CDOs

Portfolio managers are trying to assess the damage the repricing tidal wave has inflicted on their funds, with most dreading what their returns will look like once the water recedes, while other say the damage will be light.

Assured Guaranty announced today that chief operating officer Séan W. McCarthy will be leaving the company at the end of the month to “pursue other opportunities.”

The $5.7 billion plan San Bernardino County Employees¹ Retirement Association (SBCERA) previously discussed two potential CLO investments at last week¹s meeting.

Lloyds TSB Bank and the Bank of Scotland issued a £1.45 billion ($2.35 billion) CLO of project finance loans.

Ally Financial said late Wednesday that the U.S. Treasury will be repaid $2.7 billion from the sale of all the Trust Preferred Securities that the agency holds in the bank holding company and mortgage lender.

Goldman Sachs said in regulatory paperwork filed on Monday that it could lose about $3.43 billion as a result of judicial, regulatory and arbitration proceedings launched against the firm over the last decade.

Lawmakers laid out a series of ambitious deadlines in the Dodd-Frank Act, requiring regulators to complete roughly 170 new rules by July.

The Dodd-Frank Act's Section 939A prompts banking regulators to remove any "reference to, or requirements of reliance on, credit ratings" in their regulations and capital requirements. The uncertainty of how regulators will interpret those words has the ABS industry bubbling and proposals emerging.

Borrower behavior changes over time and investors and lenders should constantly adjust the way they utilize the different credit score values to accurately predict loan performance, according to officials from FICO and VantageScore.

Tomorrow the European Central Bank (ECB) is set to extend its minimum two-rating requirement for all existing ABS to remain repo eligible at the central bank’s window. This effectively ends the grandfathering period that started a year ago.

Dechert hired Lawrence Berkovich as counsel in its finance and real estate (FRE) group. He was most recently special counsel at Cadwalader, Wickersham & Taft.

Highland Capital Management is the latest U.S. firm to sell its European CLO assets, according to Bloomberg.

A Resource Capital Corp. subsidiary will purchase 100% of the ownership interests in Churchill Pacific Asset Management (CPAM) from Churchill Financial Holdings for $22.5 million, the New York-based real estate investment trust said today in a statement.

European structured finance products continue to absorb elevated credit risks very well from a performance standpoint, according to Unicredit analysts.

A new rule in Europe—Article 122a of the Capital Requirements Directive, which calls for originators, sponsors or original lenders in an arbitrage CLO to retain at least 5% of the vehicle’s equity on their balance sheet—has European loan market participants worried about the future of these funds, and places a kink in a market that, after two years of inactivity, is just starting up again.

The Federal Deposit Insurance Corp. (FDIC) Friday named Michael Krimminger, a close aide to Chairman Sheila Bair, as the agency's new general counsel.

Intex Solutions introduced INTEXcalc, a new end-user application offering transparency, ease of use, and speed in analyzing structured finance securities.

Credit Suisse hired Dale Westhoff as the global head of structured products research. Westhoff. who will be based in New York, will focus on MBS, ABS and other structured products.

Most people believe the Basel III capital rules are buttoned up. International regulators worked hard, agreed in December to impose tough standards and then gave bankers eight years to meet them.

The head of the only active U.S. bond insurer on Tuesday ridiculed the new bond-insurer ratings methodology proposed by Standard & Poor’s as unjustified, irrational, and too subjective.