Issue 268 - 18th January
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News Analysis
- Structured Finance
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Dual approach
Monoline builds 2012 pipeline
In replacing Ambac Assurance UK as monoline guarantor on the UK PFI bond issue originally issued by Worcestershire Hospital in 1999, Assured Guaranty has taken a significant step towards re-launching its business in Europe (SCI 9 January). Having kep...
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Partial benefit
TRACE data having mixed liquidity impact
The US structured trading activity and pricing information that FINRA has made available to the market over the last few months has broadly boosted liquidity, particularly for agency MBS. However, more granular detail is required to make the data on...
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- Structured Finance
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Market Reports
- Structured Finance
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Euro RMBS outshines CLOs, CMBS
Activity in the European securitisation market has been mixed so far this year. RMBS has made a promising start and one trader reports that renewed primary issuance is expected soon, but secondary trading in the CLO and CMBS markets is occurring only...
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- Structured Finance
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News
- Structured Finance
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SCI Start the Week - 16 January
A look at the major activity in structured finance over the past seven days
PipelineThe number of deals entering the pipeline is picking up, with five new transactions remaining at the end of last week. A €1.44bn RMBS from Crédit du Nord (FCT BS CDN PPI) led the way and was joined by a second RMBS after Sa...
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- CMBS
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Special servicer fees scrutinised
CMBS investors are becoming increasingly concerned about post-maturity loan pay-offs that generate workout fees despite only spending a few months with the special servicer, according to US CRE Debt analysts at Deutsche Bank. They cite the pay-off of...
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- Structured Finance
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Job Swaps
- ABS
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Law firm adds SF specialist
Berwin Leighton Paisner has added a structured finance specialist to its banking and capital markets...
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- Structured Finance
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Firm appoints SF partner
Schulte Roth & Zabel has named a new structured finance partner. David Karp, based in the Ne...
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Mexican SF specialist enlisted
Juan Manuel Gonzalez Bernal has joined Greenburg Traurig's newly established Mexico City office as a...
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EM investor joins new Swiss office
Alexander Nagel has joined Global Evolution with a focus on formulating absolute return strategies w...
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- CDS
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Thames River restructures credit team
Thames River has made changes in its global credit team, which is headed by Stephen Drew. Brett Goll...
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- CLOs
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Oak Hill promotes partners
Oak Hill Advisors has named four new partners, who will join the six existing partners in leading th...
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- CMBS
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Industry vets form CRE firm
A new firm has launched in the CRE space, offering a source of capital solutions and expertise. SL C...
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HFF appoints debt placement director
Holliday Fenoglio Fowler (HFF) has added a director to the debt placement group in its New Jersey of...
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- Risk Management
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Bank appoints CVA head
Lloyds Bank has recruited Cris Kinrade as head of counterparty exposure management and solutions in...
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Risk executive hired
RiskSpan has appointed John Lynch as executive of its independent pricing service. He was most recen...
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Risk specialists team up
RangeMark Financial Services and Cooperstein Analytics (CA) have established RangeMark Analytics (RA...
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- RMBS
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SEC fines UBS investment arm
The US SEC has charged UBS Global Asset Management with failing to properly price securities in thre...
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- ABS
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News Round-up
- ABS
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Negative outlook for US ABCP
Moody's credit outlook for US ABCP in 2012 is negative, although its outlook for the credit quality...
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Vitality III marketing
Goldman Sachs and BNP Paribas are marketing the third Vitality Re medical benefit claims ILS. Vitali...
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Loan defaults weigh on SME ABS
Moody's expects deterioration in the credit quality of European banks to negatively affect new and e...
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Mixed outlook for aircraft ABS
Fitch's outlook for aircraft ABS performance in 2012 remains mixed. While base-case expectations cal...
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ABCP PWCE criteria changes proposed
S&P has published a request for comment (RFC) on proposed changes to the methodologies and a...
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Assurant returns with latest Ibis Re deal
Assurant is to sell a third issuance of notes from its Ibis Re II programme, having last tapped the...
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CatVest launches ILS, ILW tools
CatVest Petroleum Services has launched its EnergyRisk Model and Industry Loss Index. The firm's mod...
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Zenkyoren returns
A new Japanese quake catastrophe bond has begun marketing on behalf of Japan's National Mutual Insur...
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- Structured Finance
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EFSF downgraded
S&P has lowered the triple-A long-term issuer credit rating on the European Financial Stabil...
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- CDO
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CRE CDO late-pays dip
Late-pays for US CRE CDOs finished the year at a lower level than in 2010, according to the latest F...
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ZING unwind approved
Anchorage Capital's chapter 11 plan for the liquidation of the Zais Investment Grade VII CDO (SCI pa...
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- CDS
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Clearing committee announced
ISDA has announced the membership and charter of its Industry Clearing Committee (ICC). The ICC, whi...
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SEAT LCDS auction due
Markit iTraxx LevX market makers have determined that a failure to pay credit event occurred in resp...
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OTC compression rates rise
TriOptima's triReduce compression service for both interest rate and credit default swaps terminated...
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SEAT LCDS price determined
The final price for trades referencing SEAT PAGINE GIALLE was determined to be 45 during yesterday's...
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Markit adds CDS sensitivities
Markit is supplementing its end-of-day prices for credit default swaps with a new sensitivities repo...
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OTC trade repository recommendations released
CPSS and IOSCO have published their final report on the OTC derivatives data that should be collecte...
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- CLOs
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Downgrades likely on SME CLO criteria change
S&P has issued a request for comment on a proposed revision to its methodology and assumptio...
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- CMBS
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TITN 2006-4FS steps up
The borrower behind the Titan Europe 2006-4FS CMBS has given notice in connection with the Four Seas...
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Apollo refinances TALF debt
Apollo Commercial Real Estate Finance has utilised additional capacity under its master repurchase a...
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- Risk Management
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FDIC acts on stress test, resolution rules
The FDIC has approved a notice of proposed rulemaking (NPR) that would require certain large insured...
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- RMBS
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KBRA debuts RMBS presale
Kroll Bond Rating Agency has published its inaugural RMBS presale report, having assigned preliminar...
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'Credit positive' reforms for INFONAVIT
Recent reforms of the INFONAVIT Law should result in better asset quality in new mortgage loans that...
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LTV linked to Spanish RMBS defaults
Moody's highlights in a new special report that Spanish mortgage loans most likely to default are th...
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Strategic defaults weigh on private-label RMBS
The credit performance of private-label RMBS in the US continues to face many challenges in 2012, Mo...
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Dutch RMBS performance softening
Fitch reports that the low level of completed foreclosures in prime Dutch RMBS transactions is addin...
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MLANs debut
Freddie Mac has priced a 2.06% US$3bn mortgage-linked amortising note (MLAN) security due on 15 Janu...
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Douro tender disappoints
Banco BPI is set to purchase only €149.3m from its recent fixed tender offer for over &...
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- ABS
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