Weekly Issue Archive »

Issue 176 - March 17th

• News Analysis

  • CMBS

    • A new approach

      Banks pin hopes on multi-borrower CMBS revival

      Despite the few single-borrower CMBS offerings that graced the US market last November and December...

  • CDO

    • Secondary equilibrium

      Appetite for CDO liquidations to continue

      The US CDO market looks set to continue trading sideways for the remainder of this year as investors...

  • RMBS

    • Filling a void

      Evolving re-REMIC market attracts investors

      A continued drought of private-label US RMBS issuance is prompting many investors to consider re-REM...

  ---

• Market Reports

  • ABS

    • Post-TALF positivity

      US ABS activity in the week to 12 March 2010

      The expiration of the ABS TALF programme played a key part in US market activity last week, although...

  • CLOs

    • Primary lag

      European CLO market activity in the week to 16 March 2010

      While most structured finance markets have begun to regain ground after the sovereign-based market s...

  ---

• News

  • ABS

    • Equipment-backed deals expected post-TALF

      Though the TALF programme for consumer ABS did not have as much of a direct impact on the equipment...

  • • Tight Wyndham pricing paves way for others

      The "aggressive" guidance out on Wyndham's US$250m Sierra Timeshare 2010-1 Receivables Funding's loa...

  • • Utilities return to alternative securitisations

      Rate payer obligation charge (ROC) bonds, often viewed as an alternative to traditional securitsatio...

  • CMBS

    • Innovative Asian CMBS launched

      Singaporean real estate investment trust Ascendas (A-REIT) has launched an innovative CMBS that give...

  ---

• Talking Point

  • Ratings

    • Transition trends

      Andrew South, senior director at S&P, notes that market volatility led to varying ratings behavi...

      In 2009 the severe economic recession and the ongoing rationing of credit to both corporate and hous...

  ---

• Provider Profile

  • Technology

    • Solid operations

      Douglas Long, evp business strategy at Principia Partners, answers SCI's questions

      Q: How and when did Principia Partners become involved in the structured finance market? A: Princip...

  ---

• Job Swaps

  • ABS

    • Asset manager names new recruits

      CQS has named Jason Walker as a portfolio manager for the CQS ABS Fund, with a focus on European RMB...

  • • Law firm adds SF partner

      Law firm DLA Piper has appointed Roger Rosendahl to its corporate and finance practices as a partner...

  • Advisory

    • Boutique beefs up in advisory

      European Risk Capital has recruited David Cain as executive advisor. As an executive director with t...

  • • Capital markets firm gains senior adviser

      A new senior adviser, Donald Layton, has been appointed at NewOak Capital. Layton will also become c...

  • Alternative assets

    • Asset manager expands credit, distressed capabilities

      Alternative asset manager Kohlberg Kravis Roberts & Co (KKR) has reorganised its KKR Asset M...

  • CDO

    • Broker bolsters structured credit platform

      PK Jain has joined Advisors Asset Management (AAM) as md and head of structured credit and mortgage...

  • • CDO issuer to liquidate

      BlackRock's New York-based REIT, Anthracite Capital, has filed a voluntary petition for relief under...

  • CDPCs

    • Hire to help build credit protection business

      Robert Lusardi, a long-time Primus Guaranty board member, has been recruited by the firm as senior a...

  • CDS

    • Duo hired for new structured credit desk

      Agency broker Mint has hired David Ezra and Bruno Choumon to run a new structured credit and illiqui...

  • CLO Managers

    • Second replacement manager for ACA CLO

      Nomura Corporate Research and Asset Management Europe (NCRAME) has resigned as collateral manager on...

  • • Amundi takes on EM CDO

      SG Asset Management (SGAM) has transferred to Societe Generale Gestion (S2G) all of its rights, titl...

  • CMBS

    • CMBS capital markets head appointed

      Jeffries has appointed Mark Green as md and head of CMBS capital markets in New York. He joins from...

  • Distressed assets

    • Citi snatches hedge fund manager

      Citigroup has confirmed the appointment of John Liptak as head of Asia-Pacific distressed a...

  • • Distressed asset advisory head replaced

      Deloitte has placed Guy Langford in charge of its distressed asset and debt practice in the US, succ...

  • Investors

    • Lehman vet joins asset manager

      GoldenTree Asset Management has appointed Tom Humphrey as a partner and member of its executive comm...

  • • PPIP investment announced

      NYSE-listed Western Asset Mortgage Defined Opportunity Fund is to invest in a feeder fund that, in t...

  • • Permacap's ABS strategy delivers returns

      Permacap Queen's Walk Investment Limited (QWIL) says it has started realising gains on ABS it began...

  • Legislation and litigation

    • Connecticut sues over 'tainted ratings'

      Connecticut Attorney General Richard Blumenthal is suing both Moody's and S&P for allegedly...

  • • ILS/securitisation lawyer hired

      Law firm Cadwalader, Wickersham & Taft has hired Jennifer Donohue as a partner in the corpor...

  • Real Estate

    • Distressed/opportunistic CRE fund closed

      Denver-based commercial real estate finance company JCR Capital has announced the first closing of i...

  • RMBS

    • Broker hires MBS sales manager

      New York-based broker-dealer Cohen & Company Securities has appointed David Clifford as md a...

  • • GMAC cfo resigns

      Robert Hull, cfo at GMAC Financial Services, is leaving the company to take up a new post at private...

  ---

• News Round-up

  • ABCP

    • French ABCP conduit rated

      S&P has assigned an A-1 rating to Managed and Enhanced Tap Funding SAT's (Magenta Funding) f...

  • • South African ABCP conduit restructured

      Fitch has affirmed Thekwini Warehousing Conduit's commercial paper (CP) at national short-term ratin...

  • ABS

    • FDIC safe harbour extended

      FDIC has approved an extension of its safe harbour until 30 September 2010. Under this safe harbour,...

  • • Regulator looks for ABS revival

      The UK's Financial Services Authority (FSA) suggests that financial institutions develop plans for n...

  • • Argentine ABS issued

      Deutsche Bank has closed Fideicomiso Financiero Supervielle Creditos Banex XXXII, an Argentine perso...

  • • Innovative film equipment financing deal launched

      Moody's has assigned a definitive rating to a senior credit facility (SCF), composed of two loans, b...

  • • Improving labour market to support card ABS

      US credit card charge-offs remain near record highs, increasing by 6bp to 10.43% over the last month...

  • • Weak economic conditions hit timber transaction

      Moody's has downgraded the ratings of certificates issued by TimberStar Trust I Series 2006-1, a sec...

  • • DSB's ABS/RMBS downgraded again

      Moody's has downgraded 15 notes issued by Chapel 2003-I, Chapel 2007-I, Monastery 2004-I and Monaste...

  • CDO

    • Secondary CDO activity 'demystified'

      Using list data as a proxy for cumulative trading volumes, structured credit analysts at JPMorgan ha...

  • • Trups CDO defaults reach 11%

      Fitch says two more bank failures last month increased default rates within US Trups CDOs to 11%. Ov...

  • • CRE CDO delinquencies to continue climbing

      Asset managers extending loans and disposing of troubled assets resulted in a slight decrease in US...

  • • Euro CLOs hit by criteria change

      S&P has lowered its credit ratings on 122 tranches in 21 European CLO transactions. All of t...

  • CDS

    • Australian succession event pending

      An ISDA Determinations Committee decision on whether a succession event has occurred with respect to...

  • • Accounting treatment of embedded CDS clarified

      An amendment to the embedded credit derivatives scope exception has been made in the FASB Accounting...

  • • ISDA: Don't blame CDS for Greece's problems

      Responding to growing calls for a ban or suspension of naked sovereign CDS, ISDA has defended the pr...

  • • Record year for DTCC CDS processing

      The DTCC Trade Information Warehouse reports that it supported the processing and recordkeeping of m...

  • • Changes made to iTraxx, SovX indices

      Markit has announced a number of changes to the iTraxx Asia indices ahead of their roll into Series...

  • • Aiful CDS compressed ahead of auction

      TriOptima says it has successfully compressed the portfolios of banks holding both CDS covering Aifu...

  • CLOs

    • US arbitrage CLO rated

      Preliminary ratings have been assigned to COA Tempus CLO, a US$480m arbitrage CLO managed by Fraser...

  • • Initiative may stem German SME CLO defaults

      Following the Association of German Banks' recently-unveiled premium for new SME securitisations (se...

  • • Euro high yield CLO liquidated

      Fitch has withdrawn the ratings for GS European Performance Fund's class D, E and F notes following...

  • • Retranched CLO sub note acquired

      A newly formed special purpose Delaware statutory trust, dubbed Heritage Resources, has been establi...

  • CMBS

    • Aussie CMBS rated

      Colonial First State Capital Management (CFSCM) is to launch the first Australian CMBS issue of the...

  • • Center Parcs CMBS amendments proposed

      Proposals to amend the terms of the loan in UK CMBS Center Parks 2007-1 were unveiled late last week...

  • • White Tower 06-3 property sale a 'positive'

      CB Richard Ellis Loan Servicing's decision to sell several properties backing the White Tower 2006-3...

  • • Growing backlog for US special servicers

      Though US CMBS special servicers are making some progress in working out distressed loans, they stil...

  • • Mild increase in US CMBS delinquency rates

      The delinquency rate on US CMBS loans increased by 31bp in February to 5.73% - a relativel...

  • Correlation

    • Dealers agree on fixed coupon iTraxx tranches

      In a move to increase standardisation among CDS indices, iTraxx tranche dealers have agreed on a cal...

  • Investors

    • Credit managers face repricing risks

      Credit managers are currently being presented with a number of cautionary signs following a strong y...

  • Operations

    • US mortgage loss severities to rise

      Loss severities on distressed US residential mortgage loans are likely to rise this year as several...

  • RMBS

    • Agency IOS index launched

      The Markit IOS index - a synthetic total return swap (TRS) index referencing the interest...

  • • US subprime prices rise

      Fitch Solutions says its latest RMBS CDS indices results indicate that US subprime RMBS prices start...

  • • Servicer flexibility for Cordusio RMBS

      Transaction documents of Cordusio RMBS Securitisation Series 2008 and Series 2009 have been amended...

  • • Italian RMBS defaults, delinquencies analysed

      The Italian RMBS market had both negative and positive aspects in January 2010, according to Moody's...

  • • Portuguese RMBS performance stabilises

      Portuguese RMBS performance stabilised during January 2010, according to Moody's. The rating agency...

  • • Spanish RMBS market stabilises

      Moody's says its latest indices show that performance of the Spanish RMBS market stabilised during J...

  • • Severe stress expected for Irish RMBS

      Irish RMBS transactions will come under severe stress as their performance deterioration to date is...

  • Trading

    • CRE auction platform to offer analytics service

      DebtX has launched DXMarket Data(SM), a new subscription information service that provides analysis...

  • Whole business securitisations

    • Punch pub deal downgraded

      Moody's has downgraded six classes of notes issued by Punch Taverns with a total initial outstanding...

  ---

• Research Notes

  • ABS

    • TALF post mortem

      John McElravey, senior analyst at Wells Fargo Securities, expects a more stable ABS market – a...

      The Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF) completed its final consumer...

  • Trading

    • Trading ideas: two smoking guns

      Byron Douglass, senior research analyst at Credit Derivatives Research, looks at a capital structure...

      Our recently launched equity volatility product now allows us to efficiently look across the capital...

  ---

Click here to access this issue in print format Contact