Weekly Issue Archive »

Issue 198 - 1st September

• News Analysis

  • ABS

    • Help wanted

      ABS recruitment begins to pick up as market returns

      After a couple of difficult years in structured finance, 2010 has hinted at a return to normality as the market starts to recover and banks begin to rebuild their teams. Demand is strong for sales people, but other roles - such as analysts...

  • CMBS

    • Multi-property reprieve

      REMIC grandfathering to assist servicers

      CMBS servicers and borrowers with distressed multi-property loans received a reprieve from confusing IRS regulations last month. Almost a year after the IRS initially made changes to REMIC rules, it issued Revenue Procedure 2010-30 to clear up loose...

  • RMBS

    • Repurchase requests

      Troubled loan buy-backs on the rise

      A raft of troubled mortgages is being returned to their originators, as Fannie Mae and Freddie Mac exercise their put-back options. The GSEs are believed to be returning to the four largest US banks alone around US$10.7bn of loans, which they deem to...

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• News

  • CLOs

    • NYLIM CLO takeover bid thwarted

      A hostile takeover attempt for two CLOs managed by New York Life was thwarted recently due to voting...

  • Insurance-linked securities

    • Investable ILS tracker fund planned

      Partners Group Holding affiliate Alternative Beta Partners is filling the gap between tracking liqui...

  • RMBS

    • PECO structures reviewed on Eurosail judgment

      Moody's notes that the judgment of the UK High Court in BNP Corporate Trustee Services Ltd v Eurosai...

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• Job Swaps

  • ABS

    • FI vets launch NY broker-dealer

      Further details have emerged about the launch of the new fixed income broker-dealer KGS-Alpha Capita...

  • • BarCap md to join rival

      Christian Marks is understood to be joining Bank of America Merrill Lynch in London. He will join in...

  • • Boutique names private banking head

      Bank Hapoalim has appointed Paul Mann to head its private banking business in the UK. He will report...

  • • New banking head steps up

      Mayer Brown has promoted Dominic Griffiths to head its banking & finance group in London. Gr...

  • • Law firm beefs up Russian presence

      Chadbourne & Parke has added a partner to its Russian operations. Banking and finance attorn...

  • • ABS issuer struggles on NASDAQ

      Shares in specialty finance company Consumer Portfolio Services (CPS) are failing to make the US$1 m...

  • CDPCs

    • CDPC's operating guidelines updated

      Channel Capital is proposing to amend its operating guidelines, capital model technical document, ad...

  • CDS

    • Trader switches to CDS indices

      Jeff Psaki, BarCap's former co-head of distressed debt trading in New York, has relocated to the fir...

  • • Bank adds CDS trading pair

      Vassilis Paschopoulos and Robert Purvis have joined UBS as corporate credit derivatives traders in t...

  • • Acquisition strengthens broker force

      BGC Partners has completed the acquisition of various assets and businesses of Mint Partners and Min...

  • • Ambac restructuring discussed

      Ambac Financial Group (AFG) in its latest 10-Q filing ramped up the tone of what it has hinted at si...

  • • Basis funds reach milestone AUM

      Assenagon Asset Management has reached the €1bn AUM mark with its two bond funds, Assenago...

  • CMBS

    • LNR tops MBA special servicing collateral list

      LNR Partners was the top listed total US collateral named special servicer for CMBS, CDOs and ABS in...

  • • Expanding CRE platform adds md

      Steven Roberts has joined Grubb & Ellis as senior md, debt & equity finance. He come...

  • Investors

    • Veteran trader joins hedge fund manager

      PVE Capital has appointed Marc Garcia as portfolio manager for its new advisory mandate. His respons...

  • • Credit manager moves on

      F&C Investments has appointed Fiona Prendergast as client director in its institutional team...

  • Ratings

    • Boutique credit rating firm acquired

      Kroll Bond Ratings has acquired boutique subscription-based credit rating firm Lace Financial. The a...

  • • Ratings firm names US mortgage head

      S&P has appointed Grace Osborne as business leader for US mortgages in its structured financ...

  • Regulation

    • Trading director rejoins SEC

      The US SEC has appointed John Ramsay as deputy director in its trading and markets division. He will...

  • • ICMA names regional chairman

      Simon White, head of senior issuance for Lloyds Bank in London, is to chair the International Capita...

  • RMBS

    • Bank fined for unsuitable CMO sales

      FINRA has fined HSBC Securities (USA) US$375,000 for recommending unsuitable sales of inverse floati...

  • Technology

    • Broker's valuation practice expands

      Following its recent acquisition by Tullett Prebon, OTC Valuations (OTC Val) has opened sales and cl...

  • • Analytics provider expands into Korea

      Numerix has opened a new regional office in Seoul, South Korea, becoming the first derivatives analy...

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• News Round-up

  • ABCP

    • ABCP showing 'remarkable resilience'

      The ABCP sector is showing remarkable resilience, according to S&P, and continues to play an...

  • ABS

    • Lloyds in the market again

      Lloyds TSB Bank has closed two more transactions - the €250m Penarth Master Issu...

  • • FFELP ABS deal in the works

      A new student loan ABS offering that consists entirely of Federal Family Education Loan Program (FFE...

  • • Aussie ADIs given reg cap warning

      The Australian Prudential Regulation Authority (APRA) has issued a notice to domestic authorised dep...

  • • Final stress test guidelines unveiled

      CEBS has published its revised guidelines on stress testing, which take into account the results of...

  • • ABS issuance expectations on track

      According to Wells Fargo, consumer ABS issuance increased last week by approximately US$3.7bn, with...

  • • Japanese credit card ABS launched

      Moody's has assigned definitive triple-A ratings to Challenger 2010 Senior Benficial Interests, tota...

  • • RFCs issued on European rating criteria

      DBRS has issued request for comments on its proposed master European RMBS and consumer ABS rating me...

  • • US credit card ABS proves resilient

      US credit card ABS has demonstrated a resiliency to prolonged credit quality stresses and averted do...

  • • Stability predicted for Aussie ABS and MBS

      Moody's reports a stable outlook for the performance of collateral in Australian ABS, CMBS and RMBS...

  • • Summer weighs on US auto ABS

      US auto loan ABS performance is starting to exhibit negative trends - typical for the summer season...

  • • Euro auto ABS stays on course

      According to Fitch, the European auto ABS sector remained stable in Q210, despite slight increases i...

  • • UK credit card performance cause for optimism

      According to Fitch, the performance of UK credit card trusts showed an improving trend in Q210. The...

  • • Structured settlement criteria strengthened

      S&P has elaborated on its approach to rating structured settlement securitisations and the r...

  • • LatAm SF markets 'more resilient'

      Securitisation in Latin America remains strong and popular, according to S&P, benefiting not...

  • • Aircraft lease cashflow assumptions altered

      S&P has refined its cashflow assumptions for rating aircraft and aircraft engine lease secur...

  • CDO

    • Window of opportunity to redeem Trups

      A three-month window for banks to redeem their Trups at face value has been opened by the Dodd-Frank...

  • • Revisions prompt Trups CDO downgrades

      Fitch has revised its global rating methodology for Trups CDOs, resulting in one- to two-notch downg...

  • CDS

    • Novation process streamlined

      ISDA has launched its 'Credit Consent Equals Confirmation' project in order to continue its initiati...

  • • Credit/equity dislocation trades touted

      Credit and equity index markets have experienced high levels of correlation recently. Consequently,...

  • • Negative basis opportunities identified

      The reversal of CDS-bond basis trends - i.e. the basis turning more negative - o...

  • • Credit event determinations activity spikes

      ISDA's Americas Determinations Committee has determined that a bankruptcy credit event occurred with...

  • • Constant relationship for SovX and Senior iTraxx

      Analysts at SocGen suggest that the Senior iTraxx index is moving in tandem with the SovX index, whi...

  • • Expanded CDS data released

      The DTCC has released its six-month CDS market report based on data registered in its Warehouse Trus...

  • • Pension Trust CDS takes further knock

      Moody's has taken rating action on a CSO referencing a managed portfolio of synthetic credit corpora...

  • CLOs

    • ICG CLO prices

      Intermediate Capital Managers (ICM) priced its ICG EOS Loan Fund I, which will fund the purchase of...

  • • Guggenheim CLO markets with large equity

      Guggenheim Partners is marketing a US$600m CLO via Citigroup. The deal includes a US$300m triple-A r...

  • • Marginal dip in CLO concentration risk

      Obligor concentration risk decreased marginally among S&P's outstanding rated US cashflow CL...

  • CMBS

    • New retail-backed CMBS on tap

      A new US$484.6m CMBS pass-through transaction is in the works backed by a 10-year fixed-rate mortgag...

  • • CMBS AM tranche prices breach par

      Vintage 2005 US CMBS AM tranche prices crossed the psychologically important par level for the first...

  • • Cured CMBS loan pay-offs set to increase

      The disposition of the US$270m Enclave loan - originally securitised in GECMC 2007-C1 &...

  • • First CMBX tranche takes loss

      Barclays Capital ABS analysts note that an important CMBX trend has been broken. Although persistent...

  • • Defeasance activity increasing

      Improvements in liquidity and investor confidence in the CRE sector are reflected by increased defea...

  • • Pain ahead for US CMBS

      Fitch reports that 126 US CMBS loans will mature in September, with 43% of them already in special s...

  • • EMEA CMBS special servicing set to rise

      By end-July, Moody's reported 64 loans in special servicing across all EMEA CMBS large multi-borrowe...

  • • Mixed resolutions for maturing CMBS

      An analysis by Moody's of five-year loans bundled in conduit/fusion CMBS that have matured so far in...

  • • US CMBS delinquent unpaid balance rising

      According to Realpoint's monthly delinquency report, the delinquent unpaid balance for US CMBS incre...

  • • Missed balloons drive Euro CMBS defaults

      European CMBS loan defaults continue to increase steadily, according to a new report by Fitch. The a...

  • • Japanese CMBS ratings due to stabilise

      Moody's says that although it has downgraded ratings on 243 tranches in 42 Japanese CMBS deals, it e...

  • Distressed assets

    • Reported Level 3 assets dip modestly

      Hard-to-value Level 3 assets at US banks have declined slightly since the beginning of 2010, accordi...

  • Insurance-linked securities

    • ILS market going strong

      Aon Benfield Securities' ILS annual review says that despite a challenging capital markets environme...

  • Ratings

    • Agencies cautioned over 'deceptive ratings'

      The US SEC has issued a Report of Investigation, cautioning credit rating agencies about deceptive r...

  • • Lease accounting proposal neutral for Aussie issuers

      According to Moody's, a proposal released by the IASB and FASB in connection with leasing rules are...

  • Real Estate

    • CRE price consensus developing?

      Moody's latest REAL Commercial Property Price Indices show that US commercial real estate prices dec...

  • Regulation

    • UK risk weights likely to penalise mezz ABS

      Judging by its recent discussion paper on trading activities, the UK FSA looks set to apply banking...

  • • Trading regulation changes mooted

      The UK FSA has published a discussion paper (DP) that considers fundamental changes to the regulatio...

  • • AIMA supports central clearing

      The Alternative Investment Management Association (AIMA) has set out its key issues ahead of Septemb...

  • RMBS

    • Tough choices ahead in GSE reform

      The rehabilitation of Fannie Mae and Freddie Mac began with the US Treasury's conference on the futu...

  • • FDIC closes AmTrust deal

      The FDIC has closed on a sale of 40% equity interest in a limited liability company (LLC) created to...

  • • Prime bucks trends in non-agency remits

      The latest non-agency RMBS remits indicate that, after surprising last month, prime prepays...

  • • Agency MBS supply concerns mount

      With the Mortgage Bankers Association's refi index at 4,944 last week, analysts at Barclays Capital...

  • • Mortgage modifications slow

      July saw another 37,000 borrowers on HAMP trials convert to permanent modification, according to the...

  • • Jumbo prepayments accelerating

      Both fixed and ARM jumbo prepayment speeds increased in July. The month saw jumbo fixed speeds rise...

  • • Dutch RMBS restructuring completed

      Achmea Hypotheekbank has restructured and priced its previously retained prime RMBS, DMPL VI, via De...

  • • UK NC RMBS performance still improving

      UK non-conforming RMBS continues to see an improvement in the performance of the underlying collater...

  • • Reverse mortgage surveillance criteria published

      S&P has published its methodology and assumptions for surveilling rated US RMBS transactions...

  • • Resi loss severity tool launched

      Steel Mountain Capital Management affiliate SMART Servicing has released a proprietary servicing man...

  • Technology

    • Collateral management tool enhanced

      SEI has expanded its middle office outsourcing services to include collateral management for OTC der...

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