| | BlackRock Deal Brings a Spring Back to ABS: Cards and autos dominate trading as good news livens up players' mood
The ABS market was in better spirits last week, thanks to BlackRock's announcement that it will purchase $15 billion of subprime mortgage debt from UBS. BlackRock's plans to purchase the debt at a 25% discount from its face value of ...more
Asset Securitization Report--SourceMedia (5/12/2008)
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| | Issuers Blitz Market as Bond Values Rise
Issuers of asset-backed securities have been exploiting a sudden drop in funding costs by rolling out an increasing volume of new deals. At least $12 billion of fresh transactions have hit the market in the past two weeks, which represents a big jump from ...more
Asset Backed Alert, Harrison Scott Publications Inc. (5/9/2008)
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| | CDS Report - Norske Skog recovers from Q1 related widening
CDS spreads opened wider on Thursday after a weak overnight session in US equities caused European stocks to open lower. Single name CDS spreads generally stayed at these wide levels with the ongoing flow of corporate earnings still causing ...more
Informa Global Markets - CDS Morning Insight (Europe) (5/9/2008)
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| | Informa Global Markets - Bondwatch Morning Insight
Informa Global Markets - CDS Morning Insight (Europe) (5/9/2008)
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| | Increased Interest in Insurance Linked Securitisation
Fitch Ratings has said today that although Insurance Linked Securitisation (ILS) is by no means new, this asset class is receiving increased attention from issuers. Potential insurance issuers and structurers have shown renewed interest ...more
Fitch Ratings (5/8/2008)
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| | Understanding the Issues-Some Facts about Fair Value
Recently, there has been considerable media coverage on the subject of fair value accounting. While some commentators applaud the use of fair value accounting as a positive factor in promptly revealing the values of financial assets in today's troubled ...more
Financial Accounting Standards Board (FASB) (5/7/2008)
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| | The Federal Reserve Liquidity Programs
On December 12, 2007, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced several actions to address illiquidity in the short-term funding markets. ...more
PricewaterhouseCoopers LLP -- Structured Finance Group (5/7/2008)
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| | Auction-Rate Securities: Bidder's Remorse? A Primer
( Stephanie Lee, NERA Economic Consulting, Inc. )
Auction-rate securities (ARS) are long-term variable-rate instruments with their interest rates reset at periodic and frequent auctions. They are often marketed to issuers as an alternative variable-rate financing vehicle and to investors as an ...more
(5/6/2008)
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| | Credit Cards and Autos on Issuance Agenda: But legislative proposals keep the market guessing, too
Major legislative and regulatory propasals came forward last week, which hint at potentially big changes for the student loan and credit card industries. But that did not do enough to significantly perk up spirits on ABS trading desks, because market ...more
Asset Securitization Report--SourceMedia (5/5/2008)
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| | Brazil Banks Issue Over $500M in DPR Deals: Volatile market conditions lure Brazilian banks back to structured finance
Tougher financing conditions, coupled with doubts over the return of looser credit, are drawing the leading Brazilian banks back to structured finance. Over the past couple of weeks, Banco do Brasil (BdB), Unibanco and Banco Santander's Brazilian ...more
Asset Securitization Report--SourceMedia (5/5/2008)
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| | U.S. Structured Finance Newsletter
FDIC'S Statement May Peel Back The Cover On Covered Bonds. The recent interim policy statement1 announced by the Federal Deposit Insurance Corporation (FDIC) may be a potential catalyst to resuming covered bond issuance in the United States. ...more
DBRS (5/5/2008)
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| | The Pipeline: AD&Co. News, Prepayment Update, Valuation Commentary
The mortgage market is going through turbulent times. Lenders are tightening underwriting standards, and it is getting harder to refinance especially for sub-prime borrowers. This and other factors have led to a slowdown in speeds for all ...more
Andrew Davidson & Co., Inc. (5/5/2008)
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| | CDS Report - CDS market takes a breather on May Day holiday
It was a quiet day in the European CDS market on Thursday, as a result of the May Day holiday in Continental Europe. The 25bp cut in interest rates by the Fed late Wednesday had little effect on spreads as it was fully expected and contacts said that ...more
Informa Global Markets - CDS Morning Insight (Europe) (5/2/2008)
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| | Informa Global Markets - Bondwatch Morning Insight
Informa Global Markets - CDS Morning Insight (Europe) (5/2/2008)
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| | Staffing Cuts Hit Merrill's CP-Dealer Team
Merrill Lynch is putting less effort into seeking new assignments to distribute asset-backed commercial paper. Key evidence of the pullback emerged in the past week, as Merrill eliminated all but one member of its CP origination team - a unit that pitches ...more
Asset Backed Alert, Harrison Scott Publications Inc. (5/2/2008)
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| | Federal Reserve proposes rules to prohibit unfair practices regarding credit cards and overdraft services
The Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card ...more
Board of Governors of the Federal Reserve System (5/2/2008)
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| | ABCP Newsletter - Week Ending May 2, 2008
CP market activity was predominantly controlled by two events this week: the Fed decision on Wednesday and the Employment Situation on Friday. The Fed's decision to ease 25 bps on Wednesday in conjunction with its statement effectively ...more
Credit Suisse (5/2/2008)
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| | Wilmington Trust Completes Acquisition of AST Capital Trust Company
Wilmington Trust Company (5/1/2008)
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| | European Structured Finance Market Active despite Challenging Conditions
Fitch Ratings has said today that despite the current market conditions and lack of investor appetite, the continental European structured finance market has remained surprisingly active during the first quarter of 2008, mainly driven by the ...more
Fitch Ratings (4/30/2008)
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