CDOs/CLOs

Knight Capital Group has appointed a director of institutional credit sales responsible for selling bank loans and high yield bonds to large European investors.

The fight over a capital surcharge for the largest banks took center stage in 2011, at least in the international Basel III process, as the chief executives of some major banks publicly clashed with regulators over the issue.

The Loan Syndications and Trading Association (LSTA) on Dec 29 released the results for its 2012 Loan Market Survey (for a full copy of the slide presentation, please click the link below).

The leveraged loan market experienced a lackluster year in 2011, with returns down and bids float in both the U.S. and Europe, according to Markit.

Federal regulators are seeking comment on a proposal that aims to lessen banks' reliance on credit ratings by proposing three methods for assessing risk on firms' trading books.

Investors behind three CDOs – Cedarwoods CRE CDO III, Concord Real Estate CDO 2006-1 and Resource Real Estate Funding CDO 2006-1 – filed a lawsuit this week to block a junior lender from exercising the fair value purchase option on the $150 million defaulted loan secured by JW Marriott Las Vegas Resort & Spa securitized in CSMC 2007-TFLA, according to a New York court filing.

Mickael Le Gargasson, Societe Generale’s director of acquisition and leveraged finance for the Asia Pacific region has left the firm, according to reports.

The American Securitization Forum (ASF) will have California Congressman Ed Royce and Arizona Congressman David Schweikert as keynote speakers at its ASF 2012.

UBS has hired Mike Weir, a veteran of Citadel Securities, as a loan trader.

Financial analysts are unfazed by Moody's Investors Service's downgrade of MBIA and National Public Finance Guarantee Corp. (NPFG).