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Issue 271 - 8th February

  • News Analysis

    • Structured Finance

      • Glass ceiling?

        Acceptance of lower-rated securities, different criteria to broaden

        Sovereign rating ceilings - once a consideration only for emerging market credit structures - began to matter last year for the first time in European ABS. Given the consequent difficulty of securing a triple-A rating for many iss...

  • News

    • Structured Finance

      • SCI Start the Week - 6 February

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

        Pipeline Principal Residential Investment Mortgages 1, a €178.6m RMBS, entered the pipeline last week. It was joined by Rhode Island Student Loan Authority 2012A, a US$17.94m student loan ABS. Credit Suisse Asset Management's latest CLO, M...

    • CDS

      • Sustained CDS index rally expected

        CDS indices experienced a strong rally during the first month of the year, with credit investors adding risk on both sides of the Atlantic. Indeed, the CDS-cash basis turned significantly more negative in January, as CDS outperformed the cash market....

    • CLOs

      • CLO 'risk-off' trade evident in TRACE data

        The latest Wells Fargo Structured Products Monthly examines TRACE trade data for the structured credit sector from mid-August 2011 onwards. US CLO analysts at the bank find that, thus far, the data largely matches conventional wisdom espoused by CLO...

      • Recession threat highlights Euro CLO concentration

        The threat of a new recession in Europe has highlighted that the performance of a few issuers could have negative repercussions for the entire European CLO universe, according to Moody's in its latest CLO Interest publication. Having studied the broa...

    • CMBS

      • More large liquidations predicted

        An increase in dispositions of larger CMBS loans in the coming months would not be a surprise, according to Citi securitised products analysts. They argue that there are three drivers behind such an expectation. First, while special servicers may c...

      • Alliance SAFD-PJ plan surprises to the upside

        The latest documents released as part of PJ Alliance's bankruptcy filing reveal a new reorganisation plan, which is expected to be reflected in a modification of the US$475m Alliance SAFD-PJ portfolio loan securitised in CSMC 2007-C2. Although conces...

      • Eddystone non-call waterfall questioned

        Sainsbury's has disclosed that it may not redeem the Eddystone Finance CMBS on its April 2013 step-up date. How principal will be allocated to the notes post non-call remains unclear, however. European CMBS strategists at Barclays Capital believe t...

  • Job Swaps

    • Structured Finance

      • Credit vet founds new firm

        Sal Naro has formed New York-based Coherence Capital Partners, an asset management company specialis...

      • Coherence Capital unveiled

        Further details have emerged about Coherence Capital Partners, the asset management firm formed by e...

    • CLOs

      • GSC Group hearing due

        The US Bankruptcy Court for the Southern District of New York has approved Black Diamond Capital Man...

    • RMBS

      • NY AG files MERS suit

        New York Attorney General Eric Schneiderman has filed a lawsuit against Bank of America, JPMorgan Ch...

  • News Round-up

      • Embarcadero Re closes

        The second catastrophe bond from the California Earthquake Authority's (CEA) Embarcadero Re programm...

      • Kibou doubles up

        The Japanese earthquake catastrophe bond Kibou has closed at twice the originally envisaged size. Th...

      • CDO auction re-attempted

        An auction is being held to liquidate the Duke Funding High Grade I CDO, almost a year after a previ...

    • CDS

      • Kodak auction scheduled

        The auction to settle the credit derivative trades for Eastman Kodak Company CDS is to be held on 22...

      • NRAM CDS settle above par

        The Northern Rock (Asset Management) CDS auction yesterday resulted in the first-ever credit event s...

    • CMBS

      • Multifamily rebounding

        Fitch reports that multifamily, along with hotels, has shown the best performance rebound in the US...

    • RMBS

      • Euro RMBS on review

        S&P has placed on credit watch negative its credit ratings on 122 tranches in 43 European RM...

      • Refi plan fleshed out

        President Obama has provided more detail on his plan to help spur mortgage refinancing, following la...


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