ABS

Standard & Poor’s Director Eric Gretch said the agency expected financial future flow transactions from new jurisdictions, although he did not offer an anticipated timeline in a video posted on S&P’s Web site.

Moody's Investors Service has just withdrawn its provisional rating of 'Baa2 (sf)' on the secured notes, Series 2011-1 that were to be issued by Drug Royalty LP 1, a subsidiary of Toronto-based DRI Capital. Credit Suisse is lead managing the deal.

SolarTech and CalCEF announced the creation of a working group to bring best practice leaders together to foster renewable energy financing, including securitization.

The RMBS and related CDO sectors lead the pack in both realized and expected future credit losses from U.S. structured finance issuances, according to Fitch Ratings.

The three largest tobacco companies last week exempted 12 states and four territories from arbitration that would force the municipalities to refund money from 2003 settlement overpayments the companies believe they made.

Swiss Re has obtained another $130 million in protection via the Successor X Ltd. catastrophe bond program. This program covers North Atlantic hurricane and European windstorm.

Former Federal Reserve Chairman Paul Volcker blamed financial lobbyists for overcomplicating the Volcker rule at a university talk in Singapore, according to a Reuters report.

SLM Corp., better known as Sallie Mae, is in the market with a SLABS 144A deal from its SLM Private Education Loan Trust 2011-C.

Esoteric deals are gaining traction with drug and container ABS currently in the market.

Europe might be feeling great uncertainty over how to resolve its sovereign debt crisis, but its securitization market has still managed to restart.

Because of still challenging market-making conditions, Credit Suisse Group is set to either downsize or cut altogether some securitization businesses and fixed-income units.

IPFS Corp., through its wholly-owned subsidiary PFS Financing Corp., is issuing Premium Finance Asset Backed Notes, Series 2011-B.

Securitization pros have had to constantly come up with new deal structures to respond to challenges posed by the ongoing financial crisis.

With so much CLO investment capacity going offline over the next few years, the loan market is getting creative in structuring deals to accommodate this waning investor class.

Many investors in CDOs and similar products were taken by surprise when a U.S. bankruptcy court declined to dismiss an involuntary chapter 11 case filed against CDO-squared issuer Zais Investment Grade Ltd. VII (a.k.a. ZING VII). A test of the so-called bankruptcy-remoteness of offshore issuers was perhaps inevitable given the volume of distressed CDO securities in the market today. From a pure bankruptcy law perspective, the court's decision is not revolutionary; it simply confirms the reality that entities can still wind up in bankruptcy even if they were structured to avoid it. But for investors in the lower tranches of distressed CDOs hoping to see values rebound over time, the ZING VII bankruptcy makes the prospect of future "tranche warfare" in chapter 11 seem inevitable. It remains to be seen whether the dismissal will be affirmed on appeal, whether ZING VII's senior noteholders will succeed in confirming their chapter 11 plan, and most importantly, whether ZING VII is merely the first of many CDO bankruptcy cases to come. Regardless of ZING VII's ultimate outcome, the bankruptcy court's analysis in denying the motion to dismiss should be considered carefully as market participants structure, sell or buy into future CDOs.

The PrimeX indices experienced a sharp dip in October that drew a lot of attention.

The market for public sector and corporate bonds in Hong Kong's offshore renminbi market hit boom mode in about July 2009. The Chinese government removed some currency restrictions, and issuance accelerated. But the effect was only fully articulated in 2010, when RMB140 billion ($22 billion) in bonds were printed, from RMB40 billion the previous year.

The unpaid invoices that the Spanish regional governments owe medical companies have, by all accounts, grown to unwieldy levels. Combined pharmaceutical and medical technology companies are waiting on about €9.7 billion ($13.8 billion) in past-due bills of this nature (see tables below).

The ABS market faces myriad new regulations causing disruption in some securitization sectors, including the creation of new ABCP conduits.