Weekly Issue Archive »

Issue 174 - March 3rd

• News Analysis

  • RMBS

    • Primary focus

      European ABS market activity in the week to 2 March

      The European ABS market has remained quiet over the past week as investors continue to play a waitin...

  • CLOs

    • New activity?

      CLO pipeline builds

      Talk surrounding Citi's new CLO issue (see separate News story) intensified focus on the ever-elusiv...

  • Regulation

    • Ups and downs

      New structuring ideas emerging as regulatory regime develops

      Regulatory change continues to impact the vitality of the securitisation market, but at least the pa...

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• News

  • CLOs

    • Paying up for quality

      US CLO spreads generally held firm during the week ending 26 February in the face of continued volat...

  • CMBS

    • Paris ruling brings FCT clarity

      Investors in European CMBS Windermere XII received a boost on 25 February when the Paris appeals cou...

  • • Fleet Street 2 resolutions passed

      The extraordinary resolutions proposing amendments to the notes and to the loan in European CMBS Fle...

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• Provider Profile

  • Advisory

    • A personalised service

      Steve Curry and Mike Nawas, partners at Bishopsfield Capital Partners, answer SCI's questions

      Q: How and when did Bishopsfield Capital Partners become involved in the structured credit market? ...

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• Job Swaps

  • ABS

    • Credit research head moves on

      Peter Lin has joined ASAP Expo's board of directors. He was previously investment credit research ma...

  • Asia

    • Trading platform plans Asia expansion

      Illiquid asset trading platform SecondMarket has raised US$15m in Series B financing from the Li Ka...

  • • Securitisation pro to head China office

      Orrick, Herrington & Sutcliffe has appointed partner Michelle Taylor as its China office lea...

  • CDO

    • Synthetic CDO manager replaced

      S&P says it issued a total of 14 CDO rating confirmation letters in February, of which two w...

  • CMBS

    • Alliance formed for CMBS loan restructuring

      The BSC Group has formed a marketing alliance with 1st Service Solutions to exclusively promote thei...

  • Distressed assets

    • Pair of credit opportunity funds closed

      Aladdin Credit Partners (ACP) has closed its US$573m initial credit opportunity funds, Aladdin Credi...

  • Emerging Markets

    • Indian fixed income heads named

      Nomura has appointed Nipun Goel as head of investment banking and Nitin Jain as co-head of fixed inc...

  • Investors

    • Floating rate mutual fund launched

      Delaware Investments has launched a new mutual fund in the US - the Delaware Diversified F...

  • Monolines

    • MBIA confirms litigation strategy

      MBIA has confirmed its commitment to a number of RMBS and CDO-related litigation suits, despite bein...

  • Operations

    • AIG unloads Asian insurance arm, repays FRBNY

      A definitive agreement for the sale of AIA Group to Prudential has been made for approximately US$35...

  • Technology

    • Trepp acquires real estate analytics platform

      Trepp is to acquire Foresight Analytics. Foresight Analytics provides real estate analysis for comme...

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• News Round-up

  • ABCP

    • Stable outlook for US ABCP ratings

      The ratings outlook for ABCP in the US in 2010 remains largely stable, according to a Moody's report...

  • ABS

    • Reversal for declining REO trend?

      Remittance reports for the February distribution date indicate that the trend of declining REO stock...

  • CDO

    • Dante ruling impacts more CSOs

      Moody's has downgraded and/or placed on review for possible downgrade its ratings on 16 CSO transact...

  • CDS

    • Increased flows seen in simple FTDs

      A 'back to simplicity' bid in the structured credit market appears to be driving increased flows in...

  • • 'Compelling' basis trade opportunities in REITs

      Compelling trade opportunities have emerged in sectors where the cash-CDS basis has recently become...

  • • Healthier earnings implied by consumer services CDS

      Tightening CDS spreads are pointing to healthier earnings for a handful of consumer service companie...

  • • Theta urged to adjust capital adequacy model

      S&P has lowered its ratings on Theta Corp's class 1 US and Euro MTNs to triple-B minus and l...

  • CLO Managers

    • CSO tender offer announced

      Deutsche Bank's London branch has announced a tender offer for the outstanding notes issued by Asgar...

  • CLOs

    • 'Premium' standard unveiled for German SME CLOs

      The Association of German Banks has unveiled a new, premium standard for German SME securitisations....

  • • RFC issued on supplementary CLO analytic

      S&P is requesting feedback on a proposed supplementary analytic, CLO Tranche Recovery Metric...

  • CMBS

    • Contested bids emerge for GGP

      The bidding war that erupted last week over General Growth Properties and its retail mall properties...

  • • Increased workouts expected for Euro CMBS

      According to Fitch, upcoming European CMBS loan maturities in March and April will result in an incr...

  • • Minimum liquidity stipulated for Singapore CMBS

      The minimum liquidity protection for Singapore CMBS transactions should be no less than six months,...

  • • EMEA CMBS central scenarios updated

      Moody's has updated the central scenarios that it uses for its quantitative CMBS rating assessments...

  • • 70% of Japanese CMBS downgraded

      According to the agency's latest report for the sector, 70% of all outstanding Fitch-rated Japanese...

  • Distressed assets

    • Number of 'troubled' banks on the rise

      The FDIC's Q4 report suggests that problems in the US banking system are far from over. The industry...

  • Documentation

    • Islamic hedging documentation unveiled

      The International Islamic Financial Market (IIFM) and ISDA have launched the ISDA/IIFM Tahawwut (Hed...

  • Emerging Markets

    • Russian/CIS SF performance stabilises

      The performance of Russian and CIS securitisation transactions stabilised in H209 after the deterior...

  • Indices

    • Continued improvement for troubled companies index

      The Kamakura index of troubled public companies has improved in February for the tenth time in the l...

  • Investors

    • Credit investors indicate 'much improved outlook'

      A recent survey undertaken by Fitch of US fixed income investors reveals a much improved outlook for...

  • Operations

    • Front office driving CVA take-up

      Algorithmics has published a white paper that examines how institutions are using Credit Value Adjus...

  • Ratings

    • Assured Guaranty drops Fitch ratings

      Assured Guaranty has asked Fitch to withdraw its insurer financial strength (IFS) and debt ratings o...

  • • EMEA SF ratings remained resilient

      Fitch has published detailed data that outlines the migration of its EMEA structured finance ratings...

  • • Continued delinquency pressure on global ratings

      Negative structured finance (SF) rating actions in Q409 were predominantly concentrated in CMBS and...

  • Regulation

    • SEC steps up IFRS prep

      The SEC is to issue a statement that lays out its position regarding global accounting standards, re...

  • • Further OTC infrastructure commitments made

      ISDA has jointly submitted a letter with market participants and industry associations to global sup...

  • • Comptroller calls for balance in regulatory reforms

      The central challenge for bank regulators over the coming year will be to strike the right balance b...

  • • Hedge fund data collection template released

      The IOSCO Technical Committee has published details of an agreed template for the global collection...

  • RMBS

    • Fannie enhances buyout disclosure

      Fannie Mae has released further details about its buyout of delinquent loans from MBS trusts, which...

  • • MI claims-processing delays increasing

      Mortgage insurer (MI) claims-processing delays for both individual loan and pool policies have becom...

  • • HARP extended by a year

      The Home Affordable Refinance Program (HARP) has been extended to 30 June 30 2011. It was set to exp...

  • • RMBS recovery estimates to be published

      Moody's is to publish its estimates for recoveries on most of the RMBS it rated issued during 2005-2...

  • • Same default drivers for prime and NC mortgages

      A Fitch study of more than 700,000 UK residential mortgage loans has found that fast-track mortgages...

  • • German foreclosure risk examined

      Fitch has published a new report providing an assessment of historical residential mortgage loan for...

  • • Recovery trends in Spanish RMBS analysed

      In a new special report Moody's has analysed the drivers of severity and subsequent trends in Spanis...

  • • Mexican RMBS faces continued pressure

      Mexican RMBS faces continued pressure in 2010, according to a new report from Fitch. In particular,...

  • SIVs

    • SIV's 'inadvertent' long-term ratings withdrawn

      Moody's says that, due to an administrative oversight, it inadvertently assigned long-term ratings t...

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• Research Notes

  • CLOs

    • Relative value: trading the global basis

      Rishad Ahluwalia, executive director at JPMorgan, finds that while some narrowing of the CLO basis i...

      This week we focus on the global CLO basis, or the pricing relationship between US and European CLOs...

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