Weekly Issue Archive »

Issue 190 - June 23rd

• News Analysis

  • RMBS

    • Synthetic interest

      TRS indices billed as alternative to TBAs

      With To Be Announced (TBA) prices still relatively high, many MBS investors are looking for alternat...

  • Listed products

    • Back to the future?

      Support appears to be growing for exchange-traded credit derivatives

      Credit index futures and exchange-traded options may be ready for a comeback. The Chicago Board Opti...

  • RMBS

    • Calling the shots

      Sponsors move to support their transactions

      RBS subsidiary Ulster Bank last week provided the European RMBS market with a welcome surprise when...

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• Market Reports

  • ABS

    • Summer slowdown

      Outside of CMBS, ABS market volumes take seasonal drop

      US ABS markets have shown a significant slowdown in the past few weeks as participants ease into the...

  • RMBS

    • Holding off

      Thin secondary RMBS trading as new deal is delayed

      Activity in the European RMBS secondary markets has been quiet over the past week owing in part to t...

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• News

  • ABS

    • Credit card, auto ABS deals fill queue

      GE Capital is due with a credit card offering dubbed GE Capital Credit Card Master Note Trust Series...

  • CDS

    • Liquidity shift noticeable in sovereign CDS

      The liquidity of sovereign CDS has shown to be markedly different according to region and even by cr...

  • CLOs

    • LBO exposure to provide CLO differentiation

      While short-term technical calls may favour riskier segments of the CLO market, long-term allocation...

  • RMBS

    • Re-defaults expected for many loan mods

      A sizeable amount of HAMP and special servicer loans are expected to default again within a year, de...

  • SIVs

    • Large liquidation marked to trade

      In contrast to other bid lists making the rounds these days, the US$9.7bn liquidation from Axon Fina...

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• Provider Profile

  • Technology

    • Capital retention

      Dan Rosen, ceo and co-founder, and Benoit Fleury, head of financial engineering and products at R2 F...

      Q: How and when did R2 Financial Technologies become involved in the structured credit market? A: W...

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• Job Swaps

  • ABS

    • Credit fixed income group launched

      Cowen Group has launched a credit fixed income group, appointing Kevin Reynolds head of the group an...

  • CDO

    • CDO manager named in SEC suit

      The US SEC has charged an investment adviser and three of his affiliated firms with fraudulently man...

  • • Change of control for Deerfield CDOs

      A deemed assignment of the management agreement on the Mayfair Euro CDO I, Mid Ocean CBO 2000-1 and...

  • CDS

    • Credit investment manager moves on

      Geoffrey Jones has joined Tennenbaum Capital Partners (TCP) as principal. His background is in distr...

  • • Firm bolsters structured funds practice

      Ashurst has hired Nick Terras from Schulte Roth & Zabel International, where he was an inves...

  • • CMA ceo steps aside

      CMA has appointed Antoine Kohler as ceo, effective from today (21 June). He succeeds Laurent Paulhac...

  • CMBS

    • Fannie Mae DUS entity created

      Guggenheim Partners has formed a new CRE entity called Pillar Multifamily. The firm has also acquire...

  • • Veteran CMBS trader joins broker

      Amherst Securities Group has hired John Caputo as primary CMBS trader. He joins the New York office,...

  • Monolines

    • Liquidity remediation efforts falling short

      Syncora Holdings says its New York financial guarantee subsidiary, Syncora Guarantee, has made progr...

  • Operations

    • New FCM formed

      BNY Mellon has created a new company to clear futures and derivatives trades on behalf of institutio...

  • RMBS

    • TBW chairman charged with securities fraud

      The US SEC has charged the former chairman and majority owner of Taylor, Bean & Whitaker Mor...

  • • Boutique names investment strategy head

      Braver Stern Securities has hired Scott Buchta as md and head of investment strategy. He has over 23...

  • • Distressed assets practice formed

      Insurance broker Willis North America has formed a distressed assets practice to advise clients on m...

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• News Round-up

  • ABS

    • Basel 2 capital charges clarified

      The Basel Committee on Banking Supervision has announced adjustments to the revised market risk fram...

  • • Positive US credit card performance continues

      Collateral performance of the major US bank credit card trusts was generally positive for the May co...

  • • SLCC I tender offer amended

      Student Loan Consolidation Center Student Loan Trust I (SLCC I) has waived the minimum aggregate pri...

  • • Emerging markets ABS criteria updated

      Fitch has published updated criteria for rating asset securitisations in emerging markets, with a pa...

  • • Uptick expected for US prime auto losses

      Delinquencies and losses on US prime auto loan ABS reached their lowest levels last month since the...

  • • Greek government-sponsored ABS downgraded

      Moody's has downgraded the ratings on two Greek government-sponsored transactions - Ariadn...

  • • Tobacco bonds under pressure

      Some US tobacco settlement ABS bonds are under downgrade pressure due to a significant decline in th...

  • CDO

    • CRE CDOs transferred in note redemption

      Gramercy Capital Corp has redeemed US$52.5m of junior subordinated notes issued by its operating par...

  • • Buyback set to improve CDO's par value ratios

      Fortress Investment Group has proposed a partial repurchase of its Duncannon CRE CDO's class A notes...

  • CDPCs

    • Six CDPCs impacted by criteria review

      S&P has taken rating actions on six CDPCs, following the scheduled implementation of its upd...

  • CDS

    • Succession event determined

      ISDA's EMEA Determinations Committee has ruled that a succession event occurred with respect to Cabl...

  • • Refi risk expected to drive HY CDS returns

      A factor analysis of the recent selloff undertaken by credit strategists at Goldman Sachs reveals th...

  • • Oil and gas CDS liquidity spikes

      A notable spike in CDS liquidity among US oil and gas companies is being caused by the Gulf of Mexic...

  • CLOs

    • Euro CLO review completed

      S&P has completed its review of 1,371 ratings in 214 European cashflow CLO transactions. The...

  • CMBS

    • Impact multifamily deal prices

      Impact Community Capital last week came with its multifamily housing deal called Impact Funding Affo...

  • • Office building CMBS due in market

      A CMBS transaction secured by leases from New York office building One Bryant Park is marketing. The...

  • • JPMCC 2010-C1 strengths and risks analysed

      As part of its continuing efforts to provide insight to investors on structured finance transactions...

  • • Property sales prompt White Tower upgrade

      Fitch has upgraded the White Tower 2006-3 class A and B notes from A/B to AA/BB respectively, as wel...

  • • Stronger underwriting seen in CMBS

      The first new US CMBS transaction in two years, JPM 2010-C1 (see last issue), features the strong un...

  • • CRE prices back on the up

      Moody's says US CRE prices increased by 1.7% in April, according to its commercial property price in...

  • Ratings

    • Agency clarifies use of rating caps

      Fitch has issued a new criteria report clarifying which circumstances might cause it to cap a rating...

  • • IO, prepayment rating practices revised

      Fitch has revised its global practice for assigning and maintaining structured finance ratings on in...

  • Regulation

    • Accounting survey reveals call for mixed method

      PricewaterhouseCoopers (PwC) has surveyed a geographically diverse sample of investors and analysts...

  • RMBS

    • Non-asset trigger concerns for Aire Valley

      Based on the latest report for the trust, the Aire Valley RMBS programme appears to be following the...

  • • MBS basis 'on the rich side' of fair value

      Mortgages are cheap to the consumer and rich to the investor, compared to current 30-year market rat...

  • • Portuguese transactions on review

      Moody's has placed on review for possible downgrade Aaa and Aa ratings on 23 RMBS and three ABS back...

  • • Mixed performance from EMEA RMBS

      EMEA RMBS performance was stable during the first quarter of 2010, according to Fitch, but the agenc...

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