Issue 217 - 19th January
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News Analysis
- Emerging Markets
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Still searching
EM securitisation challenges investors, but opportunities can still be found
The once-predicted boom in emerging market securitisation may have slipped back over the horizon. But, as discussed in an extensive new SCI Special Report, opportunities remain for investors if they know where and how to look. The full report can be...
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- RMBS
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Agency angst
Questions remain, despite good start to the year
The New Year has seen agency MBS liquidity improve and spreads tighten, but 2011 is not expected to be entirely smooth sailing for the sector. Serious concerns persist about the US government's role in the market, with GSE reform continuing to be a c...
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- Emerging Markets
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Market Reports
- CLOs
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'Too much, too soon' for Euro CLOs?
It has been another positive week for the European CLO market as spreads continue to tighten across the capital structure and prices remain firm. However, the high volume of fast-paced activity is generating some concern that the market is getting ah...
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Some caution in Euro CLOs as supply continues
Despite a disappointing outcome for last week's much anticipated 43-line bid list (SCI 12 January) the European CLO market is still expecting a stream of supply this week. Next up is a 31-line list due to trade this afternoon, but there are signs tha...
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- CMBS
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US CMBS rallies as bid-lists boom
The US CMBS market saw a frenzy of bid-list activity last week, with traders reporting a dramatic increase in supply. At the same time, a fast-moving rally in the lower parts of the capital structure is boosting pricing levels even further. "We've...
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- CLOs
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News
- ABS
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Electricity tariff bonds marketing
Details have emerged on the first issuance from the much-anticipated Spanish electricity tariff ABS programme, Fondo de Titulización del deficit del sistema electrico FTA (see also SCI issue 195). Moody's has assigned provisional ratings to...
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- CDS
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MCDS poised for growth
The municipal CDS market is poised for growth, following on from an up-tick in trading volumes in 4Q10. Industry initiatives to introduce standardised contracts and potentially tranche trading are also set to bolster activity in the sector. Two fac...
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- CMBS
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Sharp rise predicted for CMBX losses
A number of market participants released CMBX loss estimates in 4Q10, with the baseline estimates across the reports appearing to be remarkably consistent. S&P suggests in its latest Structured Finance Research Week publication that this refl...
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- Correlation
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Junior mezz performance examined
Long mezz positions have performed well during growth periods, while short positions have proved to be an efficient market hedge through recessions. In an analysis of standardised tranche investment returns, credit derivative strategists at Morgan St...
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- Investors
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Liquid credit fund prepped
Credit hedge fund manager Christofferson Robb & Co (CRC) is rolling out a new offering. The CRC Liquid Strategies Fund is set to launch next month, with US$100m from global family offices and pension funds. CRC md Bradley Golding says the n...
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- Monolines
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MBIA litigation uncertainty persists
The Appellate Division of the New York State Supreme Court on Tuesday reversed an earlier decision by a lower court and granted MBIA's motion to dismiss the plenary lawsuit brought by a group of banks challenging its restructuring (SCI passim), but r...
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- RMBS
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Resets to bring tiering opportunities
The non-agency MBS market faces US$246bn of payment resets over the next three years. Although this risk is expected to be manageable, differences in payment shocks could result in tiering opportunities, according to MBS analysts at Barclays Capital....
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- ABS
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Job Swaps
- ABS
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Rating agency beefs up in SF
Kroll Bond Ratings has made two appointments in its structured finance team. Kim Diamond assumes the...
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- Advisory
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Debt advisory head hired
Gleacher Shacklock has appointed Daniel Morland as partner and head of its debt advisory group. Morl...
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- CDO
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GSC CDO sale halted
GSC has terminated its agreement to sell the collateral management contracts for the GSC EUROPEAN CD...
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- CDS
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Analytics acquisition agreed
Markit has acquired risk analytics provider QuIC Financial Technologies. The acquisition will enable...
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- CLOs
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Boutique nabs CLO trader
Reggie Fernandez has joined KGS Alpha as a CLO trader. Fernandez most recently worked at Sirona Advi...
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- CMBS
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CMBS svp appointed
DBRS has appointed Richard Carlson as svp in its CMBS group. Carlson will focus on operational risk...
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CMBS conduit lender formed
Cohen & Company has formed a new venture with FundCore Finance Group to create a CRE conduit...
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- Distressed assets
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Distressed sales vet joins boutique
Andrew Arthur has joined FBR Capital Markets as md and head of distressed sales. Michael Lloyd, se...
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- Legislation and litigation
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Ex-Fed vet bolsters advisory practice
Jim Embersit has joined Ernst & Young as executive director in its advisory practice. Hank...
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- Operations
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AIG 'stabilised'
The New York Fed has announced the termination of its assistance to AIG and the full repayment of it...
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- Regulation
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Government affairs md named
SIFMA has appointed Bradley Edgell as md in its federal government affairs group. Based in Washingto...
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- ABS
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News Round-up
- ABS
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US auto loan ABS criteria updated
S&P has updated its methodology and assumptions criteria for rating and monitoring US auto l...
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New Mexican ABS participants, assets expected
New participants appear poised to enter the Mexican securitisation market in 2011, according to S&am...
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Increased compensation to reduce set-off risk
Moody's says that the new EU deposit compensation legislation will affect its assessment of set-off...
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FFELP ABS targeted for operational risk
Moody's reports that some US student loan ABS may be subject to downgrade if they do not meet the ag...
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Japanese ABS on recovering trend
Moody's reports that the performance of assets in Japan SF deals are recovering. The rating agency b...
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Counterparty risk rating actions begin
S&P has begun implementing its new criteria for assessing counterparty and supporting obliga...
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Stable outlook for Asia ex-Japan SF
Moody's performance outlook for cross-border Korean transactions, including RMBS, auto loan ABS and...
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Risk retention study published
The US Financial Stability Oversight Council (FSOC) has released a study on the Dodd-Frank Act's ris...
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Counterparty risk criteria rolled out
S&P yesterday rolled out its updated criteria for assessing counterparty and supporting obli...
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- CDO
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CREL CDO delinquencies climb again
US CREL CDO delinquencies closed out last year at over 13%, according to Fitch. Delinquencies rose i...
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- CDS
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Swap verification rule proposed
The US SEC has voted to propose a rule governing the way in which certain security-based swap transa...
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- CLOs
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CLOs given a range of performance outlooks
Moody's 2011 performance outlook for US CLOs is positive, while European balance sheet CLOs and Japa...
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Balance sheet CLO mapping criteria explained
Moody's has released its mapping methodology for bank balance sheet CLOs. The new criteria describe...
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- CMBS
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Minimal impact from Silver Maple asset release
Moody's says that the release of Hougang Plaza from the security of Silver Maple Investment Corporat...
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Rate of CMBS delinquency increases to slow
The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 16bp in D...
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Freddie positive on K-deal pipeline
Freddie Mac is in the market with its debut multifamily structured pass-through certificate (K Certi...
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- RMBS
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Servicing compensation initiative launched
The Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac are to work on a joint initiat...
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Resecuritisation credit concerns outlined
Moody's has outlined a number of credit concerns that have led to it increasingly declining to give...
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- SIVs
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SIV debt downgraded
Moody's has downgraded Nightingale Finance's Euro and US CP and MTN programmes, affecting US$488m of...
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- Whole business securitisations
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Stable to negative outlook for UK WBS
Fitch's outlook for UK pub and healthcare whole business securitisations (WBS) is stable to negative...
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- ABS
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