Most Commented

Former JP Morgan CDO marketer joins advisory firm 2 days ago - 2 Comments
"Not specific to GreensLedge but seems like these advisory firms are just parking spots until new issuance comes back."
S&P upgrades CLO after mezz buy-back 4 days ago - 2 Comments
"OMG - someone doing the right thing? Sorry, protecting the long term franchise value. At least it promotes some alignment of interest if managers are committed to the business."
Barcap touts full cap structure trade to arb super senior basis 4 days ago - 2 Comments
"Are investors still using the "model-implied" framework ..? If the concept of "Correlation trading" (credit) .. persist, that would be rather dangerous .. because at the end of the day…"
Mint hires for structured brokerage, reports Dow Jones 2 days ago - 1 Comment
"Round and round and round they all go!"
Trups CDO default rate ticks up to 11%, calculates Fitch 4 days ago - 1 Comment
"The reason the deferral rate remained unchanged last month was not because of deferrals being cured, as we speculate in the third paragraph, but because a number of deferring banks…"
Don't expect CDO upgrades any time soon, warns Moody's 18 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 13 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 10 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 12 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 12 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 17 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... 17 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 17 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 18 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 18 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…"