Weekly Issue Archive »

Issue 316 - 19th December

• News Analysis

  • Structured Finance

    • Rally drivers

      US ABS recovery subject to potential shocks

      The US ABS market rallied strongly in 2012, with CLO and CMBS issuance volumes in particular surprising many. A substantial recovery is anticipated in most areas next year, although this remains subject to potential fiscal and regulatory shocks. "A...

  • • Not giving in

      Solid 2013 anticipated for European securitisation

      The European securitisation market has been dominated by regulatory pressures, but - as participants become more comfortable with the changes being imposed - secondary market rallies have made primary issuance increasingly attract...

  • • Asian attraction

      Yield available, although challenges remain

      The structured finance markets in Asia face significant constraining factors in 2013. A preference for covered bonds will limit RMBS issuance on the mainland, while deal volume in Japan and Australia is expected to be flat to lower, with demand conti...

  • Risk Management

    • Transition time

      CDS product development and growth anticipated

      Next year will be a watershed for credit derivatives, as the market is scheduled to transition to a centrally-cleared and electronically-traded environment that is expected to be a more transparent channel for trading and investing. Product developme...

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• Job Swaps

  • Structured Finance

    • Knight grows structured credit sales team

      Jerrard Zive has joined Knight Capital Europe as structured credit sales md, reporting to head of st...

  • • Carrington targets real estate markets

      Christopher Whalen has joined Carrington Holding Company as evp and md for Carrington Investment Ser...

  • CDO

    • ABS CDO transferred

      Clinton Group has transferred the collateral management agreement for Adirondack 2005-2 to Cairn Cap...

  • • Aladdin settles SEC MAST charge

      The US SEC has charged Aladdin Capital Management with falsely telling clients it was co-investing a...

  • Insurance-linked securities

    • ILS manager reshuffles, proposes board additions

      Twelve Capital has nominated two independent board members to boost its insurance and capital market...

  • • Allied World makes ILS acquisition

      Allied World Assurance Company Holdings plans to expand its Allied World Financial Services platform...

  • RMBS

    • New general counsel for REIT

      Rebecca Sandberg has been appointed general counsel of Two Harbors Investment Corp. She was...

  • • NCUA files largest suit yet

      The NCUA has filed suit in Federal District Court in Kansas against JPMorgan and Bear Stearns. It cl...

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• News Round-up

  • ABS

    • Slowing improvements drive credit card outlook

      Moody's has changed its outlook for US credit card ABS to stable from positive as collateral improve...

  • • Stable outlook for ABCP

      The global ABCP market continues to prove resilient in the face of adversity, according to Fitch, ha...

  • • Mexican equipment ABS critiqued

      Fitch says that several recent Mexican equipment lease ABS have credit risks that may not have been...

  • • Downgraded ABCP remains investable

      Investors continue to buy the US and EMEA ABCP programmes downgraded from P-1 toP-2 in 2012, Moody's...

  • • Italian ABS assumptions revised

      Moody's has revised key collateral assumptions in 41 Italian ABS transactions backed by leases and l...

  • • Spanish SME assumptions revised

      Moody's has revised its key collateral assumptions in 94 Spanish SME ABS. In most cases, the new los...

  • Structured Finance

    • Canadian covered bond framework published

      Canada Mortgage and Housing Corporation (CMHC) has released details of the legal framework for Canad...

  • • Stress tests underline ratings resilience

      Fitch says that stress tests it conducted across a range of structured finance asset classes globall...

  • • Securitisation framework revisions proposed

      The Basel Committee has published a consultative paper entitled 'Revisions to the Basel Securitisati...

  • • Loan-level regulatory implications noted

      Opinion is divided among market participants as to whether the ECB and Bank of England's loan-level...

  • • Strengthening performance forecast for US SF

      Strengthening performance and issuance tailwinds in most US structured finance sectors are likely to...

  • • FMI disclosure, assessment framework issued

      The CPSS and IOSCO have published a disclosure framework and assessment methodology for their 'Princ...

  • • Evaluated pricing service enhanced

      Interactive Data has released a new set of enhancements to Vantage, which are designed to more effec...

  • • Stable outlook for Aussie, NZ SF

      Fitch does not expect any widespread deterioration in the performance of assets underlying Australia...

  • • Increasing stability for Japanese SF

      Fitch expects slightly more Japanese structured finance transactions to maintain a stable outlook in...

  • CDO

    • ABS CDO dominance to decline?

      CDO analysts at JPMorgan have surveyed notional 2012 CDO trading volumes based on BWIC data observed...

  • CDS

    • FpML recommendation released

      ISDA has published a recommendation for FpML version 5.4, which focuses on further enhancing a robus...

  • • Bankruptcy credit event called

      ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit ev...

  • CLOs

    • Update for CLOs with peripheral exposure

      Fitch has updated its criteria assumptions for European CLOs with respect to partial exposure to per...

  • • Stable outlook for US CLOs

      The credit quality of new CLOs in the US in 2013 will be similar to that of CLOs originated in 2012...

  • CMBS

    • Euro CMBS deterioration highlighted

      The credit quality of European CMBS pools is expected to deteriorate in 2013. Moody's says that furt...

  • • Tower 45 watchlisted

      Morningstar has added the US$170m Tower 45 loan - securitised in the MLCFC 2007-5 CMBS &am...

  • Risk Management

    • ICE buy-side support strengthened

      MarkitSERV has enhanced its connectivity and trade management support for buy-side clearing of credi...

  • • Tri-party collateral services offered

      CME Clearing Europe has appointed BNY Mellon to provide tri-party collateral management services, su...

  • RMBS

    • Riskier collateral expected in US RMBS

      Next year's vintage of US RMBS is expected to have riskier collateral, as well as weaker representat...

  • • 'Stapled financing' success seen in Spain

      Repossessed Spanish residential properties have sold this year for 65% less than their initial valua...

  • • Fed MBS purchases to continue

      The Federal Open Market Committee has directed the New York Fed's Open Market Trading Desk to contin...

  • • ABX hits post-crisis high

      The ABX 2006-2 AAA sub-index passed a milestone last week, reaching the highest price since October...

  • • Dutch house price expectations revised down

      Fitch has revised downwards its house price expectations for the Netherlands. The agency now expects...

  • • DSA guidelines are RMBS positive

      The investor reporting guidelines proposed by the Dutch Securitisation Association (DSA) will substa...

  • • Stable outlook for Japanese RMBS

      S&P expects the credit quality of Japanese RMBS to remain relatively stable over the next 12...

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