Issue 283 - 2nd May
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News Analysis
- CDO
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Comeback kid
CDOs broadening investor base for infrastructure assets
CDO technology appears to be making a comeback in the infrastructure sector. The vehicles are helping to broaden the investor base for these assets. "They are being called infrastructure funds, credit loan funds or global loan funds. There are a fe...
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- Structured Finance
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Not so bad
1Q12 exceeds SF recruiters' expectations
Structured finance recruiters are breathing a sigh of relief as activity over the first quarter managed to exceed expectations. Activity is still more limited than in previous years, but there have been some encouraging signs for Q2. "Q1 really was...
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- CDO
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Market Reports
- Structured Finance
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Euro ABS catches its breath
The European ABS market has been taking a bit of a breather over the last couple of weeks but remains active. Spreads have generally only widened very slightly, with prime RMBS even tightening. "It seems to have been a little quieter than it had be...
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- Structured Finance
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News
- Structured Finance
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SCI Start the Week - 30 April
A look at the major activity in structured finance over the past seven days
Pipeline Last week saw half a dozen new deals join the pipeline. The transactions were varied, comprising two UK RMBS (Darrowby No.2 and Tenterden), one credit card ABS (Canadian Credit Card Trust series 2012-1), one auto ABS (US$145m CarNow Auto Re...
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- CMBS
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Maguire sheds CMBS properties
Further details have emerged on the resolution of a number of CMBS properties sponsored by Maguire Properties (SCI 21 March). Maguire's 1Q12 financial results reveal that several assets have been sold or put into receivership so far this year. The...
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- Insurance-linked securities
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ILS pricing discipline emerges
Faced with record new issue volumes, some ILS portfolio rebalancing was seen in the first quarter as investors digested the supply. Some lightened up on US wind risk, according to Willis Capital Markets & Advisory's latest ILS market update,...
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- Structured Finance
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Job Swaps
- Structured Finance
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Law firm increases Russian presence
Allen & Overy has strengthened its Russian practice by hiring Igor Gorchakov and promoting A...
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Law firm continues hiring spree
Claire Watson is leaving Linklaters to join Berwin Leighton Paisner (BLP). Her appointment follows t...
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SF lawyer joins London office
Norton Rose has added a partner to its London structured finance and capital markets practice. David...
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- CDS
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ICE Clear adds member, hits milestone
HSBC Securities has joined as a member of ICE Clear Credit. The FCM will now be eligible to clear bu...
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Avoca expands to meet US demand
Avoca Capital Holdings has appointed Stephen Holland as director of sales and marketing, with a focu...
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- CMBS
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Canadian CRE firm opens NY office
Avison Young has opened an office in New York and recruited Arthur Mirante. Mirante joins t...
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- Risk Management
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Risk analytics partnership announced
Numerix and Everis have formed a partnership which will make Numerix pricing and risk analytics avai...
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- Structured Finance
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News Round-up
- ABS
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Card charge-offs dip
US credit card charge-offs dropped slightly in March, as the charge-off rate index fell 3bp below it...
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Private lending opportunity highlighted
A scheduled doubling of interest rates on subsidised undergraduate Stafford student loans could crea...
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Auto ABS losses hit record lows
Strong used vehicle values and an improving economy are helping to propel prime US auto ABS losses t...
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- Structured Finance
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Solvency II calibrations questioned
Covered bonds would attract significantly lower capital charges than securitisations under Solvency...
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Santander tender results in
Banco Santander has announced the results of its 33-bond tender offer, which comprised 12 RMBS, six...
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Mixed fortunes for Euro, US primary markets
A marked divergence in structured finance issuance trends over the past three months has been highli...
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Stable outlook for APAC SF
Fitch reports that Asia-Pacific structured finance saw few downgrades in 1Q12, with the negative rat...
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- CDO
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MAX CDOs sold to bank consortium
The New York Fed yesterday sold the entirety of the MAX CDO holdings from its Maiden Lane III portfo...
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Euro CDO overlap updated
The top-five referenced obligors in synthetic CDO portfolios that S&P rates in Europe are Ge...
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- CDS
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Surge seen in sovereign CDS liquidity
As of last Friday's market close, average global CDS liquidity is at its highest level since March 2...
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DC workings reviewed
ISDA has published a paper that reviews the formation, structure and workings of its Credit Derivati...
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CDPC upgraded
S&P has raised the issuer credit rating (ICR) on Athilon Capital to double-B plus from doubl...
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Bonus bonds unveiled
Information about Credit Suisse's derivatives-linked bonus bonds, dubbed the 2011 Partner Asset Faci...
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CDS pricing service enhanced
CMA has introduced CMA Datavision Streaming, which builds on its existing same-day pricing services...
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LCDS auction results released
The final price during yesterday's Hawker Beechcraft Acquisition Co LCDS auction was determined to b...
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- CLOs
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NCRAM CLOs finally unloaded
Nomura Corporate Research & Asset Management (NCRAM) on Friday resigned as investment manage...
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A2E brings mixed implications
Sabre Holdings - the twelfth largest CLO holding - has launched an amend-to-exte...
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Long-dated asset concentration examined
S&P has examined the concentration of long-dated assets - assets within a pool tha...
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Primus CLO unloaded
Primus Asset Management has assigned its rights and obligations under the existing collateral manage...
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Euro loan recoveries examined
Recovery rates in the European senior loan market have been strong and in line with the experience o...
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- CMBS
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Extensions dominate April maturity outcomes
Fitch reports in its latest European CMBS bulletin that half of the loans that were originally sched...
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Warner Building on watchlist
Morningstar has added the US$292.7m Warner Building loan to its watchlist for occupancy concerns. Th...
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Loss severities set to plateau
Loss severities on US CMBS reached a high water mark of 45% last year, according to Fitch's annual l...
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CMBX volatility returns
Citi CMBS analysts report that volatility returned to the CMBX indices earlier this month, with euro...
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CMBS auctions continue apace
LNR has announced a US$254m sale of distressed assets through Eastdil Secured, comprising five loans...
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CMBS delinquencies near record high
The Trepp CMBS Delinquency Rate jumped by another 12bp in April to 9.8%, after increasing by 31bp th...
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Atlantis restructuring resolved
Brookfield Asset Management has settled with a group of B-note holders in connection with the restru...
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Four Seasons paydown expected
Terra Firma has surprised the market by acquiring Four Seasons Health Care for a total consideration...
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US multifamily heating up
The rise in rents and occupancies in the US multifamily sector is close to the peak last seen before...
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Q1 CMBS defaults analysed
Fitch's US CMBS cumulative default rate for fixed-rate CMBS increased to 12.96% as of 1Q12 ̵...
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- Insurance-linked securities
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Multi-peril Mythen marketing
Swiss Re is marketing the first US and European wind catastrophe bond from a new shelf programme &am...
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Everglades Re closes up 375%
Citizens Property Insurance's Everglades Re catastrophe bond has closed at US$750m, upsized from an...
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- Risk Management
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Surveys underscore risk management progress
ISDA has released its 2012 margin survey and 2012 operations benchmarking survey at its 27th AGM in...
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CVA functionality enhanced
Pricing Partners has extended its CVA, DVA and bilateral CVA functionality to work on any trade at a...
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- RMBS
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Busted swap recoveries begin
The three Eurosail busted-swap RMBS that agreed stipulated claims against Lehman entities –...
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Mortgage tool strengthened
Moody's Analytics has strengthened its Mortgage Portfolio Analyzer (MPA) tool, a risk management, st...
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Debut MBS settlement cycle completed
The first settlement cycle run by the DTCC's new MBS central counterparty (SCI 13 March) achieved a...
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RMBS extension risk warning
Absent sponsor support, extension risk for scheduled and bullet notes remains significant for UK RMB...
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Second 'disappointing' BPI tender
Banco BPI repurchased €77m of bonds under its second Douro Mortgages RMBS tender offer (SC...
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- ABS
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