Jamie Dimon, chairman of JP Morgan Chase, has warned American investors should be more worried about the risk of default of the state of California than of Greece's current debt woes.
Read more »Published scoops - Structured Finance
California is a greater risk than Greece, warns JP Morgan chief
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Will Smurfit-Stone Set a Precedent for CLOs?
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CLO managers don't want the exit doors closed on them.
Last month, a bank consortium syndicated a $1.2 billion exit loan for Chicago-based box maker Smurfit-Stone. The deal irked several CLO managers because its structure - it was set up to be funded two months after it closed - and lack of covenants effectively kept them from participating. The deal went on to be a hit, trading up after breaking on the secondary. And now some CLO managers wonder if the Smurfit deal will set a precedent and shut CLOs out of other exit loans.
CLO Market Sees Consolidation Activity Surge
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At the onset of the credit crisis, market participants expected a wave of consolidation in the CLO market. The wave turned out to be little more than a ripple, with less than 5% of the CLO market making management changes during the last year and a half, according to analysts at Citigroup Global Markets.
That, however, now appears to be changing, with several managers recently acquiring portfolios, and a number of others looking for buyers, sources said.
Banks Lobbying to Temper Impending ABCP Capital Rules
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Despite final rules published last month, banks running ABCP conduits are continuing discussions with regulators in an effort to temper new capital rules they say could shift assets to non-U.S. banks and potentially reduce what has been a successful short-term funding source for U.S. companies.
"The requirements significantly increase the cost of being in this business, and they could shrink credit capacity," said Debbie Toennies,JPMorgan's head of conduit management and business development.
ABS Totals
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View year-to-date 2010 ABS issuance totals for ABS, MBS and CMBS.
Read more »The GSEs and the Revised Accounting Standards
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The analysis of the changes in the GSEs' delinquent loan buyout policies focused on their impact on prepayment speeds and coupon swaps.
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Handle with Care: Securitization's Survival a Balancing Act
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With the boxes stacked up against the securitization market’s survival, industry players have to play a careful balancing act: How to make the case for the future but still survive in the current hostile environment?
Read more »GMAC Mexicana to Debut Auto Loan ABS
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GMAC Mexicana is on the road with the country's first pure auto loan ABS in the public market, according to sources. Tipping the scales at about Ps1.4 billion ($109 million), the A note will appeal to private banking clients for its short average life of 1.4 years, said a source close to the deal. "It makes a lot of sense to pitch it to private banking," he added. That will likely be one of the areas in which joint leads HSBC and Citigroup brokerage Acciones y Valores will be focusing their efforts during a roadshow that kicks off the week of March 29.
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Auto Loans in Colombia Steer Toward ABS
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Auto loan ABS might be coming down the Colombian pike this year for the first time, thanks to an appetite for alternative funding sources and a new law authorizing the establishment of non-mortgage securitizers.
"We hope to do a first issue in the second half of the year," said Alberto Gutierrez, president of RMBS securitizer Titularizadora Colombiana, adding that his team has filed with the Superintendency of Finance to create Multiactivos, a new agency that would securitize non-mortgage assets.
CMBS Delinquencies to Reach 10%?
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What a difference a year, or three, makes.
Back in 2007, CMBS delinquencies were at lows. This year, CMBS delinquencies are making headlines of a different sort for touching new highs. And it's going to get worse before it gets better.
Paydowns Expected to Rise to $130 Bln in February and March
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On Feb. 10, Freddie Mac made an unexpected announcement that it would "purchase substantially all 120 days or more delinquent mortgage loans from the company's related fixed-rate and adjustable-rate (ARM) mortgage Participation Certificate (PC) securities."
The GSE said these purchases would be reflected in the factor report released on March 4. Later in the day, Fannie Mae made a similar announcement that its buyouts will begin in March - which will reflect in the April factor report - and take place over a few months' time.
Mortgage Refi Data
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See results from the Mortgage Banker's Associations Refinance and Purchase Indexes as well as the weekly mortgage rates surveyed by Freddie Mac.
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