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Issue 242 - 13th July

  • Market Reports

    • CMBS

      • Senior focus

        The US holiday has contributed to a quiet week in the European secondary CMBS market. However, some participants are still finding opportunities. "It's been a quiet week because of the US being out, apart from the occasional BWIC and OWIC," says on...

    • RMBS

      • Investor uproar in Euro RMBS

        The European ABS market has been ticking along this week, with trading seen for old Lehman Brothers bonds and notes from Northern Rock's Granite transactions. However, the main focus has been on an abrupt u-turn by Northern Rock regarding its Graphit...

  • News

    • CDS

      • Lehman unwind sparks MCDS basis opps

        News that Lehman Brothers Special Financing (LBSF) intends to wind down a large portfolio of single name municipal CDS precipitated last month a spread rally that saw CDS outperform cash. The move has consequently presented investors willing to trade...

    • CMBS

      • Beacon Seattle nears trigger

        The recent sale of Liberty Place marks the fifth property to be released from the Beacon Seattle & DC Portfolio, following the modification of the loan last year (SCI 14 December 2010). It also brings the loan very close to triggering a hyper...

      • NHP alternatives analysed

        All landlords of Southern Cross Healthcare Group have indicated their intention to leave the group, according to a recent investor notice, which also states that the "smooth transition" of homes to landlords and their new operators is underway. The m...

    • RMBS

      • Countrywide settlement sets 'a low bar'

        The 'class warfare' predicted to occur following Bank of America's reps and warranties settlement with 22 institutional investors (SCI 29 June) is already emerging. Indeed, the agreement is said to have set a low bar for future settlements of this ki...

  • The Structured Credit Interview

    • ABS

      • Mixing ABS management and consumer credit advisory

        Jeroen Bakker, director at Cervus Capital Partners, answers SCI's questions

        Q: How and when did Cervus Capital Partners become involved in the structured finance market? A: Cervus Capital Partners launched on 1 July. I founded it along with two ex-IMC Asset Management colleagues - Felix Berger and Neil Tjin (see S...

  • Job Swaps

    • CDS

      • New ceo for Cortview

        Cortview Capital Holdings has recruited Kelley Millet as ceo. Michael Lacovara, a founder of the fir...

      • Manager swap for CDPC

        Oak Hill Advisors has replaced AXA Investment Managers as portfolio manager for Deutsche Bank's CDPC...

      • SEF adds in compliance

        Tradeweb Markets has appointed Bob Paul, a former CFTC general counsel, as a member of its global co...

    • CLOs

      • CLO business acquired

        Apollo Global Management has acquired Gulf Stream Asset Management, which currently manages 10 CLOs...

      • Natixis credit team tapped

        GreensLedge Capital Markets has recruited an eight-strong structured credit team. Ken Wormser and Da...

  • News Round-up

    • ABS

      • Punch split confirmed

        Punch has announced its formal intention to split the business in two via the creation of a new list...

      • Card delinquencies drop

        US credit card defaults dropped to their lowest levels since early-2008, while delinquencies fell to...

    • CDO

      • Bryant Park CDO tendered

        Citi has announced cash tender offers for the outstanding income notes and class A-1, A-2, B and C n...

      • ABS CDO liquidation due

        The trustee for Maxim High Grade CDO I has retained Dock Street Capital Management to act as its liq...

      • ABS CDO liquidated

        Stone Tower Debt Advisors has sold and liquidated all Coldwater CDO collateral (SCI 14 June) and the...

      • CDS functionality enhanced

        MarketAxess has launched an enhanced institutional credit trading system that includes significant a...

    • CLOs

      • KKR CLO upsized

        KKR Financial has upsized KKR Financial CLO 2011-1 to US$600m from US$400m. The firm has also increa...

      • RMBS criteria updated

        Fitch has published an updated US RMBS sector-specific criteria report that outlines the framework u...


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