CDOs/CLOs

A verdict in Los Angeles Superior Court Friday has conjured up a shared happy ending between DoubleLine Capital CEO Jeffrey Gundlach and his former employer The TCW Group after more than two years of legal wrangling.

Lawyers for Barclays Capital last week told a federal court fraud claims regarding a failed CDO it sold to Eastern Financial Florida Credit Union, the biggest ever credit union failure, are barred by the statute of limitations on such securities suits and should be dismissed.

MBIA has had strokes of luck lately, with the most recent positive developments coming from lawsuits filed against the company.

DBRS hired David Sánchez Rodríguez for its structured finance group as assistant vice president.

After heavy criticism from investors, analysts and bond insurers over Standard & Poor’s new bond insurance rating criteria, the agency is firing back in self-defense.

Bank of New York Mellon has pulled the sale of its Alcentra unit, which manages $17 billion in CLOs and other vehicles that contain leveraged loans and high yield bonds, according to a Bloomberg report.

CLO issuance could return this month after volatility slammed the breaks on activity in August, Standard & Poor's said in a research report Monday. The pipeline is backed up to the tune of about $5 billion, spread among 13 deals.

Fitch Ratings submitted its comment letter in response to the Securities and Exchange Commission's Solicitation of Comment to Assist in Study on Assigned Credit Ratings, which is required by Section 939F of the Dodd-Frank Act.

Bond insurer Assured Guaranty has a bone to pick with Standard & Poor's over the rating agency's new bond insurance rating criteria.

State Street Corp. has launched a derivatives clearing service, complete with a swaps clearing platform.