securitisations. US municipalities...

  • • US rental ABS criteria revised

      S&P has updated certain of its criteria assumptions for US rental fleet ABS. The updates foc...

  • Real Estate

    • CRE price declines moderating

      Commercial real estate prices, as measured by Moody's/REAL Commercial Property Price Indices (CPPI),...

  • Regulation

    • Basel releases reform package for consultation

      The Basel Committee on Banking Supervision has approved for consultation a package of proposals to s...

  • • UK authorities outline CDS plans

      The UK FSA and HM Treasury has released a paper that sets out the steps required to address what the...

  • • APRA consults on Basel 2 enhancements

      The Australian Prudential Regulation Authority (APRA) has released for consultation a discussion pap...

  • • House of Lords launches derivatives markets probe

      The UK House of Lords' EU subcommittee on economic affairs has launched an inquiry into the European...

  • RMBS

    • US prime jumbo RMBS hit

      Moody's has revised its loss projections for US prime jumbo RMBS issued between 2005 and 2008. On av...

  • Technology

    • Use of models in the ratings process clarified

      S&P has published a report that summarises its definition of models, briefly describes what...

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