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Issue 270 - 1st February

  • News Analysis

    • CDS
      • CDS saviour?

        CAC proposal could eliminate need to sidestep CDS trigger

        Serious questions are being raised about the future of CDS, following a recent credit event (see box) and the ongoing euro area sovereign crisis. However, a recent proposal by the Greek finance ministry could satisfy all parties concerned -...

    • Structured Finance
      • Slow start

        Traditional recruitment cycle yet to begin

        Structured finance recruitment tailed off towards the end of last year and the early signs are that it will take a while to restart this year. Despite the generally muted outlook, pockets of hiring activity remain. After the groundwork has been don...

    • CLOs
      • Bullish outlook

        Positive market sentiment drives CLOs tighter

        Buoyed by bullish sentiment in the broader capital markets, US CLOs have started 2012 on a positive footing. Primary issuance spreads are narrowing relative to late-2011 levels, while robust secondary market activity has been subject to increasing bi...

  • Market Reports

    • CMBS
      • US CMBS continues to impress

        January has proved to be a productive month for US CMBS and last week was no exception to that trend. New issuance has been well received and spreads in both the primary and secondary market are tightening. "The huge change in sentiment lately has...

    • RMBS
      • Euro RMBS on the up

        RMBS continues to lead the way for the European securitisation markets. Secondary trading in the sector is active, with the benchmark Granite programme in particular attracting interest. "The market has exhibited a pretty positive tone over the las...

  • News

    • Structured Finance
      • SCI Start the Week - 30 January

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

        PipelineA further three deals joined the pipeline last week. Two auto ABS deals (€460m FCT TitriSocram Compartment TitriSocram 2012-1 and €561.8m Red & Black Auto Germany 1) and one RMBS - Lloyds' Arkle 2012-1 &a...

    • CMBS
      • Euro CMBS NPL warning

        Tiering within European CMBS is gradually forcing the best and the worst loans to leave the universe. Absent new primary issuance, this trend could result in European CMBS morphing into a non-performing loan asset class in which the securitised colla...

    • RMBS
      • HAMP changes to drive mod volumes

        HAMP programme guidelines have been expanded, with the intention of helping a broader array of borrowers receive loan modifications. The changes are expected to be potentially significant for modification volumes. Among the key changes announced on...

      • Granite milestone hit as sentiment improves

        The latest Granite UK RMBS investor report shows that the master trust passed a minor milestone in December, by finally completing the top-up of reserve funds to their increased levels following the breach of the arrears and step-up triggers. The com...

  • Job Swaps

    • Structured Finance
      • Boutique adds SF division

        The Williams Capital Group has added a new division to address structured finance opportunities for...

      • FIG ceo steps down

        Daniel Mudd has resigned from Fortress Investment Group. He took a leave of absence from his role as...

      • NY law firm adds two

        Hogan Lovells has expanded its structured finance practice by adding two new partners in New York. P...

      • Real estate head named

        Deborah Shire has joined AXA Real Estate Investment Managers (AXA REIM) as global head of business d...

      • Stroock partners move on

        Anthony Schouten and Jeffrey Stern have joined Pillsbury's finance group as partners in New York. Th...

    • CDS
      • PM, credit fund relocate

        Alex Vaskevitch has joined Serone Capital Management as partner. He brings his Zenith High Yield Bon...

    • CMBS
      • Legal team poached

        A group of five attorneys has left Burns White to join Dinsmore in a newly-opened Pennsylvania offic...

    • Risk Management
      • Risk firms team up

        Orchestrade Financial Systems and Numerix have announced a partnership to offer integrated access to...

    • RMBS
  • News Round-up

    • ABS
      • Vitality III closes

        The third medical benefit claims ILS, Vitality Re III 2012-1 (SCI 13 January 2012), has closed. The...

      • Ibis Re closes upsized

        Assurant's Ibis Re II series 2012-1 (SCI 18 January 2012) US hurricane catastrophe bond has closed....

    • CDO
      • Tender offer completed

        €29.4m Faxtor ABS 2005-1 class A1 notes have been bought back at a discounted purchase pri...

    • CDS
      • NRAM auction due

        The auction to settle the credit derivative trades for Northern Rock (Asset Management) is to be hel...

    • CMBS
      • Windermere XII warning

        Fitch says that the recent decision by the Versailles court of appeal to uphold the initial 'sauvega...

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