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Issue 230 - 20th April

  • News Analysis

    • RMBS

      • Ally heralds revival

        First XS IO deal in a year is just the start

        Excess IO deals were once a common way to monetise mortgage servicing rights (MSRs), but Ally Bank's March US$1.2bn FNS 406 transaction was the first to be completed for a year. While economic improvement has made XS IO deals more attractive, upcomin...

    • CMBS

      • Mind the funding gap

        European CRE debt fund opportunities outlined

        The European commercial real estate debt funding gap is estimated to be €94.5bn over the next three years, with the bulk (€45bn) coming due in 2013. While mezzanine funds moved early to fill the void left by the banks retreating f...

    • ABS

      • Eerily quiet

        Hiring on hold as recruitment pattern changes

        It has been an unexpectedly slow start to the year for the structured finance job market. The typical surge of appointments normally seen in the first quarter has simply not materialised and recruiters are not convinced it will come any time soon, wi...

  • Market Reports

    • ABS

      • Euro ABS on a tightening trend

        European secondary ABS spreads are tightening off the back of swelling new issue supply. At the same time, Nordea Bank's tender offer for the Midgaard CMBS is generating interest. "There hasn't been an enormous amount of secondary market activity i...

    • CMBS

      • Cantor CMBS finding favour

        The US CMBS market ended last week on a positive note, with spreads tightening and anticipation building over Cantor Fitzgerald's first CMBS - CFCRE 2011-C1 (SCI 14 April). Meanwhile, the Maiden Lane II auctions continue to attract aggressi...

    • RMBS

      • Failed calls impact Euro RMBS

        The European RMBS market appears to be regaining some stability, underlined by a positive response to new issues. However, the failure to call certain Leek and E-MAC transactions has caused a stir among some investors. "The general sentiment is tha...

  • News

    • CMBS

      • Softening standards support CMBS refis

        Concerns about the upcoming US CMBS maturity wave are being eased by a loosening of underwriting standards, according to CMBS analysts at Citi. Over half of the fixed rate loans scheduled to mature in 2011 are expected to be refinanced without any eq...

  • The Structured Credit Interview

    • Real Estate

      • Liquid access

        Steven Grahame, fund manager, and Toby Hayes, assistant fund manager for Pacific's Liquid Property F...

        Q: How and when did Pacific Real Estate Capital Partners become involved in the property derivatives market? SG: Pacific's Liquid Property Fund received FSA approval on 26 January and is, together with the Euro ActivIncome Fund and segregated accoun...

  • Job Swaps

    • ABS
    • CDS

      • Analytics alliance agreed

        Sapient Global Markets has signed an alliance agreement with FINCAD. By combining the firms, custome...

      • EM fund manager acquired

        Principal Global Investors has agreed to acquire a majority stake in Finisterre Capital and Finister...

      • New ISDA director elected

        ISDA has elected 12 directors, of whom 11 currently serve on its board. The new director is Yasuhiro...

    • CMBS

      • New Gleacher ceo named

        The board of directors at Gleacher & Company has appointed Thomas Hughes as ceo, starting on...

      • Real estate head hired

        BlackRock has recruited Jack Chandler as global head of real estate. He will oversee the firm's glob...

    • RMBS

      • MBS vet moves on

        Passport Capital has hired Jeffrey Kong as a portfolio manager. He will be responsible for managing...

      • Asset manager bags MBS vet

        MountainView Capital Holdings has appointed Robert Wellerstein as md in its mortgage and fixed incom...

  • News Round-up

    • ABS

      • SLABS reviewed on op risk

        Moody's has placed the ratings of 209 tranches in 42 US student loan transactions from 13 issuers on...

      • OLA effectiveness examined

        The FDIC has released a report examining how it could have structured an orderly resolution of Lehma...

      • Tech trends show progress

        A new report from Celent confirms recent trends in ABS technology. The firm expects to see a continu...

      • Swaps roundtable announced

        The US CFTC and SEC intend to hold a two-day joint public roundtable on 2-3 May to discuss the sched...

    • CLOs

      • Sea change in CLO opinion

        New issuance growth for 2011in the US CLO market is expected to be between US$5bn-US$20bn, according...

      • CSAM CLO prepped

        Further details have emerged on Credit Suisse Asset Management's forthcoming US$410m Madison Park Fu...

      • Cantor brings debut CMBS

        Cantor Commercial Real Estate (CCRE) has come to the market with its first transaction - C...

      • US CMBS delinquencies slip

        The delinquency rate on loans included in US CMBS conduit/fusion transactions inched down by 2bp in...

      • Assured RMBS claim settled

        Assured Guaranty says it has reached a comprehensive settlement with Bank of America and its subsidi...


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