ABS

Broadridge Financial Solutions and Beacon Capital Strategies today announced a multi-year strategic alliance.

The glimmer of hope offered in last week's housing reports (FHFA HPI, and existing and new home sales) was short-lived.

Investment banking firm Sandler O’Neill & Partners hired Thomas Oh and Christopher Connors in the firm’s fixed-income group.

Barclays Capital will not participate in the U.K. government’s asset protection scheme, according to market reports.

The European Commission has taken a step toward modifying the risk weighting of complex securitization products under Basel II.

Despite helping 244,000 at-risk homeowners with loan modifications and repayment plans in February, the Hope Now alliance says the number of foreclosures continues to rise and foreclosures involving prime loans topped subprime by a significant margin.

Fannie Mae has increased its required yield on Federal Housing Administration (FHA)reverse mortgages, which will have the net effect of increasing the interest rate on those loans by 50 to 75 basis points, according to lenders.

Fannie Mae acquired $53.7 billion of mortgages during February, an 86% increase from January, and its best purchase month since June of last year.

World Financial Network National Bank has a credit card offering in the market, the Class A notes of which are TALF-eligible.

Fitch Ratings has reorganized its securitization leadership after the departure of former head of U.S. structured finance John Bonfiglio.

Slammed by Moody’s Investors Service’s sharp downgrade in the corporate rating, the DPR bonds of Kazakhstan’s BTA Bank have likewise fallen hard, again.

The European parliament's Economic and Monetary Affairs Committee adopted a series of amendments to enhance the transparency and good governance of credit rating agencies (CRAs).

German insurer Allianz is planning a new $150 million catastrophe bond, the fourth such transaction this year, according to market reports.

Advisory, asset management and capital markets firm NewOak Capital has boosted its staff with two more hires.

NewOak Capital appointed Samuel Warren as director of the firm’s RMBS structuring solutions team and to complement its RMBS and residential loans credit management capabilities.

Manager Activity: AutosFull Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market

The release of the Treasury's plan for public-private investment funds (PPIFs) has received substantial attention and triggered a huge rally in financial stocks. However, the proposed changes in accounting rules by the Financial Accounting Standards Board (FASB) may have a more significant and lasting impact on the financial system. While they risk making financial statements even more opaque, the accounting changes, if approved, should serve to limit the debilitating cycles of write-downs and capital depletions that continue to plague the financial sector.

Although refinancing risk for European CMBS deals is expected in another couple of years, market sources said that a more immediate concern for bondholders is the alarming rate of tenant defaults.

The U.K. pub sector faces further constraints as turnover and profit margins are expected to drive the declining industry trend. Market analysts said it is likely that whole business deals tied to this sector will see performance suffer as a result.

On March 23, Kazkommertsbank (KKB) launched a tender offer of up to $175 million for seven tranches of the originator's paper backed by diversified payment rights (see table).