Issue 267 - 11th January
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Market Reports
- CLOs
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Euro CLO hibernation over?
The European CLO market has made a somewhat lethargic start to 2012, not dissimilar to how it ended 2011. Although the sector has not been busy in the first week of the year, trades are being done and activity is expected to pick up as the month cont...
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- CLOs
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News
- ABS
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Looking ahead for cat bonds
S&P has published extracts of a roundtable discussion on the catastrophe bond market it recently hosted. In a generally forward looking and positive discussion the participants concurred on a number of issues not least that despite the econom...
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Life securitisation shows potential
S&P has published extracts of a roundtable discussion on longevity securitisations it recently hosted. The rating agency observes: "With recent transactions in the UK, longevity securitisations are attracting more attention in the US. Diffe...
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- Structured Finance
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SCI Start the Week - 9 January
A look at the major activity in structured finance over the past seven days
PipelineThe year began with three new deals entering the pipeline last week. The largest is a US$1.7bn stranded cost ABS (CenterPoint Energy Transition Bond Company IV), which was joined by a US$765m student loan ABS (SLM Student Loan Trust 2012-1) a...
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DataWarehouse construction progresses
User functionality is the current focus of the team building the European DataWarehouse (ED), after Sapient Global Markets won the mandate to construct it at the end of October (SCI 1 November). Functionally, the ED will be a simple system, given tha...
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- RMBS
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Douro tender offers surprise
Banco BPI has surprised the market by launching a fixed price tender offer for ten bonds, accounting for €2.17bn of outstanding nominal value, across three Portuguese RMBS transactions - Douro Mortgages 1, 2 and 3. The offers form...
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- ABS
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Talking Point
- Structured Finance
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Should triple-A be the only way for structured finance?
Andrew South, senior director and head of European structured finance research at S&P, argues th...
Investors in structured finance securities remain highly focused on triple-A ratings - and, consequently, so do issuers. But with banking system and sovereign risks recently increasing, triple-A ratings are becoming more difficult to achieve. In our...
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- Structured Finance
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Job Swaps
- Structured Finance
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Broker-dealer legal pair recruited
Crowell & Moring has hired a pair of experienced broker-dealer attorneys. Eden Rohrer and Li...
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Investor relations head hired
400 Capital Management has appointed Mark Lewand as director and head of investor relations. He join...
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Credit advisor recruited
Kepler Capital Markets has hired Joachim Karoubi Nordon as an advisor in its credit alternative solu...
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SF lawyer joins in expansion
SNR Denton has added a new partner to its banking and finance team in London, which it has earmarked...
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GSE vet joins law firm
Washington DC-based law firm Venable has hired Daniel Danello as of counsel. Danello has previously...
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Offshore firm heads to Luxembourg
Ogier intends to open a boutique law firm in Luxembourg and set up a fiduciary business in the count...
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- CDO
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Credit, distressed investment pro hired
Black Diamond Capital Management has appointed Kenneth Rubin as senior md and hedge fund portfolio m...
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- CDS
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TriOptima Japan head named
TriOptima has appointed Ken Nishimura as head of TriOptima Japan. He will manage the continuing expa...
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- CLOs
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Investment manager adds business development md
Highland Capital Management has appointed a business development md in its New York office. Brian Ri...
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Global credit manager created
Resource America and CVC Capital Partners have entered into a definitive agreement which will create...
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- CMBS
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New CMBS director recruited
Morningstar has appointed Gregory Murdock as director of CMBS investor services. He reports to Rober...
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- RMBS
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Further RMBS investigations opened
Investors represented by Gibbs & Bruns have issued instructions to US Bank and HSBC, as trus...
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- Structured Finance
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News Round-up
- ABS
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Stable outlook for Canadian ABCP
Moody's outlook for Canadian ABCP programmes for 2012 is stable, with the credit quality of the unde...
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Monoline replacement agreed
Assured Guaranty (Europe) has replaced Ambac Assurance UK as financial guarantor and controlling cre...
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- Structured Finance
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Retained ratings warning issued
Fitch reports increasing volatility in the ratings of eurozone structured finance (SF) transactions...
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Euro SF recovery predicted next year
A sustainable recovery in European structured finance issuance is unlikely before 2013, due to a com...
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Intra-day commentary service launched
Fitch has launched 'Fitch Wire', a new service designed to provide insightful credit commentary on m...
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- CDO
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ABS CDO liquidation scheduled
Dock Street Capital Management has been retained as liquidation agent for Kleros Real Estate CDO IV....
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- CDS
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Sovereign credit risk report released
CMA has released its 4Q11 global sovereign credit risk report, in which it names the top-ten most an...
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- CLOs
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Rising concern over CLO supply
JPMorgan's latest global CDO client survey shows that lack of CLO primary supply has significantly i...
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RFC issued on CLO criteria
DBRS is requesting comments on proposed changes to the methodology it uses to rate and monitor CLOs...
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- CMBS
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K-Deal analytics tool prepped
Freddie Mac is preparing a free database tool for investors and analysts to monitor the performance...
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CMBS delinquency index drops as office sector rises
US CMBS delinquencies finished last year with a fifth straight month of declines, according to the l...
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CMBS evolution considered
New issue US CMBS continues to evolve but with uncertainties that broader market volatility will onl...
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CMBS loan liquidations retreat
The volume of CMBS conduit loans liquidated in December retreated sharply, dropping by 51% from Nove...
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December pay-offs fall sharply
The percentage of CMBS loans paying off at their maturity date fell sharply in December, posting the...
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2007-vintage maturities hit CMBS delinquency rate
After a positive November delinquency report, the Trepp CMBS delinquency rate reversed course and mo...
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- Risk Management
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OTC regulatory impact examined
GreySpark Partners has released a report examining the expected impact of OTC derivatives clearing f...
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LCR rules taking shape
The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on...
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- RMBS
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DSB noteholder meetings scheduled
A noteholder meeting is being convened on 24 January to discuss and approve two proposals related to...
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Fed white paper supportive of RMBS
Fitch suggests that the recommendations in a recent Federal Reserve white paper on the US housing ma...
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Servicer loss mitigation assessment debuts
S&P's global surveillance analytics team has developed a method for assessing US mortgage se...
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- ABS
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