Complete news archive

  • Goldman settles Abacus case

    Goldman Sachs has settled with the US SEC over charges that it misled investors in the Abacus 2007-AC1 CDO (see SCI issue 181). The firm has agreed to pay US$550m - the SEC's largest-ever penalty paid by a Wall Street firm - and reform its business practices. Goldman also acknowledged that its marketing materials for the product contained incomplete information.

    News 21 July 2010

  • Goldman says some of Basel 3 'not workable'

    While it is too early to discuss all of the possible changes that could still take place on the regulatory front, Goldman Sachs said on its conference call yesterday (20 July) that some requirements under Basel 3 are not acceptable in its current form.

    "Basel 2.5 has tough requirements that seem to be worked out and are manageable. Basel 3 .......

    Job Swaps 21 July 2010

  • RFC issued on synthetic tranche recovery metrics

    S&P is requesting feedback on a proposed set of supplementary analytics that is intended to enable market participants to estimate recoveries on a tranche of corporate synthetic CDOs under varying scenarios. Dubbed Synthetic Tranche Recovery Metrics (STRM), S&P says the tool offers enhanced analytical capabilities and transparency in the corporate SCDO sector.

    The STRM framework provides estimates of a corporate .......

    News Round-up 21 July 2010

  • CDO auction details emerge

    Details of the portfolios to be liquidated in next week's Ridgeway Court Funding I and Millstone IV CDO auctions have emerged. The sale of the US$1.93bn Millstone collateral will be held by Bank of New York Mellon on 19 and 20 July, while the US$1.71bn Ridgeway Court sale will be held by Wells Fargo on 22 and 23 July.

    The .......

    News Round-up 21 July 2010

  • Auction results released, succession event mulled

    The CDS auction for Truvo Subsidiary Corp occurred on 15 July. The final price remained unchanged from the initial market midpoint of three.

    14 dealers submitted inside markets, physical settlement requests and limit orders to the auction administered by Creditex and Markit. Truvo Subsidiary Corp deliverable obligations are denominated in euros and US dollars.

    Separately, Mitsubishi UFJ Morgan Stanley Securities .......

    News Round-up 21 July 2010

  • Structured products head resurfaces

    Jeffrey Mayer has been appointed head of global markets for North America at Deutsche Bank, managing the bank's sales and trading business in the region. He will report to Anshu Jain, head of the corporate and investment bank.

    Mayer joins Deutsche's New York office with over 20 years of cross-asset class sales, trading and management experience. Most recently, he was .......

    Job Swaps 21 July 2010

  • Basel reforms progress

    The Basel Committee on Banking Supervision says it has developed concrete recommendations for completing its package of regulatory reforms, after reviewing the calibration of the capital and liquidity frameworks, comments on its December 2009 consultation package, the results of its comprehensive quantitative impact study (QIS) and its economic impact assessment analyses at its 14-15 July meeting. It has also issued .......

    News Round-up 21 July 2010

  • Fed survey shows increased ABS funding demand

    The US Fed has released its findings from the inaugural June 2010 Senior Credit Officer Opinion Survey on Dealer Financing Terms, which collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and OTC derivatives markets. Overall, responses to the survey pointed to some noteworthy developments with respect to counterparty relationships and .......

    News Round-up 21 July 2010

  • Unique pricing 'looks attractive'

    With operating performance expected to bottom out in 2011, pricing on the Enterprise debentures and Unique whole business securitisation looks attractive, according to European securitisation analysts at Barclays Capital. They note that current pricing on the bonds reflects the market's concern about their potential default and timely payment.

    In order to avoid default on the Unique securitisation, Enterprise debentures and .......

    News Round-up 21 July 2010

  • CWHEL trade touted

    Odeon Capital Group has released a primer on the Countrywide Revolving Home Equity Loan Shelf (CWHEL) offering. The report highlights the strengths and weaknesses of this particular shelf registration and how they affect the price, yield and weighted average life of the emerging asset class.

    A subject of significant attention from traditional and non-traditional ABS/MBS investors in recent years, the .......

    News Round-up 21 July 2010

  • Middle market CLO completed

    Golub Capital has closed what is believed to be the largest CLO backed primarily by middle-market loans issued in 2010. The proceeds of the US$300m deal, dubbed Golub Capital BDC 2010-1, will be used to refinance the company's existing credit facility.

    The transaction was executed through a private offering of US$174m triple-A rated (S&P and Moody's) class A notes that priced at .......

    News Round-up 21 July 2010

  • UK SME CLO closes

    Lloyds TSB has priced its Sandown Gold SME CLO, following a last-minute amendment to the structure. The £761.5m-equivalent transaction was preplaced with a number of institutional investors and money managers.

    Rated by Moody's and Fitch, the £350m triple-A rated three-year class A1A notes came at 175bp over three-month Libor, the €235m triple-A three-year class A1Bs at 150bp over three-month Euribor .......

    News Round-up 21 July 2010

  • Few more FFELP securitisations could be on tap

    A couple more loan securisations under the Federal Family Education Loan Program (FFELP) are likely to still squeeze in as student loan issuers look to restructure existing transactions. The government-run programme was eliminated on 1 July.

    "We saw a couple of new FFELP securitisations because a lot of issuers want to clean up FFELP loans on their books," says Jingjing .......

    News Round-up 21 July 2010

  • OTC standardisation, reporting consultations launched

    CESR has launched two consultations on OTC derivatives and announced a public hearing on the consultation on 11 August. The first consultation is in relation to standardisation and exchange-trading of OTC derivatives; the second is with respect to transaction reporting.

    The first consultation explores the need for taking regulatory actions in relation to further standardisation for credit, equity, interest rate, .......

    News Round-up 21 July 2010

  • US real estate group leader hired

    Douglas Wisner has joined Clifford Chance as partner in the New York office and will lead the firm's real estate group in the Americas region.

    With more than 30 years of experience working on large real estate transactions, Wisner joins Clifford Chance from Mayer Brown, where he was the firm's practice leader in the global real estate group. He has .......

    Job Swaps 21 July 2010

  • Agency MBS best practice guidelines mooted

    The New York Fed's Treasury Market Practices Group (TMPG) has made available for review a new set of best practice recommendations related to trading and settlement in the Treasury, agency debt and agency MBS markets. The recommendations are designed to promote market integrity, market liquidity, robust control environments, responsible management of large positions and efficient market clearing.

    The development of .......

    News Round-up 21 July 2010

  • Partner added in New York

    Emil Arca has joined Hogan Lovells as partner and will be based in the New York office.

    Most recently, Arca was a partner at Dewey & LeBoeuf in New York. Handling matters in more than 20 countries, particularly in Latin America, he has extensive experience in representing issuers, underwriters, placement agents, investors, borrowers, lenders, insurers and other parties in structured .......

    Job Swaps 21 July 2010

  • Latin American practice adds ABS counsel

    Alejandro Landa has joined law firm Chadbourne & Parke as counsel in its Mexico City office. He was most recently with Thompson & Knight Abogados in Mexico City, where he advised Mexican and foreign companies and financial institutions on the corporate finance components of public bids, mergers and acquisitions, joint ventures, and domestic and cross-border ABS.

    "We are pleased to .......

    Job Swaps 21 July 2010

  • RFC issued on Canadian rating oversight

    The Canadian Securities Administrators (CSA) has published for comment its proposed National Instrument 25-101 Designated Rating Organisations, which is aimed at introducing securities regulatory oversight of credit rating organisations.

    Central to the proposal is the requirement for credit rating organisations to apply to become a designated rating organisation (DRO) to allow their ratings to be used for various purposes within .......

    News Round-up 21 July 2010

  • SEC staffs up in ABS disclosure, rulemaking

    The US SEC has appointed Paula Dubberly as deputy director for policy and capital markets in its corporation finance division. She joins deputy directors Brian Breheny (for legal and regulatory) and Shelley Parratt (disclosure operations).

    Dubberly will oversee two of the division's three new specialised offices, created to enhance its disclosure review and policy operations. The new offices will respectively .......

    Job Swaps 21 July 2010

  • Permacap progresses with ABS purchase plan

    Queen's Walk Investment Ltd (QWIL) reports in its interim management statement for the period from 31 March to 20 July 2010 that it has made substantial progress in its strategy of repaying its financing facility and increasing exposure to ABS. The permacap fully repaid its loan facility on 6 April, which removes all leverage from its balance sheet.

    During the .......

    Job Swaps 21 July 2010
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