Asset Securitization Report articles from July 2006

Asset Securitization Report archives from July 2006

Merrill Lynch preps rare U.S. based true Islamic securitization.(Merrill Lynch and Company Inc)(East Cameron Gas Co.)
July 3, 2006... In terms of dollar volume, the East Cameron Gas Co. Sukuk Trust is not exactly a big deal, at $165.6 million. Yet as Merrill Lynch bankers in London prepare to close the transaction this week, East Cameron is drawing attention as the first true...

Annaly debuts as CDO manager.(Collateralized debt obligations)(Annaly Mortgage Management Inc)
July 3, 2006... Credit Suisse last week ushered in another first-time CDO manager to the market when it closed the $1 billion Harp High Grade CDO I, a high-grade portfolio of RMBS assets to be managed by New York-based Annaly Mortgage Management subsidiary...

Woolly outcome for Aries.( Aries Vermogensverwaltungs )
July 3, 2006... The fate of Aries Vermogensverwaltungs appeared to be more or less sealed when the Russian Federation recently announced that it would buy back all of its $22 billion in face value of Paris Club debt. The securitization with the astrological...

Lehman: Auto sales walk abreast with prime auto ABS prepays.(Lehman Brothers Holdings Inc.)(Asset backed securities)
July 3, 2006... Industry-level trends and manufacturer performance affect prepayment speeds on prime auto ABS deals, and Detroit-based manufacturers exhibit the strongest link between the two occurrences, according to Lehman Brothers analysts. In light of...

New rule to boost student loan ABS prepayment speeds.(Asset backed securities)
July 3, 2006... The repeal of the single-holder rule for higher education loan borrowers is translating to a boost in prepayment speeds on student loan ABS, according to several market sources. Earlier this month, President George W. Bush signed the...

HEL spreads stay wide, Fed action priced in as market puts $15 billion in play.
July 3, 2006... The asset securitization market juggled three significant market events last week. The Federal Reserve tightened credit by raising its federal funds rate to 5.25% on Thursday, but ABS professionals noted that the increase had already been...

Industry mourns passing of ABS luminary Robert R. Malin.(Asset backed securities)(Citigroup Global Markets Inc.)(Obituary)
July 3, 2006... Robert R. Malin, the co-head of Citigroup Global Market's U.S. asset-backed securities business died Friday, June 23. Malin, who passed while on vacation with his family in Rome, was 46. With more than 20 years in the asset securitization...

S&P monitors timeshare sector's performance.(Standard & Poor's Corp.)
July 3, 2006... At a time when the demand for timeshare ABS is on the rise and the sector appears relatively stable, Standard & Poor's has introduced its U.S. Timeshare Securitization Performance Index (TSPI), a report that will highlight the performance of...

Last of Texas stranded-cost ABS deals approved.(Asset backed securities)(AEP Texas Central Co.)
July 3, 2006... The Public Utility Commission of Texas on June 21 approved a $1.7 billion stranded cost securitization order for the AEP Texas Central Co., the last of such deals expected from the state. The PUCT also accepted a settlement agreement that...

BMA and SIA reunite.(Bond Market Association )(Securities Industry Association )
July 3, 2006... In a conference call last Wednesday, The Bond Market Association (BMA) and the Securities Industry Association (SIA) announced that their boards of directors voted to merge the two organizations, creating the Securities Industry and Financial...

S&P's new LEVELS model hits high LTVs hardest.(Standard & Poor's Corp.)
July 3, 2006... Home equity ABS issuers continued to bombard the market last week - nudging spreads and pushing volume expectations to an amount more than May's $71.8 billion as well as last year's issuance over the same time period. The impressive number,...

Barclays to lower servicing costs.(Barclays Capital)(Wachovia Corp.)(HomeEq Servicing Corp.)(Brief article)
July 3, 2006... Barclays Capital marked its dedication to the home equity ABS market late last month through its plans to acquire HomeEq Servicing Corp. from Wachovia Corp. for $469 million. The acquisition will help ensure that Barclays will have a relatively...

PAG to manage synthetic CLO.(Princeton Advisory Group)(Collateralized loan obligations)(Brief article)
July 3, 2006... Princeton, New Jersey-based asset manager Princeton Advisory Group (PAG) has been gearing up to act as investment advisor to the synthetic CLO Canal Point I, which is closing at least $30.5 million of Class A notes this month. Citibank is the...

Mortgage buyers finally emerge.
July 3, 2006... Mortgages broke their nine-day losing streak on Tuesday as buyers finally emerged on the cheapening, and sellers took a break as the market moved higher. The better buying continued into Wednesday and Thursday's sessions, despite the looming...

New home sales defy expectations as they continue to rise.
July 3, 2006... Discounting Street projections of a plunge in housing activity, new home sales rose in May for the third consecutive month - reaching the highest reading of the year thus far. In terms of regions, the South posted the best results, rising to...

Freddie plans up to three reference REMICs in the third quarter.(Federal Home Loan Mortgage Corp.)(Real Estate Mortgage Investment Conduit )(Brief article)
July 3, 2006... Freddie Mac released its 3Q06 Quarterly Refunding plans last week. In the report, the GSE disclosed that in terms of its reference REMIC securities, it expects to issue at least one, but no more than three deals during the third quarter. ...

Legislation changes could change Ginnie Mae supply landscape.
July 3, 2006... Two significant developments are currently underway that could potentially reshape the Ginnie Mae supply landscape, according to a recent report by Credit Suisse. The first - an Internal Revenue Service ruling last month denying tax-exempt...

Freddie Mac's retained portfolio contracts while Fannie Mae's records growth.
July 3, 2006... Freddie Mac reported last week that its retained portfolio contracted 1.2% annualized in May to $723.1 billion, compared to 14.0% growth in April. Year-to-date, retained portfolio growth is a modest 4.4%. The dip in the retained portfolio was...

Unexpected losses in ABS could trigger repricing across all markets, the BIS says.(Asset backed securities)(Bank of International Settlements )
July 3, 2006... Structured credit products could be more vulnerable to rapid changes in the credit cycle, said the Bank of International Settlements (BIS) last week in its annual report. The BIS also said that if investors incur losses on these products in...

Bear Stearns announces new hires to its mortgage operation.(Bear, Stearns International Ltd.)(Fred Khedouri )(Virginia "Ginny" Darrow )(Doug Lucas )
July 3, 2006... Bear Stearns International announced last week the appointment of three executives to senior posts within its London-based international mortgage group. Fred Khedouri was appointed head of European residential mortgage and consumer loan...

New entrants fuel U.K. subprime growth.
July 3, 2006... The nonconforming market is developing rapidly in the U.K. with an influx of new players joining the fray. Still, volumes are not near the size of the prime sector and industry sources say there is still plenty of room for growth. They are also...

Deals galore in European primary market.(Statistical data)
July 3, 2006... Primary market activity remained in the forefront last week with a number of deals pricing and an unrelenting pipeline that promises a busy run-up to summer. Secondary trading continued to be muted by primary volumes. Recent new issues were...

U.K.'s FSA pushes to establish ISPV regime.(Financial Services Authority )(insurance special purpose vehicles )
July 3, 2006... The Financial Services Authority (FSA) is looking at the development of new rules to establish U.K.-based insurance special purpose vehicles (ISPVs). This puts the sector in step with other offshore jurisdictions. The proposals form part of a...

FIF plans Indonesian motorcycle ABS.(Federal International Finance)(Asset backed securities)(ABN AMRO Bank N.V.)(Guotai Junan Securities (Hong Kong) Ltd.)(Shanghai Pudong Road & Bridge Construction )(Hsinchu International Bank )(Statistical data)
July 3, 2006... According to market sources, Indonesia's PT Federal International Finance (FIF) is planning a return to the ABS market after a nine-year hiatus. ABN Amro is tipped to have secured the mandate for a cross-border motorcycle loans offering,...

Aussie RMBS sees spread widening.(Australia)(residential mortgage backed securities)(Adelaide Bank Ltd.)(Heritage Building Society Ltd.)(Bluestone)(Statistical data)
July 3, 2006... Given unprecedented Australian RMBS issuance of over A$20 billion ($14.6 billion) in the second quarter, the razor-thin spreads that have characterized transactions throughout 2006 could not be expected to continue indefinitely. And early...

Turkish DPR deals stay rock solid in quaking markets.(diversified payment rights)(Turkiye Vakiflar Bankasi)(Vneshtorgbank)
July 3, 2006... Recent volatility in emerging markets, inflamed by anxiety over rising interest rates, has rattled Turkey with particular ferocity. Since the beginning of May, the Turkish lira has lost nearly a fourth of its value against the dollar, benchmark...

Whispers.(Credit Suisse Group - Salmaan Siddiqui)(ABN AMRO Bank N.V. - Brad Dansker)(Irwin Home Equity Corp. - Jocelyn Martin-Leano)
July 10, 2006... Salmaan Siddiqui, who served as a vice president of fixed-income trading for Arlington, Va.-based investment banking firm Friedman, Billings Ramsey, left the company recently to join Credit Suisse. His last day at FBR was June 30. Siddiqui, who...

Citigroup maintains hold on top lead manager slot after first half of 2006.
July 10, 2006... Citigroup Global Markets did not have much climbing to do in order to claim first place in the ABS lead manager rankings for the first half of 2006, according to data from Thomson Financial. After placing second in the league tables at the end...

SALE debuts Asian aircraft ABS.(Singapore Aircraft Leasing Enterprise)
July 10, 2006... Singapore Aircraft Leasing Enterprise (SALE), provider of financing for over 50 airlines worldwide, wants to position itself as a regional leader in aircraft lease securitizations. Asia has already seen several future-flow air ticket and...

U.S. CDO market chugs into 2H06.(Collateralized debt obligations)
July 10, 2006... As the U.S. CDO sector rounds the corner into the latter half of 2006, market participants are taking time to reflect on some of the trends - from collateral spreads that continue to grind tighter to the increasing use of synthetics - that...

Merrill reclaims top CDO underwriter status in first half.(Merrill Lynch)(Collateralized debt obligations)(Citigroup Global Markets Inc.)(Statistical data)
July 10, 2006... Merrill Lynch again seized the top spot among U.S. CDO underwriters in the first half of the year, selling 27 deals to the market totaling some $22.2 billion and a 16.8% market share, according to data maintained by Thomson Financial. The...

Wachovia forks over $25 million for research dispute: Twenty-eight-month investigation produces charges of conflicts.(Wachovia Corp.)(North American Securities Administrators Association)
July 10, 2006... It has been three years since the Global Research Analyst Settlement was announced, but it appears not every firm on the Street got the message. Wachovia Corp.'s capital markets group just cost the firm a $25 million fine, stemming from charges...

Merrill Lynch launches own multiseller ABCP program.(Asset-Backed Commercial Paper )(Brief article)
July 10, 2006... Merrill Lynch Bank USA, a subsidiary of Merrill Lynch, is preparing to launch its first multiseller asset-backed commercial paper program called Zane Funding, a much more flexible program than the existing Deer Valley Funding. Zane Funding...

Fitch maintains stable tobacco outlook after Florida Supreme Court reversal.
July 10, 2006... The outlook for tobacco bond securitizations remains stable for the time being, said Fitch Ratings. The rating agency said this after the Supreme Court of Florida decided that several tobacco companies do not have to pay a $145 billion...

About $6 billion of ABS issuance lined up for stagnant week.(asset backed securities)
July 10, 2006... Asset securitization professionals did not have a huge workload awaiting them after the Independence Day holiday last week, as a mere $6 billion in potential new issuance was being marketed. Some market professionals predicted that just $3...

Legal issues of securitized auto loans in an e-contract world.
July 10, 2006... by Dina J. Moskowitz, assistant general counsel, Natalie Abrams, associate general counsel, and Amy Martin, director, Standard & Poor's Electronic contracts (e-contracts) are contracts that are originated and "signed" electronically. Due...

RBS brings most RMBS volume to the market in 1H06.
July 10, 2006... The Royal Bank of Scotland Group emerged as the leader among U.S. RMBS managers in the first half of the year, outselling close rivals Bear Stearns and Lehman Brothers by more than $10 billion each, according to data maintained by Thomson...

Fannie Mae is looking good despite the headlines.(Federal National Mortgage Association)
July 10, 2006... In a conference call last week discussing Fannie Mae's role in the mortgage market, Fannie Mae President and Chief Executive Officer Daniel Mudd outlined the steps the company was taking to amend its recent troubles. "We have made pretty good...

Lehman looks at innovation in hybrid neg-am loans.(Lehman Brothers )
July 10, 2006... In a report released recently, Lehman Brothers talked about the product innovation in hybrid neg-am loans. In the report, analysts looked at the key features of these loans. Lehman said that in the past year, prime ARM supply was largely...

Jitters arise on outlook for June non-farm payrolls.(Statistical data)
July 10, 2006... Wednesday's ADP National Employment report brought havoc to the market in what was expected to be a quiet, but supportive week for mortgages bounded by the Fourth of July holiday and non-farm payrolls. Concerns that Friday's employment report...

Russia's first RMBS draws big crowd for small deal.
July 10, 2006... Russia's first RMBS priced July 4, pulling just under 20 investors into its $74.2 million A tranche, including banks, fund managers and structured investment vehicles, according to a source close to the deal. Originated by Vneshtorgbank, the...

Record volumes set in June as the European ABS deal pipeline continues to build.(asset backed securities)(Statistical data)
July 10, 2006... Last week got off to a quiet start with the July 4 holiday dampening the fireworks on the European secondary market. However, primary flows continued to set off sparks. After explosive record issuance in June, July is poised to offer more of...

U.K. covered bonds moves closer in step with EU legislation.(european union)
July 10, 2006... The U.K. Treasury has announced its plans to introduce new regulations for the U.K. covered bond market. The new rules are broadly aimed at enhancing the creditworthiness of covered bonds and making U.K. banks more cost efficient. The...

U.K. soccer club kicks deal onto public ground, the first and last for 2006?(Arsenal Football Club)(Barclays Capital Inc.)(Royal Bank of Scotland PLC)
July 10, 2006... Arsenal Football Club (AFC) is planning to securitize GBP260 million ($476 million) of fixed- and floating-rate notes backed by future revenues from ticket sales. The proceeds will be used to refinance its new 60,000 capacity stadium in North...

Bangladesh debuts microcredit financing.(Bangladesh Rural Advancement Committee )
July 10, 2006... Small loans made to the unemployed, poor entrepreneurs and others living in poverty back a novel securitization launched by the world's largest non-governmental organization, based in Bangladesh. BRAC, which lends to five million borrowers...

Mexican election delay stalls issuance but tone calm.
July 10, 2006... A presidential vote in Mexico with a hair-thin margin between the two leading candidates could degenerate into a 2000 Florida-style showdown. That's a development that no one in the capital markets wants, not least because the hair-thin...

Largest Singaporean CMBS in the works.(Commercial Mortgage Backed Securities)(CapitaMall Trust)(CapitaCommercial Trust)(Hongkong and Shanghai Banking Corporation Ltd.)
July 10, 2006... HSBC has been selected to arrange what will be Singapore's largest CMBS to date. The S$886 million ($560.1 million) deal will partly refinance the $2.2 billion acquisition by CapitaCommercial Trust (CCT) and CapitaMall Trust (CMT) of the...

Malaysian oil palm plantation ABS to come to market in first deal of the year.(asset backed securities)(Teck Guan Holdings )
July 10, 2006... Malaysian conglomerate Teck Guan Holdings (TGH) will become the latest entity to securitize oil palm plantation assets. TGH has secured approval from the Securities Commission for a M$283 million ($77.7 million) Islamic ABS, which will be...

Thailand's GHB plans $1 billion MBS.(Government Housing Bank)(mortgage backed securities)(Citigroup Inc)(ABN AMRO Bank N.V)(Standard Chartered Bank PLC)(Brief article)
July 10, 2006... Government Housing Bank, Thailand's biggest mortgage originator with a 38% market share, has begun discussions with international arrangers for a planned $1 billion-equivalent residential mortgage-backed deal. According to reliable...

Whispers.(Deutsche Bank AG - Rick Demilia)(Moody's Investors Service - Neal Shah)(Rabobank Group Treasury - Sheldon Sussman )
July 17, 2006... Rick Demilia has joined Deutsche Bank's trust and securities services group in New York City. Demilia was as a senior sales person at JPMorgan Chase, where he worked for 10 years. At Deutsche Bank, Demilia will be responsible for selling trust...

Industry welcomes, reviles rating agency reform bill passed in House.
July 17, 2006... The U.S. House of Representatives voted last Wednesday to reform the credit ratings industry. Observers in the asset securitization industry responded with a mixture of relief, dismay, and by setting up a potentially bitter fight to bring...

Cross-border EM in 1H06: The East pulsates, LatAm sputters.
July 17, 2006... The region of the ex-Soviet Union, Turkey and Eastern Europe bubbled with cross-border activity in the first half of the year, yielding $4.2 billion in deals tracked by ASR (see table, p. 24). Turkey held its own as the area's wellspring, with...

Reverse mortgages grace secondary mkt.
July 17, 2006... Securitizations backed by reverse mortgages are expected to boom in the second half of this year, with as many as six deals being discussed in the market, according to private and rating agency sources. The sector has piddled along in recent...

Student loans to back ABCP extendible notes.
July 17, 2006... NEW YORK - As far as growth in emerging asset classes is concerned, extendible notes in ABCP programs and student loan-backed ABS have both come a long way recently. Now their paths are converging. This year, asset-backed commercial paper...

ABX.HE set to rock n' roll this week.
July 17, 2006... The first "roll," or introduction of a new series of names for the ABX.HE, is expected to proceed smoothly this week, according to industry sources. That could be due in part to the fact that - in contrast to synthetic indices of corporate...

Issuers tread lightly ahead, with non-mortgage assets leading.(Statistical data)
July 17, 2006... The broader bond market perked up in the face of a faltering stock market, and the ABS sector prepared to follow suit, with almost $15 billion in deals that priced and were being marketed last week. By press time, about $7 billion of that...

Resource Real Estate to manage first CRE CDO.(Resource America Inc.)(Bear Stearns Companies Inc.)(Deutsche Bank AG)(LaSalle Bank)
July 17, 2006... Resource America Inc. subsidiary Resource Real Estate is gearing up to close the first of two CDOs it plans to bring to market this year. The $345 million deal, Resource Real Estate Funding 2006-1, is backed primarily by mezzanine, B-notes, and...

Consumer information hot potato for SF market: ASF considering guidelines for information breeches.
July 17, 2006... NEW YORK - Acquiring a pool of loans isn't what it used to be. Mounds of sensitive consumer information moves around the structured finance market at dizzying speeds these days. Last week, the American Securitization Forum asked market...

$30 million deal could reshape consumer industries.(Robert D'Loren)(UCC Capital)(Aether)
July 17, 2006... Robert D'Loren has been moving fashion trends into the arms of consumers for years - so why haven't you heard of him? Robert D'Loren has been successfully moving fashion trends into the arms of consumers for years, oftentimes employing a...

Analysts: Fundamentals to shore up ABS activity in 2006.(asset backed securities)
July 17, 2006... Dwindling home price appreciation has its perks after all. After ending the first half with issuance flat to the same period last year, the ABS market is poised to do a bit better for the rest of 2006, owing mainly to strong performances from...

Mortgage investor apathy on looming events.
July 17, 2006... Last week saw lackluster trading with limited economic data for stimulation, and this week's CPI and PPI reports as well as Chairman Ben Bernanke's semiannual testimony to Congress further limiting participation. There was expectation that the...

JPMorgan on the MBS sponsorship shift.
July 17, 2006... JPMorgan Securities analysts looked at the shift in MBS sponsorship in a recent report. With mortgage OAS roughly five basis points wider than levels observed in April, the sector is now not so fundamentally rich that it would derail the...

National City may show First Franklin the door.(National City Corp. )(First Franklin Financial Corp.)(Statistical data)
July 17, 2006... National City Corp. last week announced it may succumb to the low profits and high risk that have plagued the U.S. subprime lending industry in recent years. The Cleveland-based bank said it is considering the sale of its subprime mortgage unit...

Barclays mulls housing market's efffect on prepays.(Barclays Capital)
July 17, 2006... As the housing market is rapidly changing and the vast majority of coupons in the mortgage market are trading at a discount, analysts at Barclays Capital explored the factors driving discount speeds in a quest to find ways to get protection...

June prepayments are a non-event.(Statistical data)
July 17, 2006... June prepayments were little changed from May speeds, and were in-line with expectations for the most part. It was noteworthy that FNMA 2003 vintage 4.5s jumped 10%, or 1 CPR, versus an anticipated 2% increase. Analysts at JPMorgan Securities...

Eurotunnel reportedly seeking bankruptcy protection.
July 17, 2006... Eurotunnel may seek bankruptcy protection from a French court through a procedure de sauvegarde which would stall creditors should the company's debt restructuring negotiations reach a stalemate. The waiver permitting negotiations to continue...

SG plans new leveraged & acquisition finance team.(Societe Generale Corporate & Investment Banking)
July 17, 2006... Societe Generale Corporate & Investment Banking announced last week plans to offer acquisition finance services in the Asia-Pacific following the success it has had in its European leveraged and acquisition finance franchise and its American...

Unprecedented July primary flow and bulky pipeline herald another record year.
July 17, 2006... The significant June primary deal flow and the burgeoning July pipeline have revived talks of another record-breaking year for European securitization volume. But how these volumes will impact spreads in the run-up to the summer break is not...

KfW standardizes SME platforms.(KfW Group)(Brief article)
July 17, 2006... KfW said last week that the standardization of its securitization platforms - PROMISE and Provide - facilitated their use for a variety of loans. According to figures reported by KfW, since 2000, portfolios totaling around 90 billion had been...

Germany issues GRANDest multifamily yet.(German Residential Asset Note Distributor PLC )(Statistical data)
July 17, 2006... Perhaps CMBS issuance has not been where it should be but the latest multibillion multifamily offering from Germany should provide more than enough volume to bring numbers up to speed. Marketing began for the long-awaited 5.4 billion ($6.87...

Fitch boosts Asian franchise.
July 17, 2006... Fitch Ratings has announced some major changes to its Asia Pacific structured finance team, which the agency says are designed to meet the growing demand for its services in the region. New members have been added to Fitch's teams in Hong Kong,...

Japan Government mulls mega ABS program.(asset backed securities)
July 17, 2006... The push for securitizing state assets in Japan grew stronger last week when the DIET - Japan's highest legislative body - approved the government's economic policy guideline for 2006, designed to eliminate its fiscal deficit over the next few...

Mexico cranks out $2.8bn of domestic deals in 1H06.(first half of 2006)
July 17, 2006... During the first half of 2006, the Mexican securitization market justified the confidence it has inspired among emerging market players. While it took a couple of months to get started, Mexico's domestic ABS and MBS arenas cranked out Ps30.5...

Whispers.(Banc of America Securities - Christopher Hawke)(BNP Paribas - Mary Dierdorff )(Moody's Investor Service - Nicholas Levidy and Paolo Obias )
July 24, 2006... Banc of America Securities recruited Christopher Hawke as a principal in its principal financing group, where he will focus on new business development and originations in the consumer ABS sector. A 12-year industry expert, Hawke previously...

After Fed approves Basel II, industry ponders effects on ABCP, smaller banks.(Asset-Backed Commercial Paper )
July 24, 2006... Considering that the Basel II recommendations for bank capital requirements affects about two dozen banks - at the most, according to banking experts - it sure is causing a stir in the industry. Capital markets observers, however, say the...

Lagging auto ABS to check 2006 tally.(automobile asset backed securities)(Statistical data)
July 24, 2006... The auto ABS sector is in reverse gear, and threatens to suppress total traditional asset securitization numbers for 2006, according to Wall Street estimates. Issuance will reach $675 million for all of 2006, about 6% shy of 2005's volume,...

Analysts weigh in on ABX.HE.
July 24, 2006... Last Wednesday, participants in the ABX.HE for the first time ushered in a fresh series of deals with what seemed to be little fanfare. While not everyone shared the same view on credit characteristics underlying the new index, called the...

ABS market does $2.4 billion as summer slowdown continues.(asset backed securities)(Statistical data)
July 24, 2006... The new ABX index rollout last Monday might have been the highlight of an otherwise quiet week, but it did not do much to elevate the amount of paper issued. Although $13 billion in deals were in the market last week, just $2.4 billion priced...

First Marblehead's buyout offer to Union Federal Savings might reign in securitization program.
July 24, 2006... If First Marblehead Corp., the Boston-based private student loan finance company, succeeds in buying Union Federal Savings Bank as it announced last week, there is a chance that it could scale back its securitization program. The company...

Fitch unveils synthetic CDO modeling tool.
July 24, 2006... Fitch Ratings last week introduced what it is calling a first-of-its-kind synthetic CDO risk modeling tool. The program - called RAP CD - is the result of a year's worth of work by a London-based team of analysts led by Group Managing Director...

ISDA pushes better derivatives work.(International Swaps and Derivatives Association)(Brief article)
July 24, 2006... The International Swaps and Derivatives Association (ISDA), along with 14 major credit derivatives dealers and two other industry groups, have joined together to push the industry to continue efforts to improve credit derivatives processing....

Correction:.(Correction notice)
July 24, 2006... In ASR's July 17, 2006 issue, the story "$30M Deal May Reshape Consumer Industries" incorrectly stated that CAK Universal Credit Corp. had structured the Bowie Bonds. Additionally, in the market story, Barclays Capital was incorrectly...

First Franklin: newest investment bank acquisition?
July 24, 2006... As National City Corp. contemplates offers for its subprime lending subsidiary First Franklin Loan Corp., many in the industry are wondering if one of those suitors could be a Wall Street investment bank. Spurred by visions of more profitable...

JPMorgan gives their definition of Alt-B.(JPMorgan Securities)
July 24, 2006... In its most recent report, JPMorgan Securities analysts tried to understand the behavior of borrowers in what they defined to be the Alt-B sector. The firm defined Alt-B as those loans having 620 to 680 FICO scores. In the report, analysts...