http://www.creditflux.com/ en-gb Fri, 12 Mar 2010 11:32:00 UTC 60 Dow Jones reports that broker Mint has hired two professionals to set up a team focusing on structured credit and illiquid bonds. David Ezra joins from Evolution Securities while Bruno Choumon previously worked at Conduit Capital Markets. http://www.creditflux.com//2010-03-12/Mint-hires-for-structured-brokerage-reports-Dow-Jones/ 2010-03-12 11:32:00 Wells Fargo recommends buying triple A and double A tranches of middle market CLOs, arguing that these deals should outperform other CLOs in an environment of rising defaults. Although the secondary market for these deals is thin, mid-market triple As trade around 100 basis points wider than the 150-200bp currently… http://www.creditflux.com//2010-03-12/Buy-midmarket-CLOs-recommends-Wells-Fargo/ 2010-03-12 11:22:00 Demand for European CLOs is said to be picking up again after several weeks in which Greece’s sovereign woes had left investors sitting on the sidelines http://www.creditflux.com//2010-03-12/European-CLOs-see-rising-secondary-demand/ 2010-03-12 10:36:00 A former JP Morgan and Deutsche Bank structured credit specialist has joined a growing New York-based structured credit advisory firm http://www.creditflux.com//2010-03-12/Former-JP-Morgan-CDO-marketer-joins-advisory-firm/ 2010-03-12 10:13:00 Fraser Sullivan and its underwriter Citigroup appear to have finalised negotiations with the lead triple A investor in the forthcoming Tempus CLO http://www.creditflux.com//2010-03-11/Eagerly-awaited-new-CLO-set-to-price-tomorrow/ 2010-03-11 17:40:00 Late last week a CDO holder decided to auction two 2007 mezzanine CLO bonds http://www.creditflux.com//2010-03-11/Investor-sells-mezzanine-CLOs/ 2010-03-11 09:38:00 All bonds apparently traded from this week’s big CDO-squared liquidation, structured credit traders say http://www.creditflux.com//2010-03-10/CLOs-trade-in-CDOsquared-liquidation/ 2010-03-10 16:39:00 Standard & Poor’s has upgraded a 2006 European CLO after it used money which would have gone to equity and the manager to bought back notes. The agency lifted ratings on the senior class A notes of Egret Funding CLO I by two notches to A+, as well as upgrading… http://www.creditflux.com//2010-03-10/SP-upgrades-CLO-after-mezz-buyback/ 2010-03-10 13:45:00 Barclays Capital says that the current 7.4 basis point difference between actual and model-implied super senior spreads is a good point to put on a full capital structure trade. This involves selling protection on all the standard index tranches and buying protection on the index at the same time. At… http://www.creditflux.com//2010-03-10/Barcap-touts-full-cap-structure-trade-to-arb-super-senior-basis/ 2010-03-10 10:24:00 In a new report to be published today, Fitch calculates that the cumulative default rate in trups CDOs rose from 10.8% at the end of January to 11% at the end of last month. This was as a result of two new defaults, taking the total to date to 87… http://www.creditflux.com//2010-03-10/Trups-CDO-default-rate-ticks-up-to-11-calculates-Fitch/ 2010-03-10 09:49:00 Last Thursday a rare four name b-wic was sold comprising older vintage CBOs dating as far back as 1999 http://www.creditflux.com//2010-03-09/Rare-vintage-CBO-bwic-trades-well-traders-say/ 2010-03-09 16:44:00 Primary broker-dealers are selling inventory of mezzanine CLO paper at discounts as buyer interest has waned for the middle part of the capital structure http://www.creditflux.com//2010-03-09/Dealers-look-to-sell-their-mezzanine-CLO-inventory/ 2010-03-09 16:31:00 UBS has hired former Morgan Stanley head of structured products Matt Zola, say well-placed market sources http://www.creditflux.com//2010-03-05/Bank-hires-global-structuring-head/ 2010-03-05 16:50:00 Senior bonds from a beaten up trups CDO have recently rocketed in value after it emerged that a US M&A deal could result in a large pay-out to the senior investors http://www.creditflux.com//2010-03-05/MA-windfall-sends-trups-CDO-price-soaring/ 2010-03-05 16:48:00 New York-based manager Stone Tower Capital will auction 52 bonds of a liquidating CDO-squared transaction on Tuesday (9 March) http://www.creditflux.com//2010-03-05/Investors-brace-for-CDOsquared-liquidation/ 2010-03-05 15:39:00 A US CLO bid-wanted in competition list had two of three bonds trade yesterday (4 March) http://www.creditflux.com//2010-03-05/TripleCLO-bwic-trades-in-the-90s/ 2010-03-05 15:25:00 a New York-based manager will run the liquidation of the Pinnacle Point II CDO next week http://www.creditflux.com//2010-03-05/High-grade-ABS-transaction-set-to-sell-nearly-100-million-in-CDOs/ 2010-03-05 15:11:00 Bank of America Merrill Lynch structured credit specialist Andrew Bellis is rumoured to be leaving the bank to return to Credit Suisse http://www.creditflux.com//2010-03-05/CDO-structuring-specialist-returns-to-bank/ 2010-03-05 11:39:00 Babson capital recently scooped up a batch of unwanted CLOs, helping Jefferies Asset Management to exit the business http://www.creditflux.com//2010-03-05/Signs-of-CLO-consolidation-grow-as-manager-takes-on-five-deals/ 2010-03-05 10:27:00 On Tuesday (2 March) two secondary US CLO equity pieces traded at levels more commonly seen for triple B CLO bonds http://www.creditflux.com//2010-03-04/CLO-equity-outlier-trades-in-60s/ 2010-03-04 14:39:00 Some CLO managers have been much more aggressive than others in participating in loan amendments which increase the maturity of the loans, according to a recent research report by Barclays Capital. The bank calculated how often managers participated in amend-and-extend deals, and how often they passed up the opportunity to… http://www.creditflux.com//2010-03-04/Prudential-nods-through-least-amendandextends-say-Barcap/ 2010-03-04 12:04:00 Stifel Nicolaus has announced that it has hired a 15-strong team led by Stephan Kuppenheimer from FSI Capital to form a new business, known as Stifel Capital Advisors. The New York-based business will provide asset management, portfolio advisory and capital markets services to financial institutions and governmental entities, according to… http://www.creditflux.com//2010-03-04/FSI-Capital-team-jump-ship-to-Stifel/ 2010-03-04 10:17:00 An ABS CDO bid-wanted in competition auction, in which the majority of tranches offered are more than $100 million in size, has bids due today http://www.creditflux.com//2010-03-04/Surging-ABS-CDO-demand-prompts-blockbuster-bid-list/ 2010-03-04 09:58:00 A US bank has upsized its forthcoming US cashflow CLO, which is likely to become the first new CLO of 2010 http://www.creditflux.com//2010-03-04/Arranger-upsizes-planned-new-issue-CLO/ 2010-03-04 09:33:00 Recent days have seen some impressively lofty levels on secondary CLOs http://www.creditflux.com//2010-03-03/X-bonds-attract-lofty-bids-in-secondary-CLO-trading/ 2010-03-03 15:00:00 Single A and triple B European CLOs should generate double digit returns under most scenarios at today’s prices, calculates Morgan Stanley. In their CDO Market Insights report published last week, the bank’s structured credit researchers say that fundamentals only go part of the way to explain the difference between secondary… http://www.creditflux.com//2010-03-02/European-CLO-mezz-is-undervalued-says-Morgan-Stanley/ 2010-03-02 18:39:00 On Friday five bonds were sold from a bid list of six mezzanine cash flow CLOs, most of which were originally rated triple A or double A http://www.creditflux.com//2010-03-02/Diverse-CLO-bwic-attracts-bids/ 2010-03-02 17:20:00 Over the past couple weeks pricing on total return swaps to fund portfolios of loans has tightened http://www.creditflux.com//2010-03-02/TRS-tightening-gives-hope-to-loan-buyers/ 2010-03-02 17:05:00 Secondary CDO market sources report robust volumes of CLO equity in recent trading sessions. http://www.creditflux.com//2010-03-02/CLO-secondary-equity-sales-increase/ 2010-03-02 16:34:00 Moody's has downgraded $4 billion in face value of CSO tranches issued by Lehman Brothers following the recent New York court ruling on the Dante series of CDOs. All the deals in question were secured by one of two funds linked to Lehman Brothers, the Lehman Brothers ABS Enhanced Libor… http://www.creditflux.com//2010-03-02/Moodys-downgrades-Lehman-CSOs-following-court-ruling/ 2010-03-02 14:26:00 A US bank says that its forthcoming CLO is going extremely well and should price next week. http://www.creditflux.com//2010-03-02/US-bank-expects-to-price-balance-sheet-CLO-next-week/ 2010-03-02 12:07:00 The business of arranging CDO and other liquidations is getting more competitive http://www.creditflux.com//2010-03-02/Growing-competition-slashes-liquidation-fees/ 2010-03-02 10:45:00 Bank of America Merrill Lynch dodged a fire sale of a $1 billion area investment of a liquidated SIV http://www.creditflux.com//2010-03-02/BofA-Merrill-SIV-call-pays-off/ 2010-03-02 10:43:00 Despite a hiccup over recent weeks in the near year-long CLO rally, many equity tranches are now trading in the secondary market at prices close to where triple Bs usually trade http://www.creditflux.com//2010-03-02/Demand-drives-up-CLO-equity-prices/ 2010-03-02 10:41:00 Senior investors in CLOs have recently been fighting a rearguard action to stop some CLOs from participating in loan amendments http://www.creditflux.com//2010-03-02/Senior-investors-fight-to-stop-ageing-CLOs-extending-maturities/ 2010-03-02 10:25:00 A JP Morgan proprietary trading desk has been bidding aggressively for mezzanine CLO paper http://www.creditflux.com//2010-03-02/Call-JP-Morgan-on-1800SELLMEZZ/ 2010-03-02 10:20:00 At least two big triple A buyers are in discussions on new CLO deals http://www.creditflux.com//2010-03-02/Japanese-CLO-return-set-to-squash-triplespreads/ 2010-03-02 10:08:00 The manager of a 2007 CLO has disclosed that it structured purchases in such a way as to avoid a restriction on buying assets below par http://www.creditflux.com//2010-03-01/Upfront-payments-did-not-breach-CLO-guidelines-insists-manager/ 2010-03-01 14:45:00 UBS has continued its recent hiring spree by taking on a former RBC structured credit specialist http://www.creditflux.com//2010-03-01/UBS-hires-structured-credit-specialist-for-UK-sales-role/ 2010-03-01 12:50:00 A bank based in Washington state was closed down by its regulator on Friday after suffering repeated write-downs on its investments in trups CDOs http://www.creditflux.com//2010-03-01/Trups-CDOs-fell-Washington-state-bank/ 2010-03-01 10:56:00 Listed investment vehicle Tetragon Financial says that 68% of the CLOs it invests in are now passing all their par value tests, up from 60% at the end of the third quarter, providing another indication of the improving health of the CLO market. It says that the average triple C… http://www.creditflux.com//2010-03-01/CLO-investment-vehicle-reports-par-value-improvements/ 2010-03-01 10:33:00 A bank which sold protection though a variable funded note says it doesn't think Lehman is entitled to any payment http://www.creditflux.com//2010-02-26/Canadian-bank-admits-it-could-still-be-on-the-hook-for-Lehman-CSO/ 2010-02-26 12:24:00 http://www.creditflux.com//2010-02-25/Lower-mezzanine-CLO-bwic-attracts-bids/ 2010-02-25 21:35:00 Traders are seeing weaker buyer interest in mezzanine CLOs as dealers buy less product largely because they already own a large book of collateral http://www.creditflux.com//2010-02-25/Dealer-indigestion-leads-to-faltering-secondary-CLO-prices/ 2010-02-25 20:29:00 Moody’s says it now considers the originally Aa2 class B notes of a 2002 CLO to be in default, after a long legal battle which has resulted in coupons being held in an escrow account http://www.creditflux.com//2010-02-25/Troubled-CLOs-second-priority-notes-are-now-in-default-says-Moodys/ 2010-02-25 09:22:00 Citi is in the market with what would be the first public CLO this year http://www.creditflux.com//2010-02-25/Bank-pushes-for-new-benchmark-spread-on-forthcoming-CLO/ 2010-02-25 08:48:00 Moody’s warns that improving trends for underlying assets will not result in large upgrades for CDOs this year. The rating agency says that despite a stabilising global economy, CLO ratings are likely to remain stable at best, and it warns of the possibility of a downward drift in credit quality… http://www.creditflux.com//2010-02-24/Dont-expect-CDO-upgrades-any-time-soon-warns-Moodys/ 2010-02-24 14:28:00 CDOs with a face value of $237 million will be sold when the a high-grade ABS CDO, which was underwritten by Citigroup, is liquidated tomorrow http://www.creditflux.com//2010-02-23/CDO-liquidation-sale-set-for-tomorrow/ 2010-02-23 15:21:00 Commerzbank became the latest European bank to write down its structured credit exposures in the fourth quarter, despite the sharp rise in asset prices during that period http://www.creditflux.com//2010-02-23/Commerzbank-marks-down-corporate-CDO-holdings/ 2010-02-23 11:17:00 UBS has made further senior hires to its fixed income, currencies and commodities structuring business http://www.creditflux.com//2010-02-23/UBS-adds-more-fixed-income-senior-hires/ 2010-02-23 11:05:00