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Issue 202 - 29th September

  • News Analysis

    • CDS

      • Taking cover

        Investors seek ways to hedge against tail risk

        With uncertainty continuing to dog the markets, more and more investors are looking to protect themselves. Concerns over sovereign debt are resurfacing and double-dip fears are yet to be expunged, so as investors continue to do business an increasing...

    • CMBS

      • Multi-borrower issues

        Euro CMBS servicers adapting to new challenges

        The role of CMBS servicers in Europe has changed significantly post-crisis. Challenges remain, however, as the market prepares to begin restructuring a raft of multi-borrower transactions. Nassar Hussain, managing partner at Brookland Partners, con...

    • Correlation

      • New beginning?

        Redrawn index tranches set to bring liquidity

        Tranche trading on the new Markit CDX.IG.15 index began yesterday, 28 September, following a redrawing of the capital structure from six tranches into four. Liquidity has been absent for past on-the-run index tranches, but a more concerted effort is...

    • RMBS

      • Foreclosure scrutiny

        GMAC servicing issues weigh on shadow inventory

        The furore over servicing issues at GMAC Mortgage (see last issue) continued this week, as Ally Financial released further details about the firm's foreclosure processes. The episode could prolong the housing recoveries for the affected US states by...

  • Market Reports

    • ABS

      • 'Peripheral' Euro ABS attracts more interest

        There has been a positive continuation of activity in the European ABS market over the past week, with Spanish, Portuguese and Greek deals seeing a rise in interest. "It has been pretty good this week: there have been a couple of new issues, which...

    • CLOs

      • Liquidation and supply to drive CLOs forward

        The secondary US CLO market has been extremely active over the past week, with mezzanine paper attracting the most attention. "The CLO market this week has been a listathon, with size, scale and numbers of people - there has been up to ei...

  • News

    • ABS

      • Uproar over final safe harbour rule

        The FDIC has approved a final rule to extend through to 31 December its securitisation safe harbour, under which all transactions or participations in process before the end of the year are permanently grandfathered under the existing terms of 12 C.F...

    • CMBS

      • Showdown for Innkeepers' future

        Sponsors of competing reorganisation plans in the pending Innkeepers USA Trust bankruptcy case will meet on Thursday (30 September). Innkeepers, which filed for bankruptcy protection in July (see SCI issue 197), is an Apollo Investment Corp REIT that...

    • Real Estate

      • PPIP 2.0 proposed

        MBS analysts at Bank of America Merrill Lynch suggest that a 'PPIP 2.0' should be included as part of the upcoming GSE reform proposal, to accompany the second round of quantitative easing (QE2). They believe a new PPIP could allow for the smooth abs...

  • Talking Point

    • ABS

      • Investor caution remains in recovering market

        Morrison & Foerster partners Peter Green and Jeremy Jennings-Mares discussed at a seminar the firm hosted on 23 September the outlook for, and investor confidence in, the European securitisation market. Green began the discussion by outlini...

  • Provider Profile

    • Emerging Markets

      • Trading on trust

        BTIG's London ceo Gary Hayes and Russell Scott, md and head of CEEMEA trading at the firm, answer SC...

        Q: How and when did your firm become involved in the structured finance markets? GH: BTIG was growing - mostly in equities, outsourced trading and prime brokerage - and at the end of 2008 we realised there would be an opportunity...

  • Job Swaps

    • ABS

      • Renewables SF group formed

        SPG Solar has formed a structured finance group to offer its clients financial resources on public f...

      • Trio joins new EM platform

        Lazard Asset Management has added a new debt capability to its emerging market platform. Denise Simo...

      • ABL acquisition completed

        The KBC group is selling its asset-based lending (ABL) division, KBC Business Capital, to a wholly o...

    • Distressed assets

      • Operational risk vet hired

        The DTCC has appointed Andrew Leonard as md and head of its operational risk group. In this new posi...

    • RMBS

      • Global bond fund launched

        ING Investment Management Americas has launched the ING Global Bond Collective Trust Fund, which aim...

  • News Round-up

    • CDO

      • CDO name-changes announced

        A couple of CDO managers have announced changes to the names of some of their deals. The Carlyle G...

      • CDS PD product launched

        Moody's Analytics has launched its CDS-implied EDF (expected default frequency) product, available t...


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