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Issue 217 - 19th January

  • News Analysis

    • Emerging Markets
      • 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...

    • RMBS
      • 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...

  • Market Reports

    • CLOs
      • '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...

      • 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...

    • CMBS
      • 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...

  • News

    • ABS
      • 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...

    • CDS
      • 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...

    • CMBS
      • 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...

    • Correlation
      • 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...

    • Investors
      • 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...

    • Monolines
      • 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...

    • RMBS
      • 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....

  • Job Swaps

    • Advisory
      • Debt advisory head hired

        Gleacher Shacklock has appointed Daniel Morland as partner and head of its debt advisory group. Morl...

    • CDO
      • GSC CDO sale halted

        GSC has terminated its agreement to sell the collateral management contracts for the GSC EUROPEAN CD...

    • CLOs
      • Boutique nabs CLO trader

        Reggie Fernandez has joined KGS Alpha as a CLO trader. Fernandez most recently worked at Sirona Advi...

    • CMBS
      • CMBS svp appointed

        DBRS has appointed Richard Carlson as svp in its CMBS group. Carlson will focus on operational risk...

    • Operations
      • AIG 'stabilised'

        The New York Fed has announced the termination of its assistance to AIG and the full repayment of it...

    • Regulation

  • News Round-up

    • SIVs
      • 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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