Weekly Issue Archive »

Issue 184 - May 12th

• News Analysis

  • CLOs

    • Power shift

      Senior CLO investors seek more control

      A power shift appears to be taking place within the CLO investor space. Whereas equity investors hav...

  • CMBS

    • Tug of war

      Servicers and CMBS holders agree to disagree

      The tug of war that exists between commercial mortgage servicers and CMBS bondholders in the US has...

  • Regulation

    • Lingering concerns

      FDIC strikes middle ground with approvals

      The FDIC approved two motions at its board meeting yesterday (11 May) that attempt to reform current...

  • • Help or hindrance?

      Market participants divided over SEC rule 17g-5

      The US SEC's rule 17g-5 has been met with compliance on the part of rating agencies (SCI passim). Ho...

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• Market Reports

  • ABS

    • Heads in the sand

      European ABS market activity in the week to 6 May

      The European ABS market over the past week has experienced a significant decrease in trading activit...

  • CLOs

    • Temporary pause

      US CLO market activity in the week to 10 May

      The US CLO market has proven not to be immune to the effects of sovereign contagion - spre...

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• News

  • ABS

    • BoA back in league with upsized card deal

      Bank of America Merrill Lynch's upsized credit card offering signals that the bank is back in the mi...

  • CLOs

    • Cash CLO pricing model proposed

      Ex-Lehman Brothers analysts Yadong Li and Ziyu Zheng have published a paper proposing a top-down pri...

  • Insurance-linked securities

    • Pre-hurricane season rush continues

      Details of two more potential new catastrophe bonds have emerged over the past week, as price guidan...

  • RMBS

    • Fed said to explore portfolio sale options

      The US Fed has reportedly been in contact with broker-dealers to gauge the potential impact of selli...

  • Secondary markets

    • Investors react to sovereign concerns

      Eurozone sovereign contagion concerns finally took their toll on the ABS and CDO markets late last w...

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• Job Swaps

  • ABS

    • Law firm bolsters global presence

      Global offshore law firm Walkers has made a series of appointments to strengthen its Hong Kong and J...

  • • Aviation practice takes off with new hire

      Elizabeth Evans has joined Jones Day as banking and finance partner in the law firm's New York offic...

  • CDS

    • Bank bolsters US credit trading desk

      BNP Paribas has made further credit trading appointments at its New York office. Matt Reid is joinin...

  • • Credit trader finds new home

      Iftikhar Ali has joined Millennium Capital Partners in London. Millennium Management confirms that h...

  • • Bank beefs up in Euro credit sales

      Morgan Stanley has made a string of hires for its European credit sales and trading business. The ba...

  • • Credit structurer appointed

      RBS has appointed Gary Davis as md in its credit and rates structuring team within its global bankin...

  • • New head of credit strategy hired

      Alan Capper has been appointed md and head of credit strategy at Lloyds TSB Corporate Markets. It is...

  • • Asset manager co-founder steps back

      Nigel Legge has stepped down from his role as ceo of Liontrust Asset Management and will remain as a...

  • CLO Managers

    • Euro CLO manager resigns

      Natixis, the European collateral manager on Marquette US/European CLO, has tendered its resignation....

  • CLOs

    • Manager adds to MSIM CDO roster

      The appointment of Invesco Senior Secured Management as the replacement collateral manager for Morga...

  • CMBS

    • Mortgage REIT adds structurer

      Robert Restrick has joined CreXus Investment Corp. He will be responsible for the structuring and pl...

  • • Old hands to provide fresh drive

      Four industry veterans have left Cushman & Wakefield to lead Jones Lang LaSalle's New York c...

  • • New additions to form capital markets practice

      Mark Weibel has joined law firm Thompson & Knight's Dallas office as a partner and is joined...

  • Investors

    • Asia Pacific hires continue apace

      Babson Capital Management has hired Sue-Ellen O'Keeffe in a sales and investor relations role, as th...

  • • Another BarCap credit strategist moves on

      Ashish Shah has left Barclays Capital just days after replacing Robert McAdie, who resigned as Europ...

  • • Asset manager names new recruits

      Matrix Group's asset management business has hired Chris Beament as business development manager and...

  • Legislation and litigation

    • CPDO coding error resurfaces

      Moody's disclosed in its latest quarterly 10-Q filing that on 18 March it received a Wells Notice fr...

  • RMBS

    • Data service adds MBS analyst

      BlackBox Logic has hired Cory Lambert as senior MBS analyst. The data aggregation company says he wi...

  • • Loan servicing firm adds svp

      Rudy Orman has joined Residential Credit Solutions as a director and svp, responsible for marketing...

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• News Round-up

  • ABS

    • Structured credit trading platform prepped

      BNY Mellon is preparing a new electronic trading platform called Structured Credit Connections. The...

  • • ECB extends liquidity, SF pressures remain

      The announcement by the European Central Bank (ECB) that it will extend its non-standard liquidity m...

  • • Portuguese banks stockpiling assets

      Portuguese structured finance transactions have seen increasing signs of declining performance that...

  • • RFC out on assessing operational risk

      Moody's is asking market participants to comment on its proposed approach to assessing operational r...

  • • Basis risk impacts student loan ABS

      US FFELP student loan ABS is being exposed to significant short-term volatility by basis risk, says...

  • • Cash release mechanism amended for card ABS

      Shinhan Card Co has amended the cash release mechanism from the portfolio yield reserve account on t...

  • • Timeshare ABS delinquencies fall

      Total US timeshare ABS delinquencies slipped in Q110, according to Fitch's ABS timeshare index. The...

  • • UK credit card performance 'mixed'

      Fitch says the performance of UK credit card trusts showed a mixed trend in Q110. Quarter-on-quarter...

  • CDO

    • CDO Evaluator error expunged

      S&P has released version 5.1 of its CDO Evaluator credit model, correcting an error in the o...

  • CDS

    • Peripheral CDS pushed to new highs

      CDS levels on 5 May reflected the widespread unease surrounding the Greek bailout. Greek five-year C...

  • • Positive convexity trades to hedge contagion risk

      Sovereign fundamentals point to a prolonged high-volatility environment rather than a quick resoluti...

  • • DTCC moves to provide greater transparency

      The DTCC has expanded its public release of data in the Trade Information Warehouse's global reposit...

  • • Succession events determined

      A couple of succession events have been determined by ISDA's American Determinations Committee. Firs...

  • • CCP, trade repository recommendations issued

      The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the Internatio...

  • • CDS notionals down 9%

      The total notional amount of outstanding OTC derivatives increased by 2% in H209 to US$615trn, accor...

  • • Second RFC issued on California CDS

      California state treasurer Bill Lockyer has sent a follow-up request for information on muni CDS tra...

  • • Euro volatility drives global CDS widening

      The Euro zone's ongoing fiscal problems resulted in a weekly widening of global CDS spreads not seen...

  • • OTC valuation costs analysed

      A new Celent study, entitled 'Optimising the OTC Pricing and Valuation Infrastructure', has uncovere...

  • CLOs

    • MV CLO gets additional flexibility

      Shiprock Finance SPC, acting on behalf of and for the account of market value CLO SF-3 Segregated Po...

  • • Most MV CLOs avoided default

      Moody's says events of default (EODs) were avoided by the vast majority of market value CLOs, despit...

  • CMBS

    • Survey finds US CRE outlook improving

      Results from a DLA Piper survey suggest that the US CRE industry remains largely bearish, although t...

  • • Broadgate Financing hit by development proposal

      Moody's and S&P have taken rating actions on the junior CMBS notes issued by Broadgate Finan...

  • • EOD for Taurus 4 loan

      Investors in UK CMBS Taurus 4 have been notified that the £170m St Katherine's Dock loan re...

  • • Singapore CMBS liquidity issue resolved

      Moody's has today confirmed the triple-A rating on the €186.2m CMBS notes issued by Orion...

  • • Special servicers put brakes on delinquency rise

      Fitch reports that US CMBS delinquencies rose by 34bp to 7.48% in April because of underperforming p...

  • • Japanese CRE picture improving

      Moody's says that although the Japanese CMBS loan default rate has risen since last year, Y260bn of...

  • Real Estate

    • Defeasance note-backed deal rated

      Deutsche Bank has closed an unusual real estate-related securitisation, backed by three defeasance n...

  • Regulation

    • Financial liability accounting changes proposed

      Following the completion of work on the classification and measurement of financial assets, the IASB...

  • RMBS

    • Agency MBS prepays meet expectations

      April agency RMBS prepayment rates generally met market expectations, according to MBS analysts at W...

  • • NC RMBS arrears improvement slows

      Arrears levels in UK non-conforming RMBS transactions are not declining as quickly as in 2009, accor...

  • • Alt-A RMBS delinquencies declining

      Fitch says serious delinquencies for US Alt-A RMBS declined for the first time in four years, while...

  • • Partnership to provide SF analysis platform

      FinCap Financial Services - Computech Corporation and CapitalFusionPartners' joint venture...

  • • RMBS data product launches

      Experian has launched CreditHorizons for Securities, a data-feed product to help determine the credi...

  • SIVs

    • Ratings-linked SIV obligations downgraded

      Moody's has downgraded the senior obligations of the Harrier Finance Funding and Carrera Capital SIV...

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• Research Notes

  • Trading

    • Trading ideas: un-reach for yield

      Tim Backshall, chief strategist at Credit Derivatives Research, looks at a HY-IG decompression pairs...

      The liquidity-fuelled rally of the last fifteen months appears to be stalling as expectations of a l...

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