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Issue 220 - 9th February

  • News Analysis

    • ABS

      • 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 ̵...

    • Regulation

      • 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...

    • Investors

      • 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...

  • Market Reports

    • ABS

      • 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...

    • CLOs

      • 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...

    • CMBS

      • 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. "...

    • RMBS

      • 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...

  • News

    • ABS

      • 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...

      • 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...

    • CDS

      • 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...

    • CLOs

      • 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...

  • Talking Point

      • 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...

  • Job Swaps

    • ABS

      • SF research head named

        Credit Suisse has appointed Dale Westhoff as global head of structured products research in New York...

      • FDIC names general counsel

        The FDIC has appointed Michael Krimminger as its new general counsel. He has served as a key policy...

    • CDS

      • Reference data head added

        First Derivatives has appointed Bret Bange as head of global sales and marketing for its suite of re...

    • CMBS

  • News Round-up

    • CDO

      • Auction proposed for CDO

        BDO, as receivers for the US$1bn Tremonia CDO 2005-1, is proposing to sell the deal's English securi...

    • CDS

      • New SEF rules proposed

        The US SEC has voted unanimously to propose rules defining security-based swap execution facilities...

      • Anglo Irish CDS settled

        The final price for Anglo Irish Bank 2.5-year CDS was settled at 71.25 at yesterday's restructuring...

      • Canadian CMBS completed

        Institutional Mortgage Capital Canada (IMC) has completed a C$206m CMBS private placement. The trans...

    • NPLs

      • NPL criteria explained

        Fitch has published its global rating criteria for non-performing loan securitisations. The agency's...


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