Issue 220 - 9th February
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News Analysis
- ABS
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Expanded horizons
Irish tax changes generate fresh securitisation opportunities
New possibilities for securitisation have been created by recent changes to Section 110 of the Republic of Ireland's Taxes Consolidation Act 1997. Section 110 - which provides for favourable taxation treatment for certain vehicles ̵...
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- Regulation
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Uncertainty knocks
Issuers adopting a 'wait and see' approach to regulation
The implementation of regulatory reform in the US is making it tougher to bring new securitisations. Indeed, some estimate that uncertainty around new rule-making will continue for another 18 months, as many issuers wait to see how the market is resh...
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- Investors
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Exceeding expectations
Pre- and post-crisis credit hedge fund returns diverge
Credit hedge funds performed well above expectations last year, with returns from one portfolio monitored by Schwartzkopff Partners almost doubling the returns of the Dow Jones Credit Suisse HF Index. However, a stark difference in performance betwee...
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- ABS
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Market Reports
- ABS
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Rally boosts Euro auto, credit card ABS
The volume of European ABS new issuance has boosted secondary market activity considerably this week. At the same time, last month's price rally has altered the appeal of many asset classes, fuelling activity in auto and credit card ABS in particular...
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- CLOs
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Euro CLO market takes stock
Several large CLO bid-lists set new highs across the capital structure last week. Now, the European market is entering into a consolidation phase as it readjusts and absorbs new pricing levels. "It's been an interesting few days as we've had the ru...
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- CMBS
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New US CMBS issues eyed
The US CMBS market has exhibited a positive tone this week, following the broad optimism generated at last week's CRE Finance Council conference and the launch of two new deals. Further, two more transactions are expected to be announced shortly. "...
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- RMBS
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Euro MBS showing strength
It has been a strong week for the European MBS market, characterised by gradual spread tightening in Dutch RMBS - a trend that is set to continue into March. At the same time, investors remain eager to buy CMBS paper. "The market has been...
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- ABS
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News
- ABS
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Non-traditional ABS to take off
S&P believes that 2011 will see strong investor interest in non-traditional US asset securitisations. Spreads for non-traditional assets tightened last year, partly because of low yields and the limited issuance volume from more traditional a...
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Safe harbour-compliant ABS debuts
Ally Bank's US$1.3bn ALLYA 2011-1 - which priced last week via Barclays Capital, Citi and RBS - is notable for being the first FDIC safe harbour-compliant ABS. Given the uncertainty caused by the regulatory rulemaking process, the s...
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- CDS
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Credit versus equity explored
Credit derivative strategists at Morgan Stanley explore in a recent report credit versus equity relationships based on a macro approach. The report focuses on two themes: the strength of equity and rates market factors on credit market variables; and...
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- CLOs
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Outlook for US CLOs mixed among managers
Responses to a recent S&P survey indicate that approximately 77% of larger collateral managers believe new US CLO issuance will range from US$10bn to US$20bn in 2011, while the range estimated by a similar number of smaller collateral manager...
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- ABS
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Talking Point
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Criteria critiqued
John Uhlein, managing principal of Grenadier Capital, outlines his misgivings about S&P's propos...
In a 39-page report entitled 'Request for Comment: Bond Insurance Criteria', dated 24 January 2011, S&P endeavors to set forth "new" criteria for rating bond insurance companies (see SCI 28 January). This is a laudable effort to impose order...
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Job Swaps
- ABS
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SF research head named
Credit Suisse has appointed Dale Westhoff as global head of structured products research in New York...
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FDIC names general counsel
The FDIC has appointed Michael Krimminger as its new general counsel. He has served as a key policy...
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Litigation counsel promoted
The US SEC has promoted Mark Cahn to general counsel. He will assume his new role when David Becker...
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- CDS
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Reference data head added
First Derivatives has appointed Bret Bange as head of global sales and marketing for its suite of re...
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Chief data officer recruited
The DTCC has appointed Ronald Jordan as chief data officer. Jordan will be responsible for guiding t...
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Structured products desk established
RJ O'Brien & Associates has appointed Hilton Sheng as svp of structured products. Based in N...
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Asset manager expands credit coverage
Highbridge Capital Management has appointed Serge Adam as md in its Principal Strategies (HPS) divis...
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Bank names structured credit director
Hari Thirumalai has joined UBS as an executive director and trader in its structured credit team in...
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- CLOs
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CLO manager hires ahead of capital raise
Avoca Capital Holdings has appointed Robert Burns as director for sales and marketing based in the L...
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- CMBS
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CRE bailout service prepped
ICP Financial has signed an agreement with an unnamed top-five European bank that will allow it to b...
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CRE underwriting solution offered
Zenta and Rockport have formed a partnership to deliver a combined technology and services offering...
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Real estate division head hired
JPMorgan Asset Management has hired John Fraser as md and head of its new US opportunistic real esta...
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- RMBS
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Legacy asset servicing unit formed
Bank of America has formed a new unit, Legacy Asset Servicing, which will oversee the servicing all...
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Agency MBS reviews released
1010data and the ASF have published agency MBS market review reports, offering aggregated statistics...
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- ABS
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News Round-up
- ABS
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Positive performance continues for US credit cards
US credit card ABS performance registered positive gains across the board for the second straight mo...
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Stable outlook for EMEA ABCP
Moody's outlook for EMEA ABCP ratings in 2011 remains stable. Bank risk remains a key factor, howeve...
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Additional ratings on watch for counterparty risk
S&P has placed on credit watch negative its ratings on 149 classes of notes in 33 North Amer...
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Cashflow analysis application launched
Intex Solutions has launched INTEXcalc, a new end-user application offering transparency and speed i...
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Seasonal trends driving timeshare delinquencies
Delinquencies for US timeshare ABS continue to tread gradually higher quarter-over-quarter, though o...
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- CDO
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Auction proposed for CDO
BDO, as receivers for the US$1bn Tremonia CDO 2005-1, is proposing to sell the deal's English securi...
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Call to replace Trups CDO trustee
Hildene Capital Management has sent a notice to the other investors in 67 Trups CDOs alleging that B...
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- CDS
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New SEF rules proposed
The US SEC has voted unanimously to propose rules defining security-based swap execution facilities...
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Anglo Irish CDS settled
The final price for Anglo Irish Bank 2.5-year CDS was settled at 71.25 at yesterday's restructuring...
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Single name CDS trading offered
Credit Suisse is now providing electronic trading of single name corporate and sovereign CDS on the...
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- CLOs
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US CLOs see improving maturity profile
The maturity profiles of most rated US cashflow CLO transactions have improved over the course of th...
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CLO deferrable note impact examined
While recent financial dislocation caused many rated US cashflow CLOs to defer interest on some subo...
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- CMBS
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Accelerated collections likely for Japan hotel loans
Japanese hotel-backed CMBS loans are poised to enter an accelerated collection phase, according to M...
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US CMBS delinquency rate at highest level
The US CMBS delinquency rate rose again in January, according to Trepp's latest Delinquency Report,...
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EMEA CMBS assumptions updated
Moody's expects the loans backing EMEA CMBS to continue to perform poorly over the next five years....
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GSW refi positive for Euro CMBS
Fitch confirms that the ratings of Windermere IX CMBS and Fleet Street Finance 3 will not be affecte...
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Canadian CMBS completed
Institutional Mortgage Capital Canada (IMC) has completed a C$206m CMBS private placement. The trans...
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Multifamily defaults driving CMBS delinquencies
Large multifamily defaults contributed to a 36bp climb for US CMBS delinquencies to 8.59%, according...
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CMBS loan liquidation volume spikes
The dollar amount of US fixed rate conduit CMBS loans that were liquidated in January reached its hi...
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- NPLs
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NPL criteria explained
Fitch has published its global rating criteria for non-performing loan securitisations. The agency's...
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- RMBS
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Prime RMBS loss model prepped
Fitch has published an exposure draft introducing its new rating model for determining losses on poo...
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Greek RMBS 'showing signs of deterioration'
Fitch reports that the performance of Greek RMBS transactions has begun to show signs of deteriorati...
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Whole loan evaluations service prepped
Interactive Data is set to launch a US whole loan evaluations service in the second quarter of this...
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Subpar loan mods driving foreclosure rates
With loan modifications steadily declining, the emphasis is becoming less on whether a distressed US...
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Valuation forecasting system launched
Altos Research has launched a forecasting tool dubbed AltosEvaluate Forward Valuation Modeling (FVM)...
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Loan modifications only a short-term fix
Loan modifications do not appear to be an effective way to permanently cure loan delinquencies, acco...
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- ABS
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