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Issue 172 - February 17th

• News Analysis

  • Investors

    • Repurchase reaction

      Investors respond to GSE delinquent loan buybacks

      Fannie Mae and Freddie Mac's decision to repurchase billions of dollars of 120 day-plus delinquent l...

  • Secondary markets

    • Slow but sure

      European secondary CLO market activity in the week to 16 February

      Although news surrounding the Greece bail-out continues to slow the European secondary CLO market, t...

  • CMBS

    • Unprecedented action

      Stuy Town DCH issue sparks concern

      Losses on the Stuy Town loan (see SCI issue 169) look set to wipe out junior noteholders in related...

  • Secondary markets

    • Volatility strikes

      ABS mezz stays firm amid secondary widening

      European mezzanine ABS spreads held up over the last week, amid a general widening led by concerns o...

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• News

  • Insurance-linked securities

    • ILS "poised for strong rebound"

      S&P has just published extracts of a roundtable discussion on the insurance-linked securitie...

  • Investors

    • US RMBS investor mulls strategy change

      US fixed income manager Declaration Management & Research (DMR) is planning a more flexible...

  • RMBS

    • Liquidity scheme termination poses UK RMBS risk

      It is hoped that the wind down of the UK government's Special Liquidity Scheme (SLS) and Credit Guar...

  • • Effectiveness of MBS purchases analysed

      Debate continues over how the completion of the New York Fed's US$1.25trn MBS purc...

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• Job Swaps

  • ABS

    • Lancaster adds two to strategy team

      RBS has expanded its MBS, CMBS and ABS strategy team within its global banking & markets (GB...

  • • Asia-Pacific SF head appointed

      Bank of America has appointed Kwee Tee Lim as head of structured finance for the Asia-Pacific region...

  • Advisory

    • Broker forms investment advisory group

      Cantor Fitzgerald has launched a new investment and advisory business as part of its investment capi...

  • CDO

    • Permacap to repurchase shares

      The board of directors of GSO's permanent capital vehicle, Carador, is to sell shares back to the co...

  • CDPCs

    • Portfolio repositioning transaction completed

      Primus Financial Products has completed its fourth portfolio repositioning transaction with a signif...

  • CDS

    • Warehouse Trust gets Fed approval

      The Federal Reserve Board has approved the Depository Trust & Clearing Corporation's (DTCC)...

  • Legislation and litigation

    • DoubleLine files cross-complaint

      DoubleLine Capital has filed a cross-complaint against TCW, claiming up to US$1.25bn on grounds of b...

  • • MBIA's motion to dismiss class action denied

      A US district court judge has issued a decision denying MBIA's motion to dismiss a class action frau...

  • • Kohlberg faces fair value suit

      Glancy Binkow & Goldberg has filed a class action lawsuit in the US District Court for the C...

  • Operations

    • CIBC Mellon's corporate trust business acquired

      BNY Mellon has signed a definitive agreement to acquire the corporate trust business of CIBC Mellon....

  • • Offshore SF lawyer to head finance group

      International financial law firm Walkers has appointed Jersey solicitor Alexandra Corner as head of...

  • Regulation

    • CLN ban lifted for Singapore three

      The ten Singaporean banks that were banned by the Monetary Authority of Singapore (MAS) for selling...

  • Structuring/Primary market

    • Director hired for SF team

      Yorkshire Bank has appointed Russell Oliver as a director in its corporate and structured finance te...

  • Technology

    • Valuation service extends into Asia

      Pricing Partners has opened a new regional office in Singapore to provide global distribution of its...

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• News Round-up

  • CDO

    • Fund's CDO equity valuations jump

      Axa Investment Management's permanent capital vehicle, Volta Finance, recorded a 30.1% mark-to-marke...

  • • US bank Trups CDO defaults escalating

      Bank default rates within US Trups CDOs continued their steady climb this past month and are now app...

  • • CRE CDO delinquencies continue climbing

      US CRE CDO delinquencies continued their steady climb in January due in part to the ongoing troubles...

  • CDS

    • Second FGIC credit event debated

      Citibank has asked the ISDA Americas Determinations Committee whether a failure to pay credit event...

  • CLOs

    • BarCap reclassifies CLO portfolio

      Barclays Capital has reclassified £8.03bn of CLO assets wrapped by non-investment grade rat...

  • CMBS

    • Multi-borrower CMBS completed

      Keystone Property Group has successfully completed a US$53.5m refinancing for one of its investments...

  • • GGP CMBS loan impact analysed following SPG offer

      Simon Property Group (SPG) has made a written offer to acquire General Growth Properties in a fully...

  • • Increase in special servicing for US CMBS

      US CMBS loans are transferring to special servicing in larger batches and with increasing speed, acc...

  • • January posts largest increase in CRE delinquencies

      The delinquency rate on loans included in US CMBS increased by 52bp in January to 5.42%, according t...

  • • Japanese CMBS loan defaults decrease

      The rate of defaulted Japanese CMBS loans to outstanding loans (Y3.4trn, or approximately US$37bn) h...

  • • Strong cashflows for Singaporean CMBS

      Singaporean CMBS transactions are enjoying strong cash flow from their underlying properties, accord...

  • Distressed assets

    • Pair of FDIC structured transactions closed

      Lennar Corporation has closed two structured transactions with the FDIC, involving the purchase of t...

  • Indices

    • New leveraged loan index launched

      Markit has launched the iBoxx USD Leveraged Loan Index (Markit LLI). The index is designed to serve...

  • • Dinkum Index shows mixed results

      Fitch's latest Dinkum Index report indicates that Australian mortgage delinquencies showed mixed res...

  • Ratings

    • Additional SF symbol adopted

      S&P is to apply for registration under the European Regulation on Credit Rating Agencies (Re...

  • • Athilon downgraded further

      S&P has downgraded CDPC Athilon's issuer credit rating from single-A minus to triple-B minus...

  • • Harrier MTN ratings on review

      Moody's has placed Harrier Finance Funding's Euro and US MTN programmes under review for possible do...

  • • LatAm SF stable, but under pressure

      The rating outlook for Latin American structured finance will remain stable for most regions and ass...

  • • CIFG ratings withdrawn

      S&P has withdrawn its double-C financial strength, financial enhancement and counterparty cr...

  • • Limited first-half issuance prospects for South Africa

      The performance of the South African auto loan ABS and RMBS markets continued to deteriorate in 2H09...

  • • SMART extended to Indian ABS, RMBS

      Fitch has launched its Surveillance Metrics Analytics Research Tool (SMART), an online web-based pla...

  • Real Estate

    • COP warns of community bank CRE exposure

      The Congressional Oversight Panel (COP) has released its February oversight report, 'Commercial Real...

  • Regulation

    • Call for common regulatory approach

      Together with dealing with Greece's budget problem, EU finance ministers were expected to address th...

  • • CMSA supports OCC regulatory proposals

      Following US Comptroller of the Currency (OCC) John Dugan's recent remarks on the need for a vital a...

  • • 'Protectionist' provisions reinserted in AIFM Directive

      The Alternative Investment Management Association (AIMA) has warned that a provision of the Alternat...

  • • CML warns on BTL 'double regulation'

      The UK Council of Mortgage Lenders (CML) has responded formally to the Treasury's consultation on wh...

  • RMBS

    • Italian RMBS protected against forbearance scheme

      UniCredit has launched a scheme that is intended to curb any negative impact on its RMBS transaction...

  • • Variability in EMEA issuer reports highlighted

      Fitch has updated its issuer report grades (IRG) for all its rated EMEA RMBS transactions. The ratin...

  • • Index reflects heightened subprime valuation concerns

      Heightened concerns about the valuation of US subprime RMBS assets manifested in an across-the-board...

  • • UK non-conforming repossessions decline

      The performance of the UK non-conforming RMBS market continued to stabilise in December 2009, accord...

  • Secondary markets

    • RMBS valuation methodologies 'converging'

      Investors' default rate forecasts for collateral have risen dramatically in nearly all classes and v...

  • Structuring/Primary market

    • Corporates urged to diversify funding sources

      Debt markets are likely to be severely squeezed in coming years, due to a continued significant with...

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• Research Notes

  • Trading

    • Trading ideas: controlled recovery

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

      Johnson Controls delivered solid first-quarter results in January, bringing the company's bottom-lin...

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