Issue 183 - May 5th
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News Analysis
- CDPCs
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On the move
CDPCs make strides for the long haul
While most CDPCs are not writing new CDS, they are not standing still either: most have entered new...
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- ABS
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ABS decoupling
Market appears resilient to sovereign troubles for now
The European ABS market has remained fairly resilient in the wake of three sovereign downgrades. Whi...
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- ABCP
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Ripe for resurgence?
New conduit launches, growing demand to boost Euro ABCP
The European ABCP sector looks set for resurgence, following a decline in volumes and the unwinding/...
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- CDPCs
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Market Reports
- RMBS
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Upward ascent
US RMBS market activity in the weeks to 4 May
The US RMBS market has maintained its upward ascent over the past few weeks, showing little of the d...
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Positive sentiment
European MBS market activity in the week to 29 April
European MBS trading volume has remained thin over the past week off the back of further news from G...
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- RMBS
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News
- ABS
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J.G. Wentworth plans regular securitisations
Specialty finance company J.G. Wentworth is planning to access the ABS market about every quarter to...
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- Insurance-linked securities
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Cat bond activity increases
More catastrophe bonds have begun marketing, joining the growing deal pipeline (SCI passim) ahead of...
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- RMBS
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PrimeX sees flow from ABX accounts
The first two trading sessions of Markit's PrimeX indices have consisted of flow from a base of acco...
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- ABS
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Talking Point
- Technology
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Achieving accurate VaR calculations
Richard Bennett, EMEA president of Razor Risk Technologies, outlines the role of VaR in a holistic a...
Following the financial crisis of 2007/2008, the Value at Risk (VaR) calculation method - arguably t...
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- Technology
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Job Swaps
- ABS
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Bank hires for strategic implementation
Amsterdam Trade Bank has hired Hans Tamm as its head of corporate finance. The bank says Tamm will b...
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Securitisation specialist hired
Securitisation lawyer Andrew Jinks has joined Clayton Utz as a partner. He has 20 years of experienc...
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- CDS
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Distressed debt head moves on
Derivatives dealer Conduit Capital Markets has appointed James Moylan md and head of non-investment...
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Credit strategy team head resigns
Barclays Capital has confirmed that Robert McAdie has resigned. The former head of European credit s...
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Kamakura-Reuters cooperation grows
Kamakura Corporation has expanded its relationship with Thomson Reuters. Last year Reuters began dis...
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- CLO Managers
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Stanfield CLO business sold
Private equity firm Carlyle Group is to purchase the management contracts on US$5.1bn in CLO and oth...
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- CLOs
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ACA Euro CLO transfer confirmed
Avoca Capital has confirmed its appointment as investment manager of the €400m ACA Euro CL...
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Transferred Callidus CLOs named
MAPS CLO Fund I and the Callidus Debt Partners CLO Fund II to VII transactions are among the nine CD...
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- CMBS
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CMBS trader joins Cohen
Veteran trader Rob Cestari has joined Cohen & Company as md from boutique investment bank Ma...
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New CRE broker-dealer minted
NorthStar Realty Finance's wholly-owned subsidiary NRF Capital Markets has been registered with the...
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- Investors
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Fund appoints investment counsellor
Eaton Vance Investment Counsel, a division of Eaton Vance Management, has appointed Duke Laflamme as...
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- RMBS
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Ambac tapped for RMBS workout hire
Assured Guaranty has hired Gregory Raab as senior md, RMBS workouts. He reports directly to Dominic...
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US bank expands RMBS team
Wells Fargo Securities has expanded its RMBS group with several new appointments. It now provides a...
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Mortgage recovery fund closes
Invesco has held a final closing for its Mortgage Recovery Fund, with total commitments of more than...
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REIT plans further MBS purchases
Invesco Mortgage Capital has completed its public offering of nine million shares of common stock fo...
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- SIVs
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SIV-lite case dismissed
Oddo Securities' lawsuit against Barclays Capital and Solent Capital Partners has been dismissed by...
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- Technology
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IDC acquired
Interactive Data Corporation is to be acquired by investment funds managed by Silver Lake and Warbur...
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- ABS
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News Round-up
- ABS
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Moody's updates on SEC rule implications
Moody's has decided how it will conform to the amendment to Rule 17g-5 for credit rating agencies re...
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SEC revisions to benefit student loan analysis
Moody's believes that the US SEC's proposal to require the disclosure of loan-level data and a compu...
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Auto ABS criteria to reflect residual value volatility
Fitch says it has revised its rating criteria for US auto ABS to reflect the residual value volatili...
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- CDO
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Retranched CDOs rated
Two CDOs - Gale Force 2 CLO and LCM II - have been retranched and renamed Gale F...
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Sovereign obligor concentration analysed
S&P has reviewed the synthetic CDO (SCDO) transactions it rates as part of its investigation...
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CDO Evaluator error disclosed
S&P says it has become aware of an error in its CDO Evaluator 5.0 credit model. The error is...
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- CDS
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Ambac auction scheduled
The auction to settle Ambac Assurance CDS is scheduled for 2 June. ...
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Sharp rise in government risk index
While markets focused their attention on Greece, Portugal and Spain following S&P's downgrad...
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Troubled companies index maintains improvement
The Kamakura index of troubled public companies improved in April for the twelfth time in the last 1...
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New OTC data platform prepped
CME Group has selected the XigniteOnDemand platform to support new on-demand OTC market data product...
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- CMBS
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New cell tower deal surfaces
New Secured Cellular Site Revenue Notes 2010-1 and 2010-2 are marketing from Unison Ground Lease Fun...
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Further Euro CMBS experience write-offs
Junior tranches from a further two European CMBS have experienced write-offs: the class H and J note...
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CMBS delinquencies reach record high
The delinquency rate for commercial real estate loans surpassed the 8% mark for the first time, acco...
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US ...
Fitch says cumulative default rates for US CMBS now stand at 8.15% through to the end of Q110. There...
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... and European CMBS loan defaults climb
Fitch says the number of defaulted Euro CMBS loans is likely to increase, despite improving sentimen...
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- Indices
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New indices to set consumer default benchmark
S&P and Experian have announced a partnership to launch a series of consumer credit default...
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- RMBS
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Arkle priced, Spanish Driver awaited
Lloyds Banking Group launched the Cheltenham & Gloucester-originated Arkle 2010-1 RMBS late...
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Mortgage REIT preps debut securitisation
PennyMac Mortgage Investment Trust (PMT) has begun working on its first securitisation to provide ad...
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GSE to no longer securitise balloon loans
As part of its new criteria for purchasing and securitising ARMs, Fannie Mae says it will no longer...
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Agency fires warning shot over Redwood collateral
Redwood Trust's new private-label RMBS - Sequoia Mortgage Trust 2010-H1 - offici...
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Foreclosures, delinquencies still loom large
A new report by Lender Processing Services (LPS) shows a mixed picture for the US home loan market i...
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NAIC RMBS analysis assessed
A study of the National Association of Insurance Commissioners' (NAIC) RMBS Initiative results by Fi...
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Eurosail case highlights currency swap risk
The Class A3 noteholders and the trustee on Eurosail-UK 2007-3BL look set to end up back in court to...
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Timing changes aid Aussie ADIs
S&P says Australian authorised deposit-taking institutions (ADIs) are modifying expected mat...
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Analytics platform updated
Interactive Data Corporation's fixed income analytics business has released BondEdge Version 3.2, wh...
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- Technology
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Peer group benchmarking tool introduced
S&P Valuation and Risk Strategies has launched a new credit evaluation benchmark called the...
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- Whole business securitisations
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Change of focus for Punch investors
WBS investor focus appears to be shifting from the Spirit to Punch A and B securitisations, followin...
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- ABS
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Research Notes
- CMBS
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Learning lessons from the past
Anne Horlait, credit analyst at S&P, explores what "CMBS 2.0" might look like in Europe's future...
The European real estate sector hasn't left its recent difficulties behind just yet, in S&P'...
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- CMBS
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