Issue 188 - June 9th
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News Analysis
- Clearing
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Clearing consensus
Pricing and liquidity concerns remain
Market consensus finally appears to be forming around CDS central clearing, despite the lack of regu...
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- RMBS
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Unclear outcome
GSE uncertainty lurks, despite performance
Despite hefty demand for MBS securities currently, much uncertainty still exists over what shape Fan...
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- Ratings
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Business boost
TALF helps rating agency gain market share
DBRS is making inroads into the US ABS rating market, gaining market share as its competitors see le...
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- Clearing
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Market Reports
- CLOs
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Mixed messages
Secondary CLO market activity wanes, but new deal prices
Sovereign contagion continues to weigh heavily on the CLO market in both Europe and the US. Unsurpri...
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- RMBS
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Weighed down
Secondary and primary markets hindered by broader concerns
US RMBS trading over the previous two weeks has remained quiet in the face of continued volatility i...
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- CLOs
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News
- ABS
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Private equity eyes timeshare securitisations
Private equity funds are currently buying pools of timeshare loans, which could eventually be securi...
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- CDO
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Moody's ceo says compensation not linked to deals
Compensation at Moody's is not tied to the number of securities analysts rate, the number of compani...
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- CDS
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Counterparty criteria to impact derivatives
The biggest impact from S&P's proposed changes to its counterparty criteria is on securities...
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- CMBS
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JPMorgan's CMBS comes tight for investors
JPMorgan's US$716.3m CMBS offering - which marks the second CMBS transaction to come to ma...
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- ABS
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Talking Point
- Regulation
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Waterfall transparency
Tania Fago, senior product manager at Quantifi, comments on how the ABS market could benefit from in...
On 7 April 2010 the SEC proposed rules to amend the offering process, as well as tighten the disclos...
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- Regulation
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Provider Profile
- Trading
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Navigating the post-crisis landscape
Evan Schwartzberg, head of sales and trading, and Mathew Van Alstyne, head of research at Odeon Capi...
Q: How and when did Odeon Capital Group become involved in the structured finance market? MVA: Odeo...
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- Trading
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Job Swaps
- ABS
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ASF examines regulation, makes appointments
The American Securitization Forum (ASF) met yesterday (8 June) to discuss regulatory issues facing U...
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- CDO
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Merger results in CDO manager transfer
BNP Paribas Asset Management (BNP) has succeeded Fortis Investment Management France (Fortis) as por...
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- CDS
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Former Lehman team reassembles
G2 Capital Markets, a subsidiary of G2 Investment Group, has acquired the former Lehman Brothers' pr...
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Five hires to credit sales, trading teams
RBS Securities has expanded its US flow credit sales and trading teams within its global banking and...
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Head of global credit strategy hired
BNP Paribas Asset Management has hired Martin Fridson as global credit strategist. Fridson is a high...
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- CLOs
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Changes to permacap's operations proposed
Permacap vehicle Carador is set to propose a number of changes to its operations at its 30 June AGM....
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- Investors
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Credit business expands in new direction
BlueBay Asset Management has hired Mark Dowding to lead the development of a European government bon...
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- ABS
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News Round-up
- ABS
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Private placements keep Euro ABS ticking over
Five European deals closed over the last week, but they were either privately-placed, retained or re...
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CESR warned over ABS trade dissemination
The Association for Financial Markets in Europe (AFME), the British Bankers' Association (BBA) and I...
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Indian retention requirements proposed
The Reserve Bank of India has published draft guidelines on minimum holding periods and minimum rete...
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Impact of cajas consolidation unclear
ABS analysts at Bank of America Merrill Lynch anticipate the impact on Spanish ABS of consolidation...
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EU CRA proposals gather momentum
The European Commission (EC) has put forward amendments to the EU rules on credit rating agencies (C...
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Hydrocarbon royalties deal marketing
A US$150m Argentinean oil and gas royalties securitisation is marketing. Moody's has assigned provis...
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Student loan ARS tenders gather pace
The Student Loan Consolidation Center Student Loan Trust I (SLCC I) has commenced a cash tender offe...
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Tighter controls required to reduce reporting errors
A number of reporting errors have been made in Asia ex-Japan by originators and servicers regarding...
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Euro ABS surveillance platform prepped
Markit and Cairn Capital are to launch the Markit ABS Performance Monitor platform. This service wil...
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- CDO
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Monoline commutes remaining ABS CDOs
Ambac Financial Group has commuted all its remaining US$16.4bn of ABS CDO exposure. The commutation...
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Small business methodology scrutinised
A number of updates are being considered to the methodologies and assumptions S&P uses to ra...
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Moody's launches structured credit publication
Moody's has launched a new quarterly newsletter called Structured Credit Perspectives. The publicati...
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- CDS
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Call for limiting leverage in muni CDS
California state treasurer Bill Lockyer has called for the adoption of federal and international rul...
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Ambac CDS settle lower than expected
The final results of Ambac Assurance Corp's CDS credit event auction were released on 4 June. The in...
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Call for quicker European CDS action
A joint two-page letter has been sent by French President Nicolas Sarkozy and German Chancellor Ange...
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Subprime prices rise to 18-month high
Fitch Solutions reports that US subprime CDS prices have increased to levels not reached since Decem...
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Global CDS liquidity declines
Fitch Solutions says global CDS liquidity declined in the past two weeks, partly due to short tradin...
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Troubled companies index deteriorates
The Kamakura index of troubled public companies deteriorated significantly in May after improving in...
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- CLOs
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Second Indian MFI CLO closes
IFMR Capital has concluded a R339m multi-originator micro-loan securitisation with three Indian micr...
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Further CLO upgrades expected
Moody's has followed S&P's lead in reversing its earlier downgrades of US CLO tranches, acco...
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- CMBS
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Freddie targets affordable properties for securitisation
Freddie Mac hopes to add targeted affordable properties to the growing list of financing products el...
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CMBS loss severities soar
The inventory of US CMBS loans in special servicing is at an all-time high and likely to tread highe...
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- RMBS
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GSE buyout impact normalising
ABS analysts at Bank of America Merrill Lynch forecast Gold 30-year prepayment speeds to increase by...
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IOS relative value analysed
In a recent examination of valuations across the Markit IOS index stack, ABS analysts at Barclays Ca...
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May remits show continued non-agency improvements
May remits indicate that current-to-delinquent rolls continue to improve across the non-agency RMBS...
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Data providers link up in RMBS
CreditHorizons for Securities, which delivers Experian's consumer credit information for non-agency...
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- ABS
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