Strategy and Outlook

News

New York's Top Bank Regulator Considering Exit in 2015

New York's top banking regulator Benjamin Lawsky, who used his leverage to stiffen penalties against some of the world's largest financial institutions, will probably step down next year to take a job in the private sector.

Unsolicited Ratings Encouraged More in Theory than in Practice

Which opinion is more reliable: A well-informed one tainted by financial arrangements or one free of such conflicts but based on limited data — and possibly colored by spite?

Regulation AB II: The Band-Aid's Ripped Off

While "no one's furious," the rule is cumbersome enough that it's likely to steer issuers away from the public market and into private deals that are not registered with the Securities and Exchange Commission.

ABS East 2014: Securitization Shrugs off Electronic Trading

Investors in this space are keener to talk to dealers and analysts about transactions as opposed to simply making a trade based on readily accessible and easily digestible data.

SEC to Vote on More Loan-Level Disclosure

The revisions would require asset-backed issuers to provide enhanced disclosures including information for certain asset classes about each asset in the underlying pool in a standardized, tagged format and revise the shelf offering process and eligibility criteria for asset-backed securities.

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Articles

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

How Big Box Bankruptcies Would Impact CMBS

Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.

No Exception to Risk Retention for CLOs

Risk-retention rules could thin the ranks of CLO managers; the industry was hoping for a workaround, but what it got is pretty much unworkable.

Risk Retention Rules May Shrink U.S. CLO Market

The U.S. market for collateralized loan obligations would shrink by 75% if proposed risk-retention rules are implemented, according to the Loan Syndication and Trading Association.

New Trade Group, Same Old Problem?

Longstanding tensions within the American Securitization Forum (ASF) boiled over in March, when most of its board of directors resigned and formed a new trade group.

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Scott McNulla

Vice President of Regulatory Compliance

Firm: Clayton Holdings

In the news: How Ability-to-Repay Rules Could Reshape RMBS Market

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Catastrophe Bonds Taking on New Perils

Investors in catastrophe bonds are broadening their exposure by taking on multiple perils and increasing the time period during which claims can be included in coverage. Often they are doing so without any additional compensation.

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