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Issue 211 - 1st December

  • News Analysis

    • CMBS
      • Unrated issuance

        Hilton CMBS unlikely to set a trend

        The recent privately-placed Bank of America Large Loan Trust transaction, backed by Hilton Worldwide assets, is believed to be the first unrated CMBS to hit the US market. Only a few unrated deals are expected to follow in its wake, however. Most t...

    • CDS
      • Timing sensitivities

        Schedule of CDS introduction in China, India questioned

        The introduction of credit derivatives in China and India has been welcomed by market participants. Some are nevertheless questioning the timing. The Chinese authorities last month licensed 17 financial institutions to trade CDS-like contracts, dub...

    • ABS
      • Self-sufficiency drive

        Portfolio risk managers taking matters into their own hands

        The changing investor perception of rating agencies is driving a more independent attitude towards risk management. At the same time, while the need for due diligence is a given in the post-crisis securitisation market, increased transparency is crea...

    • Distressed assets
      • Going down?

        Distressed investors forecast ABS leg-down

        Distressed investors are predicting a leg-down for the market in the near future. They suggest that while opportunities can be found in CLOs - particularly in the US - problems persist across the ABS asset classes. Paul Rivlin,...

  • Market Reports

    • ABS
      • Euro ABS still a waiting game

        The current imbalance in the European secondary ABS market is beginning to take its toll. While pricing levels remain strong, investors wait-it-out for yet another day as the reluctance to engage in market activity prevails. "Last week the...

    • CLOs
      • Hunt for absolute yield driving Euro CLOs

        The recent flurry of activity in the European secondary CLO market has come to a brief standstill, with the sovereign crisis diverting investor attention. However, investors' quest for absolute yield continues to drive demand for mezzanine paper, cau...

  • News

    • ABS
      • Auto ABS credit enhancement trending lower

        The credit enhancement levels of 2010-vintage US auto ABS trusts have trended lower over recent months, according to ABS analysts at Deutsche Bank. They suggest that this is attributable to sharper-than-expected improvement in credit performance on b...

    • CLOs
      • CLO manager consolidation to continue in 2011

        CLO manager consolidation shows no signs of slowing and is expected to continue at least through 2011. Both economic and market conditions will contribute to the continuation, as well as individual manager strategic objectives, according to Moody's i...

    • CMBS
      • Operating advisor proposed for EloC 24

        EloC 24 class G noteholders have been invited to vote on the appointment of Palatium Investment Management as operating advisor on the transaction. European ABS analysts at Barclays Capital suggest that the proposal is a pre-emptive move, given that...

    • Insurance-linked securities
      • New assets for ILS

        A new asset class is being brought to the insurance-linked securities (ILS) market - medical benefit claims. The deal, Vitality Re, is likely to prove popular with investors starved of diversification in the catastrophe bond sector. The t...

      • New Lodestone marketing

        The second catastrophe bond offering from the Lodestone Re programme has begun marketing as a US$250m two-tranche deal. The cedant, Chartis subsidiary National Union Fire Insurance Company of Pittsburgh, is again seeking cover from US hurricanes and...

    • RMBS
      • Foreclosuregate impact seen in ABX remittances

        Subprime serious delinquency and loss severity rates are both rising, according to RMBS remittance reports for the 80 deals that make up the ABX indices. Indeed, October is the first full month in which the impact of foreclosuregate on liquidation ra...

  • Job Swaps

      • Euro ABS head named

        Jefferies has appointed James Fadel as md and head of European structured debt capital markets in Lo...

      • Debt advisory md named

        Quayle Munro has appointed Stuart Roberts as md in its newly created advisory team. Based in Edinbur...

    • CDS
    • RMBS
      • Broker adds sales svp

        Amherst Securities Group has appointed Ryan Stroker as svp in its institutional sales division, base...

  • News Round-up

    • CLOs
      • Gresham CLO restructured

        The class A1 note of Gresham Capital CLO 1, which carried a double-A plus rating, has been retranche...

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