Selections from Recent Issues
Vanquish Dealt Setback in Management Fight (08/20/2010)
Opposition from other investors has stymied efforts by Vanquish Capital to remove New York Life as manager of two collateralized loan obligations.
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Opposition from other investors has stymied efforts by Vanquish Capital to remove New York Life as manager of two collateralized loan obligations.
Read more.
Issuers Chasing Bad-Mortgage Portfolios (08/13/2010)
Arch Bay Capital and Kondaur Capital are among the leading bidders for a large portfolio of nonperforming mortgages that Flagstar Bank is shopping - assets the shops are eyeing as future bond collateral.
Read more.
Arch Bay Capital and Kondaur Capital are among the leading bidders for a large portfolio of nonperforming mortgages that Flagstar Bank is shopping - assets the shops are eyeing as future bond collateral.
Read more.
Issuers Warn of Reg AB-Induced Withdrawal (08/06/2010)
A clause in the SEC's proposed overhaul of Regulation AB is suddenly causing alarm among asset-backed bond issuers, who say the measure could kill the appeal of shelf entities.
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A clause in the SEC's proposed overhaul of Regulation AB is suddenly causing alarm among asset-backed bond issuers, who say the measure could kill the appeal of shelf entities.
Read more.
Whole-Loan Trading Buoys MBS Outlook (07/30/2010)
Mortgage-bond professionals are taking a recent uptick in whole-loan trading volume as an encouraging sign for their side of the business.
Read more.
Mortgage-bond professionals are taking a recent uptick in whole-loan trading volume as an encouraging sign for their side of the business.
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New Underwriter Dusting Off Symphony CLO (07/23/2010)
Symphony Asset Management has revived a $500 million collateralized loan obligation that it pulled from the market in April, with a new bookrunner.
Read more.
Symphony Asset Management has revived a $500 million collateralized loan obligation that it pulled from the market in April, with a new bookrunner.
Read more.
European Unease Lifts Covered-Bond Sales (07/16/2010)
Europe's fiscal woes are propelling covered-bond issuance toward record levels.
Read more.
Europe's fiscal woes are propelling covered-bond issuance toward record levels.
Read more.
Market Pros Set Their Sights on GSEs (07/09/2010)
Securitization professionals are already gearing up for the next battle in Washington - the overhauls of Fannie Mae and Freddie Mac.
Read more.
Securitization professionals are already gearing up for the next battle in Washington - the overhauls of Fannie Mae and Freddie Mac.
Read more.
FDIC Controlling Covered-Bond Legislation (07/02/2010)
The FDIC is working with lawmakers to draft a new covered-bond bill, just days after the agency blocked efforts to include such a measure in Congress' financial-market reforms.
Read more.
The FDIC is working with lawmakers to draft a new covered-bond bill, just days after the agency blocked efforts to include such a measure in Congress' financial-market reforms.
Read more.
US Shops See Opportunity in Europe's Woes (06/25/2010)
Asset managers in the U.S. are exploiting what they view as a rare opportunity to buy triple-A-rated mortgage bonds at double-digit yields.
Read more.
Asset managers in the U.S. are exploiting what they view as a rare opportunity to buy triple-A-rated mortgage bonds at double-digit yields.
Read more.
Finacity Maps Dual Transactions (06/18/2010)
(SEE CORRECTION BELOW) Finacity is working on two term securitizations for clients in Mexico.
Read more.
(SEE CORRECTION BELOW) Finacity is working on two term securitizations for clients in Mexico.
Read more.
Finacorp Calls It Quits After Brief MBS Stint (06/11/2010)
Broker-dealer Finacorp Securities, which made a big push into mortgage-backed securities amid the credit crisis, closed its doors this week.
Read more.
Broker-dealer Finacorp Securities, which made a big push into mortgage-backed securities amid the credit crisis, closed its doors this week.
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UBS Nabs Mulford for Mortgage-Bond Role (06/04/2010)
Ken Mulford, best known for his role in securitizing subprime mortgages at the now-defunct Ameriquest, arrived at UBS this week - the latest sign of the bank's ambitions to rebuild its once-active securitization-banking business in the U.S.
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Ken Mulford, best known for his role in securitizing subprime mortgages at the now-defunct Ameriquest, arrived at UBS this week - the latest sign of the bank's ambitions to rebuild its once-active securitization-banking business in the U.S.
Read more.
REITs Building Teams for Issuance Efforts (05/28/2010)
Several mortgage REITs are creating securitization-structuring staffs, with an eye toward issuing bonds that they would retain.
Read more.
Several mortgage REITs are creating securitization-structuring staffs, with an eye toward issuing bonds that they would retain.
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BTIG Lands Castro for Securitization Effort (05/21/2010)
New York brokerage firm BTIG has hired industry veteran Dan Castro to help build up its structured-product sales-and-trading business.
Read more.
New York brokerage firm BTIG has hired industry veteran Dan Castro to help build up its structured-product sales-and-trading business.
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Disclosure Requirements Foil MBS Plans (05/14/2010)
It's proving more difficult than anticipated for banks to issue bonds backed by seasoned home loans.
Read more.
It's proving more difficult than anticipated for banks to issue bonds backed by seasoned home loans.
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Europeans on Edge Over Fiscal Struggles (05/07/2010)
Mortgage bonds in the U.K. and The Netherlands could be headed down the same path as similar products issued in Europe's shakier nations.
Read more.
Mortgage bonds in the U.K. and The Netherlands could be headed down the same path as similar products issued in Europe's shakier nations.
Read more.
State Street Bids Trigger Buyside Buzz (04/30/2010)
Investors are chattering about an apparent resurrection of State Street Global's buyside presence.
Read more.
Investors are chattering about an apparent resurrection of State Street Global's buyside presence.
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Deutsche Takes Aim at Student-Loan Assets (04/23/2010)
Deutsche Bank intends to expand its role in the student-loan industry - both by purchasing an education lender and by picking up loan portfolios from companies that plan to exit the rapidly evolving marketplace.
Read more.
Deutsche Bank intends to expand its role in the student-loan industry - both by purchasing an education lender and by picking up loan portfolios from companies that plan to exit the rapidly evolving marketplace.
Read more.
. . . As Institution Winds Down 'Bad Bank' (04/16/2010)
Bank of America has disbanded its special sales team, which it put together at the height of the credit crisis to dump devalued structured products.
Read more.
Bank of America has disbanded its special sales team, which it put together at the height of the credit crisis to dump devalued structured products.
Read more.
Marblehead Offering to Fill Warehouse Void (04/09/2010)
First Marblehead is working on a novel securitization backed by yet-to-be originated student loans.
Read more.
First Marblehead is working on a novel securitization backed by yet-to-be originated student loans.
Read more.
Bullish Streak Continues for European MBS (04/02/2010)
The market for European mortgage bonds is approaching a milestone in its recovery from the credit crisis.
Read more.
The market for European mortgage bonds is approaching a milestone in its recovery from the credit crisis.
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Repo Lines Concealing Open-Market Growth (03/26/2010)
Support from central banks in Europe is still distorting worldwide securitization volume, but this time in a different direction.
Read more.
Support from central banks in Europe is still distorting worldwide securitization volume, but this time in a different direction.
Read more.
Amex, Ford Hawking Retained Junior Bonds (03/19/2010)
American Express and Ford are shopping junior bonds they had to retain to facilitate securitizations conducted amid the global financial crisis, and other issuers are following suit.
Read more.
American Express and Ford are shopping junior bonds they had to retain to facilitate securitizations conducted amid the global financial crisis, and other issuers are following suit.
Read more.
FDIC Arranges Rapid-Fire Loan Liquidations (03/12/2010)
The FDIC is speeding up efforts to sell home loans it has taken on from failed banks.
Read more.
The FDIC is speeding up efforts to sell home loans it has taken on from failed banks.
Read more.
Executives Quit ICP Capital Amid Turmoil (03/05/2010)
Following a period of rapid growth, trading firm ICP Capital is suddenly grappling with a range of issues - including troubles in raising capital and retaining key personnel.
Read more.
Following a period of rapid growth, trading firm ICP Capital is suddenly grappling with a range of issues - including troubles in raising capital and retaining key personnel.
Read more.
Skepticism Surrounds Trups-Buying Strategy (02/26/2010)
Two Highland Capital partners are trying to purchase trust-preferred securities issued by a bank they partially own - shares that currently reside in the underlying portfolio of a collateralized debt obligation.
Read more.
Two Highland Capital partners are trying to purchase trust-preferred securities issued by a bank they partially own - shares that currently reside in the underlying portfolio of a collateralized debt obligation.
Read more.
Stanfield Seeks Offers for CLO Assignments (02/19/2010)
Stanfield Capital is thinking about unloading the management assignments for 12 collateralized loan obligations.
Read more.
Stanfield Capital is thinking about unloading the management assignments for 12 collateralized loan obligations.
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Fed Puts TALF Dealers Under Microscope (02/12/2010)
The Federal Reserve is increasing its scrutiny of banks that distribute bonds via its Term Asset-Backed Securities Loan Facility, on the eve of the program's expiration.
Read more.
The Federal Reserve is increasing its scrutiny of banks that distribute bonds via its Term Asset-Backed Securities Loan Facility, on the eve of the program's expiration.
Read more.
New Venue Tops Conferencegoers' Wish Lists (02/05/2010)
The American Securitization Forum's annual conference won't return to the Washington area if industry players get their way.
Read more.
The American Securitization Forum's annual conference won't return to the Washington area if industry players get their way.
Read more.
Card Issuers Hold Back Amid Maturity Surge (01/29/2010)
More credit-card bonds will mature in 2010 than in any prior year, but that doesn't mean issuers will be rushing to re-fund those obligations with new securities.
Read more.
More credit-card bonds will mature in 2010 than in any prior year, but that doesn't mean issuers will be rushing to re-fund those obligations with new securities.
Read more.
TALF Expiration Triggering Floorplan Rush (01/22/2010)
Dealer-floorplan lenders are preparing an onslaught of securitizations.
Read more.
Dealer-floorplan lenders are preparing an onslaught of securitizations.
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Dynamic Credit Layoffs Reflect CDO Retreat (01/15/2010)
Dynamic Credit Partners, once an active issuer of collateralized debt obligations, laid off portfolio manager Dan Nigro and trader Chris Sandleitner last week amid an ongoing shift in its business.
Read more.
Dynamic Credit Partners, once an active issuer of collateralized debt obligations, laid off portfolio manager Dan Nigro and trader Chris Sandleitner last week amid an ongoing shift in its business.
Read more.
Dealers Circulate FDIC Mortgage Holdings (01/08/2010)
Barclays, RBS Greenwich and Stifel Nicolaus are separately arranging sales of home loans that the FDIC took on amid the global financial crisis.
Read more.
Barclays, RBS Greenwich and Stifel Nicolaus are separately arranging sales of home loans that the FDIC took on amid the global financial crisis.
Read more.
Issuers Look to January as Demand Fades (12/18/2009)
Manheim Financial has postponed a planned securitization in response to waning investor demand, on the heels of a similar move by Ford.
Read more.
Manheim Financial has postponed a planned securitization in response to waning investor demand, on the heels of a similar move by Ford.
Read more.
Accounting Relief Seen in Conduit Tweak (12/11/2009)
Companies that rely on commercial-paper conduits for funding are getting innovative in a late-year scramble to make sure their receivables continue to receive off-balance-sheet treatment.
Read more.
Companies that rely on commercial-paper conduits for funding are getting innovative in a late-year scramble to make sure their receivables continue to receive off-balance-sheet treatment.
Read more.
Nomura Offering Big Bucks to Top Recruits (12/04/2009)
Nomura is apparently putting its money where its mouth is.
Read more.
Nomura is apparently putting its money where its mouth is.
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FDIC Contracts Signal Asset-Sale Progress (11/20/2009)
The FDIC has hired at least three firms to help review or assign values to seized bank assets, including receivables it plans to securitize.
Read more.
The FDIC has hired at least three firms to help review or assign values to seized bank assets, including receivables it plans to securitize.
Read more.
Babson to Swallow Jefferies CLO Division (11/13/2009)
Babson Capital has agreed to purchase a Jefferies Capital unit that manages five collateralized loan obligations.
Read more.
Babson Capital has agreed to purchase a Jefferies Capital unit that manages five collateralized loan obligations.
Read more.
Marathon Raises Eyebrows With CLO Re-Buy (11/06/2009)
Marathon Asset Management pocketed millions of dollars over the past few months by buying back securities from a collateralized debt obligation it issued in 2005 and then retiring them at higher prices.
Read more.
Marathon Asset Management pocketed millions of dollars over the past few months by buying back securities from a collateralized debt obligation it issued in 2005 and then retiring them at higher prices.
Read more.
Ford to Speed Up Issuance Assembly Line (10/30/2009)
Ford is planning a substantial boost in its securitization volume.
Read more.
Ford is planning a substantial boost in its securitization volume.
Read more.
Gloomy Mood Overtakes Conduit Industry (10/23/2009)
Could the commercial-paper conduit industry vanish in 2010?
Read more.
Could the commercial-paper conduit industry vanish in 2010?
Read more.
Fresh Leverage Lifts Mortgage-Bond Trading (10/16/2009)
Leverage is trickling back into the mortgage-securitization market.
Read more.
Leverage is trickling back into the mortgage-securitization market.
Read more.
Conduit Distribution Pros Face Downsizing (10/09/2009)
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CORRECTION: Credit Suisse insists that it has no plans to downsize or eliminate its asset-backed commercial paper distribution desk, contrary to what appeared in the Oct. 9 article "Conduit Distribution Pros Face Downsizing."
Read more.
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CORRECTION: Credit Suisse insists that it has no plans to downsize or eliminate its asset-backed commercial paper distribution desk, contrary to what appeared in the Oct. 9 article "Conduit Distribution Pros Face Downsizing."
Read more.
FDIC Uncertainty Sends S&P to Sidelines (09/25/2009)
S&P is temporarily curtailing the volume of new ratings it assigns to asset-backed bonds issued by banks.
Read more.
S&P is temporarily curtailing the volume of new ratings it assigns to asset-backed bonds issued by banks.
Read more.
Exodus Begins as Accounting Threats Grow (09/18/2009)
Fears that the Financial Accounting Standards Board's FAS 167 rules would push issuers out of the asset-backed bond market are beginning to be realized.
Read more.
Fears that the Financial Accounting Standards Board's FAS 167 rules would push issuers out of the asset-backed bond market are beginning to be realized.
Read more.
MBS Losses Grow Murky as Defaults Rocket (09/11/2009)
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CORRECTION: The July mortgage-bond defaults cited in a Sept. 11 article, "MBS Losses Grow Murky as Defaults Rocket," included classes of bonds that S&P had earlier downgraded to "D" and then confirmed at that rating during the month. Of the 2,996 defaulted tranches, 881 had their ratings lowered in July, compared to 289 in July 2008. The rest of the July 2009 tally consisted of confirmations of previous downgrades. In the first seven months of this year, S&P downgraded 7,233 tranches of home-loan securities to "D" while confirming such ratings for 7,624 classes.
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Read more.
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CORRECTION: The July mortgage-bond defaults cited in a Sept. 11 article, "MBS Losses Grow Murky as Defaults Rocket," included classes of bonds that S&P had earlier downgraded to "D" and then confirmed at that rating during the month. Of the 2,996 defaulted tranches, 881 had their ratings lowered in July, compared to 289 in July 2008. The rest of the July 2009 tally consisted of confirmations of previous downgrades. In the first seven months of this year, S&P downgraded 7,233 tranches of home-loan securities to "D" while confirming such ratings for 7,624 classes.
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CLO Technique to Fund Private Equity Deals (08/21/2009)
Private equity firm Kidd & Co. has devised a novel securitization strategy that would finance investments in distressed-company debt.
Read more.
Private equity firm Kidd & Co. has devised a novel securitization strategy that would finance investments in distressed-company debt.
Read more.
US Set for Pivotal Capital-Reserve Ruling (08/14/2009)
U.S. government officials are aiming for September to decide once and for all how banks' capital reserves should reflect a tidal wave of securitized assets that are headed for their balance sheets.
Read more.
U.S. government officials are aiming for September to decide once and for all how banks' capital reserves should reflect a tidal wave of securitized assets that are headed for their balance sheets.
Read more.
PPIP Managers Hit With One-Month Setback (08/07/2009)
The U.S. Treasury Department has quietly notified the nine asset-management groups chosen to set up funds under its Public-Private Investment Program that the effort's timetable has been pushed back by at least a month.
Read more.
The U.S. Treasury Department has quietly notified the nine asset-management groups chosen to set up funds under its Public-Private Investment Program that the effort's timetable has been pushed back by at least a month.
Read more.
Fed Weighing Revisions for TALF Haircuts (07/31/2009)
The Federal Reserve is thinking about increasing the down payments it requires from investors that buy certain types of bonds with financing from its Term Asset-Backed Securities Loan Facility.
Read more.
The Federal Reserve is thinking about increasing the down payments it requires from investors that buy certain types of bonds with financing from its Term Asset-Backed Securities Loan Facility.
Read more.
Coming Sales Threaten Mortgage-Bond Gains (07/24/2009)
An anticipated gush of selling could cause the values of mortgage-related bonds to whipsaw in the coming months.
Read more.
An anticipated gush of selling could cause the values of mortgage-related bonds to whipsaw in the coming months.
Read more.
JP Morgan Abandons CDO Underwriting (07/17/2009)
J.P. Morgan is no longer interested in underwriting collateralized debt obligations.
Read more.
J.P. Morgan is no longer interested in underwriting collateralized debt obligations.
Read more.
TALF Investments Rally on Secondary Market (07/10/2009)
Secondary-market prices are soaring for bonds that qualify for buyer financing via the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
Secondary-market prices are soaring for bonds that qualify for buyer financing via the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
Government Aid Keeps Supply on Even Keel (07/03/2009)
Worldwide securitization activity is set to build ever so slightly in the next six months with continued central-bank support, as annual issuance volume heads toward its lowest point since 2002.
Read more.
Worldwide securitization activity is set to build ever so slightly in the next six months with continued central-bank support, as annual issuance volume heads toward its lowest point since 2002.
Read more.
Lloyds to Clear Out Massive Bond Inventory (06/26/2009)
Lloyds Banking is unwinding one of the world's largest portfolios of asset- and mortgage-backed bonds.
Read more.
Lloyds Banking is unwinding one of the world's largest portfolios of asset- and mortgage-backed bonds.
Read more.
No More Free Rides for Buy-Side Players (06/19/2009)
Wall Street dealers appear to be ending a practice in which they have routinely assigned values to clients' holdings of asset- and mortgage-backed bonds free of charge.
Read more.
Wall Street dealers appear to be ending a practice in which they have routinely assigned values to clients' holdings of asset- and mortgage-backed bonds free of charge.
Read more.
Next Wave of MBS Pain Coming Into Focus (06/12/2009)
The next shoe is dropping on the already-clobbered mortgage-backed securities market, and this time holders of senior bonds are among those in peril.
Read more.
The next shoe is dropping on the already-clobbered mortgage-backed securities market, and this time holders of senior bonds are among those in peril.
Read more.
Banks Get Jump on Possible TALF Expansion (06/05/2009)
Mortgage lenders have started approaching rating agencies with securitization pools that they think might qualify for an expanded version of the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
Mortgage lenders have started approaching rating agencies with securitization pools that they think might qualify for an expanded version of the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
BofA Unable to Clear Subprime Threshold (05/29/2009)
Even as other credit-card lenders rush to sell bonds for use in the Federal Reserve's Term Asset-Backed Securities Loan Facility, Bank of America is worried such a move would leave it with an unwanted stigma.
Read more.
Even as other credit-card lenders rush to sell bonds for use in the Federal Reserve's Term Asset-Backed Securities Loan Facility, Bank of America is worried such a move would leave it with an unwanted stigma.
Read more.
UK Lenders Line Up Guaranteed MBS Issues (05/22/2009)
Private-sector demand for U.K. mortgage bonds is about to get a major test, as issuers tap into a new government-guarantee program.
Read more.
Private-sector demand for U.K. mortgage bonds is about to get a major test, as issuers tap into a new government-guarantee program.
Read more.
Momentum Building for TALF's June Round (05/15/2009)
Structured-product issuers are lining up an estimated $15 billion to $20 billion of deals for the next monthly installment in the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
Structured-product issuers are lining up an estimated $15 billion to $20 billion of deals for the next monthly installment in the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
TALF Distribution Raises Buyers' Hackles (05/08/2009)
As the Federal Reserve's Term Asset-Backed Securities Loan Facility produced its third monthly wave of bond offerings this week, some investors were grumbling that they never got a fair shot at the deals.
Read more.
As the Federal Reserve's Term Asset-Backed Securities Loan Facility produced its third monthly wave of bond offerings this week, some investors were grumbling that they never got a fair shot at the deals.
Read more.
Bidders Steamed Over Whistlejacket Process (05/01/2009)
Buysiders are expressing frustration over how dealers handled this week's auction of assets from the failed Whistlejacket Capital structured investment vehicle.
Read more.
Buysiders are expressing frustration over how dealers handled this week's auction of assets from the failed Whistlejacket Capital structured investment vehicle.
Read more.
Market Makers Buoy Mortgage-Bond Mood (04/24/2009)
A recent jump in the values of private-label mortgage bonds is looking more like a sustained rally.
Read more.
A recent jump in the values of private-label mortgage bonds is looking more like a sustained rally.
Read more.
Issuance to Surge With TALF's Next Round (04/17/2009)
The third round of funding from the Federal Reserve's Term Asset-Backed Securities Loan Facility is shaping up as the largest yet.
Read more.
The third round of funding from the Federal Reserve's Term Asset-Backed Securities Loan Facility is shaping up as the largest yet.
Read more.
Sallie Packaging Loads of Consolidation Debt (04/10/2009)
A push by Sallie Mae to unload a pile of debt-consolidation credits is breathing life into the moribund market for securities backed by student loans.
Read more.
A push by Sallie Mae to unload a pile of debt-consolidation credits is breathing life into the moribund market for securities backed by student loans.
Read more.
Bankruptcy Threat Hits Chrysler, GM Bonds (04/03/2009)
President Obama's threat to push Chrysler and General Motors into bankruptcy has all but ruled out the possibility of those companies securitizing auto loans anytime soon, while scaring off secondary-market buyers of their bonds.
Read more.
President Obama's threat to push Chrysler and General Motors into bankruptcy has all but ruled out the possibility of those companies securitizing auto loans anytime soon, while scaring off secondary-market buyers of their bonds.
Read more.
Deutsche Alumni Pooling Buy-Side Capital (03/27/2009)
Seer Capital, the investment shop led by former Deutsche Bank structured-finance executives Phil Weingord and Richard D'Albert, is ready to launch its first hedge fund.
Read more.
Seer Capital, the investment shop led by former Deutsche Bank structured-finance executives Phil Weingord and Richard D'Albert, is ready to launch its first hedge fund.
Read more.
Dealers, Conduits Join Investor Gold Rush (03/20/2009)
An ever-widening variety of investors are seeking to participate in the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
An ever-widening variety of investors are seeking to participate in the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
DZ to Discontinue US Conduit Activities (03/13/2009)
DZ Bank is shutting down its U.S. commercial-paper conduit operation, spurring talk that the unit's 21-member staff will soon shift somewhere else.
Read more.
DZ Bank is shutting down its U.S. commercial-paper conduit operation, spurring talk that the unit's 21-member staff will soon shift somewhere else.
Read more.
More Issuers Scramble as Card Payments Lag (03/06/2009)
Deteriorating borrower performance has forced American Express, Citigroup and First National Bank of Omaha to divert cashflows from securitized credit cards into special reserve accounts - and more drastic moves could follow.
Read more.
Deteriorating borrower performance has forced American Express, Citigroup and First National Bank of Omaha to divert cashflows from securitized credit cards into special reserve accounts - and more drastic moves could follow.
Read more.
Rating Downgrades Swamp Alt-A Bonds (02/27/2009)
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CORRECTION: A Feb. 27 article, "Rating Downgrades Swamp Alt-A Bonds," mischaracterized the volume of alternative-A mortgage bonds held by State Street Global Advisors. The firm owns $234 million of such securities, accountin
Read more.
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CORRECTION: A Feb. 27 article, "Rating Downgrades Swamp Alt-A Bonds," mischaracterized the volume of alternative-A mortgage bonds held by State Street Global Advisors. The firm owns $234 million of such securities, accountin
Read more.
Card Lenders See Covered-Bond Salvation (02/20/2009)
Credit-card lenders are hopping on the covered-bond bandwagon.
Read more.
Credit-card lenders are hopping on the covered-bond bandwagon.
Read more.
Vegas Crowd Torn by Uncle Sam's Role (02/13/2009)
Many securitization professionals came away from this week's big industry gathering in Las Vegas feeling conflicted and increasingly nervous about the U.S. government's expanding role in the market.
Read more.
Many securitization professionals came away from this week's big industry gathering in Las Vegas feeling conflicted and increasingly nervous about the U.S. government's expanding role in the market.
Read more.
Brokers Pick Up Slack in Ailing Job Market (02/06/2009)
Some demand is emerging for professionals who can sell or trade structured products, defying an otherwise bleak employment outlook for 2009.
Read more.
Some demand is emerging for professionals who can sell or trade structured products, defying an otherwise bleak employment outlook for 2009.
Read more.
Urgency Mounts as Industry Heads to Vegas (01/30/2009)
The almost 4,000 securitization professionals headed to next month's industry gathering in Las Vegas are desperate to revive their decimated corner of the financial market.
Read more.
The almost 4,000 securitization professionals headed to next month's industry gathering in Las Vegas are desperate to revive their decimated corner of the financial market.
Read more.
TALF Filling Empty Securitization Pipeline (01/23/2009)
Market insiders are predicting that the Federal Reserve's Term Asset-Backed Securities Loan Facility will spark up to $20 billion of new structured-finance offerings in its first month.
Read more.
Market insiders are predicting that the Federal Reserve's Term Asset-Backed Securities Loan Facility will spark up to $20 billion of new structured-finance offerings in its first month.
Read more.
Spread Tightening Seen as Short-Lived Trend (01/16/2009)
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CORRECTION: A Jan. 16 article, "Spread Tightening Seen as Short-Lived Trend," incorrectly stated that Ford had received support from the U.S. Treasury Department's Troubled Asset Relief Program (TARP). The automaker hasn't a
Read more.
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CORRECTION: A Jan. 16 article, "Spread Tightening Seen as Short-Lived Trend," incorrectly stated that Ford had received support from the U.S. Treasury Department's Troubled Asset Relief Program (TARP). The automaker hasn't a
Read more.
Outlook Sketchy for Still-Frozen Issuance (01/09/2009)
Securitization volume is likely to rebound moderately this year in the U.S. and decline in Europe, as both markets struggle to pull out of a prolonged funk.
Read more.
Securitization volume is likely to rebound moderately this year in the U.S. and decline in Europe, as both markets struggle to pull out of a prolonged funk.
Read more.
Card Lenders Falling Into Cashflow 'Trap' (12/19/2008)
Banks may soon lose access to leftover cashflows that they typically pocket from their credit-card securitizations.
Read more.
Banks may soon lose access to leftover cashflows that they typically pocket from their credit-card securitizations.
Read more.
Investors Lack Faith in Automaker Rescue (12/12/2008)
Structured-product investors remain skeptical about government efforts to bail out Chrysler, General Motors and possibly Ford.
Read more.
Structured-product investors remain skeptical about government efforts to bail out Chrysler, General Motors and possibly Ford.
Read more.
Deep Freeze to Persist Through December (12/05/2008)
Don't look for a stream of new securitizations to follow a $466 million auto-loan transaction that Nissan completed this week.
Read more.
Don't look for a stream of new securitizations to follow a $466 million auto-loan transaction that Nissan completed this week.
Read more.
Citi, Morgan Stanley Speeding Up Retreat (11/21/2008)
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CORRECTION: A Nov. 21 article, "Citi, Morgan Stanley Speeding Up Retreat," contained errors. The item overstated layoffs within John Wood's analytics group, which was reduced to 19 people from 27. In the mortgage-finance div
Read more.
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CORRECTION: A Nov. 21 article, "Citi, Morgan Stanley Speeding Up Retreat," contained errors. The item overstated layoffs within John Wood's analytics group, which was reduced to 19 people from 27. In the mortgage-finance div
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Looming Regulatory Wave Vexes Industry (11/14/2008)
Securitization professionals are getting worried that the inauguration of President Barack Obama in January will usher in an onslaught of regulatory constraints that they've been able to beat back in the past.
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Securitization professionals are getting worried that the inauguration of President Barack Obama in January will usher in an onslaught of regulatory constraints that they've been able to beat back in the past.
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More Pessimism Surrounds Bank Portfolios (11/07/2008)
A consensus is developing that many banks have understated how badly they'll be hurt by defaults among holdings of unsecuritized mortgages.
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A consensus is developing that many banks have understated how badly they'll be hurt by defaults among holdings of unsecuritized mortgages.
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Staffing Churn Continues Across CDO Sector (10/31/2008)
Barclays and RBS Greenwich have shifted the leadership of their CDO-underwriting teams, while UBS cuts back its staff.
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Barclays and RBS Greenwich have shifted the leadership of their CDO-underwriting teams, while UBS cuts back its staff.
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Card Squeeze Creating Liquidation Buzz (10/24/2008)
Rising defaults among private-label credit-card accounts are prompting some lenders to think about unwinding securitizations backed by those assets.
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Rising defaults among private-label credit-card accounts are prompting some lenders to think about unwinding securitizations backed by those assets.
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Confidence Creeping Back Into CP Sector (10/17/2008)
The asset-backed commercial paper market showed signs of recovery this week, as sweeping government efforts to bolster financial markets made investors more comfortable with longer-term conduit issues.
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The asset-backed commercial paper market showed signs of recovery this week, as sweeping government efforts to bolster financial markets made investors more comfortable with longer-term conduit issues.
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Bailout Candidates Hashing Out Strategies (10/10/2008)
Industry players are increasingly singling out Bank of America, Citigroup, J.P. Morgan and Wells Fargo as candidates to benefit from the U.S. Treasury Department's Troubled Asset Relief Program.
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Industry players are increasingly singling out Bank of America, Citigroup, J.P. Morgan and Wells Fargo as candidates to benefit from the U.S. Treasury Department's Troubled Asset Relief Program.
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Volume Decline Saps Bookrunner Competition (10/03/2008)
A shift in the competitive landscape for underwriters of asset- and mortgage-backed securities has accelerated in the past three months, as investment banks increasingly concentrate on managing deals for affiliates.
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A shift in the competitive landscape for underwriters of asset- and mortgage-backed securities has accelerated in the past three months, as investment banks increasingly concentrate on managing deals for affiliates.
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Firms Preen for Government Beauty Contest (09/26/2008)
The field of companies pursuing work associated with the federal government's $700 billion plan to cleanse financial institutions of devalued mortgage assets is growing rapidly.
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The field of companies pursuing work associated with the federal government's $700 billion plan to cleanse financial institutions of devalued mortgage assets is growing rapidly.
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Stunned Investors Swarming Out of Market (09/19/2008)
Already-swollen spreads on structured-finance products ballooned even further this week, as the worst financial crisis in a generation grew even deeper.
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Already-swollen spreads on structured-finance products ballooned even further this week, as the worst financial crisis in a generation grew even deeper.
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Banks Join Forces in Covered-Bond Effort (09/12/2008)
Bank of America, Citigroup, J.P. Morgan and Wells Fargo have teamed up to draft a blueprint for covered-bond issues in the U.S., an uncommon move for institutions that are usually engaged in heated competition.
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Bank of America, Citigroup, J.P. Morgan and Wells Fargo have teamed up to draft a blueprint for covered-bond issues in the U.S., an uncommon move for institutions that are usually engaged in heated competition.
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Money Funds Tiptoe Back Into US Conduits (09/05/2008)
Signs of life are returning to one corner of the frozen asset-backed commercial paper market.
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Signs of life are returning to one corner of the frozen asset-backed commercial paper market.
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Radian Shearing Already-Depleted Headcount (08/15/2008)
More layoffs are taking place at Radian Asset Assurance, as parent Radian Group diverts funds from the bond insurer to its ailing mortgage-insurance affiliate.
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More layoffs are taking place at Radian Asset Assurance, as parent Radian Group diverts funds from the bond insurer to its ailing mortgage-insurance affiliate.
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Nervous Buyers Find More Reasons to Flee (08/08/2008)
The market for asset-backed bond issues just got a little worse.
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The market for asset-backed bond issues just got a little worse.
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Investment Losses Worsen in US Farmbelt (08/01/2008)
It looks like AgriBank isn't done marking down the values of mortgage-related securities it holds.
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It looks like AgriBank isn't done marking down the values of mortgage-related securities it holds.
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Margin Calls Push Values Toward Precipice (07/25/2008)
The secondary market for mortgage-related bonds found itself on shaky ground again this week, as some banks demanded repayment of margin loans they supply to opportunistic buysiders.
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The secondary market for mortgage-related bonds found itself on shaky ground again this week, as some banks demanded repayment of margin loans they supply to opportunistic buysiders.
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Option ARMs Throw Wrench Into Recovery (07/18/2008)
Another bout of agony is looming for the mortgage industry.
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Another bout of agony is looming for the mortgage industry.
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Missing: Structured-Product Insurers (07/11/2008)
Insured asset-backed securities issuance is just about extinct.
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Insured asset-backed securities issuance is just about extinct.
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Odds Plummeting for Second-Half Rebound (07/04/2008)
Hopes for a near-term revival in securitization volume are fading quickly.
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Hopes for a near-term revival in securitization volume are fading quickly.
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League Tables Point to Bookrunner Shakeout (06/27/2008)
A year after the structured-finance market entered its worst-ever downturn, it has become increasingly apparent which banks still want to be major players in the business - and which ones don't.
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A year after the structured-finance market entered its worst-ever downturn, it has become increasingly apparent which banks still want to be major players in the business - and which ones don't.
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Liquidity Terms to Diminish GMAC Conduit (06/20/2008)
GMAC is poised to move a big chunk of assets out of a commercial-paper conduit it set up 15 years ago to fund its auto loans, leases and dealer-floorplan credits.
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GMAC is poised to move a big chunk of assets out of a commercial-paper conduit it set up 15 years ago to fund its auto loans, leases and dealer-floorplan credits.
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Restructuring Displaces Deutsche's D'Albert (06/13/2008)
Global structured-product chief Richard D'Albert was arranging an exit package with Deutsche Bank this week.
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Global structured-product chief Richard D'Albert was arranging an exit package with Deutsche Bank this week.
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JP Morgan Hacking Away at ABS Workforce (06/06/2008)
J.P. Morgan laid off at least 20 members of its structured-finance unit this week.
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J.P. Morgan laid off at least 20 members of its structured-finance unit this week.
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Treasury Engineering Auction-Rate Rescue (05/30/2008)
The U.S. Treasury Department is working with Goldman Sachs and Lehman Brothers to create an outlet for billions of dollars of illiquid student-loan securities.
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The U.S. Treasury Department is working with Goldman Sachs and Lehman Brothers to create an outlet for billions of dollars of illiquid student-loan securities.
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Morgan Stanley Jettisons CDO Specialists (05/23/2008)
Morgan Stanley has cut a number of high-level staffers from its structured-finance area in recent days, as it carries out the latest reduction in its overall workforce.
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Morgan Stanley has cut a number of high-level staffers from its structured-finance area in recent days, as it carries out the latest reduction in its overall workforce.
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AmeriCredit Getting Lifeline From Deutsche (05/16/2008)
Deutsche Bank is poised to buy up to $2 billion of subprime auto-loan bonds from AmeriCredit, and then stash the illiquid paper in commercial-paper conduits it runs.
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Deutsche Bank is poised to buy up to $2 billion of subprime auto-loan bonds from AmeriCredit, and then stash the illiquid paper in commercial-paper conduits it runs.
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Issuers Blitz Market as Bond Values Rise (05/09/2008)
Issuers of asset-backed securities have been exploiting a sudden drop in funding costs by rolling out an increasing volume of new deals.
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Issuers of asset-backed securities have been exploiting a sudden drop in funding costs by rolling out an increasing volume of new deals.
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Staffing Cuts Hit Merrill's CP-Dealer Team (05/02/2008)
Merrill Lynch is putting less effort into seeking new assignments to distribute asset-backed commercial paper.
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Merrill Lynch is putting less effort into seeking new assignments to distribute asset-backed commercial paper.
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Secondary Trades Surge as Sellers Rush In (04/25/2008)
Secondary-market trading of structured products has picked up substantially in the past two weeks.
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Secondary-market trading of structured products has picked up substantially in the past two weeks.
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RBS Takes Scalpel to ABN Amro Org Chart (04/18/2008)
Royal Bank of Scotland just laid off a number of securitization professionals from ABN Amro, finally moving forward with cuts that have been looming since it bought the Amsterdam institution's wholesale-banking division last year.
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Royal Bank of Scotland just laid off a number of securitization professionals from ABN Amro, finally moving forward with cuts that have been looming since it bought the Amsterdam institution's wholesale-banking division last year.
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CDO Liquidations to Undermine Bond Values (04/11/2008)
The values of asset- and mortgage-backed securities could soon be under assault, as managers of ailing CDOs dump boatloads of mortgage-related collateral on the secondary market.
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The values of asset- and mortgage-backed securities could soon be under assault, as managers of ailing CDOs dump boatloads of mortgage-related collateral on the secondary market.
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Market Gets Peek at Asset-Class Makeover (04/04/2008)
The securitization industry is getting its first glimpses of how deal flow might shape up in a post-mortgage-collapse environment.
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The securitization industry is getting its first glimpses of how deal flow might shape up in a post-mortgage-collapse environment.
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Market Retraces Decade-Old Issuance Steps (03/28/2008)
The credit crunch has sent securitization volume back to turn-of-the-century levels.
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The credit crunch has sent securitization volume back to turn-of-the-century levels.
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Greenwich's Walsh Takes Leap to Buyside (03/21/2008)
At least seven structured-product specialists have left RBS Greenwich for buyside roles this month, including securitization-underwriting co-head Joe Walsh.
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At least seven structured-product specialists have left RBS Greenwich for buyside roles this month, including securitization-underwriting co-head Joe Walsh.
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Fund Blowups Clobbering Secondary Market (03/14/2008)
The secondary market for asset- and mortgage-backed securities felt another bout of pain in recent days, as the holdings of a troubled Carlyle Group hedge fund flooded into the market and credit-crunch-related fears kept buyers at bay.
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The secondary market for asset- and mortgage-backed securities felt another bout of pain in recent days, as the holdings of a troubled Carlyle Group hedge fund flooded into the market and credit-crunch-related fears kept buyers at bay.
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Key Education-Lending Source Obliterated (03/07/2008)
Originations of student consolidation loans have gone into a deep freeze.
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Originations of student consolidation loans have gone into a deep freeze.
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Dym Exits CIFG as Insurance Biz Struggles (02/29/2008)
Bond insurer CIFG has rearranged the leadership of its structured-finance team, amid ongoing worries about exposures the group took on asset- and mortgage-backed bonds of questionable quality.
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Bond insurer CIFG has rearranged the leadership of its structured-finance team, amid ongoing worries about exposures the group took on asset- and mortgage-backed bonds of questionable quality.
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Once-Thriving SIV Market in Final Throes (02/22/2008)
It is now more certain than ever that structured investment vehicles are going extinct.
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It is now more certain than ever that structured investment vehicles are going extinct.
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Education Lenders Transferring to Floaters (02/15/2008)
Education lenders are flocking to traditional student-loan securitizations for funding, following a recent lockup in the market for auction-rate offerings.
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Education lenders are flocking to traditional student-loan securitizations for funding, following a recent lockup in the market for auction-rate offerings.
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Mortgage Insurers Start Passing the Hat (02/08/2008)
Hoping to stave off downgrades, the three largest private mortgage insurers are in talks with private equity firms that might bolster their capital reserves.
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Hoping to stave off downgrades, the three largest private mortgage insurers are in talks with private equity firms that might bolster their capital reserves.
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More Work, Less Play at Vegas Gathering (02/01/2008)
Plenty of work awaits the nearly 6,000 individuals who are heading to Las Vegas this weekend for the American Securitization Forum's annual industry conference.
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Plenty of work awaits the nearly 6,000 individuals who are heading to Las Vegas this weekend for the American Securitization Forum's annual industry conference.
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Shaky Outlook Spurs Secondary Trading . . . (01/25/2008)
Trading of structured products picked up on the secondary market this week, as dimming prospects for an end to the credit crunch prompted investors to let go of their holdings at heavy discounts.
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Trading of structured products picked up on the secondary market this week, as dimming prospects for an end to the credit crunch prompted investors to let go of their holdings at heavy discounts.
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Outlook Sags Under Weighty Writedowns (01/18/2008)
Any hopes that structured-product values would improve in the near future were dashed this week, as market players reported writedowns that set disappointingly low pricing benchmarks.
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Any hopes that structured-product values would improve in the near future were dashed this week, as market players reported writedowns that set disappointingly low pricing benchmarks.
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Forecast: Bleak, With Improvement Unlikely (01/11/2008)
Don't look for securitization volume to rebound in the U.S. or Europe anytime soon.
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Don't look for securitization volume to rebound in the U.S. or Europe anytime soon.
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