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Issue 280 - 11th April

• News Analysis

  • CMBS

    • Noteholder divide

      Legacy investors seek Dutch de-risking

      Noteholder division over the competing Opera Finance (Uni-Invest) proposals is emerging (see also SCI 3 April). Some legacy holders of the CMBS paper look set to vote for the credit bid option as a way of reducing their exposure to Dutch secondary pr...

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• News

  • CMBS

    • Maturity spike for Euro CMBS

      April is set to be another important month for European CMBS. There are 16 transactions subject to loan maturities this month, six of which have more than one loan maturing. Over half of the loans are expected to remain outstanding at the end of the...

  • • CMBS gaps out on ML3 concerns

      Supply concerns last week drove the first major widening in US CMBS spreads since the beginning of the year. The move follows rising expectations of potential sales from the Maiden Lane III portfolio. Generic 2007 LCF and AMs gave up nearly 20bp-30...

  • Insurance-linked securities

    • Three cat bonds close

      Three catastrophe bonds closed last week. All saw strong investor interest and finished larger than initial size projections. Allianz's Blue Danube (SCI 13 March) saw its two tranches reach US$120m each. The class A notes priced at 600bp over the p...

  • RMBS

    • GSE principal forgiveness ruled out

      FHFA acting director Edward DeMarco has commented on the use of Treasury incentives to forgive principal on underwater borrowers, affirming a preference for forbearance over forgiveness. The announcement effectively rules out any principal forgivenes...

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• Job Swaps

  • Structured Finance

    • Japan capital markets team poached

      White & Case has expanded its capital markets practice in Tokyo. Norifusa Hashimoto joins th...

  • • Hedge fund intermediary service enhanced

      Gamma Finance has enhanced its offering to include corporate finance services. The move is in respon...

  • CLOs

    • Fund manager picks president

      William Bohnsack has been promoted to president at Oak Hill Advisors. He has been coo at Oak Hill si...

  • Insurance-linked securities

    • ILS specialist recruited

      Stephen Rooney has joined Mayer Brown in New York as partner and co-leader of the insurance finance...

  • • London law firm appoints partner

      Prakash Paran has joined DLA Piper's London office as partner in the corporate group and member of t...

  • RMBS

    • FINRA fines broker for CMO mark-ups

      A FINRA hearing panel has ruled that David Lerner Associates (DLA) charged excessive mark-ups on mun...

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• News Round-up

  • ABS

    • Rehab SLABS liquidity risk warning

      Fitch believes that the increase in rehabilitated student loans in some recent FFELP ABS transaction...

  • • Stable outlook for US card industry

      Moody's outlook for the US credit card industry remains stable, reflecting primarily card issuers' s...

  • • Survey highlights Solvency II concerns

      A recent AFME survey of securitisation investors shows that the proposed Solvency II capital charges...

  • Structured Finance

    • Further MBIA evidence revealed

      Evidence made public yesterday in connection with the MBIA Article 78 action (SCI passim) shows that...

  • • Vantage enhancements offered

      Interactive Data Corporation has launched Version 2.0 of Vantage, its web application that aims to p...

  • • Japanese SF macroeconomic drivers identified

      S&P has identified five key macroeconomic factors that it believes are most relevant to the...

  • CDO

    • Manasquan auction scheduled

      VCAP Securities has been retained to act as liquidation agent for Manasquan CDO 2005-1. The collater...

  • CDS

    • Sino-Forest credit event called

      ISDA's Asia Ex-Japan Credit Derivatives Determinations Committee has resolved that a bankruptcy cred...

  • CLOs

    • CLO survey highlights regulatory concern

      JPMorgan has published the results of its latest CLO client survey, based on responses from 79 accou...

  • CMBS

    • New US CMBS defaults set to slow

      The pace of new US CMBS defaults will slow again this year, as seen in 2011, according to Fitch's la...

  • • 'Bad boy' rulings net credit positive for CMBS

      Michigan governor Rick Snyder last week signed into law the Nonrecourse Mortgage Loan Act, overturni...

  • • Sharp drop for CMBS payoffs

      The percentage of US CMBS loans paying off on their balloon date retreated sharply in March, accordi...

  • • Solana delinquency drives CMBS late-pays

      US CMBS late-pays last month rose by 13bp to 8.43% from 8.3% in February, according to Fitch's lates...

  • • CMBS concerns over low DSCR

      The US$246m Atrium Hotel Portfolio loan has been put on Morningstar's watchlist because of worryingl...

  • • CMBS loan takes mod loss

      The US$81m Grand Traverse Mall loan securitised in GECMC 2005-C4 has taken a US$19m loss. The loss l...

  • Insurance-linked securities

    • Florida cat bond marketing

      Goldman Sachs is marketing a US$200m catastrophe bond on behalf of Citizens Property Insurance &...

  • RMBS

    • RMBS downgraded on Saxon transfer

      Fitch has downgraded 145 RMBS classes and affirmed one, following the transfer of certain mortgage s...

  • • Non-agency payout discrepancies analysed

      Discrepancies between expected cashflows on non-agency RMBS based on collateral and actual bond payo...

  • • Portuguese RMBS performance overestimated

      Performance indicators for Portuguese mortgage loans securitised in RMBS transactions are misleading...

  • • Eurosail clarifications released

      Issuer notices have been published for a number of Lehman Brothers-related UK RMBS transactions clar...

  • • Fannie loan level data added

      Lewtan has added Fannie Mae MBS loan level data through a partnership with Knowledge Decision Servic...

  • • Divergent UK mortgage arrears

      Mortgage arrears in the UK are rising faster in the north of the country than in the south, says S&a...

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