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Issue 282 - 25th April

  • News Analysis

    • CDO

      • Recovery trades sought

        ABS CDO appetite surges ahead of expected supply

        The New York Fed has initiated a competitive bid process in response to several reverse inquiries for the MAX CDO holdings in the Maiden Lane III portfolio (see also SCI 10 April). The move comes amid surging interest in the ABS CDO sector, with fast...

    • CMBS

      • Going soft?

        Changing underwriting standards pose CMBS threat

        The loans backing this year's US CMBS issuance exhibit looser underwriting standards than the market has become used to in the aftermath of the financial crisis. While such a loosening of standards should not be ignored, it does not appear to have th...

    • RMBS

      • Solid progress

        Mix of US mortgage funding sources eyed

        The pricing of four non-agency RMBS transactions over the last month suggests solid progress in the space. However, it is becoming clear that the future of mortgage finance in the US depends on a more diverse mix of funding sources. CSMC Trust 2012...

  • News

    • Structured Finance

      • SCI Start the Week - 23 April

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

        PipelineFour new deals joined the pipeline and remained there last week. A US$400m CLO from Sankaty Advisors is marketing (Race Point VI), while there is also a US$103.68m ABS in the market (Conn's Receivables Funding I series 2012-A). In Europe, a &...

    • Risk Management

      • Regulatory inconsistencies muddle CVA mandates

        Inconsistent approaches between accounting and regulatory authorities appear to be creating confusion over the mandate of CVA desks. Accounting standards focus on managing P&L volatility, while the Basel 3 CVA charge means that capital optimi...

  • Talking Point

    • Insurance-linked securities

      • Seeking yield

        John Wells, chairman of Leadenhall Capital Partners, forecasts increasing demand for and issuance of...

        2011 will go down in history as one of the costliest years on record for insured losses from natural catastrophes, with Swiss Re estimating it to be the second worst to date, given losses of around US$116bn. With global news media focusing on an asto...

  • Job Swaps

    • Structured Finance
    • CDS

  • News Round-up

    • CDS

      • Eircom auction scheduled

        The auction to settle the credit derivative trades for Eircom LCDS is to be held on 2 May. The move...

      • Hawker auction scheduled

        The auction to settle the credit derivative trades for Hawker Beechcraft Acquisition Company LCDS is...

      • CDS Marketplace enhanced

        ISDA's CDS Marketplace has been strengthened by the addition of Fitch Solutions' CDS pricing data, l...

      • Swap terms defined

        The SEC has adopted a new rule to define a series of terms related to the OTC swaps market. The rule...

      • Sino-Forest auction due

        The auction to settle the credit derivative trades for Sino-Forest Corporation CDS is to be held on...

    • CLOs

      • Bicent default hits CLOs

        Bicent Power, which has exposure in 80 CLOs, defaulted last Friday after a missed debt payment. Secu...

      • Clio buy-back agreed

        A sale agreement with the noteholders of Clio European CLO has been completed, pursuant to which all...

      • Special servicer switched

        Torchlight Debt Opportunity Fund II, the directing certificate holder on GE Commercial Mortgage Corp...

      • Take two for DOURM

        A second Douro RMBS tender offer from Banco BPI was the highlight of last week's European buy-back n...

      • ML II prices disclosed

        The Federal Reserve last week disclosed the amount it received from Credit Suisse and Goldman Sachs...


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