Issue 215 - 5th January
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News Analysis
- ABS
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European evolution
2011 to be evolutionary, not revolutionary for European ABS
Next year is expected to be a good one for European ABS, albeit somewhat unspectacular. The strong performance of RMBS and other positive trends from 2010 should continue, but conditions will remain tough and issues such as regulation will persist in...
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Support issues
Starkly different outlooks for Australian ABS and RMBS
The outlooks for Australian ABS and RMBS are starkly different. While the record ABS volumes seen in 2010 are expected to continue next year, growth in the RMBS sector appears to be being distorted by a lack of cheap funding and the government's depo...
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- CLOs
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Different paths
US CLO improvement powers on as Europe lags behind
A good year is being predicted for US CLOs in 2011, driven by improving new issuance volumes and collateral trends. In contrast, the European CLO market remains mired in regulatory and sovereign debt issues. Annaly Capital Management strategists no...
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- ABS
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News
- Insurance-linked securities
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ILS trio closes
Three more insurance-linked securities deals have closed in the past day - the first longevity trend risk securitisation, the first medical benefit claims ILS and two new tranches from the Montana Re multi-peril multi-country catastrophe bo...
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- Insurance-linked securities
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Job Swaps
- ABS
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SLC acquisition completed
Discover Financial Services has completed its acquisition of the Student Loan Corporation (SLC). The...
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Senior trio depart
Three senior executives are leaving Citadel Securities, the firm has confirmed. John Kilgallon, curr...
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Securitisation trust units acquired
US Bancorp's lead bank, US Bank National Association, has completed the acquisition of the domestic...
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- CDO
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CDO manager replacements minted
One new CDO manager transfer has been proposed and two others agreed ahead of year-end. First, CWC...
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CRE CDO manager replaced
Cutwater Asset Management Corp has replaced Dillon Read Capital Management as collateral manager on...
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- CLOs
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CLO manager merger announced
Deerfield Capital (DFR) and Commercial Industrial Finance (CIFC) have merged. The firm will be headq...
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- Distressed assets
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Distressed fund manager named
Harbert Management has appointed Greg Jordan as portfolio manager of a distressed credit fund due to...
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- Legislation and litigation
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Lehman repo fraud case filed
US Attorney General Andrew Cuomo has filed a Martin Act lawsuit against Ernst & Young (E&...
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SF partner appointed
Eversheds has appointed Kingsley Ong as partner in its Hong Kong banking and finance team. Kingsley...
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- ABS
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News Round-up
- ABS
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Enhanced reporting requested for student loan ABS
S&P is requesting issuers and servicers of US student loan ABS to provide it with data repor...
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Positive momentum continues for US auto ABS
Positive momentum in the US used vehicle market continues to buck seasonal trends, according to Fitc...
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Greek RWN impacts SF
Fitch has placed all tranches of its rated Greek structured finance transactions on rating watch neg...
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Stable outlook for Brazilian ABS
Moody's says its outlook for Brazilian securitisation performance remains stable. Favourable and sta...
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Fourth consecutive monthly decline for charge-offs
Charge-offs on US credit cards fell for a fourth consecutive month in November to 8.58% -...
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Portuguese ABS, RMBS on review
Moody's has placed the ratings of 25 Portuguese structured finance transactions on review for possib...
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Counterparty risk update hits Euro SF
S&P estimates that approximately 29% of all its outstanding rated structured finance transac...
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Improvement continues for credit card ABS
A continued improvement in US credit card ABS collateral performance has been recorded in Fitch's la...
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Student loan servicing outsourced
CIT Group has completed a service agreement with the Pennsylvania Higher Education Assistance Agency...
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- Alternative assets
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Cat bond duo closed
Swiss Re has closed two catastrophe bond issuances - the third series of Successor X and G...
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- CDO
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Trups CDO defaults, deferrals slowing
The rate of increase for both defaults and deferrals in US bank Trups CDOs continues to slow, accord...
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- CDS
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ICE Trust CFTC reg withdrawn
The ICE Trust US has withdrawn its application for registration as a derivatives clearing organisati...
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- CLOs
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CLO investors call for decisive regulatory action
The new issue CLO market is expected to revive this year as regulations are finalised and arbitrage...
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Watch positive for raft of Euro CLOs
Moody's has placed 53 tranches from 14 European CLOs under review for possible upgrade, impacting ar...
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- CMBS
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Euro CMBS extensions, restructurings to continue
Loans across the European CMBS market suffered maturity breaches, term payment defaults or contribut...
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Fleet Street 2 affirmed post-restructuring
S&P says the restructuring of the Fleet Street Finance Two CMBS this month by Capital Asset...
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Plantation Place proposal stalled
The REC 5 (Plantation Place) CMBS restructuring proposal (SCI passim) has received a high level of s...
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- Distressed assets
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RoundPoint closes second FDIC transaction
RoundPoint Financial Group has purchased a 40% stake of a US$603m mortgage loan portfolio from the F...
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- Legislation and litigation
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Further Anglo Irish auctions considered
ISDA's EMEA Credit Derivatives Determinations Committee may hold one or more auctions to settle 'rel...
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- Monolines
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MBIA downgraded on higher loss expectations
S&P has lowered its counterparty credit, financial strength and financial enhancement rating...
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- RMBS
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Eurosail deals downgraded on FX risk
Moody's has downgraded the ratings of 19 classes of notes issued in four Eurosail transactions expos...
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RMBS default backlog continues to grow
The growing volume of residential defaults continues to have a notable effect on the US housing mark...
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Downgrades for Option ARM RMBS
Moody's has downgraded four tranches totalling US$6bn from four RMBS issued by Wachovia due to deter...
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BoA settles GSE buy-back claims
Bank of America has announced agreements with Freddie Mac and Fannie Mae to resolve repurchase claim...
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GSE portfolio rules implemented
The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a final rule pertaining t...
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Annaly eyes MBS purchases
Annaly Capital Management has priced an underwritten public offering of 75 million shares of its com...
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- ABS
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