Weekly Issue Archive »

Issue 234 - 18th May

  • News Analysis

    • CMBS

      • Auction action

        Innkeepers case underlines CMBS creditors' protections

        The conclusion of the Innkeepers case will be very different from the onerous cramdown initially proposed under its Chapter 11 filing, thanks to the result of the 2 May bankruptcy auction. While the episode emphasises the growing risk of CMBS investo...

    • RMBS

      • Investor fatigue?

        Interest in previously popular bid-lists waning

        Two Maiden Lane II (ML II) bid-lists were presented to the market last week and, after weeks of being well-received, the most recent auctions drew a tired response (SCI 13 May). As early fears about secondary market bifurcation subside, new concerns...

  • Market Reports

    • CLOs

      • Euro CLO market taking hold

        The European CLO market is entering into a more stable and constructive period as spreads remain at consistent levels. In addition, positive sentiment is being generated by a CLO conference slated for tomorrow. "The European CLO market is entering...

    • CMBS

      • New issue boost for US CMBS

        The announcement of two new deals this week, with two more expected next month, has boosted the US primary CMBS market. However, performance across the secondary market is suffering due to "shaky" spreads. JPMorgan and RBS/Wells Fargo are due to be...

    • RMBS

      • RMS call surprises Euro RMBS market

        The European RMBS secondary market has picked up considerably over the last week, with a surge of bid-lists containing predominantly UK non-conforming assets. In addition, market participants received welcome news today as RMS 16 gave notice that all...

      • Maiden Lane lists weigh on US MBS

        The latest Maiden Lane II auction has served as a wake-up call for the US MBS sector, with only 65% of the bonds selling. Fatigue is said to be the main cause, as the New York Fed's gradual release of bid-lists since 4 April have left market particip...

  • News

    • ABS

      • Tender offer aids CCCIT run-off

        Citibank (South Dakota) has launched a tender offer to purchase up to US$4.84bn of senior notes from select CCCIT series. The move is seen as indicative of the impact of supply and demand fundamentals on credit card ABS spreads, which have been tight...

  • Talking Point

    • CDS

      • CVA: beyond compliance

        Basel III has ushered in new rules for calculating credit value adjustment (CVA). But rather than be...

        The debate surrounding the new capital charge for CVA continues apace, with regular murmurs of how the risk management community is getting to grips with the new regulation due in 2013. A survey by Fitch Solutions in April this year, for example, rev...

  • Job Swaps

    • ABS

      • ABS head appointed

        Janus Capital Group has appointed John Kerschner as head of securitised products within its fixed in...

      • Funds marketer added

        Lexie Hope has joined Prytania Investment Advisors from Calimere Point Advisors to head up funds mar...

    • CDO

      • New manager for CRE CDOs

        RE CDO Management, an affiliate of Winthrop Realty Trust, is set to replace Sorin Capital Management...

      • Asset manager beefs up

        MKP Capital Management has expanded to Europe with the opening of a London office. The move aims to...

    • CLOs

      • Permacap adds director

        Greenwich Loan Income Fund has appointed James Carthew to its board as a non-executive director. He...

    • RMBS

      • MBS trading md named

        KeyBanc Capital Markets has appointed Joseph McHale as md in its MBS sales and trading group. Based...

  • News Round-up

      • Valuation agreement inked

        SIX Telekurs has become the first data vendor to access Xtrakter's mark-to-market valuation service,...

      • ABS CDO liquidation due

        Bank of New York Mellon, as collateral agent for Hereford Street ABS CDO I, has retained Fixed Incom...

      • CDS-implied PDs examined

        In a new study, Fitch has analysed the ability of CDS spreads to identify in advance companies that...

    • CLOs

      • Symphony CLO takes shape

        Further details have emerged about Symphony Asset Management's forthcoming CLO, Symphony CLO VII. Ar...


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