Issue 281 - 18th April
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News Analysis
- Structured Finance
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Cards on the table
Quarterly review and outlook for consumer/credit card ABS
We asked the winners of SCI's 2011 arranger awards for the consumer/credit card ABS sectors either side of the Atlantic to answer some questions to gauge their views on activity in Q1 and expectations for Q2 in the sector. Below are their answers. ...
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- Structured Finance
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Market Reports
- CMBS
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Market in need of direction
European CMBS currently looks cheap, but that is not enough to convince buyers to take the plunge as the secondary market remains quiet. BWIC activity has become more sporadic, although increased activity in the primary market could provide a boost. ...
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- CMBS
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News
- Structured Finance
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SCI Start the Week - 16 April
A look at the major activity in structured finance over the past seven days
Pipeline A few new deals hit the pipeline last week only to price by Friday. Still standing at the end of the week were two RMBS transactions (Saecure 11 and A$696.75m SMHL Series Securitisation Fund 2012-1). Finally, Oxford Finance is also in the m...
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- CMBS
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German multifamily exposures eyed
Of the large German multifamily CMBS portfolios, only Grand will extend, suggest ABS analysts at Deutsche Bank. The analysts cite GAGFAH's recent upbeat conference call on both the €1.1bn WOBA loan (split equally between WINDM IX and DECO...
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- Structured Finance
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Job Swaps
- ABS
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MBS, ABS heads moving on
Gleacher & Company Securities' head of MBS, ABS and rates and head of trading for MBS, ABS a...
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- Structured Finance
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Senior credit advisor enlisted
Richard Whittle, former head of exotic credit derivatives at ABN Amro, has joined Lazard in London....
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Southport names new cio
Michael Morrow has joined Southport Lane as cio. He also becomes president of the firm's asset manag...
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- CLOs
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New Europe credit head named
Doug Henderson has joined Oak Hill Advisors in London as partner. He joins from Goldman Sachs and wi...
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Newly-formed credit shop strengthened
Stephen Hickey has joined CVC Credit Partners (CCP) as member of the management committee, partner a...
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- CMBS
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CRE trio join new office
Walker & Dunlop has hired three veteran originators for a new office in Fort Lauderdale. Pau...
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- Insurance-linked securities
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ILS lawyer follows colleague
Richard Spitzer has joined Mayer Brown in New York as partner in the firm's insurance finance group...
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- ABS
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News Round-up
- Structured Finance
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LCR, NSFR impact estimated
The Basel Committee has published the results of its Basel 3 monitoring exercise. A total of 212 ban...
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Minimal EMEA ABS impairments recorded
Moody's says that EMEA ABS has performed as expected since the onset of the financial crisis. Betwee...
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- CDO
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Positive CDO ratings trend noted
S&P upgraded 750 classes of structured credit notes in 1Q12, over a 75% jump from the 426 up...
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Trups CDOs reviewed on criteria update
S&P has published updated assumptions and methodology for rating US Trups CDOs, following a...
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ABS CDO liquidation due
Apollo Capital Management (formerly Stone Tower Debt Advisors) has been retained to act as liquidati...
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Minimal rise for CRE CDO delinquencies
CRE CDO delinquencies rose minimally in March to 13.6% from 13.4% the previous month, according to F...
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CDO defaulted obligation declared
A €6m senior bond issued by Geipel, which was purchased by PULS CDO 2007-1, has been decla...
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- CDS
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FMI principles published
IOSCO and the Committee on Payment and Settlement Systems (CPSS) have published three documents that...
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Derivatives valuation workflow supported
SuperDerivatives (SD) has launched what it describes as a next-generation platform for on-demand der...
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Swaps reporting tool offered
Sapient Global Markets has launched CMRS, designed to help clients achieve a unified view of complia...
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Hawker Beechcraft auction called
ISDA's Americas Determinations Committee has determined that a failure to pay credit event has occur...
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Bank CDS spread differentiation noted
The earnings season has begun with CDS spreads on two major banks tightening and spreads on another...
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'Positive' quarter for sovereign CDS
CMA has released its 1Q12 global sovereign debt credit risk report, in which it names the top-ten mo...
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- CLOs
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HCA seeking loan extension
HCA, the fourth largest CLO holding, is launching a loan extension. Securitisation analysts at S&...
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ELLI default rate on negative trend
The S&P ELLI index rose to 5.3% in March from 4.9% in February, based on par amount outstand...
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Preps CLOs facing refi risk
Fitch has downgraded three classes of notes from the Preps 2005-2 and Preps 2007-1 SME CLO deals, du...
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- CMBS
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Opera Uni credit bid voted in
Opera Finance (Uni-Invest) class A noteholders yesterday approved the credit bid option presented by...
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Keops loan repaid
The sale of the final remaining two properties under the Keops loan, securitised in Juno (Eclipse 20...
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CMBS LTVs set to increase
The leverage on loans backing upcoming US CMBS conduit transactions is poised to increase, Moody's r...
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- Insurance-linked securities
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Record cat bond volumes posted
First-quarter catastrophe bond issuance hit a record US$1.49bn as investors deployed additional capi...
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ILS diversification play underlined
Catastrophe bond issuance volumes hit close to record levels of US$1.7bn in 1Q12, according to Clear...
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- RMBS
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Spanish scenario analysis released
Severe mortgage arrears in Spain may rise to a peak of 3.2% by the end of 2012 from 2.8% at the end...
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Servicer 'clawback' practices in the spotlight
Morningstar has published a report that sheds light on residential mortgage servicer cashflow manage...
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AEGON eyes dollar demand
AEGON Levensverzekering is in the market with Saecure 11. If - as expected - the...
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Paragon pension claim possible
Moody's has updated its analysis of potential legal risks in transactions originated by members of T...
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- Structured Finance
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