Issue 179 - April 7th
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News Analysis
- RMBS
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Questions of principal
Could US forbearance initiatives be replicated in European MBS?
The non-agency mortgage principal forbearance initiatives currently underway in the US are being see...
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HMBS potential
Reverse mortgage securitisation hinges on housing
The secondary market for reverse mortgages is still very much a negotiated market. However, particip...
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- LCDS
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Shot in the arm
New terms expected to revitalise LCDX tranche trading
The new bullet LCDS standard terms documentation (SCI passim) was published on 5 April, in tandem wi...
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- RMBS
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News
- CLOs
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Increased clarity around CLO consolidations
Increased clarity regarding the estimated market price of CLO management mandates has emerged due to...
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- CMBS
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First step towards multi-borrower revival
A new US$309.7m 144A CMBS offering from RBS Securities marks an important first - albeit '...
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- Insurance-linked securities
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Cat bond sees good execution
State Farm Fire & Casualty's new Merna Re II catastrophe bond (see SCI issue 177) saw "good...
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- CLOs
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Provider Profile
- Technology
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Demystifying the black box
Jeremy Hintze, coo at ClearStructure, answers SCI's questions
Q: How and when did ClearStructure become involved in the structured credit/ABS market? A: ClearStr...
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- Technology
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Job Swaps
- CDS
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Three credit funds launched, another prepped
BlueMountain Capital Management has raised more than US$250m for three new funds. In addition, the f...
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ISDA DC members named
ISDA has announced the firms that will be members of its five regional Determinations Committees, wh...
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- CLOs
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CDO acquisitions confirmed
GSO/Blackstone Debt Funds Management has completed its acquisition of the collateral management agre...
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- Distressed assets
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Distressed real estate funds closed
Starwood Capital Group has closed an aggregate of US$2.8bn for its two newest funds: Starwood Global...
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- RMBS
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New MBS fund launched
DoubleLine Funds Trust has launched two open-end mutual funds - the DoubleLine Total Retur...
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- CDS
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News Round-up
- ABS
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Hybrid financing facility closes
Consumer Portfolio Services (CPS) has entered into a new US$50m financing facility. The firm describ...
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ECB repo clarifications 'increase ABS eligibility'
The ECB's recent clarification of ABS eligibility criteria for its repurchase facilities will signif...
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Aircraft lease ABS criteria updated
Fitch has updated its global aircraft operating lease ABS rating criteria. The updated criteria repo...
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US auto ABS delinquencies continue to improve
Delinquency and annualised net losses (ANL) posted year-over-year improvements for the fourth consec...
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24 deals downgraded after Greek review
The increased credit risk of the Greek sovereign has prompted Moody's to downgrade 24 structured fin...
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Stable performance for golf course-backed deals
The performance of Japanese transactions backed by golf courses is stable, according to a new report...
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Canadian credit card ABS stabilising
Canadian credit card debt performance stabilised in Q409 as the charge-off rate index pulled back to...
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- CDO
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Maiden Lane holdings revealed
The New York Fed has made available to the public information on all of the holdings of the Maiden L...
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ABS CDO notes repurchased
IMC Asset Management has bought back a portion of Faxtor ABS 2003-1's €223m Class A-1E not...
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- CDPCs
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New triple-A rated CDPC prepped
Moody's has assigned a provisional triple-A counterparty rating to Martello Capital, a newly created...
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- CDS
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Euro CDS clearing launch confirmed
LCH.Clearnet has confirmed that it successfully cleared its first CDS index contracts on 29 March, f...
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Buy-side clearing account class approved
The US Commodity Futures Trading Commission (CFTC) has approved final rules that enhance certainty r...
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Succession event determination postponed
ISDA's Americas Determinations Committee has agreed to postpone the deadline for voting on whether a...
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Troubled companies index improves again
The Kamakura index of troubled public companies improved in March for the eleventh time in the last...
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Processing platform completes clearing house links
Tradeweb has confirmed its completion of electronic links to the major derivatives clearing houses....
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Bank offers OTC settlements platform
JPMorgan's securities services business has launched DerivClear, a centralised OTC derivatives platf...
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- CLOs
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Headline risk still plagues CLO market
CLO tranches continue to look cheap for their risk compared to similarly-rated corporates, according...
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Significant Euro CLO overlap noted
S&P notes that portfolio characteristics determine the extent to which underlying collateral...
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Negative outlook, despite Spanish SME stabilisation
Fitch says Spanish SME delinquency rates are now showing signs of stabilisation, but maintains its n...
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- CMBS
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CMBX remittances raise concerns
Credit deterioration within the CMBS sector remains a growing concern, according to ABS analysts at...
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US CMBS delinquencies hit new high
According to the April 2010 Trepp delinquency report, the delinquency rate for CMBS loans rose sharp...
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Signs of Japanese CMBS recovery?
A new report on Japanese CMBS shows that nine of the loans backing Moody's-rated transactions, amoun...
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- Correlation
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Correlation stress tests should be 'realistic'
ISDA, AFME and the British Bankers' Association (BBA) have provided initial analysis and feedback to...
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- Emerging Markets
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Call for derivatives innovation in Islamic finance
Moody's says in a new report that a combined use of securitisation and derivatives offers considerab...
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- LCDS
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LCDX, MCDX roll
The Markit LCDX.NA and MCDX.NA indices rolled into their fourteenth series on 5 April. LCDX tranche...
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- RMBS
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Latest FDIC structured sale closed
A RoundPoint Financial Group subsidiary has purchased a 50% stake in US$490.7m of residential loans...
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Integration unlikely to affect GRAN/AIREM investors
ABS analysts at RBS believe that the planned integration of Northern Rock Asset Management and Bradf...
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RBA rate hike won't wreck RMBS
Moody's says the Reserve Bank of Australia's (RBA) decision on 6 April to raise official interest ra...
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- ABS
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Research Notes
- CDS
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Basis basics in a normalised world - part 2
In the second of this two-part series, Morgan Stanley credit derivatives strategists Sivan Mahadevan...
Measuring the basis: factors to consider The simplest measure of the basis (raw basis) is the diffe...
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- CDS
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