Securitization.Net

	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	R&I Methodology: R&I Revises CDO Model Rating and Investment Information, Inc. (1/31/2007)
	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)
	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)
	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)
	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)
	New Zealand Securitisation News, May 24, 2006 Standard & Poor's, A Division of The McGraw-Hill Companies, Inc. (5/24/2006)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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)
	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¢n 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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