Issue Archive

  • Issue 69 - December 19th

  • Issue 68 - December 12th

    • Problems for Paulson plan?

      Rate freeze could come unstuck by its voluntary nature

      US Treasury Secretary Paulson's proposal to freeze interest rates on certain sub-prime mortgages ha...

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  • Issue 67 - December 5th

    • Cash no longer king

      Slew of synthetic single-tranche structures expected

      Dealers report growing appreciation among investors for synthetic single-tranche CDOs. With the sup...

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  • Issue 66 - November 28th

    • Structural alterations

      SIV and CDO restructurings step up a gear

      HSBC's move to consolidate the two SIVs it sponsors has given impetus to restructuring activity in...

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  • Issue 65 - November 21st

    • New issues

      Post-credit crunch originated CLOs emerge

      The first CLOs to be collateralised by leveraged loans originated post-credit crunch have hit the m...

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  • Issue 64 - November 14th

  • Issue 63 - November 7th

    • The eye of the storm

      Financials battered as losses continue

      Financial names included in the iTraxx/CDX indices suffered unprecedented widening over the last we...

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  • Issue 62 - October 31st

    • Crisis, which crisis?

      Lack of certainty over whether 'summer shock' has morphed into full-blown crisis

      Now that CDO event-of-default notices have begun to appear as a result of rating agency downgrades,...

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  • Issue 61 - October 24th

    • Alternative assets?

      Lack of new issue HEL RMBS threatens index roll

      Insufficient deal flow and originator diversification in the US home equity loan sector over the la...

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  • Issue 60 - October 17th

    • Back to basics

      Alignment of structure and collateral crucial for US CRE CDO growth

      Arrangers report that they have begun working on new US CRE CDOs with the intention of getting them...

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  • Issue 59 - October 10th

    • Double-edged sword

      Market turmoil impacts CDPCs for better or worse

      Credit Derivative Product Companies (CDPCs) have become the latest structured credit sector to be a...

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  • Issue 58 - October 3rd

    • CLO slew

      Balance sheet deals ease warehouse risk

      Seven US CLOs priced during September for a volume of US$6.9bn, five of them – all leveraged loan t...

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  • Issue 57 - September 26th

  • Issue 56 - September 19th

    • Manager rankings

      New tools could clarify tiering

      New bank research shows that the average percentage of underlying RMBS and CDO collateral downgrade...

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  • Issue 55 - September 12th

    • Asian demand returns

      Issuance of sophisticated product expected through to 2008

      Concerns over contagion risk from the US sub-prime crisis caused the Asia Pacific structured credit...

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  • Issue 54 - September 5th

  • Issue 53 - August 29th

  • Issue 52 - August 22nd

  • Issue 51 - August 8th

    • Model risk spikes

      Dealers and investors search for solution

      Typical CDO valuation techniques have been compromised now that liquidity has dried up in both the...

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  • Issue 50 - August 1st

    • Concern returns

      Index spreads gap out again, but opportunities seen elsewhere

      After a dramatic recovery during Europe's day yesterday, 31 July, when Crossover closed at 400bp (h...

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  • Issue 49 - July 25th

    • Uncertainty prevails

      Structured credit investors sit it out

      The European indices edged slightly inward by mid-morning today, 25 July. However, investors look s...

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  • Issue 48 - July 18th

    • Rollercoaster continues

      Volatility keeps heading north, but some contagion concerns reduced

      The CDS index markets have continued to whipsaw over the past week, with the iTraxx crossover ballo...

      Full Contents

  • Issue 47 - July 11th

    • Testing times

      Sustained broad-based concerns drive market

      European indices gapped wider this morning, Wednesday 11 July, following on from both US and Europe...

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  • Issue 46 - July 4th

    • Short-term respite

      Slight reversal unlikely to hold

      Moving in to the US public holiday there was some longed-for relief in the main CDS markets as sprea...

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  • Issue 45 - June 27th

    • ABX finds its level

      Index market moves on as dealers discuss next roll

      The ABX has plumbed new lows since last week, but traders now expect it to drift until further stro...

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  • Issue 44 - June 20th

    • ABX back to its lows

      Fundamentals, technicals and market confusion all add to the pressure

      ABX tranches experienced multi-point declines and OWIC lists kept pace with BWICs throughout last w...

      Full Contents

  • Issue 43 - June 13th

    • Investor arbitrage?

      Recent deals fuel suspicions over the drivers for some CDOs

      Structured credit investors on both sides of the Atlantic are reporting increasing concern over the...

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  • Issue 42 - June 6th

  • Issue 41 - May 30th

  • Issue 40 - May 23rd

    • LCDX launches

      US Loan CDS index begins at last as further progress is made with standard tranches

      The long-awaited launch of LCDX (SCI passim) met with enthusiastic trading on its first day, 22 May...

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  • Issue 39 - May 16th

    • CDS skew UK RMBS

      Derivatives pricing misleading cash market?

      Spreads in the primary UK non-conforming (NC) RMBS market have pushed dramatically wider in the past...

      Full Contents

  • Issue 38 - May 9th

  • Issue 37 - May 2nd

    • CMBX.3 gaps wider

      New version of the US CMBS index driven by technicals

      The latest version of the CMBX index began trading last Wednesday 25 April. Since then, dealers rep...

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  • Issue 36 - April 25th

    • Unlocking equity

      Early redemption of CDO doubles equity holder value

      Pearl Group and NewSmith Financial Solutions have this week completed the early redemption of a CDO...

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  • Issue 35 - April 18th

  • Issue 34 - April 11th

    • More SIVs to come

      Latest vehicle precursor for a number of innovative structures

      Details were announced last week of the latest structured investment vehicle (SIV) under preparatio...

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  • Issue 33 - April 4th

    • Queen's Walk stumbles

      Publicly listed credit fund withdraws dividend forecast

      Cheyne Capital's Queen's Walk Investment Limited, the closed-end investment company listed on the L...

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  • Issue 32 - March 28th

    • A difference of opinion

      Buy- and sell-side divided over Eurex futures

      The world's first credit derivatives futures launched yesterday amid some controversy. Sell- and bu...

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  • Issue 31 - March 21st

  • Issue 30 - March 14th

    • R-Evolution returns

      Structure re-launches following rating agency CPDO hiatus

      Calyon is marketing a revised version of its R-Evolution product, a dynamic portfolio insurance (DP...

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  • Issue 29 - March 7th

  • Issue 28 - February 28th

    • CPDOs being cranked up

      Floodgates set to open as CPDO issuance comes back on the agenda

      Bankers are now re-starting their CPDO-related activities in anticipation of the end of the rating...

      Full Contents

  • Issue 27 - February 21st

  • Issue 26 - February 14th

  • Issue 25 - February 7th

    • Opportunities knocked

      CLO alternatives have limited appeal for the timebeing

      There has been much talk of a new wave of interest in credit opportunities funds, particularly foll...

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  • Issue 24 - January 31st

  • Issue 23 - January 24th

    • Rare opportunity finds favour

      Investors embrace new European stressed credit opportunities fund

      A first-of-its-kind credit opportunities fund focussing on sub-par European credit is understood to...

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  • Issue 22 - January 17th

    • New CDO-squared mixes assets

      Credaris deal utilises cash and synthetics to maximise ABS opportunities

      Credit-specialist asset manager Credaris has launched Tasman 2006-1, a hybrid CDO of CDOs. The US$30...

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  • Issue 21 - January 10th

    • Invicta CDPC established

      First structured credit investor-backed vehicle launched

      The Massachusetts Mutual Life Insurance Company and its subsidiary Babson Capital Management have e...

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