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Issue 246 - 10th August

  • News Analysis

    • ABCP
      • Alternative approaches?

        Regulatory uncertainty hampering ABCP market

        Changes in FASB accounting rules, combined with regulatory uncertainty continue to hamper the growth of the ABCP market. However, the need to secure long-term funding has seen some banks adopt alternative approaches to the sector. Jerry Marlatt, se...

  • Market Reports

    • CLOs
      • Euro CLO market silenced

        The European CLO market has had a very quiet couple of weeks as macro headlines continue to cause concern. Demand remains high for top-quality paper, but is quite thin below that. "There is very little happening," explains one trader. "I have not s...

  • News

    • ABS
      • Structured credit may provide 'safe-haven'

        Assets that were once deemed responsible for the spread of the global financial crisis in 2007-2009 may find themselves offering refuge for investors in the wake of the recent market slide. According to structured credit strategists at Cit...

      • Unemployment impacting student loan ABS

        The record high unemployment rate for young college graduates of 9% in the first half of 2011 is impacting student loan securitisations, with recent vintages performing worse than earlier transactions. Moody's notes in its latest Weekly Credit Outloo...

    • CDS
      • Tranche investors buying on sovereign concerns

        As nervousness about sovereign debt concerns pushes CDS spreads on European peripheries steadily wider, tranche investors have been taking advantage of the deterioration. CDS on Spain, for example, has risen to 423bp - 122bp wider week-on...

    • CMBS
      • 'Harsh' action for Euro CMBS property

        The Quartier 206 shopping centre - securing the defaulted loan of the same name - has been placed into public administration as of Tuesday (2 August), according to a Titan Europe 2006-5 transaction notice. CMBS analysts at Barclay...

    • Whole business securitisations
      • Surprise downgrade for pubco deal

        All of the notes in the Unique Pub Finance securitisation have been downgraded one notch by Fitch because of concerns over the stability of Enterprise Inns' business model. The class A notes have become sub-investment grade, dropping from triple-B mi...

  • The Structured Credit Interview

    • ABS
      • Alignment of interest

        Deer Park Road Corp founder Michael Craig-Scheckman and md Will Bashan answer SCI's questions

        Q: How and when did Deer Park Road become involved in structured finance? M: I founded Deer Park Road in 2003 when I moved to Colorado, with the aim of continuing the relationships I had built in previous roles at hedge funds. Initially I was managi...

  • Job Swaps

    • CDO
      • Key persons replaced

        Faxtor ABS 2005-1 class C noteholders have voted to replace the key persons on the transaction by an...

      • CRE CDO transferred

        Wrightwood Capital has resigned as collateral manager and advancing agent on Wrightwood Capital Real...

    • CLOs
      • Ares acquires Indicus

        Ares Management is buying European leveraged finance and CLO manager Indicus Advisors. David Reilly...

    • RMBS

  • News Round-up

      • Global SF criteria updated

        Fitch has updated its global criteria for rating structured finance (SF) transactions. The update in...

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