Securitization.Net

	ABX Index- The Constituent Breakdown The current price on the ABX.HE.2007-1 BBB- index, implies that roughly half of the principal balance of the 20 constituent bonds will be wiped out. ...more Nomura Securities International, Inc. (7/12/2007)
	CDO-CDS Update: Nomura Fixed Income Research With all of the negative headlines surrounding the home price appreciation and mortgage related downgrades, it is no surprise that mortgage securities ...more Nomura Securities International, Inc. (7/2/2007)
	Securitization & Real Estate Update 6/22/07 Modify This! - Policymakers Are Wrong to Push for Loan Modifications to Help Defaulted Borrowers. Loan modifications for defaulted sub-prime mortgage ...more Nomura Securities International, Inc. (6/22/2007)
	Securitization & Real Estate Update 6/14/07 Rating Agency Regulation: The SEC Strikes a Balance. The SEC and its staff deserve kudos for their handling of the controversial "notching" issue ...more Nomura Securities International, Inc. (6/14/2007)
	Securitization & Real Estate Update 5/18/07 Sub-prime Mortgage Loan Servicing and Loss Mitigation. On Wednesday evening (5/16/07), the American Securitization Forum hosted a sunset seminar titled ...more Nomura Securities International, Inc. (5/18/2007)
	CDO-CDS Update: Nomura Fixed Income Research The health of the US economy and the impact of inflation remain hot topics of debate among economists. However, if M&A and LBO activity continue at this ...more Nomura Securities International, Inc. (4/24/2007)
	ABX Index- The Constituent Breakdown One of the most talked about topics in structured finance has been the price (and spread) movements within the ABX home equity (ABX.HE) and tranched-ABX ...more Nomura Securities International, Inc. (4/19/2007)
	Sub-prime Surprise . . . Not! Claims of surprise - and even dismay - about developments in the sub-prime mortgage sector seem unfounded. Neither business professionals nor policymakers ...more Nomura Securities International, Inc. (4/18/2007)
	CDO-CDS Update: Nomura Fixed Income Research This morning the International Council of Shopping Centers (ICSC) reported that the weekly retail sales index increased 0.3% last week, moving the ...more Nomura Securities International, Inc. (4/3/2007)
	CDO-CDS Update: Nomura Fixed Income Research After a volatile past few weeks in which the sub-prime sector has taken center stage, credit spreads in North America and Europe experienced significant ...more Nomura Securities International, Inc. (3/13/2007)
	Securitization & Real Estate Update 3/1/07 OFHEO 2006Q4 update shows U.S. home price appreciation slowing, but still positive overall. During the fourth quarter U.S. home price appreciation ...more Nomura Securities International, Inc. (3/1/2007)
	Securitization & Real Estate Update 2/28/07 Sub-prime Mortgage Loans, Sub-prime Mortgage ABS, and the ABX Indices. As shown in the following chart, recent spread widening of the ABX sub-prime ...more Nomura Securities International, Inc. (2/28/2007)
	CDO-CDS Update: Nomura Fixed Income Research As another week passes, we continue to see much of the same story in the derivatives space. Credit index spreads in North America and Europe ...more Nomura Securities International, Inc. (2/27/2007)
	Securitization & Real Estate Update 2/16/07 Homeowner Vacancy Rates Reach New High according to Census Bureau data. On January 29th, the U.S. Census Bureau reported that estimated ...more Nomura Securities International, Inc. (2/16/2007)
	CDO-CDS Update: Nomura Fixed Income Research A relatively strong U.S. corporate earnings season has allowed corporate credit index spreads to remain flat to tighter despite the increased ...more Nomura Securities International, Inc. (2/12/2007)
	Report from Las Vegas 2007: Coverage of Selected Sessions of ASF 2007 Concern about the sub-prime mortgage sector was the key theme at last week's ASF 2007 securitization conference in Las Vegas. Many panelists ...more Nomura Securities International, Inc. (2/5/2007)
	CDO-CDS Update: Nomura Fixed Income Research Only three CDOs priced over the past two weeks. Most of the recently announced deals will likely remain in the pipeline until after the Asset ...more Nomura Securities International, Inc. (1/23/2007)
	Synthetic ABS Nuances The term "synthetic ABS" refers to credit default swaps (CDS) on ABS. Users of synthetic ABS - like users of CDS in general - usually intend for ...more Nomura Securities International, Inc. (1/16/2007)
	CDO-CDS Update: Nomura Fixed Income Research As the first week of 2007 came to an end, the lower-rated tranches of the ABX continued their late 2006 trend of spread widening. After surging ...more Nomura Securities International, Inc. (1/9/2007)
	CDO-CDS Update: Nomura Fixed Income Research Last week the Federal Open Market Committee voted to keep the Fed Funds rate at 5.25%, the same level it has been since June. The FOMC statement ...more Nomura Securities International, Inc. (12/18/2006)
	CDO-CDS Update: Nomura Fixed Income Research Credit spreads remained stable last Friday despite the lower-than-expected Institute for Supply Management (ISM) index of manufacturing activity figure. ...more Nomura Securities International, Inc. (12/4/2006)
	CDO-CDS Update: Nomura Fixed Income Research A lower than expected Consumer Price Index (CPI) and core CPI figure have helped to ease inflation fears this morning. It has also placed Treasury ...more Nomura Securities International, Inc. (11/16/2006)
	Report from Orlando 2006: Coverage of Selected Sessions of ABS East 2006 The key theme at last week's ABS East conference in Orlando, Florida was concern about the U.S. housing market. Many panelists expressed concern ...more Nomura Securities International, Inc. (11/13/2006)
	October 2006 CMBS Monthly On October 19th, the Urban Land Institute and PricewaterhouseCoopers published their annual Emerging Trends in Real Estate® report for the year 2007. This ...more Nomura Securities International, Inc. (11/7/2006)
	CDO-CDS Update: Nomura Fixed Income Research The week kicked off with Ford Motor Company reporting a third quarter loss of $5.8 billion, largely related to massive job reduction and ...more Nomura Securities International, Inc. (10/24/2006)
	CDO-CDS Update: Nomura Fixed Income Research Despite oil prices falling to under $60 per barrel, the credit markets edged slightly wider last week. Employment numbers were mixed as non-farm ...more Nomura Securities International, Inc. (10/11/2006)
	CDO-CDS Update: Nomura Fixed Income Research Declining oil prices and optimistic expectations for the upcoming release of third quarter corporate earnings have helped spur the equity ...more Nomura Securities International, Inc. (10/2/2006)
	CDO-CDS Update: Nomura Fixed Income Research Since last week's Dow Jones CDX and iTraxx Europe index rolls, credit spreads have widened in North America and across the Atlantic. ...more Nomura Securities International, Inc. (9/26/2006)
	CDO-CDS Update: Nomura Fixed Income Research With Labor Day now behind us, vacationers were welcomed back to the office with a surprising announcement out of Ford Motor Co. The company made a bold ...more Nomura Securities International, Inc. (9/6/2006)
	Synthetic CMBS Primer Synthetic CMBS are tools for harnessing and exploiting commercial mortgage and real estate expertise. They can be viewed as lenses through which ...more Nomura Securities International, Inc. (9/5/2006)
	Update on U.S. Fixed Income Market Conditions The U.S. fixed income market experienced a brisk pace of issuance and moderate growth in aggregate outstandings over the past six months. ...more Nomura Securities International, Inc. (8/29/2006)
	CDO-CDS Update: Nomura Fixed Income Research Following 17 consecutive rate increases, the FOMC decided to hold the federal funds target at 5.25%. The decision came as little surprise to the market, ...more Nomura Securities International, Inc. (8/14/2006)
	CDO-CDS Update: Nomura Fixed Income Research All eyes will be focused on tomorrow's FOMC meeting, as investors are pricing in about a 20% chance of an interest rate increase. The slim expectation of ...more Nomura Securities International, Inc. (8/7/2006)
	Highlights from Risk Summit 2006 The mood at this year's Risk Summit, hosted by Loan Performance in Carlsbad, California, was slightly pessimistic. Loan originators are experiencing declining ...more Nomura Securities International, Inc. (8/3/2006)
	Boosting Geographic Diversification of Bank Commercial Mortgage Loan Portfolios U.S. bank regulators are now targeting commercial real estate lending as an area for special scrutiny. One important dimension of risk in commercial ...more Nomura Securities International, Inc. (8/1/2006)
	CDO-CDS Update: Nomura Fixed Income Research Surprisingly, Friday's lower-than-expected second quarter GDP figure of 2.5%, compared to expectations of 3.1%, helped the equity and credit markets rally ...more Nomura Securities International, Inc. (7/31/2006)
	FDIC expects declining loan performance Earlier this week the Federal Deposit Insurance Corporation (FDIC) released its outlook on the performance of Commercial & Industrial (C&I) loans, ...more Nomura Securities International, Inc. (7/27/2006)
	CDO-CDS Update: Nomura Fixed Income Research Fed Chairman Bernanke's testimony to Congress on Wednesday provided a positive mid-week catalyst for the financial markets. Bernanke's indication that ...more Nomura Securities International, Inc. (7/24/2006)
	CDO-CDS Update: Nomura Fixed Income Research The ongoing conflict in the Middle East moved oil prices to $78 a barrel last week and kept credit index spreads trending wider across the globe. In addition, ...more Nomura Securities International, Inc. (7/18/2006)
	CDO-CDS Update: Nomura Fixed Income Research Mixed economic data, credit spreads remain range bound. On Wednesday, the June National Employment Report from ADP posted a 368,000 increase in private ...more Nomura Securities International, Inc. (7/10/2006)
	CDO-CDS Update: Nomura Fixed Income Research Toned down Fed statement aids rally. Prior to a long holiday weekend for most U.S. market participants, the Fed raised rates an expected 25 bps and provided ...more Nomura Securities International, Inc. (7/5/2006)
	Bond Rating Confusion - Update It's becoming less clear what bond ratings mean. Some rating agencies are adopting confusing definitions for their ratings. For example, according to ...more Nomura Securities International, Inc. (6/29/2006)
	CDO-CDS Update: Nomura Fixed Income Research North American and European credit index spreads gap wider, M&A activity surges. Credit spreads moved wider on the week as the market anticipates Thursday's ...more Nomura Securities International, Inc. (6/26/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS Indices around the globe moved wider on the week. Despite some positive momentum in the equity markets to end the week, volatility and inflation concerns have taken a large toll on the credit indices. ...more Nomura Securities International, Inc. (6/19/2006)
	CDO-CDS Update: Nomura Fixed Income Research Volatility continues to weaken credit markets. For the week, the 5-year DJ CDX.NA.IG Series 6 index widened once again, to close at 43.75 bps. The 2.85 bps of ...more Nomura Securities International, Inc. (6/12/2006)
	ABS: S&P Adjusts HEL Credit Enhancement Levels Recently Standard & Poor's revised their LEVELS model used to calculate the required credit enhancement on all Non-Agency Residential Mortgage-Backed ...more Nomura Securities International, Inc. (6/8/2006)
	ABX Index- The Constituent Breakdown Using the latest data from Loan Performance and Intex, we separated the ABS Home Equity Synthetic Index (ABX.HE) into its 20 constituent deals ...more Nomura Securities International, Inc. (6/6/2006)
	CDO-CDS Update: Nomura Fixed Income Research The global CDS market continued to see significant volatility, with stock prices being the focus. The 5-year DJ CDX.NA.IG Series 6 index ...more Nomura Securities International, Inc. (6/5/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS spreads were mixed amid renewed volatility. The 5-year DJ CDX.NA.IG Series 6 index moved as wide as 43.6 bps, before closing tighter on ...more Nomura Securities International, Inc. (5/30/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS spreads continued to move wider. During the week, the 5-year DJ CDX.NA.IG Series 6 index widened from 38.8 bps to 41.2 bps. The weakening trend was ...more Nomura Securities International, Inc. (5/22/2006)
	CDO-CDS Update: Nomura Fixed Income Research Synthetic replication of cash CDOs is becoming the latest technological advancement, amid tight collateral spreads and strong demand for CDO paper. Synthetic ...more Nomura Securities International, Inc. (5/15/2006)
	RMBS: New Wrinkle in Option ARM Lending Since their introduction in 2005, Option ARMs have been a huge success for lenders and borrowers alike. Borrowers have flocked to Option ARMs as a way ...more Nomura Securities International, Inc. (5/10/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS spreads turned slightly wider in North America and Europe. The 5-year DJ CDX.NA.IG Series 6 index widened just a basis point to 35.8 bps. The CDX XO index ...more Nomura Securities International, Inc. (5/8/2006)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads continued to move to the tightest levels in many months amid fierce protection selling related to synthetic CDOs. The 5-year DJ CDX.NA.IG ...more Nomura Securities International, Inc. (5/1/2006)
	CDO-CDS Update: Nomura Fixed Income Research With tight collateral spreads, the two-layer structure is creeping back into cash CDOs. Several cash deals priced during the holiday-shortened week, and ...more Nomura Securities International, Inc. (4/24/2006)
	CDO-CDS Update: Nomura Fixed Income Research U.S. CDS index spreads finished the week tighter in light trading before the holiday weekend. The 5-year DJ CDX.NA.IG Series 6 index tightened just ...more Nomura Securities International, Inc. (4/17/2006)
	CDS Recovery Basis: Issues with Index Auctions & Credit Event Valuations A handful of credit events that occurred in the credit derivatives market over the past twelve months have suddenly shed light on "what comes after" a ...more Nomura Securities International, Inc. (4/12/2006)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS index spreads finished the week tighter, despite renewed expectations of higher rates. Spreads had moved considerably tighter before Friday, when the ...more Nomura Securities International, Inc. (4/10/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS index spreads grinded tighter in Europe. The 5-year iTraxx Europe Series 5 index tightened by 2.4 bps to 32.9 bps, while the cross over index ...more Nomura Securities International, Inc. (4/3/2006)
	MBS Basics Mortgage-backed securities or "MBS" are a type of fixed income investment. The main feature that distinguishes MBS from other fixed income investments is prepayment ...more Nomura Securities International, Inc. (3/31/2006)
	CDO-CDS Update: Nomura Fixed Income Research Buckets for CDOs expand in synthetic/hybrid structured finance CDOs. One of the 100% synthetic ABS CDOs in the pipeline, called Abacus 06-8, references ...more Nomura Securities International, Inc. (3/27/2006)
	The CMBX: the Future is Here Commercial mortgage backed securities (CMBS) are the latest asset class to join the family of credit derivatives indices. Since 2004, the total notional amount in ...more Nomura Securities International, Inc. (3/23/2006)
	CDO-CDS Update: Nomura Fixed Income Research CRE CDO issuance shows no sign of slowing down, as new managers enter the market. For example, CBRE Realty Finance CDO I, priced last week, is managed by ...more Nomura Securities International, Inc. (3/20/2006)
	VantageScore(sm) vs. FICO Traditional FICO scores have become the universal standard for gauging consumer credit quality in securitizations. FICO scores feed into rating agency models ...more Nomura Securities International, Inc. (3/16/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS spreads were again mixed last week. The 5-year DJ CDX.NA.IG moved to the tightest level in months, finishing at 41.6 bps. The high-volatility (HVOL) sub-index ...more Nomura Securities International, Inc. (3/13/2006)
	Synthetic ABS 101: PAUG and ABX.HE The application of credit derivatives technology to structured finance products has been attracting much attention in recent months. Since the introduction ...more Nomura Securities International, Inc. (3/7/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS spreads were mixed last week. The 5-year DJ CDX.NA.IG moved slightly wider from the tightest level in months, finishing at 42.5 bps. The high-volatility ...more Nomura Securities International, Inc. (3/6/2006)
	Update on U.S. Fixed Income Market Conditions The U.S. fixed income capital markets continued their steady growth in 2005. By the end of the year, total outstandings across all major sectors had surpassed ...more Nomura Securities International, Inc. (3/6/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDS spreads continued to tighten. The 5-year DJ CDX.NA.IG tightened another 1.8 bps to finish the week at 42.2 bps, the tightest level ever for the ...more Nomura Securities International, Inc. (2/27/2006)
	CDO-CDS Update: Nomura Fixed Income Research Commercial real estate CDOs show no sign of slow down, as two deals priced last week and the pipeline mushroomed with CRE deals. The newest trend seems to ...more Nomura Securities International, Inc. (2/21/2006)
	Student Loan ABS Update On February 8, the President signed the Budget Deficit Reduction Act, which reauthorized the Higher Education Act and made key changes to the federal student loan ...more Nomura Securities International, Inc. (2/21/2006)
	Rating Shopping - Now the Consequences On December 19, securitization professionals received a strong reminder about the consequences of rating shopping. That day, Standard & Poor's watchlisted ...more Nomura Securities International, Inc. (2/16/2006)
	Report from Arizona 2006: Coverage of Selected Sessions of ABS West 2006 The recent ABS West 2006 conference in Phoenix, Arizona followed just a week after the huge Las Vegas event sponsored by the American Securitization Forum. ...more Nomura Securities International, Inc. (2/15/2006)
	CDO-CDS Update: Nomura Fixed Income Research U.S. CDS spreads moved wider, while the emerging market (EM) index hit the tightest levels. Spread movements were subdued in North America, with the 5-year ...more Nomura Securities International, Inc. (2/13/2006)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads continued to move tighter, despite falling stock prices. Spread movements were subdued in North America, with the 5-year DJ CDX.NA.IG and the ...more Nomura Securities International, Inc. (2/6/2006)
	Report from Las Vegas: Coverage of Selected Sessions of ASF 2006 The recent ASF 2006 conference in Las Vegas, Nevada attracted a record number of attendees. By some accounts, more than 4,000 professionals attended the event. ...more Nomura Securities International, Inc. (2/3/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDO new issuance shows the sign of slight spread widening and collateral/manager tiering. First transactions of the year were priced last week, with ...more Nomura Securities International, Inc. (1/30/2006)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads remained in a relatively tight range, despite volatility in the global stock markets. The 5-year DJ CDX.NA.IG finished the week 0.5 bps ...more Nomura Securities International, Inc. (1/23/2006)
	Market Buzz : Trader Commentary Treasuries, Agencies, Swaps, MBS, CMOs, MBS Credit, Hybrid ARMs, CMBS, Corporate Credit ...more Nomura Securities International, Inc. (1/18/2006)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads widened slightly amid robust corporate new issuance. The 5-year DJ CDX.NA.IG finished the week at 46.0 bps, compared with 45.2 bps ...more Nomura Securities International, Inc. (1/17/2006)
	Market Buzz : Trader Commentary Treasuries, Agencies, Swaps, MBS, CMOs, MBS Credit, Hybrid ARMs, CMBS, Corporate Credit ...more Nomura Securities International, Inc. (1/11/2006)
	CDO-CDS Update: Nomura Fixed Income Research CDO issuance finished 2005 with a bang, with nearly $18 billion issued during December. About ten deals priced just prior to the holidays, including four ...more Nomura Securities International, Inc. (1/9/2006)
	The Evolution of Commercial Real Estate (CRE) CDOs Recent months have seen a surge in issuance of CDOs backed by commercial real estate assets. A commercial real estate CDO ("CRE CDO") is a type of collateralized debt ...more Nomura Securities International, Inc. (1/4/2006)
	Market Buzz : Trader Commentary Treasuries, Agencies, Swaps, MBS, CMOs, MBS Credit, Hybrid ARMs, CMBS, Corporate Credit ...more Nomura Securities International, Inc. (1/4/2006)
	CDO-CDS Update: Nomura Fixed Income Research Global CDO market saw another week of brisk issuance. Approaching the year-end, we believe ABS CDOs with heavy concentrations in residential ABS may be ...more Nomura Securities International, Inc. (12/19/2005)
	U.S. Fixed Income 2006 Outlook/2005 Review We believe there are five themes for 2006, which factor into our current asset allocation recommendations: First, we are not convinced the Treasury curve ...more Nomura Securities International, Inc. (12/15/2005)
	CDO-CDS Update: Nomura Fixed Income Research CDO issuance mushroomed to a brisk pace ahead of the holiday season. More than a dozen deals priced last week, for a total of nearly $6 billion. While new issue ...more Nomura Securities International, Inc. (12/12/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads were mostly unchanged to slightly tighter. The 5-year DJ CDX.NA.IG edged about 1 bp tighter to 48.8 bps, while the HVOL sub-index ...more Nomura Securities International, Inc. (12/5/2005)
	CMBS Credit Migrations 2005 Update The frequency with which commercial mortgage-backed securities (CMBS) encounter credit deterioration has increased significantly in recent years. However the ...more Nomura Securities International, Inc. (11/30/2005)
	Market Buzz : Trader Commentary Treasuries, Agencies, Swaps, MBS, CMOs, MBS Credit, Hybrid ARMs, CMBS, Corporate Credit ...more Nomura Securities International, Inc. (11/30/2005)
	Model Risk Update: Margins of Error and Scenario Analysis If you are reading this paper, part of your job is probably about risk: measuring it, modeling it, monitoring it, managing it, or pricing it. ...more Nomura Securities International, Inc. (11/29/2005)
	CDO-CDS Update: Nomura Fixed Income Research Issuance of commercial real estate (CRE) CDOs remain brisk, but not all CRE CDOs are the same. Acacia CRE CDO I, priced last week, is backed by ...more Nomura Securities International, Inc. (11/28/2005)
	CDO-CDS Update: Nomura Fixed Income Research U.S. CDS spreads moved wider amid auto weakness, LBO talk, and light trading. Talk of the troubled automaker filing for bankruptcy gathered some ...more Nomura Securities International, Inc. (11/21/2005)
	Market Buzz : Trader Commentary Treasuries, Agencies, Swaps, MBS, CMOs, MBS Credit, Hybrid ARMs, CMBS, Corporate Credit ...more Nomura Securities International, Inc. (11/16/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads were relatively unchanged last week, as activities slowed in conjunction with the approach of fiscal year-end for some dealers. ...more Nomura Securities International, Inc. (11/14/2005)
	Market Buzz : Trader Commentary Treasuries, Agencies, Swaps, MBS, CMOs, MBS Credit, Hybrid ARMs, CMBS, Corporate Credit ...more Nomura Securities International, Inc. (11/9/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads turned tighter across the board, while a handful of names widened on LBO fears. Last week, the 5-year DJ CDX.NA.IG moved slightly ...more Nomura Securities International, Inc. (11/7/2005)
	Condition of the U.S. Housing Market We believe that the most probable resolution of the current "bubble" conditions in the U.S. housing market will be a "soft landing." That is, the market ...more Nomura Securities International, Inc. (11/3/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads moved slightly wider, as uncertainty persisted in the auto sector and LBO fears returned in Europe. ...more Nomura Securities International, Inc. (10/31/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads turned tighter last week, as the auto sector remained the focus of market participants. The 5-year DJ CDX.NA.IG moved tighter from ...more Nomura Securities International, Inc. (10/24/2005)
	Correlation Redux Correlation has received a great amount of attention in recent months. Market participants now understand how a high degree of co-movement ...more Nomura Securities International, Inc. (10/17/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads gapped wider last week, as the market assessed the broad-based impact of Delphi's Chapter 11 filing. The 5-year DJ CDX.NA.IG moved ...more Nomura Securities International, Inc. (10/17/2005)
	CDO-CDS Update: Nomura Fixed Income Research Global CDS spreads moved wider last week, as expectations built up for Delphi's bankruptcy. The 5-year DJ CDX.NA.IG moved about 3 bps ...more Nomura Securities International, Inc. (10/11/2005)
	CDO-CDS Update: Nomura Fixed Income Research The global CDS spreads moved slightly tighter last week. The new 5-year DJ CDX.NA.IG (Series 5) moved slightly tighter from 46.6 bps to 45.4 bps. ...more Nomura Securities International, Inc. (10/3/2005)
	CDO-CDS Update: Nomura Fixed Income Research The global CDS indices rolled into new series without major disruptions. The new 5-year DJ CDX.NA.IG (Series 5) moved slightly tighter from 47.3 bps ...more Nomura Securities International, Inc. (9/26/2005)
	Basel II and Banks : Key aspects and likely market impact The first stages of Basel II are expected to be implemented from January 2007, with the most advanced risk measurement approaches only allowed to be used ...more Nomura Securities International, Inc. (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)
	CDO-CDS Update: Nomura Fixed Income Research U.S. CDS spreads finished the week mostly unchanged ahead of the index roll. The 5-year DJ CDX.NA.IG finished the week virtually ...more Nomura Securities International, Inc. (9/19/2005)
	CDO-CDS Update: Nomura Fixed Income Research U.S. CDS spreads tightened as the equity market rebounded and CDO-related hedging activities led to protection selling. The 5-year ...more Nomura Securities International, Inc. (9/12/2005)
	Anatomy of Credit CPPI Although the global credit market environment remains relatively benign, the structured credit market has recently turned away from structures that ...more Nomura Securities International, Inc. (9/8/2005)
	Update on U.S. Fixed Income Market Conditions The U.S. economy continued to expand at a healthy pace during the first half of 2005. Real gross domestic product (GDP) increased at rate of 3.8% in ...more Nomura Securities International, Inc. (9/7/2005)
	CDO-CDS Update: Nomura Fixed Income Research U.S. CDS spreads moved wider, as the degree of uncertainty increased amid aftershocks of the Hurricane Katrina and other negative corporate news. ...more Nomura Securities International, Inc. (9/6/2005)


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