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Issue 284 - 9th May

  • Market Reports

    • CMBS

      • CRE CDO boost

        The success of the New York Fed's MAX CDO sale last week has driven spreads tighter in the US CMBS market. Encouraged by the appetite the Fed witnessed, further CRE CDO sales are expected to follow. "The Fed's Maiden Lane III auction went pretty da...

      • Good week for Euro CMBS

        This week has seen a rise in activity in European CMBS. Spreads have stayed fairly flat, while BWICs are still being well received, with seniors generating increasing interest. "The market has been fairly quiet for a while and this week has not bee...

  • News

    • Structured Finance

      • Euro BWICs post record volumes

        The 'risk-on' rally in the European securitisation market sparked record bid-list activity in 1Q12. At €4.1bn, BWIC supply during the quarter was almost twice that seen in 1Q11, according to Citi estimates. Bad banks and other 'wind-down'...

    • CDS

      • Credit-picking strategies recommended

        The current environment makes for a good credit-picker's market, according to credit derivative strategists at Morgan Stanley. They suggest that a good credit-picking market requires above-average dispersion, volatility, spreads and liquidity ...

    • CLOs

      • Up-tick in CLO calls predicted

        Many 2004-2007 vintage US CLOs have reached or are approaching the end of their reinvestment periods. If primary spreads tighten further, this could drive an up-tick in CLO refinancings and calls over the next two years. CDO analysts at Wells Fargo...

    • RMBS

      • Austerity budget to impact Dutch RMBS

        Changes to the mortgage regime in the Netherlands have been agreed as part of the new Dutch austerity budget. These changes could impact Dutch RMBS - particularly prepayment speeds - although more information is needed before thei...

  • Job Swaps

    • Structured Finance

      • EM debt team recruited

        Schroders has expanded its fixed income team with four appointments to focus on emerging market debt...

      • ISDA board members elected

        ISDA has elected three new directors and re-elected 10 further directors at its AGM in Chicago. The...

    • CMBS

      • Real estate partner joins

        David Stewart has joined Mayer Brown as real estate partner. Stewart specialises in CMBS, particular...

      • RMBS directors appointed

        PrinceRidge has expanded its RMBS group with five new directors. Brendan Kissane and Ken Perschetz b...

  • News Round-up

    • ABS

      • ABS fund unveiled

        Prytania Investment Advisors has launched the Metreta Fund, a global fund investing in the senior tr...

    • Structured Finance

      • PPIF wind-downs continue

        The latest PPIP report indicates that funds have stepped up their total distribution rates. Total di...

      • Pricing service rolled out

        RiskSpan has added daily independent pricing for structured securities to its offering of risk manag...

      • CRE CDO on the block

        The trustee for Dillon Read CMBS CDO 2006-1 has posted a notice advising that the transaction is to...

      • Trups CDOs upgraded

        S&P has raised its ratings on 42 tranches from 20 US Trups CDOs, representing a total issuan...

      • Triaxx CDOs on the block

        The New York Fed has initiated a competitive bid process in response to several strong reverse inqui...

    • CDS

      • Eircom results in

        The final prices of first- and second-lien Eircom LCDS were determined to be 62 and 7.125 respective...

      • Sino Forest CDS settled

        The final price for Sino Forest Corp CDS was determined to be 29 during this morning's auction, the...

      • Slow growth seen in CRE

        Slow growth in the US economy is translating into slow growth for the commercial real estate propert...

      • Plantation Place assumed

        The Plantation Place building, securing the REC 5 single-asset CMBS, has been acquired by Moise Safr...

      • CMBS loan events updated

        45 new loan events have been added to the SCI CMBS loan events database. These include: 03/05/2012...

      • Spanish RMBS stress tested

        Most Spanish RMBS show resilience to a further collapse in house prices and a jump in mortgage defau...


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