Weekly Issue Archive »

Issue 275 - 7th March

  • News Analysis

    • CMBS
      • Yield boost

        CMBS extension trades gaining traction

        US special servicer activity has risen over the past two months, resulting in approximately US$3.7bn newly-modified loans. With term extensions being the most common modification strategy, investors are increasingly looking to CMBS extension trades t...

    • ABS
      • Cards from abroad

        US investors hungry for UK credit card ABS

        Barclays last week priced its latest UK credit card ABS, with the largest tranche denominated in US dollars. US accounts are increasingly looking to invest in UK credit card paper for several reasons and that interest is expected to continue. Barcl...

    • RMBS
      • Currency conundrum

        Kazakh RMBS highlights EM ABS redenomination risks

        A decision by the Supreme Court of Kazakhstan to prevent the indexation of mortgage balances to the US dollar has highlighted the continuing legal and currency risks involved in emerging market securitisations, particularly during time of economic st...

  • News

    • Structured Finance
      • SCI Start the Week - 5 March

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

        PipelineLast week saw several deals enter the pipeline and price within days, although a few new names remained on Friday. Domino's is in the market with a US$1.675bn whole business securitisation (Domino's Pizza Master Issuer Series 2012-1), while t...

    • CDS
      • CDS recoveries scrutinised

        The difference in average CDS recoveries and average bankruptcy recoveries is four points, according to credit derivative strategists at Morgan Stanley. They point to the frequent misconception that CDS settlement represents the true 'recovery' for a...

    • CLOs
      • Bank downgrades threaten trustee roles

        The negative rating outlooks for many banks that serve as trustees on CLOs raises the possibility that at some point certain counterpaties may no longer be eligible to service CLOs and will have to be replaced by the deal's issuers. In Moody's latest...

    • RMBS
      • FHA refi changes announced

        President Obama has announced changes to the FHA streamlined refinance programme, which the market has been expecting for some time (SCI passim). The changes are intended to spur refinancing by exempting borrowers from certain payment requirements. ...

  • Job Swaps

      • Law firm promotes four

        Chadbourne & Parke has promoted a number of its structured finance lawyers. Alejandro Landa...

      • Debt products head named

        BMO Capital Markets has promoted Luke Seabrook to head of financial products and debt products, effe...

      • SF lawyer joins NY firm

        Howard Mulligan has joined Kleinberg, Kaplan, Wolff & Cohen as of counsel in the firm's corp...

      • Trading vet resurfaces

        Alan Packman has joined Knight Capital Group as head of structured credit trading. Packman was most...

    • CLOs
      • Trimaran acquired

        Kohlberg Capital Corporation has acquired Trimaran Advisors, along with equity interests in certain...

    • CMBS
      • CRE vet joins board

        Arbor Realty Trust has appointed William Green to its board of directors as an independent member, e...

    • RMBS
      • Broker fined for CMO fraud

        The former ceo of Brookstreet Securities Corp has been ordered by a federal judge to pay a maximum U...

  • News Round-up

    • ABS
      • Mystic Re III closes

        Liberty Mutual's Mystic Re III (SCI 14 February 2012) has closed providing US multi-peril cover tota...

    • CDO
      • ABS CDO auction due

        An auction is set to be conducted on 20 March in respect of Capital Guardian ABS CDO I collateral. H...

    • CDS
      • Greek questions decided

        ISDA's EMEA Determinations Committee has unanimously decided that a credit event has not occurred in...

      • Muni CDS protocol launched

        ISDA has launched the 2012 US Municipal Reference Entity CDS Protocol. The purpose of the Protocol i...

      • Elpida credit event called

        ISDA's Japan Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event...

      • CDS spreads firming

        Fitch Solutions reports that global CDS liquidity continued to increase over the last month to 2 Mar...

      • WOBA dispute settled

        Gagfah and the City of Dresden have agreed an amicable settlement to end the legal dispute over the...

    • Risk Management
      • FVA supported

        Quantifi has announced the latest release of its pricing and risk analysis software, Quantifi Versio...

      • CVA focus

        FINCAD has launched F3 2.2. The firm says its new release addresses market needs around the effects...

      • Dutch RMBS restructured

        NIBC has restructured its Sound II RMBS, effective as of 2 March. Moody's confirms that the restruct...


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