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Issue 238 - 15th June

  • News Analysis

    • CMBS

      • Back to the future?

        Fears voiced over slipping CMBS underwriting standards

        US CMBS origination is back in full swing, with as much as US$50bn of new issuance estimated to launch before year end. But, as confidence in conduit CMBS increases and investors once again become more focused on the hunt for yield, some market parti...

    • ABS

      • Discretion development

        Sea-change seen for European trustees

        The trustee's role in the European securitisation market has undergone a sea-change since the onset of the financial crisis. At the same time, increased volume of deal restructurings and workouts has also brought more clarity around the tricky issue...

    • CDS

      • Perfect settlement pushed

        Cleared trade workflows scrutinised

        The US SEC and CFTC are being lobbied to adopt and enhance their current proposals for CDS and interest rate swap trade workflows that are based on the doctrine of 'perfect settlement'. At the same time, new master execution documentation is being de...

  • Market Reports

    • CLOs

      • Down-time for Euro CLOs

        The European CLO market appears to be entering a quiet phase as macro events begin to dent investor confidence. However, market participants hope that next week's Global ABS conference will provide a much-needed boost to the sector. "We've had a go...

  • News

    • RMBS

      • ML2 results prompt strategy switch

        The results from Monday's Maiden Lane II BWIC have been released, indicating that 36 of the 73 assets out for bid traded - for the second consecutive time. Of the approximately US$2.55bn in non-agency RMBS on the list, 57% (US$1.47bn) trade...

  • Talking Point

    • Ratings

      • Rating the ratings

        Blaise Ganguin, chief credit officer at S&P, looks at how ratings have performed over the downtu...

        Amid all the discussion about the role of credit ratings in financial markets, their actual performance has often been misunderstood. Ratings are forward-looking opinions of relative creditworthiness, so their performance can be measured by how well...

  • Job Swaps

      • SF advisory team hired

        Lazard has recruited a structured credit advisory team to broaden its capital structure advisory bus...

      • ISDA IIGC co-chairs named

        Athanassios Diplas of Deutsche Bank and Charles Mulhern of Wellington Management Company have been a...

    • CLOs

      • CLO assignment proposed

        DiMaio Ahmad Capital (DAC) is proposing to assign its rights as collateral manager on the Duane Stre...

    • Monolines

      • Ambac head steps down

        Diana Adams will replace David Wallis as head of Ambac Assurance Corporation. Wallis has resigned as...

  • News Round-up

    • CLOs

      • Euro SME CLOs stabilising

        European SME CLO transaction performance is continuing to stabilise or improve across all jurisdicti...

      • Pro forma warning

        The pro forma underwriting of commercial real estate loans is not currently a wide...

  • Research Notes

    • Technology

      • Seeing the wood and the trees

        Douglas Long, evp business strategy at software provider Principia, discusses how addressing investo...

        Ask what is meant by 'investor due diligence' and you'll likely get a host of different answers. The term's openness for interpretation has meant that the simplest definition gradually became the benchmark in years past. It was seen as a basic leve...


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