Issue 227 - 30th March
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News Analysis
- Regulation
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Regulatory overlap
Need for coordinated reform efforts underlined
The need for coordinated reform efforts in the ABS market is becoming increasingly apparent as new rules bed down, with the overlap among different regulations seemingly most obvious in the ratings arena. In the meantime, regulatory authorities appea...
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- ABS
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Rehab boost
Rehabilitated loans, restructured ARS to drive SLABS prepays
Prepayments for student loan ABS remain historically low, although there are signs that they could be set for a modest pick-up. A greater role for restructured auction-rate securities (ARS) and rehabilitated student loans, as well as proposals in the...
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- Regulation
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Retention rules
Call for QRM impact analysis
The FDIC, Fed, OCC, SEC, FHFA and HUD yesterday issued their NPR requiring ABS sponsors to retain at least 5% of the credit risk of the assets underlying the securities. The proposed rule includes exemptions from these requirements, including for US...
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- Regulation
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Market Reports
- CLOs
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Warning for Euro CLOs
The European CLO market is awaiting a raft of upcoming loan prepayments, which traders fear will dry out supply. At the same time, two specific loans are at the forefront of investor attention. First is Novacap's €209m all-senior leverage...
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- RMBS
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Primary focus continues for Euro RMBS
The secondary European RMBS market remains quiet, as participants prepare for upcoming new issuance. RBS' Arran 2011-1 is the latest transaction to join the queue. "The secondary market has been relatively quiet, especially when you look at the way...
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Euro RMBS bouncing back
The European RMBS market appears to be recovering from last week's dip. In particular, market participants have welcomed Northern Rock's announcement of its first post-crisis deal, Gosforth Funding 2011-1. "Dealers were not active in the market las...
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- CLOs
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News
- CMBS
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'Innovative' Velvet loan restructuring proposed
The proposed restructuring of the Velvet loan, securitised in the Titan Europe 2006-2 CMBS, includes the deferral of interest - believed to be the first time this has featured in the European market. The restructuring, which also involves e...
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- CMBS
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Job Swaps
- ABS
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Valuations subsidiary established
Clayton Holdings has formed Asset Backed Solutions, an independent financial analysis and consulting...
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Law firm adds two partners
K&L Gates has appointed Howard Goldwasser and Xavier Ruiz as partners in its New York financ...
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Bank names new structuring head
RBS Securities has appointed Shad Quraishi as head of its client structuring and solutions group for...
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ASF names public policy md
The American Securitization Forum (ASF) is opening a Washington, DC office to further its advocacy e...
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- CDO
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EMEA sales head appointed
BNY Mellon Corporate Trust has promoted Robert Wagstaff to md and head of sales for EMEA. He will re...
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- CDS
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Management shuffle for TriOptima
TriOptima has made several changes within its management group as it implements two new business lin...
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- CLOs
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Portfolio management pair moves on
Elizabeth MacLean and Jason Duko are joining PIMCO next month. They will become members of the firm'...
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India credit head appointed
ACPI Investments has appointed Karan Singh Chadha as head of specialist credit, responsible for expa...
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Investment manager completes acquisition
Man Group has entered into a definitive agreement to take full ownership of Ore Hill Partners and Or...
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- CMBS
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Bank adds CMBS trader
Former Goldman Sachs CRE and derivatives trader Ben Solomon is joining Deutsche Bank as md and head...
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- RMBS
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REIT promotes four
Invesco Mortgage Capital has promoted its head of research, Robson Kuster, to the additional positio...
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Asset manager promotes chairman
Smith Breeden Associates has promoted its former chairman Michael Giarla to ceo. He will continue as...
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Broker recruits structured vets
KGS-Alpha Capital Markets has appointed Mark Noble as head of structured corporate and agency debt,...
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- ABS
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News Round-up
- ABS
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SCI conference line-ups announced
Final panellist line-ups have been announced for both SCI's European CDS and OTC Derivatives Seminar...
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Dealer networks boost floorplan ABS
Dealer floorplan ABS performance has been boosted by the economic recovery in the US as it has stren...
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Portuguese ABS on review
Fitch has placed 41 tranches of 38 Portuguese structured finance transactions - 32 RMBS, o...
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Independent dealer floorplan ABS debuts
Dealer Services Corporation (DSC) has closed a US$252.2m ABS, which is believed to be the first inde...
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Seasonal patterns supporting auto ABS
Seasonal trends resulted in another positive month for US auto loan ABS performance, with the trend...
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Risk retention NPR awaited
The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the SEC,...
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- CDO
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First Trups tender offer completed
While default and deferral rates for US bank Trups CDOs remain flat, the sector saw the first accept...
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CDO liquidation scheduled
Stone Tower Debt Advisors has been retained to act as the liquidation agent for Forge ABS High Grade...
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- CDS
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SEF rule scrutinised
ISDA outlines in a new paper that SEFs can play a positive role in the OTC derivatives market by str...
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Derivative trading revenues dip
In its quarterly report on bank trading and derivatives activities, the Office of the Comptroller of...
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- CLOs
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CLO's key-man provisions updated
The trustee for Alpstar CLO 2 has approved a change in the transaction's key-man documentation. Nico...
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- CMBS
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Delinquent unpaid balance rises again
The US CMBS delinquent unpaid balance last month increased slightly by US$330.4m, up to US$62.42bn f...
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US CRE prices slip again
US commercial real estate prices fell by 1.2% in January, the second consecutive monthly decline, ac...
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Euro CMBS repayments continue to decline
Only one out of the seven European CMBS loans scheduled to mature in February met its maturity oblig...
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Court direction sought for GSW funds
In light of certain submissions made to the trustee, direction from the High Court of England and Wa...
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'Positive' first quarter for US CMBS
The first quarter was positive for the US CMBS market, according to research analysts at S&P...
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CMBS 2.0 standards unveiled
The CRE Finance Council (CREFC) has released its new market standards for CMBS 2.0. The aim of CREFC...
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- RMBS
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BlackRock analysis submitted in MBIA case
A detailed, independent analysis by BlackRock Solutions indicates that MBIA senior executives gave t...
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Op risk review hits Aussie RMBS
In light of its new operational risk criteria, Moody's has placed the ratings of 56 tranches in 25 A...
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Servicing settlement pros, cons examined
S&P has commented on proposals from 50 state attorneys-general (AGs) to five of the largest...
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- ABS
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Research Notes
- RMBS
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Valuation inputs survey results revealed
RMBS investors are still cautious about European residential mortgages, says Derek Caussin, associat...
The results of S&P Valuation and Risk Strategies' latest European RMBS input assumptions survey, conducted in November and December 2010, suggest that investors believe the negative consequences for RMBS mortgage collateral from the economic...
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- RMBS
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