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Issue 277 - 21st March

  • News Analysis

    • CDS
      • Liquidity boost

        Muni CDS 'quirks' to remain

        The launch of ISDA's 2012 US Municipal Reference Entity CDS Protocol (SCI 5 March) is expected to boost liquidity in the market, especially for single name muni CDS. But, despite efforts to increase standardisation, MCDS contracts will continue to fe...

    • CLOs
      • Residual value

        Case for subordinated CLO investment remains

        The investment case for mezzanine and subordinated CLO positions remains strong. One European CLO manager has just announced the second close of a fund investing in such assets, while another Europe-based structured credit fund has reported a 15.6% m...

  • Market Reports

    • Structured Finance
      • BWICs keep on coming

        The BWIC onslaught continues in the European secondary ABS sector. While bid-lists are keeping participants busy for now, one trader reports that the market is crying out for some more variety. "It has been quite quiet on the flow front. The primar...

  • News

    • Structured Finance
      • SCI Start the Week - 19 March

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

        Pipeline FirstRand Bank's £239m Turbo Finance 2 auto ABS entered the pipeline last week. Two ILS deals (Blue Danube 2012-1 and US$150m Combine Re) and three CMBS (US$324.8m BAMLL-DB 2012-OSI, US$452.79m Liberty Revenue Refunding Bonds serie...

    • CLOs
      • A2E record reached

        At nearly US$17.3bn across 14 different issuers, February's US loan amend-to-extend (A2E) volume was the most since April 2011 and its number of amending issuers a record high, according to CDO strategists at RBS. This is said to reflect broader mark...

    • CMBS
      • Maguire property fates become clearer

        Maguire Properties has filed its 10-K statement with the US SEC, shedding light on a number of CMBS properties sponsored by the company. Several loans are either in, or heading for, receivership - although not all properties are set for dis...

      • Recourse wrangling

        A recent Michigan Court of Appeals decision over the Cherryland Center loan securitised in GMACC 2002-C3 has the potential to challenge the main tenets of the CMBS market - the non-recourse nature of the loans. The ultimate outcome of the l...

    • RMBS
      • Fed's role in agency MBS discussed

        The Fed is to continue reinvesting principal payments from its holdings of agency debt in agency MBS. A new study illustrates that the Fed's actions have been a major technical factor in the agency MBS market. The Fed's MBS reinvestment programme h...

  • Job Swaps

    • CDO
      • School CDO suit settled

        Stifel Financial has settled with five Wisconsin school districts in a lawsuit regarding mis-sold CD...

    • CLOs
      • Investment firm adds two

        London-based securitised products investment firm Pearl Diver Capital has announced two new appointm...

    • CMBS
      • CRE debt JV formed

        Hudson Realty Capital and RXR Realty have launched a CRE lending platform to originate and purchase...

      • CRE firm appoints sales md

        Jordan Cortez has joined Rockwood Real Estate Advisors as md. He will be based in Dallas and lead th...

  • News Round-up

    • ABS
    • CDO
      • CRE CDOs hit

        S&P has placed 697 ratings from 97 publicly rated CRE CDOs and re-REMIC transactions ...

      • EMEA SF CDOs hit

        S&P has placed or kept on credit watch negative its credit ratings on 238 tranches from 57 C...

      • ABS CDO auction due

        Dock Street Capital Management has been retained to act as liquidation agent for Ipswich Street CDO....

      • SN CDS analysis published

        The SEC has published an analysis of market data related to credit default swap transactions. The an...

      • Elpida auction due

        The auction to settle the credit derivative trades for Elpida Memory Inc is scheduled for 22 March....

    • CLOs
      • CLO warning issued

        Fitch has identified one implementation of the Volcker Rule that could have unintended consequences...

      • CMBX rally losing steam?

        The CMBX indices may be in a period of consolidation, according to CMBS strategists at Citi. They no...

      • Special servicer switched

        The operating advisor on Deco 17 - Pan Europe 7 has replaced Hatfield Philips with Deutsche Bank as...

    • Insurance-linked securities
      • Indemnity cat bond prepped

        Swiss Re is in the market with Combine Re, an indemnity catastrophe bond exposed to US hurricane, st...

      • BOS tender announced

        The Bank of Scotland has announced tender offers at par for the class 5A notes from its MFPLC 4 and...

      • Rating triggers waived

        Noteholders in the RMAC 03-NS1, 03-NS2, 03-NS3, 03-NS4, 04-NS1 and 04-NS2 RMBS have voted to ignore...

      • Assured hits back

        Assured Guaranty has responded to the placement of its debt ratings and insurance financial strength...


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