CDOs Section

News

MBIA to Reinsure $184B of FGIC's U.S. Public Finance Book

MBIA will reinsure $184 billion worth of Financial Guaranty Insurance Corp.’s U.S. public finance book.

Fitch Introduces New Loss Analysis for Monitoring SF CDOs

Fitch Ratings presents its asset-level projected loss analysis (PLA) to quantify loss expectations on structured finance (SF) CDOs.

S&P Lowers 49 Ratings on 11 U.S. CDOs of ABS

Because of the downgrades, $4.441 billion in issuance affected.

Fitch Cuts Classes Of 43 CDOs

Fitch Ratings said that certain classes of notes issued across 43 CDOs backed all or in part by trust preferred securities issued by banks are on Rating Watch Negative.

S&P Appoints Head of Structured Finance

Standard & Poor's appointed David Jacob as executive managing director and head of structured finance ratings.

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Articles

More of the Same for the ABS Market

Last week proved to be another period of slow issuance for the primary market, and trading in the secondary was not that much more active. Both traders and investors reiterated their expectations that the ABS sector will not see much in the way of volume until after Labor Day.

Monoline Termination Agreements to Rise in CDO Market

With the monoline industry continuing to struggle for survival, albeit with a weak pulse, and the ABS CDO sector almost flatlining, CDO hedge agreements with the monoline industry have been a cause for concern within the structured finance market. But recent decisions allowing the monolines to deliver up-front payments on CDOs are receiving industrywide praise, and it is believed more of these agreements are in the works.

Sorin Taps Chasin for COO, Builds Out Operational Infrastructure

Sorin Capital Management announced that Matt Chasin officially joined the firm on Aug. 11 as chief operating officer, partner and member of the investment committee. In his new role, which is also a newly created position within the company, Chasin will be responsible for all non-investment activities. He comes on board to build out the firm's operational infrastructure.

European Players Brace for an Uneventful Return to their Desks

As summer comes to a close and all of Europe has seemingly taken a holiday from the toughest months for the securitization market, it's likely that when players return they'll find that the European market is no closer to recovery. Market analysts said that credit crisis's end and the structured finance market's recovery are still far away. It's unlikely, they said, that the market will see any primary activity over the remainder of the year.

More Trouble Expected for German Mezz CLOs

Analysts have adopted a bearish stance on German cash mezzanine CLOs, saying they expect the deteriorating German economic landscape and shifting rating methodology to further pressure performance in this asset class. 'Besides pool-specific weakening, the Damocles sword of a mix of weakening economic SME prospects, negative rating migration expectations partially accelerated by stricter rating assessments and uncertainty related to the refinancing of such transactions is hovering over German cash SME CLOs,' Unicredit analysts said, adding that the secondary market for German cash mezzanine CLOs has consequently dried up in the current environment.

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