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Issue 204 - 13th October

  • News Analysis

    • Distressed assets
      • Minimal distress

        European distressed debt market finally set for activity

        One of the most interesting effects of the global economic crisis has been that the European distressed debt market has not taken off in the way it might have been expected to. It has been kept relatively quiet by attempts to stabilise the wider mark...

    • RMBS
      • Tapping demand

        Re-emergence of UK non-conforming RMBS gains momentum

        The re-emergence of UK non-conforming RMBS is gaining momentum, with Kensington's RMS 25 expected to print next week and Paragon anticipating a return to the market in early 2011. Uncertainty about house prices still appears to be weighing on the sec...

    • Whole business securitisations
      • Glass half full

        M&B leads the way for pub sector WBS, as others struggle

        Results recently released by Mitchells and Butlers show the company has performed strongly and above expectations. M&B continues to lead the field for pub sector WBS, although rating agencies remain cautious about the company's intentions. ...

    • Ratings
      • Limiting liability

        CDS framework suggested as solution to Rule 436(g) repeal

        The end of the reprieve on the repeal of Rule 436(g) - 24 January - is nearing, without the industry seemingly having an answer to the issue of rating agency expert liability. One possible solution has been put forward, however, t...

  • Market Reports

    • CLOs
      • Bid-lists and arbitrage fuel CLO market activity

        Investor opportunity and bid-list volumes in the US CLO market are creating a resurgence of interest across the capital structure, as it proves resilient to fatigue. At the same time, the CLO arbitrage may be on its way back. Traders report as many...

    • RMBS
      • Japanese boost for Euro RMBS (updated)

        The European primary RMBS market received a boost this week with the emergence of the first-ever Japanese yen-denominated tranche. Meanwhile, steady performance in benchmark names was observed in the secondary markets. Lloyds TSB's £3.4bn...

  • News

    • CMBS
      • US CMBS review placements questioned

        Moody's is reviewing the ratings of 277 tranches across 19 US CMBS, with a current balance of US$16.3bn, citing higher-than-expected losses as the major contributing factor in most cases. However, MBS analysts at Deutsche Bank suggest that the credit...

      • Euro multi-borrower restructurings gain momentum

        Announcements from Hatfield Philips regarding consultation processes with the noteholders of both Titan Europe 2006-3 and Talisman 7 in relation to multiple loans underlines that multi-borrower CMBS restructurings are not far away in Europe (see SCI...

    • RMBS
      • Extended foreclosure impact analysed

        To measure the impact of extended foreclosure periods on servicing costs, Moody's ran a hypothetical timeline scenario based on the ABX 2006-2 deals. This follows the widening of Bank of America's foreclosure moratorium to 50 states last week and the...

  • Talking Point

    • CDS
      • Re-thinking valuation - part 3

        In the third article of a series on structured credit valuations, R2 Financial Technologies ceo Dan ...

        Simple bond versus Monte Carlo In the previous column (see SCI issue 197), I discussed the importance of understanding the meaning and use of a 'price' and developing a robust model risk framework for structured credit portfolios. Modelling of these...

  • Job Swaps

      • Polish partner recruited

        Chadbourne & Parke has recruited Marek Krol as an international partner in its Warsaw office...

    • Investors
      • Seix ceo finds new home

        GoldenTree Asset Management has recruited Bob Sherman as a partner. He will work closely with partne...

    • RMBS
      • RMBS director added

        The Paragon Group has appointed Peter Shorthouse as director of treasury and structured finance. Rep...

  • News Round-up

      • ECB updates ABS guidelines

        The ECB has announced changes to its guidelines on monetary policy instruments in the Eurosystem. Wh...

    • CLOs
      • Garrison CLO nears

        Further details have emerged about Garrison Investment Group's long-awaited US CLO - Garri...

    • Insurance-linked securities
    • Technology

  • Research Notes

    • CDS
      • Trading ideas: euro euphoria

        Tim Backshall, chief strategist at Credit Derivatives Research, looks at a sovereign-FX pairs trade

        The enthusiasm for euros over US dollars has been incredible over the past few months. Started by a short squeeze and extended by government intervention, calling an end to this rally has been a fool's errand. However, we feel evidence is mounting th...

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