Issue 210 - 24th November
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News Analysis
- CDS
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Curve appeal
Current conditions attractive for credit curve trading
Credit curves have steepened dramatically since the credit crisis and are set to become even steeper. Against this background, credit curve trading is starting to look like an attractive - albeit complex - option. Several factor...
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- CDS
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Market Reports
- ABS
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Secondary Euro ABS lacks conviction
There has been a lull in the European secondary ABS market this week, as investor uncertainty continues to lurk within the sector. At the same time, primary new issuance continues to flourish with the pricing of two high profile deals today. "The m...
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A premature lull for Euro ABS
The European ABS market is creeping further into its end-of-year lull, prompted largely, traders say, by Ireland's crisis. "It has been very quiet over the last week," one ABS trader confirms. This, he says, is due to the Irish sovereign crisis, wh...
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- CLOs
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Euro CLO market fights back
The European CLO market has made an aggressive come-back this week. With Ireland's sovereign crisis addressed, the demand for mezzanine paper and bid-lists has exceeded expectation. "The market is trading better by the bid-lists," one CLO trader re...
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Investor caution amid new US CLO issuance
The US secondary CLO market has seen a dip in activity this week as bid-lists prove to be the only source of supply. The primary sector has, however, received a boost with the pricing of four deals. "Bid-lists are the only form of supply in an othe...
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- ABS
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News
- Insurance-linked securities
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New Atlas cat bond markets
Aon Benfield is marketing the latest catastrophe bond from SCOR's Atlas programme. The €60m Euro windstorm and Japanese quake deal has been given a preliminary rating of single-B minus by S&P. The second series form SCOR's Atlas V...
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- Insurance-linked securities
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Provider Profile
- Ratings
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African focus
Alfons Ideler, director and head of structured finance at Global Credit Ratings (GCR), answers SCI's...
Q: How and when did GCR become involved in structured finance? A: GCR first became active within structured finance over 10 years ago. We began by rating trade receivable transactions in South Africa. Q: Which market constituent is your main clien...
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- Ratings
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Job Swaps
- ABS
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Recruiter adds structured credit exec
Robin Keck Associates has appointed Philippa Deane as a fixed income head-hunter. Before joining Rob...
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Acquisition bolsters SME offering
Manx Financial Group has acquired the entire share capital of ECF Asset Finance, which provides asse...
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LatAm head recruited
Crédit Agricole has appointed Gordon Kingsley as head of Latin America debt and credit mark...
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- CDO
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C-BASS bankruptcy 'complicates' CDO transfer
Credit-Based Asset Servicing and Securitization (C-BASS) is proposing to sell its CDO management por...
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Bank sued over ABS CDO portfolio
National Australia Bank (NAB) has been served with a representative proceeding in the Supreme Court...
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Advisory head named
Western Asset Management has appointed Powell Thurston as head of advisory services. In this role, h...
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- CDS
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Bank adds in credit structuring
Jacques Barouhiel has joined Barclays Capital as a senior member of its credit structuring team. Bas...
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Clearinghouse leadership team named
NYSE Euronext has announced the leadership team charged with launching its two purpose-built clearin...
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Acquisition strengthens alternatives platform
StormHarbour Partners has acquired London-based Fortrinn Partners, an investment manager that specia...
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Boutique bolsters Geneva office
StormHarbour Securities has appointed Alberto Ferro-Villani and Hugues Dauphin to its Geneva office....
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- CMBS
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Real estate firm adds evp
Cole Real Estate Investments has appointed Mitchell Sabshon as evp and coo. Sabshon will be responsi...
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CRE broker recruited
Voit Real Estate Services has hired commercial real estate broker Darren Tappen. For the past seve...
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CMBS origination function enhanced
Bridger Commercial Funding has added a mezzanine finance product to its CMBS origination programme....
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- Distressed assets
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Distressed investments firm adds md
Lee Landrum has joined Tennenbaum Capital Partners (TCP) as md. He was previously a principal with t...
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- RMBS
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Bank names MBS trading head
BNP Paribas has appointed Bogac Ozdemir as head of US long-term interest rate swap and agency MBS fl...
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- ABS
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News Round-up
- ABCP
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EMEA ABCP stabilising with room for growth
Moody's reports that the European ABCP market is likely to remain stable, with potential for growth...
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- ABS
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SIFMA outlines due diligence support
SIFMA has expressed its support for regulatory changes in the disclosure of repurchase requests and...
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Trade receivables ABS refinanced
Smurfit Kappa Group has completed a €250m five-year trade receivables securitisation progr...
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Regulatory data service launched
S&P's Valuation & Risk Strategies group has launched a regulatory data solution for...
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Shipping methodology updated
Moody's has published an updated global shipping rating methodology, following a review of the metho...
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Further improvement for US credit cards
US credit card charge-offs fell by 11bp in October to end the month at 8.79%, according to Moody's l...
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Certain sectors holding APAC back
Fitch says over 80% of structured finance ratings in the Asia-Pacific region have a stable outlook,...
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Chinese auto lease programme launched
AutoChina International has begun securitising a portion of its commercial vehicle leases through a...
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Call for tailored risk retention
In a series of letters submitted this week to joint regulators charged with implementing risk retent...
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SEC 'no action' letter extended indefinitely
The US SEC says it "has determined to extend" indefinitely its 'no-action' letter to omit credit rat...
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Modest rise for timeshare ABS delinquencies
US timeshare ABS delinquencies have risen slightly over the last quarter, yet remain lower than a ye...
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- CDO
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Trups CDO defaults, deferrals rising
Defaults and deferrals in US bank Trups CDOs continue to rise, albeit at a slower pace, according to...
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- CDS
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EMEA succession event mulled
ISDA's EMEA Determinations Committee is deliberating over whether a succession event occurred with r...
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Further security-based swap rules proposed
The US SEC has proposed new rules about how security-based swap transactions should be reported and...
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Theta ratings affirmed, withdrawn
S&P has affirmed its triple-B minus issue credit ratings on Theta Corp's US and European cla...
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Asian succession event mulled
ISDA's Japan Determinations Committee is considering whether a succession event occurred with respec...
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Restructuring credit event mulled
ISDA's EMEA Determinations Committee is mulling whether a restructuring credit event occurred with r...
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Clearing waiver mooted for certain derivatives
The waiver of mandatory clearing requirements of the Dodd-Frank Act for certain OTC derivatives tran...
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- CLOs
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US CLOs on review for upgrade
Moody's has placed the ratings of 225 tranches from 103 US CLOs under review for possible upgrade. T...
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- CMBS
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Canary Wharf asset substitution welcomed
Fitch says that there is no impact on Canary Wharf Finance II's ratings from the substitution of ass...
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CMBS borrower SPE criteria outlined
S&P has clarified its methodology and assumptions for assessing borrower-level SPEs in US CM...
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Rule 17g-5 brings unintended consequences
Restrictions in dialogue between US CMBS special servicers and credit rating agencies brought about...
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Fixed rate CMBS option offered
Berkadia Commercial Mortgage has added a new fixed-rate loans option for inclusion in the new genera...
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Pair of Titan loans restructured
Hatfield Philips has restructured two loans that make up part of the Titan Europe 2006-2 CMBS portfo...
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- Real Estate
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Gain seen in US CRE prices
The latest Moody's REAL Commercial Property Price Indices (CPPI) indicate that US CRE prices increas...
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- RMBS
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Vendors link in transparency drive
Equifax has linked its ABS Credit Risk Insight Direct tool to Lewtan's ABSNet Loan database of resid...
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Low interest rates boost UK NC RMBS
The low interest rate environment and its impact on borrower affordability have contributed signific...
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Negative outlooks for Irish MBS
Fitch has revised the outlooks on 13 Irish RMBS tranches and one Irish CMBS tranche to negative from...
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- ABCP
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