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Issue 207 - 3rd November

  • News Analysis

    • RMBS

      • Facing foreclosuregate

        Put-backs unlikely to become a systemic issue

        During a conference hosted by Grais & Ellsworth on robosigning yesterday (27 October), speaker Laurie Goodman from Amherst Securities declared the potential scale of put-backs resulting from foreclosuregate to be as high as US$97bn. However,...

    • Real Estate

      • Commercial ventures

        Property derivatives gain momentum as real estate hedges

        Funds that invest in property derivatives remain a rarity. But the recent launch of two new vehicles in the space has moved the market a step closer to becoming a mainstream means of managing real estate risk. Indeed, there are parallels between th...

    • CDS

      • Value judgement

        Regulatory uncertainty, distribution issues limiting CVA market

        An increasing number of banks are establishing credit value adjustment (CVA) desks, leading to suggestions that CVA could become the next major traded risk. However, regulatory uncertainty and the lack of an appropriate distribution vehicle are limit...

  • Market Reports

    • ABS

      • Euro ABS regains strength

        With a strong start to the week, the European secondary ABS market has seen a high volume of activity - particularly in the MBS sector. This sector is currently proving to be a strong performer, as investor interest in senior tranches is bu...

    • CDO

      • Euro CDO market holds investor attention

        It has been a strong and steady week for the European CDO secondary market, with investor demand in the lower end of the capital structure and the Stanton CDO 1 liquidation both boosting activity. "The past week has been good; we've seen a steady f...

    • CLOs

      • US CLOs continue to 'run with demand'

        The US CLO market is a hive of activity this week as bid-list volumes and potential arbitrage opportunities continue to boost market interest. However, documentation neglect within new transactions could pose greater PIK risks. Bid-lists have conti...

    • CMBS

      • Business as usual for US CMBS

        It has primarily been business as usual in the US CMBS market this week, with deals pricing as expected and spreads remaining tight. However, one investor segment appears to be changing its approach to the sector. According to one CMBS trader, a sh...

  • News

    • CLOs

      • US CLO reinvestment prospects examined

        Structured credit analysts at JPMorgan have forecast US CLO reinvestment prospects for 2011 to 2014, based on a framework that incorporates prepayments, collateral sales, CLO issuance and structural deleveraging. Their analysis suggests that current...

    • CMBS

      • Alburn tender 'generous' for junior bonds

        The borrower in the Alburn REC 6 CMBS has announced a tender offer for the outstanding bonds via a single price bid. Against current credit-based 'fair values', the tender looks relatively generous for the junior bonds that otherwise risk full impair...

    • Insurance-linked securities

      • Latest Vita issued

        Swiss Re has printed the latest iterations of its Vita mortality catastrophe bonds (see SCI 13 October 2010). The two tranches issued by Vita Capital IV finally sized at a total of US$175m and were privately placed. The US$100m series III class E n...

      • Calypso closes up

        AXA's European windstorm catastrophe bond Calypso Capital has closed at nearly double the originally anticipated size (see SCI 13 October 2010). The deal's double-B rating has been confirmed by S&P. The three-year Calypso capital had begun...

    • RMBS

      • Progress for Lehman 'busted-swap' deals?

        The Lehman bankruptcy process appears to be positioning to consider compensation amounts in respect of the hedging agreements with Lehman companies in their 'busted-swap' securitisations. The trustee for ESAIL 2007-6NC, for example, has proposed that...

      • ABX valuations revisited

        ABS analysts at Bank of America Merrill Lynch have profiled ABX valuations in light of the ongoing foreclosure issues and likely liquidation delays. They note that the ABX index has displayed marked price weakness recently, with - for insta...

  • Job Swaps

    • ABS

      • Partner hired in Dubai

        Jones Day has appointed Eric Milne as partner in its Dubai Office. In this role he will focus on int...

      • Asset finance head named

        Natixis has promoted Pierre Debray to global head of its asset and international trade finance group...

      • Risk advisor recruited

        Moelis & Company has appointed Landon Parsons as senior advisor in its risk advisory group....

      • SF legal team poached

        Katten Muchin Rosenman has hired a team of structured finance lawyers from Dewey & LeBoeuf,...

    • CDS

      • Bank adds CVA trading head

        Paul Bowmar has joined BNP Paribas as head of its fixed income CVA trading and credit/rates/fx hybri...

      • Primus ceo moves on

        Primus Guaranty has promoted cfo Richard Claiden to the position of ceo, succeeding Thomas Jasper. C...

    • CLOs

      • GSC auction completed

        Black Diamond Capital Management and its affiliate Black Diamond Commercial Finance (BDCF) have ente...

    • CMBS

      • CMBS vet launches advisory

        Dan Smith has formed Four Point Alliance, partnering with Hart Advisors Group. The CRE advisory firm...

    • Monolines

      • Ambac outlines its options

        Ambac Financial Group says it has decided not to make the regularly scheduled interest payment due t...

  • News Round-up

    • CDPCs

      • CDPC's ratings corrected

        S&P has corrected its issuer credit ratings on the Athilon CDPC to double-B from double-B mi...

      • Takefuji CDS settled

        The final price for the Takefuji Corporation CDS auction was determined to be 14.75, with 15 dealers...


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