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  •  
  • Regulatory Implementation of the Statement of Principles Regarding the Activities of Credit Rating Agencies, Report of the Technical Committee of IOSCO
    ( International Organization of Securities Commissions (IOSCO) )
    The International Organization of Securities Commissions' Technical Committee has published for public comment this Consultation Report on Regulatory Implementation of the Statement of Principles Regarding the Activities of Credit Rating ...more
    (5/7/2010)
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  • Asset-Backed Securities: Proposed Rules
    We are proposing significant revisions to Regulation AB and other rules regarding the offering process, disclosure and reporting for asset-backed securities. Our proposals would revise filing deadlines for ABS offerings to provide investors with more ...more
    U.S. Securities & Exchange Commission (5/3/2010)
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  • US SEC Proposes Massive ABS Rule Changes
    The US Securities and Exchange Commission has released a massive rulemaking proposal relating to asset-backed securities (ABS). The broad categories of changes proposed include: Changes to the forms that may be used to register ABS for ...more
    Mayer Brown LLP (4/8/2010)
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  • FAQ on Issuer and Underwriter Obligations Under the New Rating Agency Web Site Rules
    In December 2009, the US Securities and Exchange Commission (the Commission) amended its rules regulating nationally recognized statistical rating organizations (NRSROs). The compliance date of these new rules is June 2, 2010. ...more
    Mayer Brown LLP (3/24/2010)
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  • Rating Agency Reform - 2009 in Review
    It was a busy year for rating agency reform in 2009, with multiple rulemaking actions by the US Securities and Exchange Commission (the Commission) covering diverse topics. The table below briefly summarizes the action during the year with ...more
    Mayer Brown LLP (1/12/2010)
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  • Amendments to Rules for Nationally Recognized Statistical Rating Organizations
    The Commission is adopting rule amendments that impose additional disclosure and conflict of interest requirements on nationally recognized statistical rating organizations (''NRSROs'') in order to address concerns about the integrity of the credit rating ...more
    U.S. Securities & Exchange Commission (12/4/2009)
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  • EU Regulation No 1060/2009 on credit rating agencies
    Credit rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments as part of making informed investment and financing decisions. Credit institutions, ...more
    Committee of European Securities Regulators (11/17/2009)
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  • SEC proposal: Credit ratings disclosure
    On 7 October 2009, the US Securities and Exchange Commission (SEC) published a proposal that would require additional disclosure in registration statements when credit ratings are used by issuers, underwriters or other offering participants. The proposed  ...more
    Ernst & Young LLP (11/11/2009)
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  • Big Changes In Standard & Poor's Rating Criteria
    Standard & Poor's Ratings Services considers the recent changes in our criteria for rating collateralized debt obligations (CDOs) and U.S. residential mortgage-backed securities (RMBS) to be significant. Overall, their effect should be to make it ...more
    Standard & Poor's (10/30/2009)
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  • FDIC Uncertainty Sends S&P to Sidelines
    S&P is temporarily curtailing the volume of new ratings it assigns to asset-backed bonds issued by banks. The retreat appears focused on credit-card securities, given their prevalence among bank-issued transactions. However, the agency still plans to ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (9/25/2009)
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  • SEC Votes on Measures to Further Strengthen Oversight of Credit Rating Agencies
    The Securities and Exchange Commission today voted unanimously to take several rulemaking actions to bolster oversight of credit ratings agencies by enhancing disclosure and improving the quality of credit ratings. Credit rating agencies are organizations ...more
    U.S. Securities & Exchange Commission (9/17/2009)
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  • SEC's Role Regarding and Oversight of Nationally Recognized Statistical Rating Organizations (NRSROs)
    The Nationally Recognized Statistical Rating Organizations (NRSRO), which are credit rating agencies that have been approved by the Commission, may have played a critical role in the current economic crisis and have been criticized in the past when ...more
    U.S. Securities & Exchange Commission (8/27/2009)
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  • Stocktaking on the use of credit ratings
    In its report to the G7 titled Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience, the Financial Stability Forum (FSF) requested the Joint Forum to conduct a stocktaking of the uses of external credit ratings ...more
    Basel Committee on Banking Supervision (6/15/2009)
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  • Credit Rating Agencies : Developments and Policy Issues
    ( European Central Bank )
    Credit rating agencies play a vital role in global securities and banking markets. It is thus essential that they consistently provide ratings that are independent, objective and of the highest possible quality. Following the criticism voiced with regard ...more
    (5/15/2009)
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  • U.S. Structured Finance Newsletter
    New European Regulation On Credit Rating Agencies. DBRS welcomes the new European regulatory framework for credit rating agencies (CRAs; the Regulation) that wasapproved by the European Parliament on April 23, 2009. The Regulation has been ...more
    DBRS (5/4/2009)
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  • EU Regulation of Credit Rating Agencies approved
    The European Regulation on Credit Rating Agencies was approved yesterday. First some background: in the credit crunch's early days, as complex financial structures started unravelling, many journalists and politicians pointed fingers at credit rating ...more
    Mayer Brown LLP (4/24/2009)
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  • An Examination Of How Investor Needs Are Served By Various Ratings Business Models: Ensuring Analytical Independence And Preventing Conflicts Of Interest At Credit Rating Firms
    Credit rating organizations have served investors and the markets well for over 90 years, but, regrettably, ratings on U.S. housing-related structured securities in recent years have not, generally speaking, performed as well as intended. Subsequently, ...more
    Standard & Poor's (4/10/2009)
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  • U.S. Structured Finance Newsletter
    Historical Home Price Volatility And Rating Stresses. The latest Case-Shiller Home Price Indices showed a record decline in U.S. housing prices. As of December2008, real estate prices in the top 18 metropolitan areas dropped an average of 27.9% from ...more
    DBRS (4/6/2009)
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  • IOSCO Update on Credit Rating Agencies Oversight
    ( International Organization of Securities Commissions )
    The International Organization of Securities Commissions' Task Force on Credit Rating Agencies has today published the results of its work reviewing credit rating agency implementation of IOSCO's Code of Conduct Fundamentals for Credit Rating Agencies. ...more
    (3/12/2009)
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  • Ensuring Reliability and Transparency in the Ratings Process
    The unprecedented events that have taken place illustrate the sensitivity and interdependence of credit events on the world's financial markets. As market conditions have evolved, Fitch Ratings has taken numerous steps to enhance the quality and ...more
    Fitch Ratings (2/12/2009)
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  • SEC Adopts New Rules for Rating Agencies and Proposes Others
    On February 2, 2009, the US Securities and Exchange Commission released new final rules imposing additional requirements on the conduct of nationally recognized statistical rating organizations (NRSROs). Additional proposed rules for NRSROs were ...more
    Mayer Brown LLP (2/10/2009)
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  • Amendments to Rules for Nationally Recognized Statistical Rating Organizations
    The Commission is adopting rule amendments that impose additional requirements on nationally recognized statistical rating organizations ("NRSROs") in order to address concerns about the integrity of their credit rating procedures and methodologies. ...more
    U.S. Securities & Exchange Commission (2/2/2009)
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  • Canada's Investment Banks Weather The Storm
    ( Greenwich Associates )
    Companies in Canada are benefiting from the fact that the banks upon which they rely for capital markets coverage and mergers & acquisition advisory services are in a much stronger position than those in other markets, according to the results of the most ...more
    (1/14/2009)
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  • SEC Approves Measures to Strengthen Oversight of Credit Rating Agencies
    The Securities and Exchange Commission today approved a series of measures to increase transparency and accountability at credit rating agencies, and ensure that firms provide more meaningful ratings and greater disclosure to investors. ...more
    U.S. Securities & Exchange Commission (12/3/2008)
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  • Euro Credit Cards Hang in There
    "Since the beginning of 2007, we have seen a tightening of lending standards and a reduction of introductory offers to new borrowers, which has set the ground for improvement in performance and better positioned these structures to weather a downturn," ...more
    Asset Securitization Report--SourceMedia (12/1/2008)
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  • Rating Agency Reports Show Stalled ABS Market: Uncertainty over TARP's effect on ABS securities delays market rebound
    The ABS market suffered another week of silence as new issuance remained virtually non-existent and trading continued to slow. ABS traders expressed a sense of frustration at the stalled market conditions, without holding out much hope for a near-term ...more
    Asset Securitization Report--SourceMedia (11/10/2008)
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  • For Metrofinanciera, it's an Uphill Battle to Win Back Trust
    It's going to take some effort for Mexican nonbank company Metrofinanciera to win back the confidence of the market. Shoddy servicing and poor controls on ABS played a part in steep downgrades from Moody's Investors Service two weeks ...more
    Asset Securitization Report--SourceMedia (10/27/2008)
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  • Committee Holds Hearing on the Credit Rating Agencies and the Financial Crisis
    ( Committee on Oversight and Government Reform : United States House of Representatives )
    The Committee held a hearing titled, "Credit Rating Agencies and the Financial Crisis" on Wednesday, October 22, 2008, in 2154 Rayburn House Office Building. The hearing examined the actions of the three largest credit rating agencies, Standard & Poor's, ...more
    (10/22/2008)
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  • President's Working Group on Financial Markets issued its policy statement update
    The report includes six sections describing progress towards implementing the recommendations: Reforms to the mortgage origination process; Improvements to investors' contributions to market discipline; Reforms to rating agencies' processes ...more
    U.S. Department of the Treasury (10/10/2008)
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  • IOSCO urges greater international coordination in the oversight of credit rating agencies
    ( International Organization of Securities Commissions (IOSCO) )
    The International Organization of Securities Commissions (IOSCO) Technical Committee has completed its assessment of methods for checking compliance with the Code of Conduct Fundamentals for Credit Rating Agencies (IOSCO Code of Conduct). ...more
    (9/17/2008)
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  • SIFMA and ESF response to the European Commission Proposal for a Regulatory Framework for CRAs and Embedded Ratings Policy Options
    The Securities Industry and Financial Markets Association, Global Credit Rating Agency Task Force, and the European Securitisation Forum welcomes the opportunity to comment on the Commission's 31 July 2008 consultation papers proposing (1) draft ...more
    SIFMA - Securities Industry and Financial Markets Association (9/5/2008)
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  • Fitch Upgrades CentreStar's ABCP To 'F1+' On Move To Full Support
    ( National Australia Bank )
    Fitch Ratings has today upgraded the rating for the commercial paper (CP) issued by CentreStar Capital No. 1 LLC and CentreStar Capital (Europe) Ltd. (together, CentreStar) to 'F1+' from 'F1' following a programme restructure to fully support the ...more
    (8/15/2008)
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  • SIFMA Credit Rating Agency Task Force Issues Global Recommendations for Credit Rating Agency Reform
    The recommendations are being shared with regulators, lawmakers, and credit rating agencies globally, and reflect the efforts of the senior-level investor-led industry group. The recommendations also respond directly to the ...more
    SIFMA - Securities Industry and Financial Markets Association (7/31/2008)
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  • IOSCO announces next steps on Credit Rating Agencies
    ( International Organization of Securities Commissions )
    The International Organization of Securities Commission's Task Force on Credit Rating Agencies has announced its next steps with regard to the monitoring of compliance with the Code of Conduct Fundamentals for Credit Rating Agencies. ...more
    (7/28/2008)
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  • Securitisation is not dead
    ( By Michael Heise, chief economist Allianz Group/Dresdner Bank )
    Crises change markets. The Savings & Loans crisis pushed US banks into securitising mortgages; the European ERM crisis ultimately gave birth to the euro; the Asian debt crisis shifted ...more
    (7/17/2008)
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  • Council Conclusions on Transparency and Rating Agencies
    ( Council of The European Union )
    The Council adopted the following conclusions: "The Council has reviewed recent market developments and progress made in the implementation of the road map on the financial market turmoil concerning market transparency and the role of ...more
    (7/8/2008)
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  • Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies
    In August 2007, the Securities and Exchange Commission's Staff initiated examinations of three credit rating agencies -- Fitch Ratings, Ltd. ("Fitch"), Moody's Investor Services, Inc. ("Moody's") and Standard & Poor's Ratings Services ("S&P") ...more
    U.S. Securities & Exchange Commission (7/8/2008)
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  • Ratings in structured finance: what went wrong and what can be done to address shortcomings?
    Report submitted by a Study Group established by the Committee on the Global Financial System. The role of credit ratings in structured finance is a topic of long-standing interest to the Committee on the Global Financial System (CGFS). ...more
    Bank for International Settlements (BIS) (7/4/2008)
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  • SEC Publishes Proposals to Increase Investor Protections by Reducing Reliance on Credit Ratings
    The Securities and Exchange Commission today published for public comment proposed rule changes to make the limits and purposes of credit ratings clear to investors and ensure that the role assigned to ratings in SEC rules is consistent with the ...more
    U.S. Securities & Exchange Commission (7/1/2008)
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  • Securitization Update: SEC Proposes Rule Changes Relating to Credit Ratings on Asset-Backed Securities
    On June 11, 2008, the Securities and Exchange Commission voted to propose a series of rule changes that are meant to increase the transparency of the credit ratings process and address practices that the Commission views as having contributed to ...more
    Mayer Brown LLP (6/25/2008)
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  • Proposed Rules for Nationally Recognized Statistical Rating Organizations
    Today, in the first of three related actions the Commission is proposing rule amendments that would impose additional requirements on nationally recognized statistical rating organizations ("NRSROs") in order to address concerns ...more
    U.S. Securities & Exchange Commission (6/16/2008)
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  • SEC Proposes Comprehensive Reforms to Bring Increased Transparency to Credit Rating Process
    The Securities and Exchange Commission today voted to formally propose a comprehensive series of credit rating agency reforms to bring increased transparency to the ratings process and curb practices that contributed to recent turmoil in the credit ...more
    U.S. Securities & Exchange Commission (6/11/2008)
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  • Attorney General Cuomo Announces Landmark Reform
    Attorney General Andrew M. Cuomo yesterday announced that he has reached landmark agreements with the nation's three principal credit rating agencies that will fundamentally reform the Residential Mortgage-Backed Securities ("RMBS") market. The ...more
    RiskCenter.com (6/6/2008)
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  • The Pipeline: AD&Co. News, Prepayment Update, Valuation Commentary
    The presentations are being polished, the panelists are caucusing, Bob Dylan is tuning up his guitar and classic raspy delivery....all that is missing is you and your colleagues at AD&Co's 16th Annual Conference on June 11th in New York and June 16th in ...more
    Andrew Davidson & Co., Inc. (6/6/2008)
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  • European Structured Finance Market Active despite Challenging Conditions
    Fitch Ratings has said today that despite the current market conditions and lack of investor appetite, the continental European structured finance market has remained surprisingly active during the first quarter of 2008, mainly driven by the ...more
    Fitch Ratings (4/30/2008)
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  • IOSCO Consults on Changes to Code of Conduct for Credit Rating Agencies
    ( International Organization of Securities Commissions )
    The International Organization of Securities Commissions (IOSCO) has today published for consultation its report on The Role of Credit Rating Agencies In Structured Finance Markets which includes proposed changes to the Code of Conduct Fundamentals ...more
    (3/26/2008)
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  • Moody's Proposed Enhancements to U.S. Residential Mortgage Securitizations: Call for Comments
    As the turmoil in the credit markets has continued, Moody's has actively engaged in an ongoing and in-depth dialogue with mortgage originators, fixed income investors, investment bankers, oversight authorities and policymakers on feasible ...more
    Moody's Investors Service, Inc. (3/25/2008)
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  • Federal Government To Revamp Credit Rules, Good Intent, Bad Execution
    The Wall Street Journal reported yesterday that the U.S. government would release a broad blueprint for preventing a reoccurrence of the current credit crisis: "Mr. Paulson told The Wall Street Journal that the recommendations of the President's Working ...more
    RiskCenter.com (3/14/2008)
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  • President's Working Group Issues Policy Statement To Improve Future State of Financial Markets
    The President's Working Group on Financial Markets issued a policy statement today with recommendations to improve the future state of U.S. and global financial markets. The statement offers the group's insight on causes of recent market issues ...more
    U.S. Department of the Treasury (3/13/2008)
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  • How the Rating Agencies Are Changing Everything
    The 'mortgage crisis' has now become a household name in the households that get the Journal every morning and with no end to the phenomenon in sight, many are now scratching their heads as to where the blame should fall. And in a surprising ...more
    RiskCenter.com (2/5/2008)
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  • DBRS Increases Transparency and Ratings Predictability in the Covered Bond Market
    DBRS has today released its Covered Bond (CB) rating methodology, which combines existing knowledge and practices with a new integrated approach that sets new standards in transparency and predictability for market participants. The Covered Bond market ...more
    DBRS (12/11/2007)
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  • Moody's Proposes Enhancements to Non-Prime RMBS Securitization
    The current turmoil in global credit markets has invited concern about both the lending methods by which subprime residential mortgage loans are originated and the securitization process by which pools of residential mortgage loans are ...more
    Moody's Investors Service, Inc. (9/25/2007)
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  • Credit Rating Agencies Apply for Registration as Nationally Recognized Statistical Rating Organizations
    The Securities and Exchange Commission today announced that each of the credit rating agencies previously identified as a nationally recognized statistical ...more
    U.S. Securities & Exchange Commission (6/28/2007)
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  • R&I Methodology: R&I Revises CDO Model
    Rating and Investment Information, Inc. (1/31/2007)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Derivative Fitch Takes Center Stage. Fitch Ratings has launched Derivative Fitch, a wholly-owned subsidiary and specialist rating agency, ...more
    Fitch Ratings (10/24/2006)
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  • Fitch Ratings Launches New Rating Agency, Derivative Fitch
    ( First Rating Agency Dedicated Exclusively to the Credit Derivatives Markets )
    Fitch Ratings today announced the launch of Derivative Fitch, the first specialist rating agency designed to provide the credit derivatives market ...more
    Fitch Ratings (10/18/2006)
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  • The Relationship between Ratings and Default (2006). Default Ratio, Rating Transition Matrix and Broad-Definition Default Ratio
    Rating and Investment Information, Inc. (7/13/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch Rolls Out Recovery Ratings for CLOs Fitch is revamping its criteria for rating collateralized loan obligations to incorporate its Recovery Ratings. ...more
    Fitch Ratings (7/11/2006)
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  • New Zealand Securitisation News, May 24, 2006
    Standard & Poor's, A Division of The McGraw-Hill Companies, Inc. (5/24/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch's Synthetic Index reflected stable credit quality during the first quarter of 2006. There has been limited deterioration despite the Dana Corp. ...more
    Fitch Ratings (5/23/2006)
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  • U.S. Structured Finance Newsletter: Responding to New ABS Asset Classes
    "Off-the-run" (OTR) asset securitizations present unique challenges for all transaction parties. Unlike so-called "commoditized" asset classes, some OTR ...more
    DBRS (5/23/2006)
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  • CDO Investor Base to Grow in Taiwan
    Fitch Ratings today said that the growth of the CDO investor base in Taiwan would likely accelerate over the next two years, citing low yields on domestic ...more
    Fitch Ratings (5/11/2006)
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  • CDO Newsletter: Guidelines for Counterparties in DBRS-Rated CDO Transactions
    Dominion Bond Rating Service ("DBRS") has been very active in the Canadian CDO market and routinely provides Canadian Commercial Paper (CP) Issuers ("Conduits") ...more
    DBRS (5/10/2006)
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  • UK Credit Card Market Under Stress
    Fitch Ratings says the UK credit card industry is in a stressed environment and that there have been several base case breaches in the UK credit card trusts ...more
    Fitch Ratings (5/5/2006)
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  • Unlocking The Benefits Of Securitization In Emerging Asia
    Securitization is one of the fastest-growing and evolving sectors of the capital markets around the world. To those not directly involved in its complex ...more
    Standard & Poor's (5/5/2006)
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  • Calculation Errors in European Structured Finance
    The recent discovery of errors by Preferred Mortgages Ltd. in its role as cash/bond administrator ("CBA") was the latest in an increasingly prevalent ...more
    Fitch Ratings (5/3/2006)
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  • Is Asia Ready For Managed Synthetic CDOs?
    Fitch Ratings today said that the Asian market is seeing a growing shift towards managed synthetic collateralised debt obligations ("CDOs") similar to the ...more
    Fitch Ratings (5/3/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch Rolls Out Distressed Recovery Ratings. Fitch formally launched Distressed Recovery (DR) ratings for U.S. and European structured finance transactions ...more
    Fitch Ratings (5/2/2006)
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  • European Economic Forecast: Interest Rates And The Euro On Their Way Up
    Recent economic and financial developments in Europe have generally been consistent with our forecast. In particular, the German recovery after years of weak growth ...more
    Standard & Poor's (4/27/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Auto Credit Events Put Minor Dent on Synthetic CDOs. The ratings migration that occurred within the U.S. automotive sector, and the credit events on Delphi ...more
    Fitch Ratings (4/18/2006)
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  • Weighing Country Risk In Our Criteria For Asset-Backed Securities
    When determining the rating on a structured issuance, Standard & Poor's Ratings Services gives careful consideration to relevant sovereign and country risks. ...more
    Standard & Poor's (4/11/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Capturing Short-Term Rating Migration in Synthetic CDOs. Fitch has evaluated the factors that determine the relative near-term rating stability prospects ...more
    Fitch Ratings (4/4/2006)
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  • Introduction Of National Rating Scale Opens Door To Rating South African Structured Finance Transactions
    The introduction of a Standard & Poor's Rating Services national credit rating scale for South Africa opens up exciting opportunities for us to start rating ...more
    Standard & Poor's (3/30/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Credit Events in 2005 Outpace Past Years. Several synthetic collateralized debt obligations took a hit from the credit events called in 2005. There were ...more
    Fitch Ratings (3/14/2006)
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  • European Economic Forecast: One Currency, Two Growth Models
    Data for the beginning of 2006 suggests that economic recovery is on track across the Eurozone, and Standard & Poor's maintains its forecast of average ...more
    Standard & Poor's (3/2/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Synthetics Dominate Asia-Pacific CDOs. Private synthetic transactions are leading collateralized debt obligation issuance in the Asia-Pacific structured ...more
    Fitch Ratings (2/28/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Second-Lien Loans Take Stage in U.S. and Europe. Second-lien loans, which were once a niche segment of the overall loan market, are evolving and becoming a ...more
    Fitch Ratings (2/14/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    European LBO Recycling Accelerates, CDOs May Feel Pinch. Recycled leveraged buy-out transactions are growing at a fast clip in Europe and could put ...more
    Fitch Ratings (1/31/2006)
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  • European Economic Forecast: Recovery On Track, But Exchange Rate A Risk
    The flow of new economic data continues to point to strengthening activity across the Eurozone. The long-awaited recovery appears to have more momentum than ...more
    Standard & Poor's (1/30/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Capturing Ratings Migration Key in Gauging Risks in LSS Trades. Ratings migration is crucial in measuring investors' true exposure to risks in leveraged super ...more
    Fitch Ratings (1/17/2006)
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  • EEMEA ABS Issuance Expected To Rise In 2006 As New Assets And Structures Emerge
    Securitization in Eastern Europe, the Middle East, and Africa (EEMEA) is in for another year of growth in 2006. We expect volumes in this region to increase ...more
    Standard & Poor's (1/4/2006)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Commercial real estate collateralized debt obligations that are issued for the purpose of meeting the financing needs of real estate investment trusts (REITs), ...more
    Fitch Ratings (1/3/2006)
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  • XLCA-UK Guarantees Euro 296.6 Million of Debt for Barcelona Law Courts Complex in Spain
    XL Capital Assurance (U.K.) Limited, through its Spanish branch (XLCA-UK), announced today that it has issued a triple-A rated financial guaranty for a ...more
    XL Capital Assurance Inc. (12/21/2005)
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  • Federal Financial Regulatory Agencies Propose Guidance on Nontraditional Mortgage Products
    The federal financial regulatory agencies today issued for comment proposed guidance on residential mortgage products that allow borrowers to defer repayment ...more
    Federal Reserve Board (12/20/2005)
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  • The Joint Forum: High-level principles for business continuity
    In response to a request from the Financial Stability Forum in September 2004, the Joint Forum determined that high-level principles on business continuity ...more
    Basel Committee on Banking Supervision (12/20/2005)
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  • DBRS Recruiting on Both Sides of Atlantic
    DBRS is charting a vast expansion of its structured-finance teams in the U.S. and Europe for next year. In the States, the growth would extend ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (12/16/2005)
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  • Global Reinsurance Market Report 2004
    ( International Association of Insurance Supervisors (IAIS) )
    This is the second Global Reinsurance Market Report based upon global reinsurance market statistics for the financial year 2004. The framework for ...more
    (12/15/2005)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Global collateralized debt obligations are marching into the New Year with a host of innovations expected and strong issuance. Cash flow and synthetic ...more
    Fitch Ratings (12/13/2005)
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  • ESF Securitisation Data Report - Autumn 2005
    The ESF published the ESF Securitisation Data Report to provide ABS and Pfandbriefe issuance data to ESF members and market participants. New issuance in the European ...more
    European Securitisation Forum (12/7/2005)
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  • EEMEA Gains A Foothold In The Global Securitization Market
    Securitization in Eastern Europe, the Middle East, and Africa (EEMEA) is coming of age. Over the past two years issuance of asset-backed notes in the ...more
    Standard & Poor's (12/5/2005)
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  • SEC Votes to Propose Rule to Provide Investors with Internet Availability of Proxy Materials
    The Securities and Exchange Commission today voted to propose for public comment rules that would allow companies and other persons to use the Internet to satisfy ...more
    U.S. Securities & Exchange Commission (11/29/2005)
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  • FitchRatings - CDOpinions: Credit Trends and News
    Pros Debate CDO Challenges. Fitch capped a successful CDO Issuer Workshop in Santa Barbara, Calif. last week. Senior members of the agency's ...more
    Fitch Ratings (11/29/2005)
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  • Housing Overvaluation: Housing Price Risk in Home Equity Transactions
    In the latest issue of Economic & Real Estate Trends, the PMI Mortgage Insurance Co. published an estimate of market risk designed to measure real estate market ...more
    Wachovia Securities (11/28/2005)
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  • Global OTC Derivatives Market activity in the first half of 2005
    Activity in the over-the-counter derivatives markets continued to grow during the first half of 2005, albeit at a somewhat slower pace than in the ...more
    Bank for International Settlements (BIS) (11/17/2005)
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  • FitchRatings - CDOpinions: Credit Trends and News
    CDO Challenges and Convergence Issues Take Center Stage. The convergence of the cash and synthetic collateralized debt obligation markets, emergence ...more
    Fitch Ratings (11/15/2005)
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  • Fixed Rate Home Equity Prepayment Model
    ( by Sanjeeban Chatterjee )
    Andrew Davidson & Co., Inc. has developed a new prepayment model for sub-prime loans to replace its existing model. The new model for 30-year and 15-year ...more
    Andrew Davidson & Co., Inc. (11/14/2005)
  •  
  • IIF Releases Report on Basel II Outstanding Issues
    The Institute of International Finance, the global association of financial institutions, today welcomed the progress made by the Basel Committee on Banking Supervision toward finalizing ...more
    (11/14/2005)
  •  
  • ESF Letter to the Spanish Regulators on Securitisation Framework
    The ESF has filed a letter to the Spanish Comisi┬ón Nacional del Mercado de Valores and the Treasury which presents specific comments for the amendment to ...more
    European Securitisation Forum (11/8/2005)
  •  
  • Staff Statement on Certain Programming Changes to EDGAR for Issuers of Asset-Backed Securities
    We are providing a guide, in question and answer format, to issuers of Asset-Backed Securities (ABS) regarding certain programming changes to ...more
    U.S. Securities & Exchange Commission (11/7/2005)
  •  
  • Adoption of Updated EDGAR Filer Manual
    The Securities and Exchange Commission is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual, Volume II: ...more
    U.S. Securities & Exchange Commission (11/7/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch's collateralized debt obligation asset manager rating approach (CAM ratings) is being refined to better evaluate synthetic CDO managers' ...more
    Fitch Ratings (11/1/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Synthetic CDOs Take Hit from Delphi Bankruptcy. Several U.S. and European synthetic collateralized debt obligations took a hit from Delphi Corporation's ...more
    Fitch Ratings (10/18/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch Eyes Growth of Revolving CREL CDOs. Revolving collateralized debt obligations that reference commercial real estate loans, including ...more
    Fitch Ratings (10/4/2005)
  •  
  • Banking Agencies Announce Revised Plan for Implementation of Basel II Framework
    Four Federal banking agencies today announced their revised plans for the U.S. implementation of the "International Convergence of Capital Measurement and ...more
    Federal Reserve Board (9/30/2005)
  •  
  • International Financial Business Solutions, (IFBS AG) Continues Its Global Expansion and Opens New York Office at 45 Rockefeller Plaza, New York, NY
    International Financial Business Solutions, (IFBS AG), a leading global provider of Securities Lending, Repo and OTC Derivatives Collateral Management solutions, continued its expansion into the US ...more
    (9/27/2005)
  •  
  • Wilmington Trust Expanding the Reach of its Captive Insurance Management Services
    ( Recent acquisition, new state law in Delaware drive effort )
    Wilmington Trust, a leading provider of specialized management and fiduciary services to corporations worldwide, announced today that ...more
    Wilmington Trust Company (9/21/2005)
  •  
  • Adoption of Updated EDGAR Filer Manual
    The Securities and Exchange Commission is adopting revisions to the EDGAR Filer Manual to reflect changes made to improve, reorganize and restructure ...more
    U.S. Securities & Exchange Commission (9/21/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Basel II Capital Charges Won't Put Major Dent on CDOs. Collateralized debt obligations appear to be largely unaffected by the revised framework ...more
    Fitch Ratings (9/20/2005)
  •  
  • Report from Boca Raton 2005: Coverage of Selected Sessions of ABS East 2005
    The recent ABS East 2005 conference in Boca Raton, Florida reflected the generally positive outlook of most market participants. However, different panelists ...more
    Nomura Securities International, Inc. (9/20/2005)
  •  
  • Diversified Payment Right Securitization Market Beginning To Tap Vast Potential
    Diversified payment right (DPR) securitization, born out of necessity during economic crises in Mexico and Turkey in the 1990s, ...more
    Standard & Poor's (9/15/2005)
  •  
  • Basel II : Bottom-Line Impact on Securitization Markets
    This report provides quantitative analysis of how Basel II will affect the securitization markets. More specifically, the amount of capital Basel II will require ...more
    Fitch Ratings (9/14/2005)
  •  
  • Central Trust, Clydesdale Bank and National Australia Bank Enter the European Mortgage Securitisation Arena
    Central Trust, the largest independent finance company in the United Kingdom, recently entered into a GBP 200 million Securitisation ...more
    (9/12/2005)
  •  
  • European Securitisation Reaches Its Highest Quarterly Issuance Ever. On Pace For Another Record Year
    Issuance in the European securitisation market reached its highest quarterly total ever and is on pace to surpass the record 243.6 billion Euro issued in 2004. ...more
    European Securitisation Forum (9/8/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    CDOs of CMBS May Feel Gust from Katrina. Twenty Fitch-rated collateralized debt obligations referenced to commercial mortgage-backed securities ...more
    Fitch Ratings (9/6/2005)
  •  
  • FASB Issues Revised Exposure Draft on Accounting for Transfers of Financial Assets
    New draft seeks to clarify derecognition requirements for financial assets and initial measurement of interests related to ...more
    Financial Accounting Standards Board (FASB) (8/11/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    U.S. cash flow collateralized debt obligations enjoyed a healthy issuance volume during the first half of 2005. Fitch rated a total of ...more
    Fitch Ratings (8/9/2005)
  •  
  • Short-Term Market Outlook and Strategy
    The persistently low level of long-term interest rates continues to concern some policymakers. We explain why the FOMC still has work to do and what it means for investors. ...more
    JPMorgan North American Credit Research (8/4/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch is expecting twists in the Constant Proportion Portfolio Insurance (CPPI)structures hitting the market soon as bankers ...more
    Fitch Ratings (7/26/2005)
  •  
  • Mexico Holds Strong As Leading Latin American Structured Market
    Domestic transactions have dominated Mexico's securitization market in recent years, and a trend may be developing that ...more
    Standard & Poor's (7/25/2005)
  •  
  • Wilmington Trust profits rise 11%
    Today Wilmington Trust Corporation (NYSE: WL) reported that net income for the second quarter of 2005 was ...more
    Wilmington Trust Company (7/22/2005)
  •  
  • Use of Form S-8, Form 8-K, and Form 20-F by Shell Companies
    The Securities and Exchange Commission is adopting rules and rule amendments relating to filings by reporting shell companies. We are defining a "shell company" as a ...more
    U.S. Securities & Exchange Commission (7/15/2005)
  •  
  • Short-Term Market Outlook and Strategy
    The recent flattening of the yield curve has caused increased concern about the possibility of an inversion. While there are precedents for the ...more
    JPMorgan North American Credit Research (7/13/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch Taps CMBS Conduit Model in Real Estate CDO Ratings. Fitch is taking advantage of its CMBS group's conduit model in rating real estate CDOs. ...more
    Fitch Ratings (7/12/2005)
  •  
  • Unrelenting Growth Seen for Rest of Year
    Worldwide issuance of asset- and mortgage-backed securities remained on a tear throughout the first half of 2005, and market players see no signs of a slowdown. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (7/8/2005)
  •  
  • Housing Outlook
    Home price growth rates remain above 5%. Benign, albeit less favorable, conditions for sub-prime mortgages continue ...more
    JP Morgan Securities Inc. (6/17/2005)
  •  
  • European Securitisation Issuance Totals Euro 48.1 Billion in Q1 2005, Lower Than the Record Pace in Q1 2004
    Issuance in the European securitisation market totaled Euro 48.1 billion during the first three months of the year, a 13.8 percent decline from Euro 55.8 billion issued over the same period in 2004. ...more
    European Securitisation Forum (6/16/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Strong 2004 for European CDO and overall structured finance rating performance. European structured finance (ESF) rating performance improved in 2004 ...more
    Fitch Ratings (6/14/2005)
  •  
  • Hedge Funds Profit from Equity Market Driven by Fundamentals
    Hennessee Group LLC, an adviser to hedge fund investors, yesterday announced that strong equity markets contributed to positive performance of hedge funds in May, ...more
    RiskCenter.com (6/9/2005)
  •  
  • Short-Term Market Outlook and Strategy
    The bond market's rally has left yields lower and the curve flatter, as the market seems increasingly convinced that the end of this tightening cycle is near. ...more
    JPMorgan North American Credit Research (6/3/2005)
  •  
  • The Story Behind Organic Growth
    When top executives of the Procter & Gamble Company and the Gillette Company appeared at February 2005 analysts' meeting in Arizona ...more
    GE Commercial Finance (6/1/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Global CDOs showed strong rating performance for the first quarter of 2005, with over twice as many upgrades as downgrades. ...more
    Fitch Ratings (5/31/2005)
  •  
  • Recent Securitization Conference Highlights Rise Of Mexico Plus Brazil's Expected Comeback
    The rise of Mexico as Latin America's leading ABS issuer and Brazil's expected comeback to the structured finance market were highlights of ...more
    Standard & Poor's (5/24/2005)
  •  
  • JP Morgan Rivaling Citi in Conduit Business
    J.P. Morgan Chase has emerged as the world's second-largest operator of commercial-paper conduits, establishing itself as a ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (5/20/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Auto sector negative rating migration is unlikely to lead to CDO downgrades. Fitch's sensitivity analysis of synthetic CDOs, particularly ...more
    Fitch Ratings (5/17/2005)
  •  
  • Credit Risk Management Guidance for Home Equity Lending
    In response to the exceptionally strong growth in home equity lending over the past few years, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, ...more
    Office of the Comptroller of the Currency (OCC) (5/16/2005)
  •  
  • SEC Comments on Implementation of Internal Control Reporting Requirements
    The Commission released the following statement on issues that arose during the first year of experience with the implementation of ...more
    U.S. Securities & Exchange Commission (5/16/2005)
  •  
  • Mexico Embraces Structured Finance And Becomes Latin American Market Leader
    In 2004, the impressive growth of the structured finance sector in Mexico established the country as the leading market in Latin America for the first time. ...more
    Standard & Poor's (5/10/2005)
  •  
  • Short-Term Market Outlook and Strategy - May 2005
    While there is clearly some basis for the market's shift in expectations, we believe the market has overreacted. We continue to stand by our thesis that ...more
    JPMorgan North American Credit Research (5/4/2005)
  •  
  • Federal Banking Agencies To Perform Additional Analysis
    The four federal banking agencies today agreed that additional analysis is needed before publishing a notice of proposed rulemaking (NPR) with respect to the U.S. implementation of ...more
    Office of the Comptroller of the Currency (OCC) (4/29/2005)
  •  
  • RMBS Issuance Drives Growth in Australian Term-Securitization Market During First Quarter of 2005
    Larger denominated issues of residential mortgage-backed securities (RMBS) underpinned strong issuance volumes in the Australian term-securitization market ...more
    Standard & Poor's (4/27/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    The performance of SF CDOs continues to be inextricably linked to U.S. Subprime RMBS. As has been previously reported in CDOpinions, ...more
    Fitch Ratings (4/19/2005)
  •  
  • Short-Term Market Outlook and Strategy - April 2005
    Short-end yields have gyrated in recent weeks as the market's interpretation of the future path of rates has waxed and waned. ...more
    JP Morgan Securities Inc. (4/7/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    U.S. structured finance ratings exhibit more stability in 2004. Fitch's special report entitled, Fitch Ratings 1991-2004 Structured Finance Transition Study, published March 18th, ...more
    Fitch Ratings (4/5/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Fitch rates TABERNA I, the first CDO of trust preferred securities issued by REITs. The portfolio for this first-of-its-kind CDO consists of trust ...more
    Fitch Ratings (3/22/2005)
  •  
  • Brazil Faces Challenges On The Road To Improved Creditworthiness
    The numerous and complex economic challenges facing policymakers in the Federative Republic of Brazil (BB-/Stable/B) are debated frequently and ...more
    Standard & Poor's (3/22/2005)
  •  
  • Greater Stability And Stronger Financial Markets Underpin Mexico's Creditworthiness
    The steady development of Mexican financial markets in recent years and the resultant beneficial impact on public finances has allowed the ...more
    Standard & Poor's (3/21/2005)
  •  
  • Financial Institutions Report Few Material Weaknesses Under Sarbanes-Oxley Section 404; No Expected Ratings Implications
    As the March 16, 2005 annual reports deadline has nearly arrived, Standard & Poor's Ratings Services has observed that financial institutions are generally in a good shape ...more
    Standard & Poor's (3/15/2005)
  •  
  • The Bond Market Association and the A.S.F. Applaud the Responsible Lending Act
    News Release: The Bond Market Association and the American Securitization Forum Applaud the Responsible Lending Act, Legislation that Preserves the Benefits of Subprime Lending and Clamps Down on Predatory Lenders ...more
    American Securitization Forum (3/15/2005)
  •  
  • Wilmington Trust Hosts Webinar on Repatriation of Foreign Earnings
    Wilmington Trust, a leading global provider of financial services for corporations, is hosting an online seminar that will feature ...more
    Wilmington Trust Company (3/14/2005)
  •  
  • Doubts Creeping Into Market's Rosy Outlook
    Market players are starting to worry that the values of asset-backed securities have climbed too high. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (3/4/2005)
  •  
  • Investors' Classification of Auction Rate Securities
    Some investors have classified auction rate securities as cash equivalents on their balance sheets because the interest rate on the securities is ...more
    PricewaterhouseCoopers LLP -- Structured Finance Group (3/4/2005)
  •  
  • Short-Term Market Outlook and Strategy - March 2005
    Rates: Over the past few weeks forward rates have risen, becoming more in line with consensus forecast, but ...more
    JP Morgan Securities Inc. (3/2/2005)
  •  
  • BSEC NewsWire: Issue 22 - February 2005. Securitization News, Analysis & Commentary
    BSEC - Bemo Securitisation (2/28/2005)
  •  
  • Crunch time for Sarbanes-Oxley
    The deadline is fast approaching for US companies dealing with the most complex provisions in the Sarbanes-Oxley regulations. Up to 5,000 large and medium-sized public companies are ...more
    RiskCenter.com (2/10/2005)
  •  
  • Asian Structured Finance Market Poised for Strong Growth in 2005
    With another strong year of structured finance debt issuance in 2004 across Asia, 2005 looks good for substantially increased domestic and ...more
    Standard & Poor's (2/8/2005)
  •  
  • BIS - Consolidated Banking Statistics, 3rd QT 2004
    The report indicates that credit to the non-bank private sector in the U.S. boosts overall claim growth, and credit to the non-bank private sector in emerging economies also picks up. Also discusses the trends in local currency lending to emerging markets ...more
    Bank for International Settlements (BIS) (2/1/2005)
  •  
  • US Auto Lease Securitization Market Growth
    Market conditions that drove $5.3 billion inU.S. auto lease structured issuance in 2004, doubling 2003 levels, are expected to continue for the foreseeable future, ...more
    RiskCenter.com (1/26/2005)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    U.S. high yield defaults totaled $3.3 billion in the fourth quarter of 2004 pushing the year's default tally to just under $10 billion, ...more
    Fitch Ratings (1/25/2005)
  •  
  • Wilmington Trust Reports Fourth Quarter and Full Year Results
    Wilmington Trust Corporation reported fourth quarter 2004 net income of $35.4 million and earnings per share of $0.52 on a diluted basis. For the year-ago fourth quarter, net income was $38.0 million and earnings per share were $0.57. ...more
    Wilmington Trust Company (1/21/2005)
  •  
  • Wilmington Trust Corporate Client Services Expands Administrative Services for Structured Finance Transactions
    Wilmington Trust, a leading global provider of financial services for corporations, announced that it has expanded its capabilities in performing administrative functions for structured finance transactions.  ...more
    Wilmington Trust Company (1/20/2005)
  •  
  • The Role of Ratings In Structured Finance: Issues and Implications
    The Bank for International Settlements released the latest report from the Committee on the Global Financial System (CGFS). The report highlights several of the characteristics of structured products, ...more
    Bank for International Settlements (BIS) (1/19/2005)
  •  
  • ESF Securitisation Market Outlook for 2005
    The European Securitisation Forum published the Securitisation Market Outlook to provide European securitisation issuance projects for 2005. ...more
    European Securitisation Forum (1/18/2005)
  •  
  • Proposed Rule: Fair Administration and Governance of Self-Regulatory Organizations
    SEC is proposing to adopt new rules and amend existing rules and forms under the Securities Exchange Act of 1934 ...more
    U.S. Securities & Exchange Commission (1/11/2005)
  •  
  • Mortgage Products to Cool Rampaging Market
    Issuance of securities backed by home-equity loans and subprime mortgages are expected to finally lose steam in 2005. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (1/7/2005)
  •  
  • U.S. Credit Market Outlook
    The median forecast projects total bond issuance in the municipal, corporate, asset-backed, CDO and mortgage-related securities markets to decline 14.6 percent in 2005, ...more
    The Bond Market Association (1/7/2005)
  •  
  • Sarbanes-Oxley Corporate Reform Measure Under Attack
    In recent weeks, industry coalitions including the American Bankers Association and the trade group AeA, formerly the American Electronics Association, have asked their members to gather complaints about costly requirements for ...more
    RiskCenter.com (1/5/2005)
  •  
  • Treasury Announces Successful Privatization of Sallie Mae
    Treasury officials today completed the formal cutting of all ties of the Student Loan Marketing Association, commonly known as Sallie Mae, with the federal government. ...more
    U.S. Department of the Treasury (12/29/2004)
  •  
  • Asset-Backed Securities: Final Rule
    New and amended rules and forms to address comprehensively the registration, disclosure and reporting requirements for asset-backed securities under the Securities Act of 1933 and the Securities Exchange Act of 1934. ...more
    U.S. Securities & Exchange Commission (12/22/2004)
  •  
  • OCC Bank Derivatives Report Third Quarter 2004
    Derivatives held by U. S. commercial banks increased $3.2 trillion in the third quarter, to $84 trillion, the Office of the Comptroller of the Currency reported today ...more
    Office of the Comptroller of the Currency (OCC) (12/21/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Greater investor comfort with U.S. structured finance collateralized debt obligations (SF CDOs) and an appreciation for Fitch's rating approach to the sector has led to an increase in ...more
    Fitch Ratings (12/14/2004)
  •  
  • ABS Credit Migrations 2004
    Asset-backed securities (ABS) today display a higher frequency of defaults and downgrades than they did a few years ago. However, defaults and downgrades are concentrated more ...more
    Nomura Securities International, Inc. (12/7/2004)
  •  
  • Short-Term Market Outlook and Strategy: 2005 Outlook
    In the coming months the short-term markets are likely to see higher rates and tighter spreads. Many of the factors that shaped 2004's markets will persist into 2005 ...more
    JP Morgan Securities Inc. (12/1/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    As spreads in the corporate CDS market continue to tighten, synthetic CDOs reference higher yielding assets such as emerging market and high yield credits. ...more
    Fitch Ratings (11/30/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    U.S. corporate bond market downgrades slightly ahead of upgrades in third quarter. Following promising second quarter results, the third quarter saw a trend reversal with par downgrades exceeding par upgrades. The par volume of bonds affected by upgrades ...more
    Fitch Ratings (11/16/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    European structured finance (SF) upgrades far outnumbered downgrades for the 3rd quarter 2004. ...more
    Fitch Ratings (11/2/2004)
  •  
  • Market Risk - Pension Funds Favor Credit Derivatives
    Pension funds are starting to consider credit derivatives as a new and innovative investment strategy to maximize income. An overriding theme this year in the ...more
    RiskCenter.com (10/29/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    U.S. high yield index shows continued decline in defaults, improved recovery rates for third quarter. ...more
    Fitch Ratings (10/19/2004)
  •  
  • IndyMac's Issuance Activity Set to Erupt
    IndyMac is planning a vast increase in its securitization volume. As part of a broader reorganization, the Pasadena, Calif., company now plans to securitize almost all of the ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (10/8/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Commercial real estate (CRE) CDOs continue to demonstrate stable performance with a positive near term outlook. ...more
    Fitch Ratings (10/5/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    The global credit derivatives market grew to $2.8 trillion of gross outstanding sold, an increase of 71% from last year ...more
    Fitch Ratings (9/21/2004)
  •  
  • Industry Risk - Global Players See Great Opportunity for Retail Banking in Emerging Economies
    As emerging economies in Eastern Europe , Latin America and Asia continue to mature, financial firms - including Citigroup, General Electric and major European banks - are stepping up efforts to bring ...more
    RiskCenter.com (9/10/2004)
  •  
  • BIS - Financial Stability
    The Financial Stability Forum (FSF), chaired by Roger W. Ferguson, Jr., Vice Chairman of the Board of Governors of the Federal Reserve, met on ...more
    RiskCenter.com (9/10/2004)
  •  
  • S&P Global Bond Markets' Weakest Links & Monthly Default Rates
    The global corporate speculative-grade bond default rate slumped to 1.69% at the end of August from 2.16% in July. ...more
    Standard & Poor's (9/8/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    U.S. corporate bond upgrades inch ahead of downgrades in second quarter. This highly anticipated shift in rating activity ...more
    Fitch Ratings (9/7/2004)
  •  
  • New Capital Adequacy Framework - Implementation in Asia
    The new capital adequacy framework (Basel II) not only promotes improvements in risk management and regulatory capital allocation but also ...more
    RiskCenter.com (8/27/2004)
  •  
  • New Capital Adequacy Framework - Implementation in Latin America
    The new capital adequacy framework (Basel II) not only promotes improvements in risk management and regulatory capital allocation but also raises a variety of implementation challenges for both supervisors and banks. ...more
    RiskCenter.com (8/26/2004)
  •  
  • Credit Risk - New S&P Reporting Requirements Raise the Bar
    It appears that Standard & Poor's will be the first rating agency to ask a most provocative question of the energy/utility companies they rate, a question that could have considerable impact on each of them. ...more
    RiskCenter.com (8/26/2004)
  •  
  • New Capital Adequacy Framework - Implementation in the Middle East
    The new capital adequacy framework (Basel II) not only promotes improvements in risk management and regulatory capital allocation but also ...more
    RiskCenter.com (8/25/2004)
  •  
  • New Capital Adequacy Framework - Implementation in Non-Basel Committee Member Countries
    The new capital adequacy framework (Basel II) not only promotes improvements in risk management and regulatory capital allocation but also raises a variety of implementation challenges for both supervisors and banks.  ...more
    RiskCenter.com (8/24/2004)
  •  
  • Market Comforted by FASB Stance on Setoffs
    The Financial Accounting Standards Board is poised to approve a proposal that would insulate issuers from a longstanding rule that ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (8/20/2004)
  •  
  • Operational Risk - Survey Reveals Basel II Benchmark
    A global survey of more than 250 financial institutions and regulators indicates that one-fifth of such organizations still have no formal operational risk programs in place despite the advancing regulatory compliance schedule associated with the New ...more
    RiskCenter.com (8/17/2004)
  •  
  • Adoption of Updated EDGAR Filer Manual
    The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual to reflect updates to the EDGAR system. ...more
    U.S. Securities & Exchange Commission (8/11/2004)
  •  
  • European Corporate Securitization Market Continues to Display Dynamism
    The outlook for new volume in corporate securitizations remains favorable against a background of steady growth in the sector since 2001. ...more
    Standard & Poor's (8/11/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    The pricing of five recently issued structured finance (SF) CDOs rated by Fitch and one other agency confirmed no pricing differential compared with non-Fitch rated deals. ...more
    Fitch Ratings (8/10/2004)
  •  
  • U.K. CMBS Deals Largely Unaffected by Change to Insolvency Law, But Strings Are Attached
    In rating notes issued under CMBS transactions the potential insolvency of the borrowers of the loans securing the notes is an important factor. ...more
    Standard & Poor's (8/9/2004)
  •  
  • ABS/MBS Disclosure Update #5: Reaction to the Comment Letters
    The comment period for the SEC's ABS/MBS disclosure proposal officially ended on July 12, but letters continued to trickle in after that date. ...more
    Nomura Securities International, Inc. (8/4/2004)
  •  
  • BIS - Implementation of Basel II: Practical Considerations
    In June 2004, the Committee published the document "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" (widely known as Basel II). ...more
    RiskCenter.com (7/30/2004)
  •  
  • FitchRatings - CDOpinions: Credit Trends and News
    Global structured finance upgrades exceeded downgrades in first-half 2004 according to new Fitch study. ...more
    Fitch Ratings (7/27/2004)
  •  
  • ABCP Market Dynamics and Trends
    Market Overview: outstandings, spread performance, European ABCP, Basel II, US Bank Regulations, investor survey. ...more
    JP Morgan Securities Inc. (7/26/2004)
  •  
  • HSBC Broadens Investment Team's Horizons
    HSBC is starting to buy a wider variety of securitized products, in greater quantities. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (7/23/2004)
  •  
  • Proposed Regulatory Guidance on Complex Structured Finance Activities Overly Broad
    The Bond Market Association, the International Swaps and Derivatives Association and the Securities Industry Association have submitted a joint comment letter on guidance relating to complex structured finance transactions ...more
    RiskCenter.com (7/21/2004)
  •  
  • SEC Proposal Prompts Barrage of Responses
    Industry representatives have swamped the SEC with almost three dozen detailed requests for changes and clarifications to its proposed disclosure requirements for securitizations. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (7/16/2004)
  •  
  • SEC Votes to Propose Requirement that Hedge Fund Advisers Register Under Investment Advisers Act
    The Securities and Exchange Commission today voted to publish for comment proposed new Rule 203(b)(3)-2 that would require hedge fund advisers to register with the Commission under the Investment Advisers Act of 1940. ...more
    U.S. Securities & Exchange Commission (7/14/2004)
  •  
  • New Conduits Gear Up for Bond-Buying Binge
    Two companies are separately about to launch commercial-paper conduits that would have the capacity to purchase billions of dollars of securitized products. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (7/9/2004)
  •  
  • U.S. Fixed Income: 2004 Mid-Year Outlook/Review
    Market Strategy, Economics, Liquid Products, Corporate Bonds, Credit Default Swaps, Asset-Backed Securities, ...more
    Nomura Securities International, Inc. (7/1/2004)
  •  
  • Latin American Companies Taking Advantage of the Global Market
    Latin American companies are benefiting from increased exports, but foreign competition for internal and external markets has shown that globalization has its risks ...more
    Standard & Poor's (6/28/2004)
  •  
  • The Bank for International Settlements releases Final Version of Basel II
    The Basel II Framework sets out the details for adopting more risk-sensitive minimum capital requirements for banking organisations. The new framework reinforces these risk-sensitive requirements ...more
    Bank for International Settlements (BIS) (6/26/2004)
  •  
  • Brazil Still Dominates Latin Structured Market, but Mexico Leads on the Domestic Front
    Brazil's dominance over the cross-border securitization market and its position as Latin America's leading issuer in U.S. dollar volume will continue in the foreseeable future, ...more
    Standard & Poor's (6/23/2004)
  •  
  • Synthetic Transactions Are Expanding Structured Financing Alternatives in Emerging Markets
    As structured finance develops in the emerging markets, new transaction structures are moving toward the forefront. ...more
    Standard & Poor's (6/17/2004)
  •  
  • Latin America and the Caribbean Region in 2004: Recovering but Not Very Dynamic
    The year 2004 should be a good one for Latin America and the Caribbean region from the perspective of macroeconomic performance. ...more
    Standard & Poor's (6/17/2004)
  •  
  • Mexico: Politics From a Credit Rating Perspective
    Political risk is a key element in Standard & Poor's Ratings Services' credit analysis of sovereigns. This article assesses political risk in the United Mexican States, highlighting key factors that influence Standard & Poor's rating. ...more
    Standard & Poor's (6/17/2004)
  •  
  • Inflation Risks, Asset Prices and the Fed
    The US economy is likely to sustain an above-trend growth pace through 2005, gradually returning to full employment. ...more
    JP Morgan Securities Inc. (6/16/2004)
  •  
  • Export Future Flows Thrive After Repayment of Argentine Aluar Transaction
    With the full repayment of the Aluar Aluminio Argentino S.A.I.C transaction, export-backed future flow securitizations continue to prove to be a strong and reliable financing alternative in emerging markets. ...more
    Standard & Poor's (6/16/2004)
  •  
  • Rule Changes Loom Over Barcelona Gathering
    The world's largest gathering of securitization professionals is shaping up a lot like last year's event, as 2,500-plus market players head to Spain next week with their minds fixated on regulatory and accounting issues. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (6/11/2004)
  •  
  • Liquidity in the Market for Government of Canada Bonds, an Empirical Analysis
    Liquid financial market is one in which participants can rapidly execute large transactions with only a small impact on prices. Market liquidity contributes importantly to the efficiency of fixed-income markets. ...more
    RiskCenter.com (6/11/2004)
  •  
  • CDS/Synthetic CDO Monthy
    CDS Spreads, Synthetic CDO Issuance, The Global Default Rate Falls Sharply in May, The Index Merger and Its Implications, Some Empirical Evidence on CDS Market, ...more
    Nomura Securities International, Inc. (6/8/2004)
  •  
  • Legal Issues in Mexican Asset-Backed Securitizations
    This article seeks to identify certain key legal issues that arise in the context of Mexican asset-backed transactions based on Standard & Poor's Ratings Services experience in the Mexican asset-backed market. ...more
    Standard & Poor's (5/27/2004)
  •  
  • REITs Gain Favor With Residential Lenders
    More lenders are rushing to adopt securitization-friendly REIT structures for their operations. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (5/21/2004)
  •  
  • FitchRatings - CDOpinions
    Fitch Ratings (5/18/2004)
  •  
  • Basel II Due, With Maddeningly Few Changes
    The Bank for International Settlements doesn't seem to be giving much heed to market participants' cries for changes to its upcoming New Basel Capital Accord. ...more
    Asset Backed Alert, Harrison Scott Publications Inc. (5/14/2004)
  •  
  • ABS/MBS Disclosure Update #4: Issues from ASF Sunset Seminar
    This note supplements our reports of 29 April 2004, 5 May 2004, and 10 May 2004. ...more
    Nomura Securities International, Inc. (5/13/2004)
  •  
  • Credit Default Swap (CDS) Primer
    A credit default swap (CDS) is a kind of insurance against credit risk. It is a privately negotiated bilateral contract. ...more
    Nomura Securities International, Inc. (5/12/2004)
  •  
  • ABS/MBS Disclosure Update #3
    This note supplements our reports of 29 April 2004 and 5 May 2004. ...more
    Nomura Securities International, Inc. (5/10/2004)
  •  
  • Wilmington Trust SP Services Expands Management Team
    Wilmington Trust SP Services, a unit of Wilmington Trust's Corporate Client Services division that supports special purpose entities domestically and internationally, has named three executives to key positions to help manage its growing business.  ...more
    Wilmington Trust Company (5/10/2004)
  •  
  • Penoles Structured Silver Payable Notes Rating Affirmed and Removed From CreditWatch Negative
    Standard & Poor's Ratings Services today affirmed its 'BBB-' rating on Industrias Penoles S.A. de C.V.'s (Penoles) $380 million 8.39% structured silver payable notes due 2012 ...more
    Standard & Poor's (5/6/2004)
  •  
  • ABS/MBS Disclosure Update #2
    This note supplements our report of 29 April 2004. Yesterday the SEC published its long-awaited proposal to codify, amend, and harmonize the registration, disclosure, and reporting requirements for asset-backed and mortgage-backed securities. ...more
    Nomura Securities International, Inc. (5/5/2004)
  •  
  • ABS/MBS Disclosure Update
    Yesterday, the Securities and Exchange Commission met to consider changing the disclosure and reporting practices for ABS and MBS. The Commission voted unanimously to publish a proposal for comment. ...more
    Nomura Securities International, Inc. (4/29/2004)
  •  
  • Stable Environment Arises in Latin America Region During First Quarter (Commentary)
    During the first quarter of 2004, Standard & Poor's affirmed its ratings on two of its Brazilian, global-rated transactions. ...more
    Standard & Poor's (4/21/2004)
  •  
  • Standard & Poor's Emerging Markets Ratings List as of April 20, 2004
    A Standard & Poor's issue credit rating is a current opinion of the creditworthiness of an obligor with respects to a specific financial obligation, a specific class of financial obligations, or a specific financial program ...more
    Standard & Poor's (4/20/2004)
  •  
  • Fitch Shines Torch on ABS
    Fitch Ratings (4/6/2004)
  •  
  • S&P Emerging Market Credit Quality: Let the Good Times Roll (Press Release and Commentary)
    Standard & Poor's (2/3/2004)
  •  
  • Emerging Market Credit Quality: Let the Good Times Roll (Press Release and Commentary)
    Standard & Poor's (2/3/2004)
     

     

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