Issue 236 - 1st June
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News Analysis
- Investors
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Credit hedge finds
Funds take advantage of evolving opportunities
New credit hedge funds continue to enter the market. At the same time, the opportunity set in the structured credit space is evolving. One credit hedge fund manager suggests that a key factor in the influx of new funds is the "draconian conditions"...
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- Investors
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Market Reports
- ABS
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Euro ABS firms up
The European ABS market has picked up after a slow start to the week. Investor attention is focused on two new issues that are currently marketing. "Spreads were softer at the start of the week, in sympathy with what's going on with the peripherals...
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- CMBS
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CMBS new issue pair prints
New issuance has been the main focus this week in US CMBS. Additionally, spreads now appear to be stabilising after the widening trend of the last few weeks. "The market seems to be stabilising a little now; it's been widening out consistently over...
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- ABS
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Talking Point
- Ratings
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Three misconceptions about issuer-paid ratings
CapitalFusion Partners mds Malay Bansal and John Joshi argue that the role of rating agencies should...
The issuer-paid model for ratings is widely seen as one of the most significant aspects of the process that needs to be reformed. Issuers select which NRSROs will rate their deal and they pay the rating agencies rating their deals. Many blame this dy...
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- Ratings
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The Structured Credit Interview
- ABS
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Credit opportunities
Greg Branch, cio at SCIO Capital, answers SCI's questions
Q: How and when did SCIO Capital become involved in the structured finance market? A: SCIO Capital was incorporated in London in October 2009. The name was chosen as both an acronym for Structured Credit Investment Opportunity and its meaning in Lat...
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- ABS
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Job Swaps
- ABS
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CRA names South Africa manager
Moody's has appointed Jacques Els as general manager of its South Africa office in Johannesburg. Els...
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Structured trade finance md appointed
The Bank of Tokyo-Mitsubishi (BTMU) has appointed Erich Michel as md and head of the structured trad...
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Bank expands Asia development group
BNP Paribas has appointed Sam Shi in the newly created role of sales director, Greater China, for as...
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Acquisition strengthens structured credit desk
Ticonderoga Securities has completed its acquisition of Soleil Securities Corporation, resulting in...
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- CDS
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Credit hedge fund partnership formed
Investcorp and Prosiris Capital Management have formed a strategic partnership that will provide Pro...
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- CMBS
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Servicer strengthens business development
Clayton Holdings has recruited Rick Smith as senior md in business development, focusing on the firm...
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CMBS originator added
Andrew Seng has been appointed md in the Atlanta office of Holliday Fenoglio Fowler (HFF), where he...
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- RMBS
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Banks fined for misrepresentation
FINRA has fined Credit Suisse Securities US$4.5m and Merrill Lynch US$3m for misrepresenting delinqu...
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MBIA policyholder ruling awaited
A decision in the MBIA policyholders fraudulent conveyance case is expected in the next several week...
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- ABS
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News Round-up
- ABS
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Due diligence functionality provided
Principia Partners has launched the latest release of its structured finance platform, Principia SFP...
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Further woes for Greek SF
Fitch has downgraded 38 tranches (35 RMBS and three ABS) of 16 Greek SF transactions (comprising 13...
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US ABS remains stable
Although housing-related sectors suffered during the recent economic downturn, ratings on US ABS hav...
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Loss expectations lowered for US autos
The US auto loan ABS market has improved considerably over the past two years, primarily as a result...
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- CDO
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No post-auction distributions for CDO
The proceeds of the sale of the Ridgeway Court Funding II collateral (see SCI 4 May), together with...
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Trups CDO defaults levelling off?
Cumulative defaults and deferrals rose again for US bank Trups CDOs, though the rate of increase con...
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- CDS
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Operation benchmarking results released
ISDA has released the results from its 2011 year-end 'Operations Benchmarking Survey', which include...
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Dealer added to CDS platform
RBS has become the first dealer to provide streaming, executable markets to MarketAxess for CDS indi...
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CVA survey undertaken
Quantifi has released the preliminary findings of its counterparty credit risk survey. The firm rece...
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CDS service adds Euro capability
ReMATCH has removed US$97bn of risk in Western European sovereign CDS since launching its sovereign...
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- CLOs
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CLO unaffected by WARF constraint mods
Modifications to the maximum weighted average rating factor (WARF) constraint in the 80 existing tra...
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- CMBS
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Euro CMBS performance reaches new low
European CMBS loan performance sank again this month, with 12 new loans becoming delinquent R...
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Japanese CRE recovery back on track
Japanese commercial real estate transactions have been showing signs of recovery, though this recent...
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Euro CMBS repayments rise
Fitch reports that amortisation and cash sweeps on outstanding loans have caused its European CMBS M...
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CMBS delinquency rate rises again
The US CMBS delinquency rate increased by 5bp in April - the same as the increase in March...
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- RMBS
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Second private RMBS tranche placed
Walter Investment Management has privately placed approximately US$81m of class B RMBS notes issued...
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Aussie RMBS delinquencies reach record high
Fitch reports that 30+ day delinquencies in the Australian prime RMBS sector reached a record high o...
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- ABS
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