Issue 182 - April 28th
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News Analysis
- Regulation
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Cross-border barriers
Australia appeals to Europe over ABS retention rules
The hard-line approach being taken by European regulators with regards to the 5% ABS issuer retentio...
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- Legislation and litigation
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Trigger happy?
CDO litigation risk likely to remain stable post-Goldman
The US SEC's complaint against Goldman Sachs appears not to have sparked a dramatic increase in CDO...
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- CMBS
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Lending alternatives
REITs to benefit from NAIC reserve increase
The proposal by the National Association of Insurance Commissioners (NAIC) to increase capital reser...
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- Regulation
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Market Reports
- ABS
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Holding tight
US ABS market activity in the week to 27 April
While spreads in the US ABS secondary market continue to tighten due to a lack of available bonds, i...
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- CLOs
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Business as usual
European CLO market activity to 23 April
Trading levels and sentiment within the European secondary CLO market appear to have been unaffected...
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- ABS
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News
- ABS
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Euro new issue pipeline builds
Next month is - absent a macro shock - shaping up to be a post-crisis milestone...
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- CLOs
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CLO managers continue to snap up CLOs
Several CLO managers have benefitted from a strategy of investing in other CLO tranches over the pas...
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- Operations
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Servicing, operational risk in Euro ABS highlighted
The issue of servicing and operational risk in EMEA structured finance transactions is becoming incr...
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- Secondary markets
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Strong interest anticipated for new CDO liquidations
A number of ABS CDOs are due to be liquidated in the coming weeks, creating the la...
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- ABS
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Talking Point
- Legislation and litigation
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Sound and fury
Tales told, but little signified
Much has already been written about the appearance of "Goldman Sachs" before the "Senate" in the 18...
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- Legislation and litigation
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Job Swaps
- ABS
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Guggenheim tapped for aviation securities team
Jefferies has expanded its aviation team with the hire of Nolan Heske, James Palen and Evan Wallach...
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Asset securitisation head steps aside
Michael Wade has left his post as Barclays Capital's Americas asset securitisation group head, and J...
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Advisory takes on SF staff
Valentina Santo has joined StormHarbour Securities as a director, ABS/CLO sales and advisory. She pr...
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Yorkshire Bank SF official promoted
Yorkshire Bank has promoted Roddy Kilpatrick to area director for its corporate and structured finan...
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ARS settlements completed
FINRA says it has settled charges with HSBC Securities USA and US Bancorp Investments relating to th...
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- CDS
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Research pact achieves 'important insights'
Rand Merchant Bank (RMB) and Kamakura Corporation say they have achieved promising results from the...
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- CLO Managers
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Fortress affiliate takes on eight CDOs
RAIT Financial Trust is selling or delegating its collateral management rights and responsibilities...
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- CLOs
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Manager swap for Euro CLOs
Invesco Asset Management is set to take on collateral management duties for cashflow CLO Morgan Stan...
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- CMBS
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CRE investments md hired
NewOak Capital has appointed Carlos Vigon as CRE investments and services md. The firm says he will...
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Bronx suit seeks CMBS borrower liability
A motion has been filed by Legal Services NYC-Bronx, on behalf of tenants living in a portfolio of t...
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- Distressed assets
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European distressed trading head hired
Deutsche Bank has appointed Stephen Byrne as European head of distressed trading. He will report to...
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- Emerging Markets
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EM trade finance agreement signed
IFC, a member of the World Bank Group, and Standard Chartered have signed an agreement for a US$1bn...
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- Investors
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New hire to drive asset management activity
David Leone has joined Newtek Asset Management as svp, responsible for expanding the firm's loan ser...
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Flagship fund improved for investors
Alpstar Capital has launched the Alper European Credit Fund, which it says is a more mainstream and...
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- Listed products
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Permacap tender offer launched
GSO Capital Partners Employee Side by Side Fund and Miguel Ramos-Fuentenebro, md at GSO Capital, hav...
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- Operations
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ISDA names new directors
ISDA has elected four new members to its board of directors, three of whom are involved in the fixed...
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- Real Estate
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CRE head steps down
A spokesman for Deutsche Bank has confirmed that Douglas Smith, head of its CRE financing business i...
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- Regulation
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Regulatory counsel appointed
Crowell & Moring has appointed Mark Egert as corporate and financial services partner in its...
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- ABS
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News Round-up
- ABS
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Central bank ABS activity analysed
Central bank funding operations once again dominated securitisation markets in 2009. The ECB's ann...
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Euro ABS data requirements prepped
The European Central Bank's governing council has confirmed that work will begin to establish loan-b...
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New aircraft leasing deal surfaces
Air transport equipment renter Premier Aircraft Leasing (EXIM) 1 Limited is issuing US$188m secured...
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ARS debt exchange offers gaining viability
Debt exchange offers appear to be gaining viability as a way to refinance auction rate debt, particu...
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Indian ABS retention requirements mandated
The Reserve Bank of India has announced changes to its securitisation guidelines in line with the mo...
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Fitch addresses SEC disclosure amendment
Fitch says it cannot rate a new structured finance security using its international credit rating sc...
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Greek bailout may bring ABS FX risk
The secondary European ABS market appears to have been insulated from Greece's ongoing funding probl...
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Wells Fargo creates prime auto ABS indexes
To assess the credit performance of prime auto ABS deals, analysts at Wells Fargo Securities have be...
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Auto ABS prepayments spike in April
Most US auto loan ABS deals backed by prime borrowers showed a significant jump in prepayments in Ap...
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US credit card charge-off rate to peak in Q2
Charge-offs on US credit cards increased marginally in March, finishing at 11.21%, just 13bp above t...
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Seasonal benefits fuel US auto ABS improvements
US auto loan ABS experienced solid improvements in both delinquencies and annualised net losses (ANL...
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Shipping loan ABS criteria updated
Moody's has completed its review of the methodology that it uses to rate and monitor ABS transaction...
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- CDO
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Goldman's Tourre surprised over ACA
In testimony on Capitol Hill yesterday (27 April), Goldman Sach's trader Fabrice Tourre said he was...
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Euro CDO outlook still negative
The outlook for European structured credit transactions is still negative despite the pace of corpor...
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- CDPCs
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CDPC rating criteria upgraded
S&P is amending its methodology and assumptions for rating CDPCs, with most of the changes r...
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- CDS
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JAL auction results published
Markit and Creditex have announced the auction results for Japan Airlines Corporation credit default...
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California CDS trading volumes revealed
California state treasurer Bill Lockyer has released data showing that since 2007 the top six fee ea...
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Results published for 2010 ISDA surveys
ISDA has released the results from its 2010 year-end market survey of privately-negotiated derivativ...
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CDS spreads signal further euro pressure
The CDS market expects Eurozone government funding pressures to intensify, pushing bond yields highe...
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- CLOs
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Symphony CLO marketing
Symphony CLO VII, which will be managed by Symphony Asset Management, is marketing via Bank of Ameri...
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Exit loans 'attractive candidates' for CLOs
As the calendar for bankruptcy emergences becomes more visible, exit financing is tipped to be a maj...
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- CMBS
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UK prime CMBS outlook improves
A new Fitch EMEA CMBS report says the UK prime property market, primarily London office properties,...
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Japanese CMBS collateral prices 'as expected'
Sale prices of collateral property backing Japanese CMBS have generally matched es...
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US CMBS loan defaults to top 11%
US CMBS loan defaults will continue rising, with an additional 4.4% likely in 2010 and the overall r...
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- Ratings
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Further downgrades for Greek deals
Moody's has taken negative rating actions on 30 structured finance transactions backed by Greek asse...
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Global SF downgrades moderate
Fitch says the number of negative structured finance (SF) rating actions in Q110 was lower than the...
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Fitch extends scope of SF IR stresses
Fitch has broadened its recently-updated criteria for stressing interest rate risk with respect to e...
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- Regulation
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Japanese law paints mixed ABS picture
The Japanese government's proposals to mitigate some aspects of its revised Money Lending Business L...
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- RMBS
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Redwood Trust RMBS deal prices
The much-anticipated RMBS deal from Redwood Trust launched on 23 April. The US$222.378m offering, ca...
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PPIP portfolios analysed
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIG-TARP) last we...
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Non-agency RMBS remits surprise to the upside
April non-agency RMBS remits surprised to the upside as net new delinquencies dropped and voluntary...
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US mortgage fraud continues to proliferate
Reported mortgage fraud and misrepresentation by professionals in the US mortgage industry continues...
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EMEA RMBS to take time to improve
There will be some delay to a general improvement in asset performance for EMEA RMBS, says Fitch, de...
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- ABS
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