CDOs/CLOs

BOCA RATON, FLA. - Home price appreciation and the prevalence of IO loans and ARMs in subprime home equity ABS pools dominated the discussion throughout the Investing in Subordinates investor panel at Information Management Network's ABS East conference last week.

BOCA RATON, FLA. - Investors sounded off on the increasing amount of extendable paper being offered in the ABCP market during a morning panel discussion at Information Management Network's (IMN) third annual Investors' Conference on ABCP and SIVs, which coincided with ABS East.

BOCA RATON, FLA. - The subprime mortgage market has enjoyed a year of increased growth in the face of rising interest rates. But stringent new regulatory legislation threatens to undercut nearly all issuers in the sector. This is of particular concern in Massachusetts and New Jersey, said participants in the Dynamics of the Subprime Mortgage ABS Market panel at ABS East.

BOCA RATON, FLA. - Growth in the market, and the rise in market-value CDO issuance combined with some fund failures had many Information Management Network ABS East conference attendees discussing pricing transparency in the market. Although previously an overlooked piece of the structured finance puzzle, sources around the resort were keenly focused on this topic this year, thanks to concerns over pending regulation and transparency issues with valuation.

BOCA RATON, FLA. - In addition to searching for CDO collateral, asset managers are searching for word on the next trouble spot in the CDO market, panelists speaking at Information Management Network's ABS East said last week. While overall the market appears much more stable than just two years ago, sources agreed, in the wake of the now frenzied search for cheap collateral and rising interest rates, a lack of transparency across many metrics isn't exactly stopping investors from having market discipline.

BOCA RATON, FLA. - The double-digit yields and increasing liquidity of senior pooled aircraft tranches are turning heads in the ABS market. In fact, they may be attractive enough for investors to look the other way when it comes to the rather ugly headline risk associated with the airline sector.

In just under a decade since its inception, New York-based investment banking boutique Westwood Capital has managed to not only focus its business on traditional M&A and corporate finance transaction services, but also on more specialized market services - such as project finance, restructuring and structured finance underwriting in esoteric, novel asset classes. "Our corporate finance activities and structured finance activities provide liquidity to lenders and also to small-to-mid-sized businesses with novel or emerging assets," said Matthew Pechinski, managing director.

Year to date as of 10/21 Term (days) 10/15 10/18 10/19 10/20 10/21 1-week

For the second year running, the ABS hordes will descend upon Boca Raton, Fla., for four days of networking, panel discussions - and golf. Upwards of 2,500 delegates are expected to show up at the Boca Raton Resort & Club this week for Information Management Network's 10th annual ABS East Conference, according to an IMN spokesperson.

The second annual CDO Conference sponsored by The Bond Market Association served as the unofficial kickoff to conference season for the securitization markets. The day's platform documented growth in product types - namely trust preferred, synthetic, and ABS CDOs - and hashed out issues from CDO equity risk to structured models of credit risk.