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Issue 241 - 6th July

  • News Analysis

    • CMBS

      • Forming consensus

        GRAND restructuring process underway

        Two conference calls held last week kick-started the restructuring process for GRAND - at €5.8bn (now amortised to €4.8bn), the largest-ever European CMBS issued. The deal is also one of the most actively traded European...

    • CDS

      • Documentation issues

        Voluntary debt exchanges scrutinised

        Greek CDS contracts appear unlikely to be triggered under current proposals for a Greek debt restructuring. Indeed, a proposal from a consortium of French banks put forward earlier this week specifically underlines the necessity of preventing a credi...

    • RMBS

      • MERS challenged

        Change in business model mooted

        The recent ruling in the Bank of New York vs Stephen Silverberg case is the latest to call into question the effectiveness of Mortgage Electronic Registration Systems (MERS). However, any changes to the MERS business model are expected to increase fu...

  • News

    • CLOs

      • Regulation tops CLO investor concerns

        The results of JPMorgan's latest global CDO client survey indicate that the number-one concern among the 107 respondents is regulation - unsurprising, given that Dodd-Frank risk retention proposals may soon be finalised. Eurozone sovereign...

      • Post-crisis CLO structures assessed

        Despite limited issuance to date, post-crisis CLOs appear to be more conservatively-structured than their pre-crisis counterparts. They also feature additional underwriting clauses designed to avoid some of the pitfalls that beset the asset class dur...

  • Job Swaps

      • Broker beefs up in ABS

        Laeken International says it plans to establish a structured finance strategy and analytics team. Th...

    • CDO

      • Key man clause triggered

        A meeting of Faxtor ABS 2005-1 class C noteholders is to be held at Ashurst's offices on 22 July to...

      • CRE CDO manager swaps

        C-III Asset Management is set to transfer collateral management responsibilities for the Nomura CRE...

    • CLOs

      • CLO manager replaced

        Bankia has replaced Caja Madrid as lead investment manager on Neptuno CLO I, II and III. EuroDekania...

      • Op risk vet recruited

        Allonhill has recruited Jim Sadler as md of business process management and analytics. He is charged...

      • RMBS sales manager added

        Tejas Securities Group has appointed Samir Shah as md and co-sales manager of structured products. T...

  • News Round-up

      • US auto ABS remains strong

        Credit fundamentals for US auto ABS remain strong in spite of recent economic headwinds, according t...

      • AIB auction results in

        The final prices for the Allied Irish Banks CDS senior and subordinated auctions, held yesterday, we...

      • US RMBS criteria updated

        Fitch has updated three criteria reports designed to better gauge credit risk on new issue US RMBS t...


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