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Don't expect CDO upgrades any time soon, warns Moody's 13 days ago - 4 Comments
"Good point. The rating is simply an opinion of the likely outcome and the greater the potential volatility around that outcome the lower the rating should be. The problem here…"
Trups CDOs fell Washington state bank 8 days ago - 2 Comments
"this really smells...and taxpayers have to backstop the depositors. I wonder if the keefe trups banker and the bank officer buying these things had an arrangement."
Arranger upsizes planned new issue CLO 5 days ago - 1 Comment
"The A-rated B Class attaches at the level of AAAs in the days of yore, and the Class A-1 AAAs sport spreads equal to BBB tranches back in the day!…"
European CLO mezz is undervalued, says Morgan Stanley 7 days ago - 1 Comment
"Very fact sensitive analysis! What are the scenarios?Morgan Stanley may be right in aggregate, but the volatility around that aggregate will be huge. Euro CLOs have looser structures and greater…"
US bank expects to price balance sheet CLO next week 7 days ago - 1 Comment
"A win-win-win for AAA investors, despite the reduced spread. Tougher provisions, more equity and more spread than many competing AAA investments. The rating agencies have leant a hand as their…"
News print loan issuer files for bankruptcy 12 days ago - 1 Comment
"TL B is 40 bid. Another excrement from credit suisse...maybe it can merge with star tribune and they can have a vertically integrated publisher, and they can give free copies…"
Troubled CLOs second priority notes are now in default, says... 12 days ago - 1 Comment
"This is another example of slow and inaccurate surveillance by the rating agencies, Moody's in this case. Moody's follows an "expected loss" rating philosophy, so one is left wondering if…"
Bank pushes for new benchmark spread on forthcoming CLO 12 days ago - 1 Comment
"From a credit perspective the AAA/Aaa class looks golden with 35% subordination (vs. ~25% pre crisis) and a short reinvestment period of 4 yrs (vs. 5-6), and you get that…"
Brokerage holds fourth annual memorial day 13 days ago - 1 Comment
"In the original version of this article we got a little confused about the date of Phoenix's charity day this year. The date is as now shown in the article…"
European credit investor predicts decline of unrated bond deals 13 days ago - 1 Comment
"Brings to mind an underappreciated driver of the rating agency business, namely, no bad deed goes unrewarded! While the rating agencies have not exactly distinguished themselves in this credit cycle…"
Commerzbank marks down corporate CDO holdings 14 days ago - 1 Comment
"Just in case we needed another reminder, accounting standards, perhaps especially in Europe, provide management with considerable flexibility to "feather in" losses over time. In this case, given the loss…"
Secondary CLO trades at record tight spread 20 days ago - 2 Comments
"This is a friendly reminder for all of us that didn't buy CLO senior exposure back in March/April what a great, low risk opportunity it was! More interesting is when…"
Dealers settle cement maker CDS at high final price 19 days ago - 1 Comment
"ISDA should consider whether a credit event actually occurred when a company still has access to the credit markets. The idea of a Restructuring credit event was a company in…"
Primus unwinds $300 million of CSOs 25 days ago - 2 Comments
"I imagine "good" if the mark to market on the swaps is a lot greater than $35MM; possibly the same way that AMBAC shareholders feel when AMBAC rips up some…"
