Issue 207 - 3rd November
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News Analysis
- RMBS
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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,...
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- Real Estate
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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...
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- CDS
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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...
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- RMBS
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Market Reports
- ABS
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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...
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- CDO
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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...
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- CLOs
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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...
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- CMBS
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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...
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- ABS
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News
- CLOs
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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...
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- CMBS
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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...
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- Insurance-linked securities
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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...
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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...
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- RMBS
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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...
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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...
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- CLOs
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Job Swaps
- ABS
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Partner hired in Dubai
Jones Day has appointed Eric Milne as partner in its Dubai Office. In this role he will focus on int...
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Asset finance head named
Natixis has promoted Pierre Debray to global head of its asset and international trade finance group...
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Risk advisor recruited
Moelis & Company has appointed Landon Parsons as senior advisor in its risk advisory group....
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SF legal team poached
Katten Muchin Rosenman has hired a team of structured finance lawyers from Dewey & LeBoeuf,...
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- CDO
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Hudson CDO class action filed
Klayman & Toskes has filed a class action lawsuit against Goldman Sachs on behalf of investo...
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- CDS
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Bank adds CVA trading head
Paul Bowmar has joined BNP Paribas as head of its fixed income CVA trading and credit/rates/fx hybri...
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Primus ceo moves on
Primus Guaranty has promoted cfo Richard Claiden to the position of ceo, succeeding Thomas Jasper. C...
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- CLOs
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GSC auction completed
Black Diamond Capital Management and its affiliate Black Diamond Commercial Finance (BDCF) have ente...
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- CMBS
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CMBS vet launches advisory
Dan Smith has formed Four Point Alliance, partnering with Hart Advisors Group. The CRE advisory firm...
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- Distressed assets
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Promotions for distressed funds pair
Siguler Guff has promoted James Gereghty to head its four distressed opportunities funds. Gereghty,...
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- Monolines
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Ambac outlines its options
Ambac Financial Group says it has decided not to make the regularly scheduled interest payment due t...
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- Real Estate
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RE vet joins asset management team
Cole Real Estate Investments has appointed David Collins as vp in its asset management group. With o...
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- RMBS
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Lawsuit filed over MBS fund deviation
Klayman & Toskes (K&T) has filed a class action lawsuit against Charles Schwab on be...
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- ABS
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News Round-up
- ABS
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EM-focused CRA debuts SA equipment ABS
Global Credit Ratings (GCR) has rated its first South African public equipment lease securitisation...
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Further shrinkage expected in SF outstandings
S&P estimates that the total amount of US structured finance securities outstanding has shru...
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German 10% risk retention approved
Germany's lower house of parliament last week formally approved the adoption of a 10% risk retention...
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ABS analytical, operational challenges highlighted
A recent due diligence survey undertaken by Principia Partners confirms that investor and issuer con...
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- CDO
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New share placement for permacap
Carador Income Fund (CIF) has raised approximately US$10.25m through a placing of new shares. The fu...
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Derivatives pricing software enhanced
SciComp has enhanced its derivatives pricing software, SciFinance, to help quantitative developers s...
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- CDPCs
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CDPC's ratings corrected
S&P has corrected its issuer credit ratings on the Athilon CDPC to double-B from double-B mi...
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- CDS
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Collateral management tool introduced
Riskart has introduced a collateral management module to its software that integrates its back offic...
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Canadian RFC issued on OTC regulation
The Canadian Securities Administrators (CSA) is seeking input on its proposals regarding the regulat...
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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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Austrian succession event mulled
ISDA's EMEA Determinations Committee is mulling whether a succession event occurred with respect to...
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CRA, OTC derivatives guidelines outlined
The Financial Stability Board (FSB) last week released two reports - 'Implementing OTC Der...
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- CLOs
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CLO amendments to improve recoveries
Noteholders have consented to a suite of amendments to the documentation in three Heat Mezzanine SME...
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- CMBS
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First losses seen on Euro CMBS matured loans
Fitch says in its latest bulletin that European CMBS loan repayments fell in October, with two loans...
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Debut Euro CMBS resecuritisation rated
S&P has rated what are believed to be the first public resecuritisations of a European CMBS...
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CMBS borrowers taking 'opportunistic measures'
While most US CMBS loans transferring to special servicing are driven by borrowers looking to preven...
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Extended Stay resolution dampens delinquencies
Trepp has issued its October 2010 Delinquency Report, which indicates that the US CMBS delinquency r...
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- Regulation
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Financial liability accounting clarified
The IASB has issued requirements on the accounting for financial liabilities, which will be added to...
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- RMBS
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Wells admits to affidavit irregularities
Wells Fargo has submitted supplemental affidavits for approximately 55,000 foreclosures that are pen...
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Debut NCUA deal closes, second prepped
National Credit Union Administration (NCUA) is prepping its second resecuritisation - the...
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Mandatory redemption for Dutch RMBS
Moody's has withdrawn its rating on all notes issued by E-MAC NL 2003-II, due to the RMBS becoming s...
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Foreclosure defects to prolong US housing correction
Fitch expects the in-flux state of US mortgage foreclosures to increase an already high 'shadow' inv...
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Gracechurch master trust restructured
Barclays Bank has restructured its RMBS master trust, Gracechurch Mortgage Financing. Moody's believ...
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Irish RMBS restructurings affirmed
Bank of Ireland has restructured its Colston 2-4 RMBS deals, originated under the Bristol &...
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- ABS
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