Finance

After loosing $4.7 billion from client redemptions, Cerberus Capital Management is looking to raise money for a fund that would invest in distressed debt in hopes of boosting returns for investors, according to Bloomberg.

Fifth Street Finance has hired a former managing director at Churchill Financial to help with the White Plains, N.Y. investment firm’s loan origination business.

The nation's beleaguered mortgage insurance companies wrote $7.54 billion of new traditional MI policies in July, its third worst volume month of the year.

Despite the rise in used vehicle values for the seventh straight month in July, this did not stop prime losses from rising to 20% above the 2008 level, Fitch Ratings said in a report.

Chadbourne & Parke hired Alper Deniz as a partner for its bankruptcy and financial restructuring practice in the firm's London office.

Japanese bank Nomura hired three former Lehman Brothers executives for its fixed-income group in New York, Leveraged Finance News has confirmed. The move is part of the bank’s efforts to expand its fixed income group.

The fair value of loans held by the nation's biggest banks continues to decline, indicating that credit markets have not yet turned around and raising serious questions about the effectiveness of the government's efforts to help the industry through the credit crisis.

Natixis announced that it will receive a guarantee from its parent BPCE, covering about €35 billion($50.2 billion) of its most risky segregated assets.

Nixon Peabody hired Ali Yenal as senior associate in its global finance practice and will be based in the New York City.

New Mexico Education Assistance Foundation is in the market with a FFELP-backed deal. The $299 million student loan ABS transaction is led by RBC Capital Markets.

The performance of home-equity lines of credit took a turn for the better in the second quarter as delinquency rates dropped but net charge-offs spiked up 30%.

Deutsche Bank Securities is the largest unsecured creditor of Taylor, Bean & Whitaker (TBW) and is owed at least $42 million, according to a supplemental filing in the bankruptcy case of the nonbank lender.

Fannie Mae's issuance of MBS fell 39% in July from the previous month, according to the company's new monthly activity report.

The increased number of European banks and other originators making tender offers to buy back their structured finance issues primarily reflect these originators taking advantage of opportunities to optimize their funding profiles and capital structure, said Fitch Ratings in a report.

Auto issuance has dominated the list of deals that have come to market thus far in time for the Term ABS Loan Facility’s (TALF) Sept. 3 subscription date.

Jeffery Lacker, president of the Federal Reserve Bank in Richmond, Va., said yesterday that

Lending through the Federal Reserve Board's discount window edged down less than 1% during the past week, to $105.8 billion Wednesday.

Broker dealer and investment bank Newbridge Securities Corp. released its Newbridge Bond Center platform to its public Web site www.newbridgesecurities.com.

The International Association of Insurance Supervisors (IAIS) released a report yesterday addressing the role of insurance securization as a building block of alternative insurance risk transfer arrangements (ART). The paper identifies and discusses the key recent developments in the sector, focusing specifically on the regulatory, supervisory and operational dimensions.

In preparation for next's week Term ABS Loan Facility (TALF) subscription date, auto ABS transactions eligible under the program are being rolled out.