Issue 244 - 27th July
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News Analysis
- ABS
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Lengthy lull
Recruitment slowdown to stretch beyond summer
The year started well for the structured finance job market, but activity dropped away a few months ago and hasn't picked up since. Opinion among recruiters is split as to whether hiring will resume later this year or remain on hold until 2012, but t...
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- ABS
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Market Reports
- CMBS
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New CMBS deals price wide
Last week was an eventful one for US CMBS: although secondary trading was subdued, two new deals priced. Both transactions printed wider than had been expected, showing that the market has moved a long way from earlier in the year when triple-A sprea...
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- RMBS
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Lights in the dark for Euro RMBS
Nervousness in the European RMBS market has caused spread widening, as participants wait to see how issues in the Eurozone work out and whether they may lead to new problems for the banking sector. However, despite those concerns, UK and Dutch RMBS c...
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- CMBS
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Job Swaps
- ABS
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Business development head hired
Luis Acosta has joined Ally Commercial Finance as senior md, reporting to George Triebenbacher, pres...
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Asset-based lender expands
Capital Business Credit has recruited Peter Provenzale as senior business development officer and sv...
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SunTrust fined over ARS violations
FINRA has fined SunTrust Robinson Humphrey and SunTrust Investment Services, for violations related...
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- CDO
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Global head named in structured credit push
Natixis CIB Americas has promoted Kevin Alexander to head of global structured credit and conduits....
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ABS CDO reassigned
Fixed Income Discount Advisory Company (FIDAC) is set to assign its collateral management responsibi...
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- CDS
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Market data pro hired
BGC Partners has recruited Mark Benfield as executive md and director of BGC Market Data. Benfield,...
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Partnership programme enhanced
Sapient Global Markets has joined the Murex partnership programme to provide professional services t...
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- CLOs
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GSC transfer confirmed
An investor notice for the GSC European CDO I-R, II and V transactions confirms that the sale of GSC...
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Fund sub-advisory agreement ended
Invesco Advisers has announced that it is to assume sole responsibility for managing the Invesco Van...
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Key-man vote adjourned
The meeting of Faxtor ABS 2005-1 class C noteholders on 22 July to vote on key-man provisions (SCI 5...
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Consent received for GSC assignment
All consents required for GSC Partners Gemini Fund, GSC Partners CDO Fund II and GSC Partners CDO Fu...
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- CMBS
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Loan servicer coo replaced
LNR Partners Europe has appointed Matthias Schlueter as its new coo and md. Schlueter, who has 10 ye...
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Imperial Capital hires in structured finance
Todd Fasanella has joined Imperial Capital as an md located in its New York office. He will focus on...
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Real estate practice bolstered
Jodi Schwimmer has joined Dechert's finance and real estate practice as counsel in New York. She was...
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- RMBS
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Asset manager adds in research
Deer Park Road Corp has hired Hao Li as research analyst to strengthen its portfolio management team...
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TARP cio joins REIT
David Miller has joined Pine River Capital Management as an md, responsible for business development...
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Freddie Mac vet turns advisor
The Collingwood Group has retained Manoj Singh as a special advisor, to help its clients navigate th...
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MBS consultancy absorbed
Berliner Consulting & Research has been absorbed into Manhattan Advisory Services, a subsidi...
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- ABS
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News Round-up
- ABS
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EM existing asset criteria updated
Fitch has updated its criteria for existing asset securitisation in emerging markets in relation to...
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Securitisation race heats up
At the halfway point of 2011, with close to US$140bn of qualifying deals counted, the race is heatin...
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Q2 issuance tops Y1trn in Japan
S&P reports that it has assigned ratings to Japanese securitisation transactions worth &...
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Unusual wind bond marketing
Natixis is marketing a new euro-denominated two-tranche catastrophe bond - Pylon II Capita...
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Counterparty criteria impact tallied
S&P has estimated the final rating effect of the introduction of its counterparty criteria,...
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RFC issued on updated Reg AB
The US SEC is re-proposing for public comment some rules regarding ABS shelf registration under Regu...
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European SF outlook outlined
Moody's says it holds a stable outlook on the performance of collateral underlying certain types of...
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- CDO
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Trups CDO defaults stabilising
Cumulative defaults and deferrals for US bank Trups CDOs are continuing to stabilise, according to t...
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Second CDO tender for Citi
Citi has announced its second CDO tender offer this month, following the launch of one for Bryant Pa...
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Secondary CRE CDO methodology released
Moody's has published a secondary methodology for rating CRE CDOs. The rating agency says the method...
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- CDS
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ISDA warns on CDS execution
Marking the first anniversary of the Dodd-Frank Act, ISDA has commented on the safety of the OTC der...
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CVA functionality introduced
Pricing Partners has introduced CVA, DVA and bilateral CVA functionality for all payoff-based trades...
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Insurance CDS index launched
Moody's recently launched its Global Insurance CDS Index (MDYGIX), which aims to provide a window in...
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JSCC pricing agreement signed
Markit is to produce daily settlement prices for Japan Securities Clearing Corporation (JSCC), requi...
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Risk assessment tops technology challenges
FINCAD has released the results of its second annual survey, in which 28% of sell-side and 30% of bu...
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Tradeweb founder launches pricing platform
Jim Toffey, the founder of Tradeweb, has launched Benchmark Solutions. The firm says it is the first...
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Irish Life auction scheduled
An auction to settle the credit derivative trades for Irish Life & Permanent CDS is to be he...
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Bank of Ireland auction scheduled
The auction to settle the credit derivative trades for The Governor and Company of the Bank of Irela...
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Greek credit event appears unlikely
ISDA has issued an update on whether last week's Eurozone rescue package for Greece is a credit even...
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- CMBS
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City Center Trust 2011-CCHP ratings queried
Fitch has published another unsolicited assessment of a CMBS deal in marketing. As with its unsolici...
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Fitch sanguine on CMBS 2.0
A new report from Fitch suggests that the agency is currently comfortable with new CMBS deal structu...
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- RMBS
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Irish RMBS rating ceiling lowered
Moody's has downgraded the ratings of 30 tranches of 14 Irish RMBS transactions, affecting ̈́...
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Colston RMBS restructured
Bristol & West has restructured its £3bn Colston No. 1 RMBS. Under the restructurin...
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Need for QM safe harbour stressed
The American Securitization Forum and SIFMA have filed comment letters with the Federal Reserve rega...
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- ABS
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Research Notes
- CDS
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Challenges in implementing a counterparty risk management process
David Kelly, director of credit products at Quantifi, explores the key challenges for banks in the i...
Most banks are in the process of setting up counterparty risk management processes or improving existing ones. Unlike market risk, which can be effectively managed by individual trading desks or traders, counterparty risk is increasingly being priced...
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- CDS
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