Weekly Issue Archive »

Issue 169 - January 27th

• News Analysis

  • Secondary markets

    • Chasing the tail

      'Stressed' mezz CSO supply to pick up

      With the sub-investment grade mezzanine CSO universe exhibiting substantially better valuations sinc...

  • RMBS

    • Paragon hits the road

      UK BTL originator mulls issuance prospects

      Paragon, the UK buy-to-let mortgage specialist, is monitoring developments in the securitisation mar...

  • CMBS

    • Holding steady

      Peter Cooper/Stuyvesant impact reviewed

      Tishman Speyer and Blackrock Realty, sponsors for the US$3bn securitised Peter Cooper Village/ Stuyv...

  ---

• News

  • CMBS

    • A tale of two properties

      Investor reports issued this week for the REC 5 and Titan 06-3 transactions illustrate the stark dif...

  • Regulation

    • Political risk rears its head again

      President Obama's proposal to curb bank prop trading last week precipitated a significant sell-off i...

  • • FHA policy changes 'balance opposing forces'

      The US Federal Housing Administration (FHA) has unveiled its policy changes designed to strengthen i...

  ---

• Talking Point

  • Secondary markets

    • New valuation challenges

      Andrew Smith, founder and president, and Bruce Lohman, md at Houlihan Smith & Co, discuss the va...

      In December 2009, the Fed reiterated its anticipated expiration dates of the Term Asset-Backed Loan...

  ---

• Provider Profile

  • Technology

    • The right direction

      Rohan Douglas, ceo of Quantifi, answers SCI's questions

      Q: How and when did Quantifi become involved in the structured credit market? A: I set Quantifi up...

  ---

• Job Swaps

  • ABS

    • Aladdin appoints key staff

      Aladdin Capital Holdings has appointed Sharad Samy as its general counsel and Thomas Donahoe as its...

  • Advisory

    • Credit advisory agreement inked

      Christopher Street Capital and Credaris have signed a cooperation agreement to operate in the fixed...

  • CDS

    • Bank reorganises fixed income team

      UBS Investment Bank has restructured its FICC (fixed income, currencies & commodities) unit...

  • • New role for ML structured credit pro

      Jennifer Meyer, former vp in the global structured credit products group at Merrill Lynch in New Yor...

  • • New partner for derivatives team

      Berwin Leighton Paisner (BLP) has hired James Duncan, previously with Linklaters, as a partner. He s...

  • Clearing

    • ICE Clear Europe gains US DCO registration

      The Commodity Futures Trading Commission has issued an order granting ICE Clear Europe registration...

  • CLO Managers

    • Name change for newly-assumed CDOs

      Babson Capital Management has confirmed that is has been selected by the controlling class of invest...

  • • Callidus CDOs get new manager

      GSO/Blackstone Debt Funds Management (DFM) is to take over the collateral management duties for all...

  • • Manager gains synthetic mandate

      Aladdin Capital Management UK has replaced Solent Capital as portfolio manager delegate with respect...

  • CMBS

    • MBS strategy head departs

      Citigroup Global Markets' md and head of MBS strategy, Rahul Parulekar, is leaving the firm. Parulek...

  • • Special servicer solutions provider formed

      The Alter Group has unveiled a new affiliate, Alter Asset Recovery, to provide expedited solutions f...

  • Investors

    • PE firm hires structured credit pro

      Private equity firm Providence Equity Partners has hired Oliver Wriedt as an md in its capital marke...

  • Legislation and litigation

    • MBS insider trading charges settled

      The insider trading charges levelled against Evergreen chief administrative officer, Charles Marquar...

  • • Monoline sued for improper CDS termination

      Société Générale is suing monoline FGIC in the US District Court...

  • Operations

    • Minority stakeholder for Markit

      Global growth investor General Atlantic is to make a substantial equity investment in Markit. Genera...

  • Ratings

    • Oversight functions strengthened at Fitch

      Fitch has named John Olert chief credit officer. Olert is a 15-year veteran of the rating agency, wh...

  • Real Estate

    • Merger creates real estate powerhouse

      Drivers Jonas is to merge with Deloitte to create one of the largest real estate businesses in Europ...

  • • Promotions made at real estate investment firm

      JE Robert Companies (JER) has appointed Devin Chen, Mike Cocanougher, Andy O'Brien and Clyde Robinso...

  • • Global CRE head appointed

      Deutsche Bank has promoted John Nacos to the position of global head of commercial real estate, effe...

  • • CRE vet added in special servicing

      Waterstone Capital Advisors is continuing its push into servicing by hiring Roy Owen to the newly-cr...

  • Regulation

    • NY Fed supports AIG accountability review

      The Federal Reserve Bank of New York (FRBNY) has delivered detailed records regarding all aspects of...

  • RMBS

    • Attorney network partners with mortgage servicer

      Statebridge Company has partnered with American Legal & Financial Network to form a 50-state...

  • Secondary markets

    • Illiquid alternative asset boutique launched

      A new boutique has launched to source secondary market transactions on illiquid hedge funds, includi...

  • • Risk and valuation assessment group launched

      S&P's Fixed Income Risk Management Services (FIRMS) business has launched a new valuation an...

  • Structuring/Primary market

    • Wealth manager recruits credit structurer

      Anthony Valvo has joined Barclays Wealth Americas as head of credit structuring. He was previously c...

  • • SF specialist promoted to senior counsel

      Allen & Overy has promoted David Lucking to senior counsel in the international capital mark...

  • • Mortgage servicer ceo replaced

      Crown Mortgage Management has appointed Eric Stoclet as its new ceo, effective 1 February, following...

  • Technology

    • Vendor adds product management veteran

      Sophis has appointed Marc Bothwell to head up product management for the company's iSophis offering....

  • Trading

    • Fixed income strategist added

      Jefferies has appointed David Zervos as md and head of global fixed income strategy. He joins Jeffer...

  ---

• News Round-up

  • ABS

    • Bavarian Sky 2 prices tight

      The triple-A notes of BMW Leasing's German auto ABS, Bavarian Sky 2, priced at 85bp over one-month E...

  • • VW launches revolving ABS platform

      HSBC has launched and priced VCL Master Compartment 1 - a new platform for VW Leasing that...

  • • Large Euro ABS tender offer launched

      UniCredit has launched a cash tender offer for some 26 tranches of 14 deals across its seven securit...

  • • US credit card charge-offs show modest decline

      Charge-offs on US credit cards declined modestly to 10.32% in December, down from 10.56% in November...

  • • Resilient performance for Australian ABS

      Australian auto and equipment lease-backed ABS performance has proven resilient, despite the deterio...

  • CDO

    • Trups tender offer extended

      HomeStreet has extended by a month the expiration date for tender offers that it launched on 18 Dece...

  • CDS

    • Two Japanese credit events confirmed

      ISDA's Japan Determinations Committee has resolved that a bankruptcy credit event occurred in respec...

  • • SD sees little demand for exotic CDS

      The use of OTC derivatives to manage risk and hedge is increasing, according to SuperDerivatives (SD...

  • CLOs

    • 'Virtuous cycle' influencing US CLO fundamentals

      CDO analysts at JPMorgan estimate that US CLO overcollateralisation ratios have gained 100bp-200bp s...

  • • Moody's concludes global CLO review

      Moody's has completed its review of all European CLOs and has now officially concluded its global CL...

  • CMBS

    • CMBX to get a new tranche

      An AM tranche is scheduled to be added to the CMBX indices on 9 February, following a request from i...

  • • US CRE appraisals decline by 50%

      CMBS strategists at Barclays Capital report two indications of an uptick in the pace of credit deter...

  • • Bank consortium refinances UK CMBS

      A consortium of seven banks has advanced a seven-year £525m loan facility to refinance the...

  • • Full payout achieved on defaulted CMBS loan

      Hatfield Philips says it has successfully negotiated the resolution of the loan secured against the...

  • • EOD for Euro CMBS

      Moody's has placed the Windermere VIII Class A2 notes on review for possible downgrade, following a...

  • • 2010 recovery 'unlikely' for EMEA CMBS

      A robust recovery of the CMBS market in EMEA is unlikely in 2010, according to Moody's in its 2009 r...

  • Emerging Markets

    • Global sukuk sector paused in 2009

      The global market for Islamic financial services is estimated to have risen by 25% to reach US$951bn...

  • Operations

    • FDIC securitisation plans supported by SIFMA

      SIFMA has responded to reports that the FDIC is working on a plan to package failed bank assets into...

  • Ratings

    • Revised supplemental risk measures for CFOs

      Moody's is applying revised supplemental risk measures to collateralised fund obligations (CFO) that...

  • • Negative performance outlook for Euro ABS/RMBS

      Performance outlooks for ABS and RMBS in EMEA are negative, says Moody's in its 2009 Review &...

  • Real Estate

    • CRE index positive in November

      After 13 consecutive months of declining property values, the Moody's/REAL Commercial Property Price...

  • Regulation

    • Final risk-based cap rule for FAS 166/167 issued

      The US federal banking and thrift regulatory agencies have announced the final risk-based capital ru...

  • • Basel releases compensation methodology

      The Basel Committee on Banking Supervision has issued a new methodology report entitled, 'Compensati...

  • RMBS

    • First UK RMBS of 2010 to offer US notes

      Permanent 2010-1 is set to become the first UK RMBS of the year. Five classes of triple-A notes will...

  • • Non-agency remits remain 'benign'

      Non-agency remit reports remain benign, according to RMBS analysts at JPMorgan, with no major signs...

  • • Russian MBS note currency switched

      Noteholders of Russian RMBS Gazprombank Mortgage Funding 2 (Gazprombank 2007-1) have voted in favour...

  • • RMBS loan-level database launched

      A team of mortgage finance and investment management veterans has launched BlackBox Logic –...

  • Structuring/Primary market

    • Hedge fund CFO platform gains flexibility

      A number of modifications have been made to the Amathea Funding CFO issuance programme. The amendmen...

  • Trading

    • Considerable two-way flow for SovX CEEMEA

      The iTraxx SovX CEEMEA Series 3 index saw considerable two-way flow on its first day of trading (20...

  ---

• Research Notes

  • Trading

    • Trading ideas: sealed tight

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

      Sealed Air Corp delivered solid, consistent results during the most difficult economic time period o...

  ---

Click here to access this issue in print format Contact