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Issue 224 - 9th March

  • News Analysis

    • Whole business securitisations

      • Early knockdown

        Rating action may be premature as Punch review date approaches

        Fitch and Moody's have downgraded Punch Taverns' Punch A securitisation less than three weeks before the conclusion of the pub operator's strategic review. The agencies' timing has caught the market off guard, but all eyes remain fixed on the pending...

    • CMBS

      • Special strategies

        Special servicer resolutions weighing on CMBS valuations

        Resolution strategies vary widely among US special servicers. Consequently, considering which special servicers are more likely to modify loans is growing in importance when valuing a CMBS bond. US special servicers resolved over US$27bn of conduit...

    • Ratings

      • Ratings bottleneck

        Banks rush to maintain ECB repo-eligibility

        The ECB extended its minimum two ratings repo-eligibility requirement to all existing ABS on 1 March. Some banks appear to have rushed their preparations, however, with one in five deals failing to meet the deadline. Asset-backed analysts at RBS in...

    • CMBS

      • Replacement repercussions

        Barriers to entry for Euro special servicers remain high

        The replacement by Solutus Advisors as special servicer on seven European CMBS within a few weeks sparked controversy because of the perceived speed in which it was done. But the episode also highlights the many barriers to entry for European special...

  • Market Reports

    • ABS

      • US ABS market plays it safe

        The US consumer ABS market has had a quiet week, with both new issue and secondary trading volumes remaining consistent. At the same time, triple-A paper still appears to be a favourite as investors continue to play it safe. "Everything's steady at...

      • Euro ABS market sees a squeeze

        Continued spread tightening has driven a squeeze in the European ABS market this week. At the same time, Lloyds TSB's Gable Funding CLO has grabbed investor attention due to its diversification appeal. "The underlying tone is that spreads have been...

    • CLOs

      • CLO market softens

        February's high bid-list volumes have left the European CLO market feeling overexerted, as it creeps into its second quiet week (see SCI 28 February). At the same time, both the US and European markets have suffered from price softening over the past...

    • CMBS

      • US CMBS stabilising

        Despite a slight widening of spreads, it has been another good week for the US CMBS market as prices begin to stabilise. Meanwhile, JPMorgan priced its latest transaction today. "So far this week, equity is down and spreads have widened a little,"...

  • News

    • ABS

      • Life settlement deals eyed

        With investors, arrangers and originators expressing a renewed interest in life settlement securitisations, S&P says it will consider rating proposals in this sector, providing they address certain risks. Due to the unique nature of the risks...

    • CMBS

      • GGP refi plan put forward

        General Growth Properties (GGP), the largest sponsor of legacy US CMBS and the borrower behind most modified conduit loans, has disclosed its refinancing plans for already securitised assets and intended future CMBS participation. It is targeting US$...

    • RMBS

      • Foreclosure complexity highlighted

        A bill passed last week in the Arizona Senate that voids foreclosures without full title history has re-emphasised the complexity of foreclosure requirements. If the bill passes in the House, many borrowers could begin challenging foreclosures in thi...

  • Job Swaps

    • CDS

      • OTC solutions md named

        CME Group has appointed Michel Everaert as md in its OTC solutions group. Based in London, Everaert...

      • SEF surveillance vp hired

        National Futures Association (NFA) has appointed Edward Dasso as vp of its market regulation group,...

  • News Round-up

      • Concord CDO funds released

        The Delaware Supreme Court has unanimously affirmed that the notes issued by Concord Real Estate CDO...

    • CDS

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