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Issue 245 - 3rd August

  • News Analysis

    • CDO

      • 'Zombie' threat

        Bankruptcy-remote concept challenged

        Strategies to resolve 'zombie' CDOs come in many forms. But the latest to hit the market - the ZING VII case - has the potential, if successful, to undermine the traditional understanding of bankruptcy-remoteness. "Some opportun...

    • ABS

      • Falling grades?

        FFELP student loan ABS at risk

        The once unthinkable possibility of a US downgrade has quickly become a very real prospect, as the deadline for resolving the Federal debt ceiling and budget becomes imminent. A US downgrade would particularly affect FFELP student loan ABS, which wou...

  • Market Reports

    • CMBS

      • US CMBS market 'treacherous'

        The last week and a half has been "pretty treacherous" in the US CMBS market, reports one trader. The ongoing wrangling over the US debt ceiling and the threat of a US downgrade has helped create an environment of confusion, which has not been eased...

  • News

    • CLOs

      • Participations increasing in CLO refis

        Refinancing older CLOs by transferring assets to new transactions appears to be gaining traction. Indeed, two recently closed deals and another in the pipeline have relied temporarily on participations rather than the more common outright assignment...

    • CMBS

      • GGP spins off mall portfolio

        General Growth Properties (GGP) plans to spin off 30 of its malls to shareholders through a special dividend. The 30 malls, 14 of which still serve as collateral for CMBS transactions, are to be transferred to a new REIT called Rouse Properties. CM...

      • GS MST 2011-GC4 pulled due to CMBS review

        Goldman Sachs and Citi have been forced to withdraw their GS Mortgage Securities Trust 2011-GC4 CMBS from the market, even though the deal priced last week (SCI 25 July 2011). The move follows S&P's release of an 'Advanced Notice of Proposed...

      • Super-senior CMBS structure criticised

        The introduction of the super-senior structure is credit negative for CMBS underwriting because it can diminish so much of the credit risk for senior investors that they no longer exert much-needed discipline on the underwriting process, according to...

    • RMBS

      • Mods dominate non-agency performance

        Modified loans are increasingly driving overall performance in the non-agency US RMBS space and now account for 10%-15% of all non-agency loans from the 2005-2007 vintage, according to Barclays Capital securitisation analysts. This is particularly th...

  • Job Swaps

      • KBC CDO unwind to proceed

        KBC Group has received approval from the European Commission to amend its 2009 strategic plan and se...

    • RMBS

      • UBS targeted in FHFA suit

        The Federal Housing Finance Agency has filed a lawsuit in the federal district court for the Souther...

  • News Round-up

      • US-linked ABS confirmed

        Moody's has confirmed the triple-A ratings of financial institutions directly linked to the US gover...


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