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Issue 269 - 25th January

  • News Analysis

    • Structured Finance

      • Increasing visibility

        Corporate trust service providers explore post-crisis landscape

        Representatives from leading corporate trust service providers met with SCI late last year to discuss the post-financial crisis trustee and agency landscape. Regulatory and market infrastructure challenges were at the forefront of their minds. (The f...

    • CMBS

      • Catching the wave

        CMBS loan mod, refi likelihood explored

        December saw the second highest volume of US CMBS loan modifications ever, after the GGP-related spike in 2010. The most visible increase in liquidations during the month, meanwhile, came from the 2007 vintage - ahead of the wave of five-ye...

    • CDS

      • Competition questions

        Trade execution, fragmentation in the spotlight

        The issues of anonymity and real-time trade acceptance under Dodd-Frank appear to be splitting the OTC derivatives dealer community. At the same time, the competitive landscape is also proving tricky for CCPs. "Real-time trading is at the heart of...

  • Market Reports

    • CMBS

      • Euro CMBS sparks into life

        The European secondary CMBS market has seen a pick-up in activity over the last few days. However, activity is effectively limited to smaller players and broader market involvement still remains elusive. "The market has not been extremely busy and...

  • News

    • Structured Finance

      • SCI Start the Week - 23 January

        A look at the major activity in structured finance over the past seven days

        PipelineThe increased rate of deals entering the pipeline continued last week with seven new names announced. Two CMBS deals (US$1bn Freddie Mac SPC series K-705 and US$1.154bn GS MST 2012-GC6) were joined by two Canadian ABS transactions (Master Cre...

      • Continued Euro ABS market contraction expected

        The European securitisation market has begun 2012 on a positive footing: buoyed by a rally in European risk assets that was prompted by the ECB's LTRO programme, both ABS and RMBS have been better bid on the secondary market since the start of the ye...

    • CDS

      • Bespoke CDS appetite persists

        Bespoke structured credit activity continues in various guises in both the primary and secondary markets, despite the increasingly punitive regulatory environment. While most of the legacy structured credit market is no longer deemed to be distressed...

    • CLOs

      • Structural tweaks strengthen APAC CLOs

        Synthetic balance sheet CLOs are one of the few asset classes within the Asia (ex-Japan) structured credit market tipped for growth in 2012 as banks look to employ the structure for regulatory capital relief trades (SCI 23 December 2011). Investor in...

    • CMBS

      • Loan extensions on the cards

        Thirty European CMBS loans, accounting for €1.8bn, are due to mature this month. Issuer notifications regarding these loans have not been positive to date and this trend is expected to continue for the most part. Of the loans maturing thi...

      • Fair value in the balance?

        The wrangling over the JW Marriott Las Vegas Resort & Spa loan, securitised in CSMC 2007-TFLA, continues. CMBS investors are concerned that the case could set a negative precedent that may result in further artificially low valuations benefit...

    • RMBS

      • Low expectations for refi initiative

        President Obama's State of the Union address yesterday included a section on mortgage refinancing initiatives. However, while MBS valuations could see a knee-jerk reaction as a result, ultimately the chances of this programme winning Congressional pa...

  • Talking Point

    • CDS

      • You say voluntary, I say mandatory...

        Anu Munshi, partner at B&B Structured Finance, explores the impact of debt restructuring on CDS ...

        An old school friend with a great business idea comes to you and three other similarly well-off school friends and asks if you'd lend him money for his business. He needs US$40,000 and expects he can pay it back in one year with 10% interest. The fou...

  • Job Swaps

    • Structured Finance

      • PIMCO promotes in SF

        PIMCO has announced a raft of promotions, including a number of senior structured finance positions....

    • CDS

      • Potential SEF adds svp

        TeraExchange has appointed Marti Tirinnanzi as business development svp. She will be head of the fir...

    • CMBS

      • Restructuring firm renamed

        Guardian Solutions has changed its name to Alliance Commercial Group. The firm will continue to spec...

    • RMBS

  • News Round-up

      • FFELP SLABS targeted

        Moody's has issued an RFC on a proposed update to the cashflow assumptions it uses when rating FFELP...

    • Structured Finance

      • Lead arranger announced

        The rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets ha...

    • CDO

      • ABS CDO tendered

        Following a tender offer announced on 19 December, €8m Faxtor ABS 2004-1 class A1 notes ha...

    • CDS

      • Kodak credit event called

        ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit ev...

      • LEI test file released

        The GFMA has posted a test file of provisional legal entity identifiers (LEIs), created by the DTCC...

      • ACA CLO buy-back underway

        Barclays Bank has commenced a tender offer to purchase for cash all outstanding class A2L, A3L, B1L...

    • CMBS

      • DQT edges up 5bp

        The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 5bp in De...

    • RMBS

      • ML II sale completed

        The New York Fed has sold US$7bn in face amount of assets from its Maiden Lane II (ML II) portfolio...

      • Granite re-rated

        S&P has taken various rating actions on all classes of notes in the Granite UK RMBS master t...

      • Busted swap claim mooted

        A meeting has been convened on 17 February for Eurosail Prime-UK 2007-A class A noteholders to consi...


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