Selections from Recent Issues
Blackstone Proposal Advances REO Strategy (05/17/2013)
A structural twist has positioned Blackstone as the favorite to complete the first “REO-to-rental” securitization.
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A structural twist has positioned Blackstone as the favorite to complete the first “REO-to-rental” securitization.
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Forecast Unclear Amid MBS Trading Flurry (05/10/2013)
Even after a recent jump in activity, mortgage-bond traders still aren’t ready to call an end to a shortage of secondary-market supply that has lasted several months.
Read more.
Even after a recent jump in activity, mortgage-bond traders still aren’t ready to call an end to a shortage of secondary-market supply that has lasted several months.
Read more.
Auto-Loan Shortage Stumps Underwriters (05/03/2013)
Underwriters of bonds backed by prime-quality auto loans are puzzled by a continued lack of deals in the pipeline.
Read more.
Underwriters of bonds backed by prime-quality auto loans are puzzled by a continued lack of deals in the pipeline.
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Ford Stepping Up in SFIG Recruiting Push (04/26/2013)
Ford appears to be taking a lead role in trying to convince American Securitization Forum members to leave the trade group and join the Structured Finance Industry Group.
Read more.
Ford appears to be taking a lead role in trying to convince American Securitization Forum members to leave the trade group and join the Structured Finance Industry Group.
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CLO Issuers Survey New-Deal Environment (04/19/2013)
Collateralized loan obligation professionals are taking stock of market conditions, now that deals have resumed flowing after a two-week lag.
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Collateralized loan obligation professionals are taking stock of market conditions, now that deals have resumed flowing after a two-week lag.
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Knight Traders Bristle at Stifel’s Ultimatum (04/12/2013)
Stifel Financial appears to be playing hardball with a team of bond traders it is absorbing from Knight Capital.
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Stifel Financial appears to be playing hardball with a team of bond traders it is absorbing from Knight Capital.
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Seer Envisioning Mortgage-Bond Program (04/05/2013)
Seer Capital is starting a REIT, and in doing so could position itself to become an issuer of mortgage bonds.
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Seer Capital is starting a REIT, and in doing so could position itself to become an issuer of mortgage bonds.
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Issuers Ready to Take Quarter-End Breather (03/22/2013)
Spring break has started for asset-backed bond issuers.
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Spring break has started for asset-backed bond issuers.
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Santander Finds Bottom to Investor Demand (03/15/2013)
Banco Santander misjudged investor demand for its most recent securitization of subprime auto loans, and wound up taking it on the chin.
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Banco Santander misjudged investor demand for its most recent securitization of subprime auto loans, and wound up taking it on the chin.
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Banks Open Spigots for Smaller CLO Issuers (03/08/2013)
A recent slowdown in the production of collateralized loan obligations is prompting banks to step up their warehouse lending to issuers.
Read more.
A recent slowdown in the production of collateralized loan obligations is prompting banks to step up their warehouse lending to issuers.
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Six Dollar Burger to Back $1 Billion Bond (03/01/2013)
CKE Restaurants, the company that owns the Carl’s Jr. and Hardee’s hamburger chains, is preparing a massive securitization of whole-business cashflows.
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CKE Restaurants, the company that owns the Carl’s Jr. and Hardee’s hamburger chains, is preparing a massive securitization of whole-business cashflows.
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Flood of Nonperformers Draws New Bidders (02/22/2013)
The market for nonperforming and rehabilitated home loans — until now dominated by a small field of routine buyers — suddenly is attracting a wider audience.
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The market for nonperforming and rehabilitated home loans — until now dominated by a small field of routine buyers — suddenly is attracting a wider audience.
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Jumbo Originator Developing Bond Program (02/15/2013)
One of the leading suppliers of the jumbo loans backing Redwood Trust’s mortgage-bond deals is starting its own securitization program.
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One of the leading suppliers of the jumbo loans backing Redwood Trust’s mortgage-bond deals is starting its own securitization program.
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Hildene to Launch CLO-Issuing Operation (02/08/2013)
Hildene Capital is taking steps to become an issuer of collateralized loan obligations.
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Hildene Capital is taking steps to become an issuer of collateralized loan obligations.
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Issuance Boom Ignites Employment Prospects (02/01/2013)
The employment outlook has suddenly become a lot brighter for securitization professionals hoping to catch on with Wall Street banks.
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The employment outlook has suddenly become a lot brighter for securitization professionals hoping to catch on with Wall Street banks.
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Obstacles Mount for REO-Rental Issuance (01/25/2013)
It looks increasingly doubtful that securitization will play much of a role in the rapidly emerging REO-to-rental market.
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It looks increasingly doubtful that securitization will play much of a role in the rapidly emerging REO-to-rental market.
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Why CLOs Have Suddenly Tightened (01/18/2013)
Spreads on collateralized loan obligations narrowed significantly this week as the first deals of the year hit the market, reflecting both a temporary dip in supply and less-favorable arbitrage opportunities.
Read more.
Spreads on collateralized loan obligations narrowed significantly this week as the first deals of the year hit the market, reflecting both a temporary dip in supply and less-favorable arbitrage opportunities.
Read more.
CLO Issuers Wring Hands Over Asset Prices (01/11/2013)
Worries are surfacing among managers of collateralized loan obligations that rising prices among the loans backing their offerings could put a crimp on profits, potentially bogging down deal production.
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Worries are surfacing among managers of collateralized loan obligations that rising prices among the loans backing their offerings could put a crimp on profits, potentially bogging down deal production.
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CLO Market Pulling More Triple-A Buyers (12/21/2012)
The market for triple-A-rated collateralized loan obligation securities is suddenly more crowded.
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The market for triple-A-rated collateralized loan obligation securities is suddenly more crowded.
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Redwood Ramping Up Jumbo-MBS Output (12/14/2012)
Look for Redwood Trust to more than double its production of jumbo-mortgage securitizations next year.
Read more.
Look for Redwood Trust to more than double its production of jumbo-mortgage securitizations next year.
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Industry Escapes Threat of CFTC Oversight (12/07/2012)
It looks like the Commodity Futures Trading Commission will give securitization professionals everything they were hoping for in the way of regulatory relief.
Read more.
It looks like the Commodity Futures Trading Commission will give securitization professionals everything they were hoping for in the way of regulatory relief.
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Nervousness Creeps Into Subprime Auto Sector (11/30/2012)
Has the subprime auto-loan boom run its course?
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Has the subprime auto-loan boom run its course?
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Flurry of Regulatory Progress in Forecast (11/16/2012)
Regulators are putting some finishing touches on three closely watched components of the Dodd-Frank Act.
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Regulators are putting some finishing touches on three closely watched components of the Dodd-Frank Act.
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Deutsche’s Trading Chief Gets New Post (11/09/2012)
Pius Sprenger, who replaced Greg Lippmann as global head of structured-product trading at Deutsche Bank, has a new position at the bank.
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Pius Sprenger, who replaced Greg Lippmann as global head of structured-product trading at Deutsche Bank, has a new position at the bank.
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CFTC’s Derivative Guidelines Befuddle FHFA (10/26/2012)
The Federal Housing Finance Agency, Fannie Mae and Freddie Mac are stumped over how to escape the growing reach of the Commodity Futures Trading Commission.
Read more.
The Federal Housing Finance Agency, Fannie Mae and Freddie Mac are stumped over how to escape the growing reach of the Commodity Futures Trading Commission.
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Canadian Banks Mapping US Covered Bonds (10/19/2012)
Three more Canadian banks have approached the SEC about selling covered bonds in the U.S.
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Three more Canadian banks have approached the SEC about selling covered bonds in the U.S.
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Automaker Deals Suddenly in Short Supply (10/12/2012)
Honda, Hyundai and Toyota are signaling that they won’t issue auto-loan securities again this year.
Read more.
Honda, Hyundai and Toyota are signaling that they won’t issue auto-loan securities again this year.
Read more.
Industry Gets Regulatory Relief From CFTC (10/05/2012)
It looks like asset-backed bond issuers can breathe a sigh of relief about a Commodity Futures Trading Commission rule that threatened to regulate many securitizations as commodity pools starting Oct. 12.
Read more.
It looks like asset-backed bond issuers can breathe a sigh of relief about a Commodity Futures Trading Commission rule that threatened to regulate many securitizations as commodity pools starting Oct. 12.
Read more.
Re-Remic Deals Back in Picture for NCUA (09/28/2012)
The National Credit Union Administration is planning to explore a revival of its mortgage-bond resecuritization program.
Read more.
The National Credit Union Administration is planning to explore a revival of its mortgage-bond resecuritization program.
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HSBC’s Personal Loan Book Up for Grabs (09/21/2012)
HSBC is preparing to auction off a large portfolio of unsecured consumer loans that are seen as ripe for securitization.
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HSBC is preparing to auction off a large portfolio of unsecured consumer loans that are seen as ripe for securitization.
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Conduit to Fund Guggenheim Repo Deals (09/14/2012)
The former Liberty Hampshire has set up a commercial-paper conduit with some unusual twists.
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The former Liberty Hampshire has set up a commercial-paper conduit with some unusual twists.
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York Pushing to Prop Up Ailing Arch Bay (09/07/2012)
York Capital is on a mission to turn around its Arch Bay Capital unit, a flagging mortgage-investment shop that has been weighing on the returns of one of the firm’s hedge funds.
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York Capital is on a mission to turn around its Arch Bay Capital unit, a flagging mortgage-investment shop that has been weighing on the returns of one of the firm’s hedge funds.
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25 Capital Vehicle Targets Nonperformers (08/17/2012)
An investment shop headed by a former Bank of America securitization banker is marketing a vehicle that would buy nonperforming home loans, with an eye toward securitizing down the road.
Read more.
An investment shop headed by a former Bank of America securitization banker is marketing a vehicle that would buy nonperforming home loans, with an eye toward securitizing down the road.
Read more.
Large Cell-Tower Securitization on Horizon (08/10/2012)
The eventual buyer of 7,000 cell-phone towers from T-Mobile will likely fund its purchase by issuing asset-backed securities.
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The eventual buyer of 7,000 cell-phone towers from T-Mobile will likely fund its purchase by issuing asset-backed securities.
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Canada Experiencing Covered-Bond Drought (08/03/2012)
Buyers of Canadian covered bonds can expect a recent issuance drought to continue through yearend.
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Buyers of Canadian covered bonds can expect a recent issuance drought to continue through yearend.
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Angelo Gordon Plays on Student-Loan Fears (07/27/2012)
Angelo, Gordon & Co. is betting on student-loan securities.
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Angelo, Gordon & Co. is betting on student-loan securities.
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Toyota, Hyundai Accelerate Issuance Plans (07/20/2012)
Hyundai and Toyota plan to increase their production of asset-backed securities in response to seemingly insatiable investor demand for auto-loan paper.
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Hyundai and Toyota plan to increase their production of asset-backed securities in response to seemingly insatiable investor demand for auto-loan paper.
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Deutsche Seizes Trustee Crown From BNY (07/13/2012)
Deutsche Bank has displaced BNY Mellon as the U.S. securitization industry’s most active trustee.
Read more.
Deutsche Bank has displaced BNY Mellon as the U.S. securitization industry’s most active trustee.
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Banks Aim to Jumpstart Marblehead Program (07/06/2012)
Several big banks are looking into the idea of securitizing private student loans they originated for First Marblehead’s securitization program just before the market collapsed.
Read more.
Several big banks are looking into the idea of securitizing private student loans they originated for First Marblehead’s securitization program just before the market collapsed.
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CLO Issuers Flowing Back Into Pipeline (06/29/2012)
A recent slowdown in the production of collateralized loan obligations was short-lived.
Read more.
A recent slowdown in the production of collateralized loan obligations was short-lived.
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Shah Joins Gleacher in MBS Sales Role (06/22/2012)
Gleacher & Co. continued to bolster its structured-product sales and trading operation this week with the addition of Samir Shah.
Read more.
Gleacher & Co. continued to bolster its structured-product sales and trading operation this week with the addition of Samir Shah.
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Municipalities Aim to Commandeer Mortgages (06/15/2012)
The American Securitization Forum is contesting an effort by local governments in California to seize mortgages from lenders.
Read more.
The American Securitization Forum is contesting an effort by local governments in California to seize mortgages from lenders.
Read more.
Redwood Warms Back Up to Moody’s, S&P (06/08/2012)
Redwood Trust is thinking about hiring Moody’s and S&P to rate its next mortgage-bond deal, signaling a possible end to years of tension between the companies.
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Redwood Trust is thinking about hiring Moody’s and S&P to rate its next mortgage-bond deal, signaling a possible end to years of tension between the companies.
Read more.
Bearish Hedge Funds Profit From MBS Rally (06/01/2012)
Hedge fund operators Dalton Investments, Metacapital Management and One William Street Capital have been cashing in on others’ bullishness on the U.S. housing market.
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Hedge fund operators Dalton Investments, Metacapital Management and One William Street Capital have been cashing in on others’ bullishness on the U.S. housing market.
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CIG Is Next to Eye Subprime Auto Program (05/25/2012)
CIG Financial plans to start regularly securitizing its subprime auto loans, with the first issue on track to hit the market as early as November.
Read more.
CIG Financial plans to start regularly securitizing its subprime auto loans, with the first issue on track to hit the market as early as November.
Read more.
Santander Set for Prime Auto-Lending Push (05/18/2012)
Banco Santander is moving ahead with plans to start writing and securitizing prime-quality auto loans and leases in the U.S.
Read more.
Banco Santander is moving ahead with plans to start writing and securitizing prime-quality auto loans and leases in the U.S.
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TD Bank Eyes Role as Mortgage-Bond Issuer (05/11/2012)
TD Bank is giving serious thought to securitizing its portfolio of U.S. jumbo mortgages.
Read more.
TD Bank is giving serious thought to securitizing its portfolio of U.S. jumbo mortgages.
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Dutch Mortgage Bonds No Longer Unshakable (05/04/2012)
Investors and bankers are growing uneasy about Dutch mortgage bonds.
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Investors and bankers are growing uneasy about Dutch mortgage bonds.
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Swiss Re Alumni Launching Fund Outfit (04/27/2012)
Anthony Contessa, who oversaw Swiss Re’s efforts to unwind a massive portfolio of distressed structured products during the financial crisis, left the reinsurer last month to start a hedge fund.
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Anthony Contessa, who oversaw Swiss Re’s efforts to unwind a massive portfolio of distressed structured products during the financial crisis, left the reinsurer last month to start a hedge fund.
Read more.
Fund Managers Pitch Cluster of Vehicles (04/20/2012)
Apollo Global, Commerce Street Capital and Eton Park Capital are separately raising money for their latest structured-product funds.
Read more.
Apollo Global, Commerce Street Capital and Eton Park Capital are separately raising money for their latest structured-product funds.
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Unique Education Lender Sets Lofty Outlook (04/06/2012)
A startup education lender with a novel business strategy is developing an ambitious securitization plan.
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A startup education lender with a novel business strategy is developing an ambitious securitization plan.
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Hedge Fund Managers Protecting MBS Profits (03/30/2012)
Hedge fund managers that invest in mortgage bonds are beginning to wonder if now is the time to lock in early-year gains.
Read more.
Hedge fund managers that invest in mortgage bonds are beginning to wonder if now is the time to lock in early-year gains.
Read more.
Buoyant Mood Draws Crowd to CLO Summit (03/23/2012)
Collateralized loan obligation professionals are buzzing about a conference that is shaping up as the largest-ever gathering of players in their sector.
Read more.
Collateralized loan obligation professionals are buzzing about a conference that is shaping up as the largest-ever gathering of players in their sector.
Read more.
Europe’s Bad-Bank Managers Reverse Roles (03/16/2012)
Several “bad banks” in Europe have started buying structured products.
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Several “bad banks” in Europe have started buying structured products.
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Macquarie Sets New Course for Prop Desk (03/09/2012)
Macquarie Bank is overhauling a team that trades structured products.
Read more.
Macquarie Bank is overhauling a team that trades structured products.
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Hupalo Quits Student-Loan Post at Deutsche (03/02/2012)
John Hupalo, who spent the past two years trying to revive Deutsche Bank’s student-loan bond underwriting business, has moved on.
Read more.
John Hupalo, who spent the past two years trying to revive Deutsche Bank’s student-loan bond underwriting business, has moved on.
Read more.
MBS ‘Putback’ Investors Target Big Issuers (02/24/2012)
A growing number of hedge funds are scouring the files of securitized home loans, in hopes of reaping rich profits by forcing mortgage-bond issuers to buy back faulty credits.
Read more.
A growing number of hedge funds are scouring the files of securitized home loans, in hopes of reaping rich profits by forcing mortgage-bond issuers to buy back faulty credits.
Read more.
Goldman Acquisition Costs Jobs at Dwight (02/17/2012)
Many of Dwight Asset Management’s structured-product professionals will be out of work once the investment shop is sold to Goldman Sachs.
Read more.
Many of Dwight Asset Management’s structured-product professionals will be out of work once the investment shop is sold to Goldman Sachs.
Read more.
Buysiders Fussing Over Goldman Auction (02/10/2012)
Buysiders are grumbling about Goldman Sachs’ strategy for unloading $6.2 billion of subprime-mortgage bonds it purchased from the Federal Reserve in a Feb. 8 auction.
Read more.
Buysiders are grumbling about Goldman Sachs’ strategy for unloading $6.2 billion of subprime-mortgage bonds it purchased from the Federal Reserve in a Feb. 8 auction.
Read more.
CLO Buyers Chase Aging Equity (02/03/2012)
Secondary-market investors are bidding up a narrow class of collateralized loan obligation paper in hopes of locking in outsized returns.
Read more.
Secondary-market investors are bidding up a narrow class of collateralized loan obligation paper in hopes of locking in outsized returns.
Read more.
Amex, Discover Take Stock of Funding Costs (01/27/2012)
A shift in funding expenses could prompt American Express and Discover to increase their output of credit-card bonds this year.
Read more.
A shift in funding expenses could prompt American Express and Discover to increase their output of credit-card bonds this year.
Read more.
PrinceRidge Building Army of MBS Brokers (01/20/2012)
PrinceRidge Group is expanding its mortgage-bond brokerage desk.
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PrinceRidge Group is expanding its mortgage-bond brokerage desk.
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Bingham, Mayer Top Law Firm Rankings (01/13/2012)
Mayer Brown squeaked by Bingham McCutchen as the securitization industry’s most active issuer counsel last year, though Bingham retained its title as top underwriter counsel.
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Mayer Brown squeaked by Bingham McCutchen as the securitization industry’s most active issuer counsel last year, though Bingham retained its title as top underwriter counsel.
Read more.
BlackRock Shapes Unique Financing Play (01/06/2012)
BlackRock is assembling a novel fund with a prominent securitization component.
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BlackRock is assembling a novel fund with a prominent securitization component.
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Securitization Vet Gets Back in the Business (12/16/2011)
A new brokerage firm is taking shape in London, with an eye toward structured-product and whole-loan trades.
Read more.
A new brokerage firm is taking shape in London, with an eye toward structured-product and whole-loan trades.
Read more.
Pimco Fund Circles Subprime Auto Lenders (12/09/2011)
Pimco wants to buy a stake in a subprime auto lender.
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Pimco wants to buy a stake in a subprime auto lender.
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MF Pro’s Hiring Delivers Boost to Mesirow (12/02/2011)
Benita Levy, a longtime securitization specialist who co-headed MF Global’s Chicago office, has resurfaced at Mesirow Financial.
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Benita Levy, a longtime securitization specialist who co-headed MF Global’s Chicago office, has resurfaced at Mesirow Financial.
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Barclays-Linked Mortgage Servicer In Play (11/18/2011)
A firm that formed in 2009 to manage Barclays’ devalued credit-product holdings is trying to figure out what to do with its home-loan servicing business.
Read more.
A firm that formed in 2009 to manage Barclays’ devalued credit-product holdings is trying to figure out what to do with its home-loan servicing business.
Read more.
Issuers Asked to Pay for Quality Label (11/11/2011)
The Association for Financial Markets in Europe and the European Financial Services Round Table are entering the final stages of an effort to develop a “quality label” for securitizations.
Read more.
The Association for Financial Markets in Europe and the European Financial Services Round Table are entering the final stages of an effort to develop a “quality label” for securitizations.
Read more.
Mariner Teeing Up Mortgage-Bond Vehicle (11/04/2011)
Fixed-income fund operator Mariner Investment is about to launch a vehicle focused on mortgage-backed securities, replicating a strategy that has generated double-digit returns for the firm’s multi-strategy hedge funds.
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Fixed-income fund operator Mariner Investment is about to launch a vehicle focused on mortgage-backed securities, replicating a strategy that has generated double-digit returns for the firm’s multi-strategy hedge funds.
Read more.
French Conduits See Blowout in Spreads (10/28/2011)
It is becoming a lot more expensive for U.S. lenders to fund their operations via commercial-paper conduits run by big French banks.
Read more.
It is becoming a lot more expensive for U.S. lenders to fund their operations via commercial-paper conduits run by big French banks.
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Agency MBS Repackagings On the Table (10/21/2011)
A government proposal that calls for Fannie Mae and Freddie Mac to add unguaranteed subordinate classes to their mortgage-bond issues could spawn yet another new product: resecuritizations of the junior securities.
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A government proposal that calls for Fannie Mae and Freddie Mac to add unguaranteed subordinate classes to their mortgage-bond issues could spawn yet another new product: resecuritizations of the junior securities.
Read more.
ASF to Challenge Volcker Rule’s Impact (10/14/2011)
The American Securitization Forum is compiling a list of changes it wants to see in the newly drafted Volcker Rule.
Read more.
The American Securitization Forum is compiling a list of changes it wants to see in the newly drafted Volcker Rule.
Read more.
NHL’s Devils Mull Goldman Funding Plan (10/07/2011)
Goldman Sachs is trying to convince the National Hockey League’s New Jersey Devils to securitize future revenues from the team’s television broadcasting contracts.
Read more.
Goldman Sachs is trying to convince the National Hockey League’s New Jersey Devils to securitize future revenues from the team’s television broadcasting contracts.
Read more.
Auto-Loan Issuers Steering Toward Floaters (09/30/2011)
Look for automakers to structure some of their upcoming deals with large amounts of floating-rate paper.
Read more.
Look for automakers to structure some of their upcoming deals with large amounts of floating-rate paper.
Read more.
Seer Playing Catch-Up as LibreMax Gains (09/23/2011)
Former Deutsche Bank executives Greg Lippmann and Philip Weingord have seen their fortunes diverge in the past two months.
Read more.
Former Deutsche Bank executives Greg Lippmann and Philip Weingord have seen their fortunes diverge in the past two months.
Read more.
CRT Banks on Tisler for Underwriting Effort (09/16/2011)
CRT Capital is building a securitization-underwriting group.
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CRT Capital is building a securitization-underwriting group.
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ASF Angles to Block Franken Amendment (09/09/2011)
A much-maligned SEC rule designed to spur unsolicited grades on structured products ultimately could prove preferable to the transformation of the rating process envisioned by a controversial amendment to the Dodd-Frank Act.
Read more.
A much-maligned SEC rule designed to spur unsolicited grades on structured products ultimately could prove preferable to the transformation of the rating process envisioned by a controversial amendment to the Dodd-Frank Act.
Read more.
Brazos Mulls Delay for Auction-Rate Swap (08/19/2011)
Brazos Higher Education may have to delay a bond issue that would replace the last of its auction-rate obligations.
Read more.
Brazos Higher Education may have to delay a bond issue that would replace the last of its auction-rate obligations.
Read more.
Lender’s Metamorphosis to Rely on ABS (08/12/2011)
It looks like securitization will play a key role in plans by small-business lender Main Street Bank to avoid regulation by ripping up its bank charter.
Read more.
It looks like securitization will play a key role in plans by small-business lender Main Street Bank to avoid regulation by ripping up its bank charter.
Read more.
Risk-Retention Fight Turns to Military Impact (08/05/2011)
Opponents of proposed risk-retention rules for mortgage securitizations are expanding their lobbying efforts to embrace a potentially persuasive argument: That the regulations would cut off financing for military families.
Read more.
Opponents of proposed risk-retention rules for mortgage securitizations are expanding their lobbying efforts to embrace a potentially persuasive argument: That the regulations would cut off financing for military families.
Read more.
Clean-Energy Program Sparks Issuing Interest (07/29/2011)
Look for municipalities to begin issuing a new type of securitization backed by loans on clean-energy equipment.
Read more.
Look for municipalities to begin issuing a new type of securitization backed by loans on clean-energy equipment.
Read more.
Uncertainty Interrupts Mortgage-Bond Trading (07/22/2011)
Look for mortgage-bond trading to remain stagnant for a few more weeks, as investors take stock of political and financial-market unrest — and consider signs of possible improvements.
Read more.
Look for mortgage-bond trading to remain stagnant for a few more weeks, as investors take stock of political and financial-market unrest — and consider signs of possible improvements.
Read more.
JP Morgan Mulls Bid for HSBC Card Unit (07/15/2011)
J.P. Morgan is eyeballing HSBC’s U.S. credit-card business.
Read more.
J.P. Morgan is eyeballing HSBC’s U.S. credit-card business.
Read more.
American Express Eyes Card-Bond Offering (07/08/2011)
American Express has been chatting up underwriters about floating its first offering of credit-card bonds in more than a year.
Read more.
American Express has been chatting up underwriters about floating its first offering of credit-card bonds in more than a year.
Read more.
Barclays Hires Boester for Key Mortgage Job (07/01/2011)
Barclays has hired former J.P. Morgan mortgage banker Greg Boester to lead an initiative aimed at expanding its role as a funding source for U.S. home loans.
Read more.
Barclays has hired former J.P. Morgan mortgage banker Greg Boester to lead an initiative aimed at expanding its role as a funding source for U.S. home loans.
Read more.
FDIC Official Dampens Covered-Bond Push (06/24/2011)
Martin Gruenberg, widely viewed as President Obama’s top choice to lead the FDIC, has taken a stand on pending covered-bond legislation that is antithetical to the industry players’ positions.
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Martin Gruenberg, widely viewed as President Obama’s top choice to lead the FDIC, has taken a stand on pending covered-bond legislation that is antithetical to the industry players’ positions.
Read more.
Ally Weighing Options for Jumbo-Loan Book (06/17/2011)
Ally Financial is shopping $500 million of jumbo mortgages — with an eye toward securitizing the credits if bids don’t come in high enough.
Read more.
Ally Financial is shopping $500 million of jumbo mortgages — with an eye toward securitizing the credits if bids don’t come in high enough.
Read more.
Aircraft-Lease Offerings Appear on Horizon (06/10/2011)
Several large investment banks are assembling aircraft-lease securitizations on behalf of clients, potentially ending a two-year drought in the sector.
Read more.
Several large investment banks are assembling aircraft-lease securitizations on behalf of clients, potentially ending a two-year drought in the sector.
Read more.
SEC Rating Rule Fails to Achieve Results (06/03/2011)
The SEC is taking another look at a much-maligned rule designed to promote unsolicited ratings of structured products.
Read more.
The SEC is taking another look at a much-maligned rule designed to promote unsolicited ratings of structured products.
Read more.
WestLB Shops What’s Left of US Business (05/27/2011)
WestLB has put its U.S. structured-product operation on the block.
Read more.
WestLB has put its U.S. structured-product operation on the block.
Read more.
Goldman Sprints Ahead With Conduit Plans (05/20/2011)
Goldman Sachs has taken the pole position among banks racing to set up mortgage conduits.
Read more.
Goldman Sachs has taken the pole position among banks racing to set up mortgage conduits.
Read more.
Lloyds, JP Morgan Prep Card-Bond Deals (05/13/2011)
Credit-card securitizations are in the works on both sides of the Atlantic.
Read more.
Credit-card securitizations are in the works on both sides of the Atlantic.
Read more.
Regulators Give In on Risk-Retention Rule (05/06/2011)
The six federal regulators that unveiled a sweeping risk-retention proposal on March 29 have backed away from a key provision that market players saw as the biggest threat to securitization.
Read more.
The six federal regulators that unveiled a sweeping risk-retention proposal on March 29 have backed away from a key provision that market players saw as the biggest threat to securitization.
Read more.
More Musical Chairs at Barclays, Credit Suisse (04/29/2011)
Barclays hired three securitization executives this week, plugging some of the staffing holes that emerged when more than a dozen employees followed Jay Kim to Credit Suisse in February.
Read more.
Barclays hired three securitization executives this week, plugging some of the staffing holes that emerged when more than a dozen employees followed Jay Kim to Credit Suisse in February.
Read more.
Data Specialists See Dollars in Dodd-Frank (04/15/2011)
Clayton Holdings, CoreLogic and Lewtan Technologies are equipping themselves for an increase in business triggered by the Dodd-Frank Act’s securitization-disclosure rules.
Read more.
Clayton Holdings, CoreLogic and Lewtan Technologies are equipping themselves for an increase in business triggered by the Dodd-Frank Act’s securitization-disclosure rules.
Read more.
Banks Sound Alarms Over Consumer Bureau (04/08/2011)
Banks that want to set up mortgage conduits are suddenly wondering if their efforts could be hindered by a yet-to-be-issued directive from a U.S. government agency that still doesn’t exist.
Read more.
Banks that want to set up mortgage conduits are suddenly wondering if their efforts could be hindered by a yet-to-be-issued directive from a U.S. government agency that still doesn’t exist.
Read more.
ASF Finding Allies in Risk-Retention Push (04/01/2011)
The American Securitization Forum will seek changes to a long-awaited risk-retention proposal that the government released March 29.
Read more.
The American Securitization Forum will seek changes to a long-awaited risk-retention proposal that the government released March 29.
Read more.
CDO Liquidations on Downward Trajectory (03/25/2011)
Look for liquidations of collateralized debt obligations to become less frequent this year, despite an overhang of defaulted transactions that could suggest otherwise.
Read more.
Look for liquidations of collateralized debt obligations to become less frequent this year, despite an overhang of defaulted transactions that could suggest otherwise.
Read more.
Market Pros Tracking Mystery MBS Issuer (03/18/2011)
A buzz is developing about a jumbo-mortgage securitization that’s slated to hit the market by midyear, but industry players are still trying to identify the issuer.
Read more.
A buzz is developing about a jumbo-mortgage securitization that’s slated to hit the market by midyear, but industry players are still trying to identify the issuer.
Read more.
MetLife Moving to Finance Mortgage Push (03/11/2011)
MetLife has pegged securitization as the primary source of funding for a planned expansion of its mortgage-origination business.
Read more.
MetLife has pegged securitization as the primary source of funding for a planned expansion of its mortgage-origination business.
Read more.
Europeans Offsetting US Conduit Contraction (03/04/2011)
The worldwide asset-backed commercial paper market appears to be regaining forward momentum, thanks to increasing output from European banks.
Read more.
The worldwide asset-backed commercial paper market appears to be regaining forward momentum, thanks to increasing output from European banks.
Read more.
Broker Staffs Up for Structured-Finance Push (02/25/2011)
U.S. Financial Investments is starting a sales-and-trading team focused on structured products.
Read more.
U.S. Financial Investments is starting a sales-and-trading team focused on structured products.
Read more.
Purges Coming at Deutsche, Morgan Stanley (02/18/2011)
Deutsche Bank and Morgan Stanley plan to push out some of their poorest-performing securitization staffers.
Read more.
Deutsche Bank and Morgan Stanley plan to push out some of their poorest-performing securitization staffers.
Read more.
Maturity Drop Spells Weak Card Issuance (02/11/2011)
Far fewer credit-card bonds are coming due this year than in 2010, suggesting another anemic year for card securitization.
Read more.
Far fewer credit-card bonds are coming due this year than in 2010, suggesting another anemic year for card securitization.
Read more.
AgriBank Strategy on Verge of Vindication (02/04/2011)
AgriBank’s insistence on retaining its mortgage-bond investments through the worst of the credit crisis may finally be paying off.
Read more.
AgriBank’s insistence on retaining its mortgage-bond investments through the worst of the credit crisis may finally be paying off.
Read more.
Bankers Puzzled Over Brief S&P Watch List (01/28/2011)
Industry participants no longer see a major threat in efforts by S&P to determine whether stricter swap-counterparty requirements might lead to downgrades of asset- and mortgage-backed bonds — but they may not be completely out of the woods.
Read more.
Industry participants no longer see a major threat in efforts by S&P to determine whether stricter swap-counterparty requirements might lead to downgrades of asset- and mortgage-backed bonds — but they may not be completely out of the woods.
Read more.
BofA, Citi Draw Flak for Trading Tactics (01/21/2011)
Bargain hunters are grumbling that Bank of America and Citigroup have been stepping in at the last second to buy pieces of their own clients’ bid lists — but many market players say there’s nothing wrong with the practice.
Read more.
Bargain hunters are grumbling that Bank of America and Citigroup have been stepping in at the last second to buy pieces of their own clients’ bid lists — but many market players say there’s nothing wrong with the practice.
Read more.
GM Getting Handle on AmeriCredit Output (01/14/2011)
General Motors Financial is preparing to boost its securitization volume.
Read more.
General Motors Financial is preparing to boost its securitization volume.
Read more.
BofA Puts Conduit Biz on Indefinite Leave (01/07/2011)
Bank of America is officially out of the business of running commercial-paper conduits.
Read more.
Bank of America is officially out of the business of running commercial-paper conduits.
Read more.
Auto Lenders Add Heat to Reg AB Protest (12/17/2010)
Auto lenders including Ford, General Motors, Nissan and Honda are putting increasing pressure on the SEC to ease back on proposed revisions to its Regulation AB.
Read more.
Auto lenders including Ford, General Motors, Nissan and Honda are putting increasing pressure on the SEC to ease back on proposed revisions to its Regulation AB.
Read more.
Enterprise Developing Inaugural Offering (12/10/2010)
Enterprise Rent-A-Car is planning its first securitization.
Read more.
Enterprise Rent-A-Car is planning its first securitization.
Read more.
Waterfall Back in Capital-Raising Mode (12/03/2010)
Waterfall Asset Management is pushing to raise another $600 million for a hedge fund that buys nonperforming home loans, rehabilitates them and then securitizes some of the credits.
Read more.
Waterfall Asset Management is pushing to raise another $600 million for a hedge fund that buys nonperforming home loans, rehabilitates them and then securitizes some of the credits.
Read more.
Banks Lift Embargo on Student-Loan Refis (11/19/2010)
A shift in strategy at Citigroup, RBC Capital and UBS could result in an increased flow of student-loan securitizations early next year.
Read more.
A shift in strategy at Citigroup, RBC Capital and UBS could result in an increased flow of student-loan securitizations early next year.
Read more.
Brokerage Duo Reawakening Dormant Shop (11/12/2010)
Two bond brokers are re-forming a short-lived firm they disbanded to join NewOak Capital.
Read more.
Two bond brokers are re-forming a short-lived firm they disbanded to join NewOak Capital.
Read more.
BlackRock Maneuvering for MBS-Issuer Role (11/05/2010)
Asset-management giant BlackRock is taking steps to become an issuer of mortgage-backed securities.
Read more.
Asset-management giant BlackRock is taking steps to become an issuer of mortgage-backed securities.
Read more.
Truce at Hand Between Underwriters, S&P (10/29/2010)
S&P has proposed new wording for the paperwork underwriters must sign when hiring it to rate mortgage bonds - a change that could help the agency resolve a standoff with those institutions.
Read more.
S&P has proposed new wording for the paperwork underwriters must sign when hiring it to rate mortgage bonds - a change that could help the agency resolve a standoff with those institutions.
Read more.
Subprime-Auto Lender Maps Issuance Plans (10/22/2010)
Buyers of subprime auto-loan bonds will soon see a new issuer in the market.
Read more.
Buyers of subprime auto-loan bonds will soon see a new issuer in the market.
Read more.
Investors Grumble Over Flawed Remittances (10/15/2010)
Mortgage-bond buyers are losing faith in the accuracy of remittance reports, and some say the apprehension could soon factor into their investment strategies.
Read more.
Mortgage-bond buyers are losing faith in the accuracy of remittance reports, and some say the apprehension could soon factor into their investment strategies.
Read more.
JVB Closes NY Office in Takeover by Cohen (10/08/2010)
JVB Financial has shown the door to its New York staff, less than a month after the broker-dealer agreed to sell its operations to Cohen & Co.
Read more.
JVB Financial has shown the door to its New York staff, less than a month after the broker-dealer agreed to sell its operations to Cohen & Co.
Read more.
Puzzled Market Debates Safe-Harbor Ruling (10/01/2010)
Securitization specialists still aren't sure what to make of one major aspect of the FDIC's Sept. 27 "safe harbor" ruling.
Read more.
Securitization specialists still aren't sure what to make of one major aspect of the FDIC's Sept. 27 "safe harbor" ruling.
Read more.
Lloyds, Nationwide Keep UK Supply Flowing (09/24/2010)
Look for Lloyds Banking and Nationwide Building Society to race out securitizations of fresh U.K. mortgages, now that RBS has placed a huge transaction at some of the lowest yields since the onset of the credit crisis.
Read more.
Look for Lloyds Banking and Nationwide Building Society to race out securitizations of fresh U.K. mortgages, now that RBS has placed a huge transaction at some of the lowest yields since the onset of the credit crisis.
Read more.
Rally Continues for Mortgage-Bond Values (09/17/2010)
Mortgage-bond values are back on the upswing, with market players forecasting gains of 3-5 cents on the dollar by yearend.
Read more.
Mortgage-bond values are back on the upswing, with market players forecasting gains of 3-5 cents on the dollar by yearend.
Read more.
Secondary Sellers Locking In TALF Profits (09/10/2010)
A growing number of investors want to cash out of bonds they bought with financing from the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
A growing number of investors want to cash out of bonds they bought with financing from the Federal Reserve's Term Asset-Backed Securities Loan Facility.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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)
----------
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.
----------
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)
----------
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.
----------
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.
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Lloyds Banking is unwinding one of the world's largest portfolios of asset- and mortgage-backed bonds.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Private-sector demand for U.K. mortgage bonds is about to get a major test, as issuers tap into a new government-guarantee program.
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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.
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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.
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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.
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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.
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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.
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Buysiders are expressing frustration over how dealers handled this week's auction of assets from the failed Whistlejacket Capital structured investment vehicle.
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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.
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A recent jump in the values of private-label mortgage bonds is looking more like a sustained rally.
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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.
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The third round of funding from the Federal Reserve's Term Asset-Backed Securities Loan Facility is shaping up as the largest yet.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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An ever-widening variety of investors are seeking to participate in the Federal Reserve's Term Asset-Backed Securities Loan Facility.
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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.
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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.
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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.
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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.
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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
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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
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Card Lenders See Covered-Bond Salvation (02/20/2009)
Credit-card lenders are hopping on the covered-bond bandwagon.
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Credit-card lenders are hopping on the covered-bond bandwagon.
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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.
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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.
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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.
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Some demand is emerging for professionals who can sell or trade structured products, defying an otherwise bleak employment outlook for 2009.
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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.
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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.
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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.
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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.
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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
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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
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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.
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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.
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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.
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Banks may soon lose access to leftover cashflows that they typically pocket from their credit-card securitizations.
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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.
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Structured-product investors remain skeptical about government efforts to bail out Chrysler, General Motors and possibly Ford.
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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.
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Don't look for a stream of new securitizations to follow a $466 million auto-loan transaction that Nissan completed this week.
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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
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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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