Weekly Issue Archive »

Issue 229 - 13th April

  • News Analysis

    • CMBS
      • Challenging times

        Euro CMBS investors call for better disclosure

        European CMBS servicers continue to face challenges, with enforcement set to feature increasingly in workouts. At the same time, investors are calling for more detailed information on loan developments. Janaka Nanayakkara, head of ABS and real esta...

    • CDS
      • MiFID moves

        European CDS regulations scrutinised

        The extension of the Markets in Financial Instruments Directive (MiFID) to OTC products has sparked concern over transparency and reporting in the European CDS market. At the same time, other regulatory moves - including the implications of...

    • RMBS
      • REITs rise

        Mortgage REITs gearing up for increased opportunities

        Current economic conditions, together with changes in government policy and regulation appear to be creating perfect conditions for mortgage REIT IPOs. Indeed, the vehicles could become a dominant source of demand for MBS in the future. Analysts es...

  • Market Reports

    • ABS
      • Primary focus continues in Euro ABS

        European secondary ABS activity appears to have lagged the primary market this week. Nevertheless, RBS' Arran Funding RMBS failed to cause the stir that was perhaps anticipated, with little activity in the name since its pricing on Wednesday. "Ther...

    • CLOs
      • Euro CLO appetite building

        Bid-list appetite finally appears to be returning to the European CLO market. However, activity remains significantly below the highs seen in February. "The market is looking much better now: the bids went back quite far as a result of the macro ne...

    • CMBS
      • Sluggish start for US CMBS

        The quarter-end lull in secondary US CMBS has continued this week, with a handful of bid-lists trading. At the same time, market participants are focusing on the risk retention rules proposed last week. "It's been a really slow week in terms of tra...

    • RMBS
      • US RMBS market regains strength

        Last week's highly-anticipated Maiden Lane auction has instilled some confidence back into the US RMBS market, as investors prepare for further opportunities this week. Together with two more Maiden Lane lists, bids are due for the Longshore CDO Fund...

  • News

    • CLOs
      • CLOs attractive as OC levels improve

        Current valuations mean that opportunities can be found in both the US and Europe as CLOs continue to lag broader markets, according to CDO analysts at JPMorgan. They also note that the leveraged loan-CLO differential has returned to year-end 2010 le...

    • CMBS
      • TRACE to reshape secondary CMBS?

        TRACE is set to be expanded to include ABS trade reporting from 16 May. Spread differentiation between legacy and new issues is anticipated to become more pronounced for CMBS in particular under the new system because CMBS 2.0 trade information is un...

      • Aussie pub deal prepped

        Macquarie and National Australia Bank are in the market with the A$160m ALE Finance Company Series 1, a single-borrower CMBS secured by a portfolio of 85 pubs in Australia. Given the concentration to a single unrated tenant (Australian Leisure and Ho...

    • RMBS
      • Strong bid seen in Maiden Lane auction

        The first highly-anticipated BWIC from the Maiden Lane II (MLII) portfolio (see SCI 4 April) was auctioned yesterday, 6 April, by the New York Fed and BlackRock Solutions. The inaugural list - totalling US$1.5bn in current face value - comp...

  • Job Swaps

    • ABS
      • New ISDA chair named

        ISDA's Board of Directors has elected Morgan Stanley md Stephen O'Connor as its new chairman. O'Conn...

      • Credit hedge fund acquired

        Avoca Capital Holdings is broadening its capabilities beyond long-only funds to provide clients with...

      • DTCC chairman recruited

        The DTCC has appointed Robert Druskin as chairman of its board of directors. Donald Donahue will con...

      • Client services svp named

        Kamakura Corporation has appointed Mark Slattery as svp of its client services group. Based in Chica...

    • RMBS
      • MBS strategy head hired

        RBS has appointed Krishna Prasad as head of mortgage-backed strategy for Europe in its global bankin...

  • News Round-up

      • CVA solution enhanced

        QuIC Financial Technologies has licensed calculation methodologies developed by Solum Financial Part...

    • CLOs
    • CMBS
      • CMBS loan sale underway

        Mission Capital Advisors and Rockwood Real Estate Advisors are conducting a CMBS special servicer lo...

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