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Issue 205 - 20th October

  • News Analysis

    • Investors

      • Making a list

        Opportunities abound as listed credit hedge funds start to reappear

        Credit hedge funds have a plethora of opportunities open to them if they are savvy enough to exploit them. Europe's largest hedge fund manager, Brevan Howard, is widely understood to be planning to list a fund in December and there are already signs...

  • Market Reports

    • ABS

      • Forward-looking Euro ABS trades spark interest

        With a steady and positive flow of activity, it has been an active week across all parts of the European ABS market this week. Meanwhile, forward-looking participants are starting to prepare for the January 'boom'. "It's been an active week for us....

    • CLOs

      • Two-way traffic for Euro CLOs

        With new issuance creating investor opportunity across both primary and secondary markets, the European CLO sector has seen a healthy flow of activity over the past week. "The market this week has been good; there is much buying interest from our a...

  • News

    • CLOs

      • Strong par dynamics support US CLOs

        The demonstrated ability of CLOs to behave as advertised - in other words, shutting off proceeds to junior notes in a downturn and switching them back on only as and when par is restored - is a key takeaway of the financial crisis...

    • CMBS

      • Technical factors driving CMBX rally

        A number of factors are behind the rally in the Markit CMBX indices in recent months. While some of these factors are due to fundamentals, the rally has been more technical in nature, according to MBS analysts at Bank of America Merrill Lynch. From...

    • RMBS

      • Tighter sovereign linkage likely for Irish RMBS

        European asset-backed analysts at RBS note that Irish RMBS appear to be caught in a pincer movement between the deterioration of collateral performance and the sensitivity of banks to the sovereign rating, due to the extent of government support for...

      • Foreclosuregate unlikely to pose systemic risk

        Estimates of mortgage servicers' and originators' potential liability for breaches of representations and warranties and loan documentation errors vary significantly. But there is agreement that 'foreclosuregate' is unlikely to become a significant s...

    • Secondary markets

      • October on track for record BWIC volumes

        Structured credit analysts at Citi estimate that US$2.5bn US CLO BWICs hit the market in September - the highest monthly volume on record since they started tracking bid-lists in May 2009. This month's volumes look set to follow suit, with...

  • Talking Point

    • Secondary markets

      • Price talk

        Structured finance and derivatives valuation issues discussed

        The 2010 SCI Guide to Pricing and Valuation. As with the highly popular 2009 Guide, the 2010 edition is downloadable in PDF form from the SCI website here; however, SCI subscribers will receive a printed copy as part of the October issue of the SCI m...

  • Provider Profile

    • CMBS

      • Advocating change

        Ann Hambly, ceo, and Brock Andrus, managing partner at 1st Service Solutions, answer SCI's questions

        Q: How and when did 1st Service Solutions become involved in the structured finance market? AH: I've been in the servicing industry for 34 years and a large amount of that time was spent in CMBS servicing. I was previously ceo at Prudential Servicin...

  • Job Swaps

    • ABS

      • Trading vet moves on

        Odeon Capital Group has appointed Derek Rose as svp to lead the trading desk of its new office in Ch...

      • Prytania partner replaced

        Prytania has recruited Oliver Fochler as a partner. Fochler was previously head of global business s...

    • CDO

      • Asset manager acquired

        RBC is to acquire BlueBay Asset Management for £963m. The offer price, equivalent to 485p p...

      • Advisory merger announced

        StormHarbour Partners continues to build out its client-dedicated offering with the addition of the...

      • EMEA sales head named

        Numerix has appointed John Peck as head of EMEA sales. Based in London, he is responsible for deriva...

      • Quantitative analyst added

        Fitch Solutions has appointed Joao Garcia as md of its quantitative analytics group. He will be resp...

    • CMBS

      • CREFC ceo steps down

        CRE Finance Council ceo Dottie Cunningham has resigned, with John D'Amico named as interim ceo. Sepa...

    • Investors
    • Ratings

      • Rating agency adds avp

        DBRS has appointed Maria Lopez as avp in its structured credit group. Based in London, she will repo...

  • News Round-up

      • OTC task force formed

        IOSCO's Technical Committee has formed a 'task force' on OTC derivatives regulation. The aim is to c...

      • Succession event mulled

        UBS has requested that ISDA's Japan Determinations Committee rule on whether a succession event occu...

  • Research Notes

    • Distressed assets

      • NAMA upside

        Conor Houlihan, partner with Dillon Eustace, discusses investment opportunities in Irish distressed ...

        Ireland's well-documented property-fuelled boom has come to a crashing halt, leaving billions of euros of distressed assets on the loan books of the major Irish banks. As a result, Ireland is becoming a focal point for buy-out and distressed investme...


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