Asset Securitization Report articles from April 2009

Asset Securitization Report archives from April 2009

Treasury Details Program to Buy Toxic Assets.(ABS Report)(United States Department of the Treasury's Public-Private Investment Program)
April 1, 2009... Byline: Karen Sibayan Last week, the U.S. Department of the Treasury released the details regarding its Public-Private Investment Program (PPIP). Through the PPIP, the government hopes to free up bank balance sheets and make credit...

Kazkommertsbank Launches Tender for DPR Bonds.(Global Report)
April 1, 2009... Byline: Felipe Ossa On March 23, Kazkommertsbank (KKB) launched a tender offer of up to $175 million for seven tranches of the originator's paper backed by diversified payment rights (see table). The tender expires March 31 and sets a...

CMBS Market Braces for Rising Short-Term Maturities.(Cover Story)
April 1, 2009... Byline: Gabrielle Stein As deteriorating economic conditions continue to weigh heavily on the U.S., no sector of the real estate market remains intact, including the formerly healthy commercial mortgage-backed market. With short-term...

Proposed FASB Changes.(In My View)
April 1, 2009... Byline: Bill Berliner The release of the Treasury's plan for public-private investment funds (PPIFs) has received substantial attention and triggered a huge rally in financial stocks. However, the proposed changes in accounting rules by...

European CMBS; A Landscape Readying for More Defaults.(Cover Story)
April 1, 2009... Byline: Nora Colomer Although refinancing risk for European CMBS deals is expected in another couple of years, market sources said that a more immediate concern for bondholders is the alarming rate of tenant defaults. James Zanesi, an...

TALF Spurs ABS Issuance, Although Legislative Risk Looms.(ABS Report)
April 1, 2009... Byline: Karen Sibayab The month of March saw ABS activity spurred by the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF). Issuers Ford Motor Credit Co., Nissan Motor Acceptance Corp. and Huntington National Bank...

FASB Proposes Fair Value Flexibility with Operational Punch.(ABS Report)
April 1, 2009... Byline: John Hintze Recent proposals by the Financial Accounting Standards Board (FASB) give holders of illiquid assets more flexibility in disclosing their fair values but also establish stricter guidelines for how to achieve those...

What's Ahead for MBS Supply, Demand, Prepays?(MBS Report)
April 1, 2009... Byline: Sally A. Runyan, Thomson Reuters The month of March started with President Barack Obama's Homeowner Affordability and Stability Plan underway. The expectation is that it will help between seven and nine million families...

Euro ABS Structural Features Surprise Investors.(Global Report)(asset-backed securities)
April 1, 2009... Byline: Nora Colomer Barclays Capital analysts have found that structural "surprises" in securitized deals found over the past several years have highlighted inefficiencies within transactions. In a report published last month,...

U.K. Govt. Offers a Helping Hand, Hoping to Lead to More Lending.(Global Report)
April 1, 2009... Byline: Nora Colomer The U.K. government plans to implement its Asset Protection Scheme by April 2009. However, it has yet to unveil the scheme's full details. Nonetheless, market players are hoping that this step will lead to a more...

Bank of Russia's Repo Window Beckons RMBS; But better opportunities may lie elsewhere.(Global Report)
April 1, 2009... Byline: Felipe Ossa When the European Central Bank (ECB) upped its threshold for repo-eligible ABS to triple-A beginning in March, this funding alternative shut down for emerging market securitizations, which could hit that rating only...

European Players Shy Away From Covered Bonds.(Global Report)
April 1, 2009... Byline: Nora Colomer The European covered bond market has taken some steps forward despite the economic environment. The pipeline has seen fresh issuance while new markets have opened supported by new legislation. Despite these...

U.K. Whole Business Deals in a Pinch.(Global Report)
April 1, 2009... Byline: Nora Colomer The U.K. pub sector faces further constraints as turnover and profit margins are expected to drive the declining industry trend. Market analysts said it is likely that whole business deals tied to this sector will see...