Securitization.Net

	Correlation traders tune in to rating methodologies Recent weeks have seen the sharpest moves in tranche prices since the correlation crisis of May 2005 with traders reporting heavy periods of trading ...more Creditflux Ltd. (12/11/2006)
	Reuters plans new credit price service Reuters is to go it alone with a credit derivatives composite pricing service, shortly after introducing credit default swap and interest ...more Creditflux Ltd. (12/11/2006)
	JP Morgan teams up with French manager on high-yield CPPI JP Morgan and Crédit Agricole Asset Management are understood to have teamed up on a CPPI transaction linked to a long/short single-name strategy ...more Creditflux Ltd. (12/11/2006)
	Credit fund moves to Aladdin Credit asset manager Aladdin Capital has announced that the two founders of Fusion Asset Management, John Brewer and Tim Goodale, have joined ...more Creditflux Ltd. (12/11/2006)
	SIV market sees flurry of innovation Recent weeks have seen two significant innovations in the market for structured investment vehicles (SIVs) - vehicles that invest in ...more Creditflux Ltd. (11/1/2006)
	Correlation trading desks look to add cashflow CDOs ABN Amro has revealed it is one of a number of banks currently moving to purchase cash CDOs as part of its correlation desk's activity. ...more Creditflux Ltd. (11/1/2006)
	Fitch launches credit derivatives offshoot Fitch Ratings has announced the launch of a new rating agency for the credit derivatives market, called Derivative Fitch. The offshoot, which is ...more Creditflux Ltd. (11/1/2006)
	Creditex plans to make event auctions foolproof Creditex has introduced a new foolproof feature to its credit event fixing screen, to avoid data foul-ups during auctions. The modifications, ...more Creditflux Ltd. (11/1/2006)
	Survey reveals credit hedge fund growth The latest British Bankers' Association survey of the credit derivatives market, published last month, confirms that the market has grown at a phenomenal ...more Creditflux Ltd. (10/11/2006)
	Calyon plans novel market value CDO Calyon and Crédit Agricole Asset Management are marketing the first known example of a CDO in which assets are allocated to different subportfolios ...more Creditflux Ltd. (10/11/2006)
	New firm launches first fund LNG Capital, a London-based investment management firm recently set up by ex-RAB Capital portfolio manager Louis Gargour, is launching ...more Creditflux Ltd. (10/11/2006)
	Cohen hires head of ABS investments Frank Viola, head of the global structured asset team since 2002, will leave Merrill Lynch Asset Management this month, according to market ...more Creditflux Ltd. (10/11/2006)
	Loan CDS traders plan valuation fix European dealers are working on a solution to the thorny question of how to value the cancellability option embedded in loan credit default swaps. ...more Creditflux Ltd. (9/11/2006)
	Equity holders hit out at London-based CDO manager Investors in the equity of a high grade ABS CDO managed by Cambridge Place Investment Management have expressed growing concern about the ...more Creditflux Ltd. (9/11/2006)
	Hinman lands at New York manager New York-based investment adviser Drake Management is looking to strengthen its presence in the credit arena. Sources close to the firm ...more Creditflux Ltd. (9/11/2006)
	Clinton moves into loans Clinton Group, best known as a CDO of ABS manager, priced its first CLO last month. Shinnecock CLO 2006-1, arranged by Morgan Stanley, ...more Creditflux Ltd. (9/11/2006)
	Screen grabs share of interdealer trades At least two-thirds of the European iTraxx interdealer market has now moved to electronic trading, according to London dealers, reflecting increased ...more Creditflux Ltd. (8/1/2006)
	Fortis trades long-short CDO squared Fortis Bank has teamed up with sister company Fortis Investments on what is thought to be the first long-short synthetic CDO structured as a CDO squared. ...more Creditflux Ltd. (8/1/2006)
	JP Morgan moves Lintott to head US credit hybrids JP Morgan is revamping its credit hybrids team by moving product development head Peter Lintott from London to become head of New York credit hybrids ...more Creditflux Ltd. (8/1/2006)
	Ambac wins Solutia settlement case A US court has thrown out a claim for breach of contract by Deutsche Bank over a synthetic CDO that it issued to Ambac. The case, concerning ...more Creditflux Ltd. (8/1/2006)
	Bond Market Association relaunches CDO deal library The Bond Market Association has launched a new initiative to drum up market support for its library of cashflow CDO transactions, first launched in 2004. ...more Creditflux Ltd. (7/7/2006)
	Lehman scores rated equity first Lehman Brothers and Prudential M&G have completed what is thought to be the first managed synthetic CDO equity tranche to carry a credit rating. ...more Creditflux Ltd. (7/7/2006)
	New York dealers launch loan docs A group of 15 dealers in New York has launched new documentation for loan-only credit default swaps. Both Isda and the Loan Syndications and Trading Association ...more Creditflux Ltd. (7/7/2006)
	Dealers push through CDS of CDO docs The market is set to unveil standard pay-as-you-go documentation for credit default swaps referencing cashflow CDOs. Isda confirms it is moving ahead with ...more Dan Alderson, Creditflux Ltd. (6/5/2006)
	Arrangers look to fully rated CPPI deals Rating agencies are racing to issue the first ratings on credit CPPI transactions that will address the risk of both the principal and the coupons of the notes. ...more Mike Peterson, Creditflux Ltd. (6/5/2006)
	ACA plans IPO ACA Capital, the single-A rated monoline and CDO asset manager, has filed a prospectus for its IPO, an offering that would mark a new chapter in ...more Mike Peterson, Creditflux Ltd. (6/5/2006)
	Deerfield hires for London business Deerfield Capital Management is preparing to open an office in London this month, and has hired Jerry Donohue from Henderson Global Investors to ...more Creditflux Ltd. (6/5/2006)
	Dealers prepare ABS leveraged seniors The first public leveraged super-senior CDO referencing structured finance assets is due out in the next few weeks, according to market officials. The debut ...more Creditflux Ltd. (5/1/2006)
	Credit manager launches first closed-end CDO fund The first publicly traded closed-ended CDO fund started trading last month, managed by Washington Square Investment Management. The Irish-domiciled CDO ...more Creditflux Ltd. (5/1/2006)
	BNP Paribas signs up syndicate for managed CPPI AIG Global Investment, one of the world's biggest credit fund managers, is bringing its first credit CPPI transaction to market. The deal, known as Axiom, ...more Creditflux Ltd. (5/1/2006)
	Aladdin sets up shop in Europe Aladdin Capital Management, the specialist credit manager based in Stamford, Connecticut, has hired a portfolio manager to head up a new European operation. ...more Creditflux Ltd. (5/1/2006)
	Managers eye listed ABS vehicles Several firms that manage CDOs of asset-backed securities are understood to be planning to launch examples of a new type of ABS investment vehicle. ...more Creditflux Ltd. (4/6/2006)
	Confirm launch may kick-start pref CDS Eight North American dealers have agreed standard terms for trading single-name credit default swaps on preferred securities, and say that the confirm paves ...more Creditflux Ltd. (4/6/2006)
	Manager plans microfinance CDO Specialist investment manager BlueOrchard Finance and Morgan Stanley are hoping to kickstart a new sector of the structured finance market with ...more Creditflux Ltd. (4/6/2006)
	Radian team quit for start-up Five members of the structured products team at financial guaranty firm Radian Asset Assurance have left to start a new structured credit products ...more Creditflux Ltd. (4/6/2006)
	JP Morgan teams up with LBBW on CPPI LBBW is planning to distribute credit CPPI notes into the German market, after launching a trade with JP Morgan that references multiple iTraxx ...more Creditflux Ltd. (2/24/2006)
	DTCC set for key role in cash settlement Discussions have begun in earnest on a framework for post-credit event cash settlement of credit derivatives including single-name trades, ...more Creditflux Ltd. (2/24/2006)
	Super-senior trades make comeback There has been a sharp uptick in the volume of leveraged super-senior synthetic CDOs traded in the first few weeks of 2006, according to structurers and ...more Creditflux Ltd. (2/24/2006)
	Loan veteran joins Cairn Capital Cairn Capital has hired a veteran European loan specialist, a move prompting speculation that the London-based manager is looking to launch a CLO. ...more Creditflux Ltd. (2/24/2006)
	Dealers hike spend on credit derivative technology Markit, in partnership with Reoch Consulting, has completed its second 'annual scorecard' survey of credit derivative operational issues. The survey, ...more Creditflux Ltd. (2/1/2006)
	Deliverability dispute sours credit event settlement A price of 19.125% resulted from the auction settlement of index trades referencing defaulted power company Calpine last month. ...more Creditflux Ltd. (2/1/2006)
	JP Morgan structurer goes North London-based investment management firm North Asset Management is planning to raise its profile in the credit derivatives business in coming months. ...more Creditflux Ltd. (2/1/2006)
	Merrill veterans plan credit opco with Bank of Montreal Bank of Montreal and two former senior executives of Merrill Lynch have gone public with plans to launch a credit derivatives operating company. ...more Creditflux Ltd. (2/1/2006)
	Jump-to-default hedging spurs recovery-swap surge Dealers say that volumes of recovery swaps - contracts swapping recovery rates in the event of a default - are continuing well above average, after surging ...more Creditflux Ltd. (1/1/2006)
	London-based asset manager plans new fund launches Credaris Portfolio Management, a credit-specialist asset manager, says it is looking to add to its range of funds in 2006 and has made several new ...more Creditflux Ltd. (1/1/2006)
	Manager scores first with CPPI of credit funds Absolute Capital, a Sydney-based asset manager, has launched what is believed to be the first principal-protected note based on a fund of credit funds. ...more Creditflux Ltd. (1/1/2006)
	Managers bid for Uniqa CDOs Seven asset managers have thrown their hats into the ring in the fight to take over management of two CDOs previously managed by Austrian insurer ...more Creditflux Ltd. (1/1/2006)
	Dealers settle Delphi default Last month's auction to settle index and index tranche trades referencing Delphi has been given a clean bill of health by buy-side firms that signed up to ...more Creditflux Ltd. (12/5/2005)
	Axa aims for CPPI benchmark Calyon and Axa Investment Managers are working on what they hope to be the biggest credit CPPI transaction completed to date, and the most broadly ...more Creditflux Ltd. (12/5/2005)
	Uniqa star managers leave to team up with private bank Marcus Klug and Manfred Exenberger have left Austrian-based Uniqa Alternative Investments (UAI), where they were in charge of CDO management, ...more Creditflux Ltd. (12/5/2005)
	Brokers plan screen-capture system for voice trades Post-trade processing of voice-brokered credit derivative transactions is about to take a big leap forward, after three interdealer brokers - GFI, Icap and ...more Creditflux Ltd. (12/5/2005)
	CDOs-squared face biggest Delphi shocks Structured credit investors and rating agencies spent last month scrambling to digest the impact of Delphi's bankruptcy on synthetic CDOs. ...more Creditflux Ltd. (10/31/2005)
	Callables offer new play on Asian corporates Prompted by a dramatic collapse in credit spreads, credit derivative market makers in Asia have begun offering a new kind of credit default swap ...more Creditflux Ltd. (10/31/2005)
	Managers race to complete market value trades Managers on both sides of the Atlantic are working on a spate of new vehicles in which high yield portfolios are leveraged based on their ...more Creditflux Ltd. (10/31/2005)
	Delphi woes fire up recovery swaps Traders say there was a mini-boom in trading of Delphi recovery swaps in the run up to its bankruptcy last month, driven by structured credit books. ...more Creditflux Ltd. (10/31/2005)
	Asian traders pin hopes on broader credit index: Dealers at odds on addition of high-yield names The roll of the Asian credit derivative indices last month has put an end to weeks of heated discussion about the composition of the ...more Creditflux Ltd. (9/30/2005)
	Lehman aims to kick-start pref CDS: Dealer launches new index Lehman Brothers has introduced a new layer of the capital structure to the credit derivative index market, ...more Creditflux Ltd. (9/30/2005)
	ABN Amro plans forward-start CDO^2 : Dealer makes push into portfolio curve trades ABN Amro says it is working on what will be the first forward-starting synthetic CDO-squared, ...more Creditflux Ltd. (9/30/2005)
	Former TD bankers resurface : Correlation trader joins Tricadia Former employees of TD Securities, which dramatically pulled out of the international structured credit business earlier this year, ...more Creditflux Ltd. (9/30/2005)
	Taiwan credit puts S&P on the spot: Investors rage over CCC-threat The first big test for Standard & Poor's policy on synthetic CDO reference entities that have their ratings withdrawn is brewing in Australia, ...more Creditflux Ltd. (9/1/2005)
	Primus launches long-short fund ( Protection seller plans to set up shop in London ) Primus Guaranty, the specialist investor in credit derivatives, says it is setting up a new subsidiary, PRS Trading Strategies, ...more Creditflux Ltd. (9/1/2005)
	New Investec unit targets CDOs ( Clapham builds principal finance arm ) South African bank Investec is setting up a principal finance platform under Andy Clapham, ...more Creditflux Ltd. (9/1/2005)
	Lloyds TSB makes push into structured credit ( UK lender hires team from Fortis ) UK bank Lloyds TSB has made its first move into structured credit by hiring a team of CDO specialists from ...more Creditflux Ltd. (9/1/2005)
	Manager set to close CDO equity fund Washington Square Investment Management says it expects to soft close a debut CDO equity fund in the third quarter, after already ...more Creditflux Ltd. (8/1/2005)
	Dynamo spins a CPPI record ( BNP Paribas raises Euro 525 million for principal-protected credit deal ) BNP Paribas has raised Euro 525 million from investors for a new type of credit-based CPPI product, after closing ...more Creditflux Ltd. (8/1/2005)
	Morgan Stanley plans credit index floater Morgan Stanley is understood to be close to launching what is believed to be the first portfolio credit derivative transaction with premium levels that vary during the life of the deal. ...more Creditflux Ltd. (2/1/2004)
	Primus looks to single tranche risk Triple-A rated dedicated protection seller Primus Financial Products is to expand its business into single-tranche synthetic CDOs within the next few months. ...more Creditflux Ltd. (2/1/2004)
	Top trader quits Goldman Goldman Sachs has lost Alan Gerstein, senior credit derivatives trader on its New York desk, to help manage newly established US fund, Blue Mountain Credit Alternative Fund. ...more Creditflux Ltd. (2/1/2004)
	Schozer moves to Ace Mike Schozer has jumped ship from bond insurer Ambac, where he ran the structured finance and credit derivatives business to head up rival insurer Ace Guaranty Corp. ...more Creditflux Ltd. (2/1/2004)
	GFI launches price calculator for illiquid credit derivatives Interdealer broker GFI has launched what it hopes will become the market standard tool for valuing credits ...more Creditflux Ltd. (4/2/2003)
	Morgan Stanley shines a spotlight on basket trades Morgan Stanley has introduced a series of generic first-to-default basket trades on which it will provide regular prices ...more Creditflux Ltd. (2/20/2003)
	ACE Guaranty drops the Re ACE Guaranty Re, one of the insurance industry pioneers of credit derivatives ...more Creditflux Ltd. (2/20/2003)
	Downgrades force synthetic investors to focus on collateral Analysing the creditworthiness of collateral has not traditionally ranked high on the list of priorities for investors ...more Creditflux Ltd. (12/20/2002)
	UBS shows value in loan hedging UBS's recent third quarter results offer the latest proof of the bank's leading position in active ...more Creditflux Ltd. (12/20/2002)
	Fitch issues first manager rating New York-based mortgage specialist C-Bass has become the first CDO issuer to receive an asset manager rating ...more Creditflux Ltd. (9/5/2002)
	XL sets sights on European cash CDO New York-based financial guarantee insurer XL Capital Assurance has set up a new, separately capitalised subsidiary, XL Capital Assurance-(UK) ...more Creditflux Ltd. (9/5/2002)
	Fitch abandons CDO notching Fitch Ratings has announced that it is adopting a new approach to reviewing collateral in structured finance CDOs ...more Creditflux Ltd. (8/6/2002)
	Watzinger departs from Merrill Lynch Hermann Watzinger, head of securitisation and portfolio credit derivatives at Merrill Lynch in London, has left the firm amid a restructuring of its European structured finance business ...more Creditflux Ltd. (8/6/2002)
	NIB steers new CDO course with Latitude Dutch bank NIB is hoping to prove that the market is still open for single industry synthetic CDOs even at a time ...more Creditflux Ltd. (7/3/2002)
	Dealers and brokers form FpML group Three firms have so far heeded ISDA's call on 7 June for volunteers to develop a Financial products Markup Language ...more Creditflux Ltd. (7/3/2002)
	New deals for default swap pricing Two new partnerships in the field of credit derivatives pricing were announced last month ...more Creditflux Ltd. (6/3/2002)
	South African bank plans new synthetic Fresh from issuing South Africa's first ever synthetic CDO ...more Creditflux Ltd. (6/3/2002)
	Japanese synthetics burst into life Long the sleeping giant of the synthetic CDO world, Japan is now the scene of frenetic activity by ...more Creditflux Ltd. (4/1/2002)
	Reference entity case settled One of several disputes in the credit derivatives market over reference entities has finally been ...more Creditflux Ltd. (4/1/2002)


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