CDOs/CLOs

Trouble at Calyon's structured finance subsidiary Omicron Investment Management could serve as a harbinger for the further woes awaiting CDO managers.

Moody's Investors Service downgraded the insurance financial strength ratings of CIFG Guaranty, CIFG Europe, and CIFG Assurance North America, collectively known as CIFG, to 'Ba2' from 'A1'. The rating agency kept the ratings under review with direction uncertain.

In a hurried effort to shine light on the credit derivatives market - viewed as potentially the next domino to fall in the credit-market crisis - a new project by accounting standard setters could require firms to disclose more details about their exposure to the over-the-counter instruments currently on their books.

April remittance reports released last week reflected a continued dip in the 30- and 60-day delinquency buckets in most trusts across all the indices, Barclays Capital analysts reported.

Responding to investor gripes about lack of transparency and ratings instability for CDO transactions, Fitch Ratings unveiled new global rating criteria for corporate CDOs last week.

MJX Asset Management last week closed Veer Cash Flow CLO, a newly restructured incarnation of a market value transaction, Veer Loan Opportunities Fund.

Six months after several of Merrill Lynch & Co.'s top fixed-income executives were ousted from their jobs, another round of shakeouts is underway, which involve many of the bank's senior executives in fixed income.

Moody's Investors Service announced the appointment of Jonathan Polansky, who is now the group managing director of the rating agency's asset finance group, to the newly created role of structured finance global surveillance coordinator. In his new role, Polanksy will work closely with the rating agency's surveillance and line of business managers to monitor outstanding Moody's-rated structured transactions.

Six months after several of Merrill Lynch & Co.’s top fixed-income executives were ousted from their jobs, another round of shakeouts is underway, which involve many of the bank’s senior executives in fixed income.

Tom White, currently head of global markets, will be transitioning to a new leadership role as president of the principal capital group at Bank of America.