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Issue 222 - 23rd February

  • News Analysis

    • CMBS

      • Up for discussion

        Overhaul underway for European CMBS

        Efforts are underway to improve European CMBS structures and documentation. While some progress has been made ahead of the launch of new deals slated for Q2 (see SCI 17 February), other areas remain up for discussion. Certainly, new European CMBS t...

    • CDS

      • Index ire

        Markit's latest index proposal sits badly with investors

        Investors are deeply sceptical about a planned synthetic CDS index referencing UK non-conforming RMBS. The index - presently dubbed NCRMBX - is being prepared by Markit for launch later this year, but there is serious concern that...

  • Market Reports

    • ABS

      • Euro ABS slows down

        It has been a quiet week for the European ABS market, with bid-lists the only source of activity. A leg-down in Granite triple-B levels proved to be the highlight. "It's been a fairly quiet week overall; much quieter than usual," one ABS trader say...

  • News

    • ABS

      • Charge-offs set for accelerated improvement in Q2

        Moody's US credit card charge-off rate index is expected to drop below 7% in the second quarter, falling by approximately 17% from its 4Q10 level of 8.5%. The agency notes in its latest Credit Card Statement publication that although the index is lik...

    • CDS

      • Straps touted for widening market

        Structured credit strategists at Citi outline in a recent client note their concern with the increasingly bullish consensus that European leaders are on the point of solving the region's sovereign and financial debt problems - despite appar...

    • CMBS

      • Bond extension expected for Opera Uni-Invest

        A bond maturity extension is expected to feature in a restructuring proposal for Opera Finance (Uni-Invest), if it defaults on its standstill agreement. This would be the fourth maturity extension in European CMBS and a closely watched one, according...

      • Euro CMBS pipeline building

        A handful of new European CMBS are set to launch in the coming months, each sized at £300m-£500m and backed by trophy buildings, with good lease terms and well-known tenants. It remains unclear where primary paper can be expected to...

      • REC 6 restructuring mulled

        Three restructuring plans have been proposed for the REC 6 (Alburn) CMBS, following a failed tender for the notes (SCI passim). Strategists at Chalkhill Partners suggest that the first option is likely to be unattractive to senior noteholders, while...

  • Job Swaps

      • Credit trading head hired

        RBC Capital Markets has hired Ian Pearce as head of European credit trading. He joins the team in Lo...

    • CDO

      • CDO manager replaced

        FriedbergMilstein has been replaced as collateral manager on FriedbergMilstein Private Capital Fund...

    • CMBS

      • CRE firm adds svp

        Broad Street has appointed Tim McCann as svp of its acquisitions and capital markets group. In this...

    • Distressed assets

  • News Round-up

      • Succession event mulled

        ISDA's EMEA Determinations Committee is deliberating whether a succession event occurred with respec...

      • US CRE prices dip slightly

        After three consecutive months of increases, US commercial real estate prices declined by 0.9% in De...


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