Weekly Issue Archive »

Issue 177 - March 24th

• News Analysis

  • CLOs

    • Residual value

      Non-performing CLO equity in demand

      CLO equity is in demand: fund managers are recording substantial increases in equity valuations, whi...

  • Clearing

    • Access rights

      CDS clearers could face headwinds from industry group

      The move to clear more CDS contracts could face some headwinds from a few brokers who claim the road...

  • Investors

    • Strategy shift

      Managers look to relative value opportunities as sov risk prevails

      Credit managers are adapting to the new environment in which sovereign risk is king. Many managers h...

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• Market Reports

  • ABS

    • Positive signs

      European ABS market activity in the week to 23 March

      European ABS over the past week has begun to show positive signs of stabilisation and growth, with s...

  • CMBS

    • Tightening top end

      US CMBS market activity in the week to 18 March 2010

      Dramatic spread tightening this week on the US CMBS market's benchmark deal, GSMS 2007 - G...

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• News

  • ABS

    • Boost for Euro primary market

      The European primary ABS market received a boost last week, with the public placement of two new dea...

  • • Marlin, GreatAmerica Leasing eye more ABS deals

      Marlin Leasing and GreatAmerica Leasing plan to return to the ABS market, despite the TALF programme...

  • Distressed assets

    • FDIC securities sales leave investors in a quandary

      Investors looking to buy whole loan, CMBS and distressed securities being unloaded by the FDIC latel...

  • Insurance-linked securities

    • ILS queue builds

      Deutsche Bank will be unveiling a "better version" of longevity bonds in the next couple of weeks, a...

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• Job Swaps

  • ABS

    • New recruit to boost SF capabilities

      Berwin Leighton Paisner (BLP) has hired Matthew Kellett from RBS. He joins as a partner and will foc...

  • Asia

    • Manager rolls out Asian mezz platform

      Babson Capital has expanded its Asia Pacific presence by creating an eight-member team to source mez...

  • CDO

    • UBS, Leipzig dispute CDO claims

      The German city of Leipzig is preparing to sue UBS over a €290m synthetic CDO contract ent...

  • CDS

    • Bank beefs up in Connecticut

      UBS has made a series of recent hires to its Stamford, Connecticut office, including a new head of g...

  • • Capital markets research firm expands in Europe

      TABB Group has appointed Will Rhode as a research analyst in its London office, reporting to Miranda...

  • CLO Managers

    • US manager ups CLO count

      Deerfield Capital (DFR) has increased its CLO AUM by 45% after acquiring Columbus Nova Credit Invest...

  • CLOs

    • Euro CLO manager expands

      Avoca Capital Holdings has opened a London office and hired a new coo, Clayton Perry. Avoca says thi...

  • CMBS

    • CRE advisory appointment follows alliance

      CRE financing advisory firm BSC Group has appointed Noel Cain as a vp. His role will be to help supp...

  • Investors

    • Fund of hedge funds manager acquired

      Standard Life Investments is set to acquire a 75.1% stake in Aida Capital, subject to FSA approval....

  • • Investment manager promotes across global team

      PIMCO has made numerous new appointments across its global team, including four promotions to evps i...

  • Legislation and litigation

    • Bank seeks to rescind RMBS purchases

      The Federal Home Loan Bank of San Francisco has filed complaints in the Superior Court of California...

  • Monolines

    • Monoline chief to become president

      David Buzen, currently coo and cfo of CIFG Holding, will also become president of the company, repor...

  • Operations

    • Supplementary investor meetings introduced

      With official reporting rounds only occurring once a quarter around interest payment dates and the e...

  • • New appointment as acquisition closes

      ICAP has appointed Ian Chicken as director for market connectivity, a new role placing strategic foc...

  • Ratings

    • Realpoint acquired

      Morningstar is to acquire CMBS rating agency Realpoint. The NRSRO is being purchased for US$52m, sub...

  • Real Estate

    • CMSA becomes CREFC

      The CMSA has been rebranded as the CRE Finance Council, with the intention of better serving all con...

  • RMBS

    • Expansion continues for ABS strategy team

      RBS Securities has appointed Paul Jablansky as senior consumer ABS md and non-agency residential str...

  • • Broker hires FI sales head

      George Kenny has joined MBS broker-dealer Braver Stern Securities as md and head of institutional fi...

  • Technology

    • Principia and Lewtan team up

      Lewtan's ABSNet performance data, which covers over 20,000 global structured finance deals, can now...

  • Trading

    • Five new faces in fixed income expansion

      Financial services firm Janney Montgomery Scott has hired two former Bear Stearns employees amongst...

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• News Round-up

  • ABCP

    • Australian ABCP outlook 'stable'

      Despite the decline of Australian ABCP issuance in 2009, Moody's says its ratings outlook for the se...

  • ABS

    • Revised Dodd bill reduces risk retention threshold

      Senate banking chairman Chris Dodd released a second draft bill for financial regulatory reform last...

  • • Innovative auto ABS rated

      Moody's has assigned a triple-A rating to the €274.7m Class A fixed rate notes issued by V...

  • • Student loan ABS amended

      Brazos Student Finance Corporation has added a supplemental indenture that will allow it to sell loa...

  • • Mexican construction loan deals restructured

      Moody's has stated that the amendments made in February 2010 to the legal documents for Metrofinanci...

  • • Flat card charge-offs suggest improvement

      US credit card charge-offs held steady in February, finishing at 11.08%, just 1bp above a revised Ja...

  • • US auto ABS criteria enhanced

      Fitch has updated its US auto loan ABS rating criteria, including several enhancements to its auto l...

  • • US equipment ABS shielded from construction stress

      Fitch says that stress in both the residential and commercial construction markets will keep loss an...

  • CDO

    • Spanish SME CDOs weighed by reserve depletions

      Increasing Spanish SME CDO reserve fund depletions will mean performance remains under pressure this...

  • CDS

    • Indices widen on the roll

      The Markit CDX IG index hit 91.5bp on 22 March, the first trading day for series 14, with a roll val...

  • • CDS not meant for speculation - Trichet

      European Central Bank president Jean-Claude Trichet on 19 March called for further improvements in C...

  • • DTCC to name counterparties upon regulatory request

      The DTCC says that the choices some counterparties have made with respect to the regulators for whic...

  • • Credit exposure in derivatives activity declines

      The credit exposure from derivatives activities declined by 18% in the fourth quarter of 2009 and by...

  • CLOs

    • EMEA CLOs still lag US stabilisation

      In Moody's 2009 global CLO review, the rating agency reports that the performance of the loan portfo...

  • CMBS

    • US covered bond legislation welcomed

      The CMSA says it welcomes the introduction of legislation brought by the US House Financial Services...

  • • Small US CMBS loan closes

      Ramco-Gershenson Properties Trust has closed on a new US$31.3m CMBS loan with JPMorgan, secured by i...

  • • Special servicer replacements for Deco pair

      The special servicers on two loans backing two Deutsche Bank CMBS deals are to be replaced. Capita A...

  • Indices

    • Positive quarter for US CRE

      US commercial real estate prices rose by 1% in January, marking the third monthly increase in a row,...

  • LCDS

    • ELCDS auction scheduled

      Creditex and Markit have announced that the ELCDS credit event auction for McCarthy & Stone...

  • Operations

    • Proposed DWF extension sidesteps need to securitise

      The Bank of England (BoE) is seeking views on proposed changes to its liquidity insurance facilities...

  • Ratings

    • SF ratings transition worsens

      According to S&P's 2009 rating transitions study, the agency lowered global structured finan...

  • • Servicing continuity risk criteria published

      Fitch has published its global rating criteria for analysing servicing continuity risk in structured...

  • Real Estate

    • CRE concentrations warrant 'special attention'

      In a speech before the annual convention of the Independent Community Bankers of America, US Comptro...

  • Regulation

    • Banking agencies agree on liquidity risk principles

      The US federal banking agencies, in conjunction with the Conference of State Bank Supervisors, have...

  • • Cross-border banking recommendations issued

      The Basel Committee on Banking Supervision has issued its final report and recommendations of the Cr...

  • RMBS

    • FNMA clarifies loan buyout schedule

      Fannie Mae has clarified the timeline along which delinquent loans will be repurchased out of MBS po...

  • • Suit highlights put-back recovery uncertainty

      A New York Supreme Court ruling last week on a lawsuit brought by Syncora, CIFG and US Bank against...

  • • No surprises in February non-agency performance data

      The latest non-agency RMBS performance data shows that both prepayments and defaults decreased in Fe...

  • • Improved projections for US home prices

      ABS analysts at JPMorgan have reported an improvement on their previous projection of US home prices...

  • • ERF tender offer announced

      Aviva Annuity UK has launched a tender offer for certain RMBS issued by Equity Release Funding (ERF)...

  • • Fourth UCI tender results in

      Results of the fourth tender offer for class A notes of BNP Paribas' UCI RMBS issues 8 to 17 have be...

  • • Little impact from UK loan modifications

      Fitch says data submitted to it suggests that loan modifications, while being encouraged by the UK g...

  • • UK RMBS extension risk measures introduced

      Moody's has introduced new measures to assess the extension risk of notes issued by UK RMBS master t...

  • • Second-lien RMBS loss projections revised

      Moody's has revised its loss projections for 2005-2007 second-lien US RMBS and expects cumulative lo...

  • • Mexican RMBS concerns continue

      Mexican RMBS performance will continue to deteriorate over the coming months, but at a slowing pace...

  • Structuring/Primary market

    • CRE recovery creates investment opportunities

      Investors could well capitalise on opportunities in US commercial real estate as it begins to recove...

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• Research Notes

  • RMBS

    • Understanding the credit quality of residual pools

      Priya Balan, European ABS research analyst at Barclays Capital, explains why UK non-conforming RMBS ...

      With the recession having caused a substantial rise in delinquency and default rates in many Europea...

  • Trading

    • Trading ideas: keep it short

      Dave Klein, senior research analyst at Credit Derivatives Research, looks at an equity basket trade

      We inaugurate our weekly equity basket trade with a short-heavy list of names. Strong equity perform...

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