CDOs

Jefferies named Peter Santry as a managing director and head of distressed trading in its leveraged finance sales and trading division, the firm announced Monday.

The American Securitization Forum (ASF) released a statement saying that the Federal Deposit Insurance Corp.'s (FDIC) action today will seriously harm the federal government’s ability to exit the U.S. housing market and to reestablish a private label mortgage market.

The Federal Deposit Insurance Corp. (FDIC) is set Monday to begin a Herculean task: creating a resolution procedure for large, systemically important firms that improves on the bankruptcy process but still resembles it enough that it does not unsettle the marketplace.

It was no small irony that moments after voting to bar corporate credit unions from investing in risky CDOs, the National Credit Union Administration (NCUA) Board gave its approval to a plan to shed as much as $50 billion in toxic MBS held by the corporate system by repackaging them for sale to the public as CDOs.

The Association for Financial Markets in Europe (AFME) appointed Simon Lewis as its chief executive. The new hire will assume his position on Oct. 1.

Primus Guaranty has entered into a binding letter of intent to sell its third-party asset management unit CypressTree Investment Management to Commercial Industrial Finance Corp. (CIFC). The deal's terms were not disclosed.

House Republicans blasted the proposed Basel III capital standards on Wednesday, arguing the plan would make the system more uncertain without making it substantially more safe.

Treasury Secretary Tim Geithner on Wednesday said the U.S. would implement proposed international capital rules aimed at helping financial institutions withstand future crises by 2012.

Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said Wednesday that the Basel Committee on Banking Supervision's new capital plan should have been tougher.

Markit will be providing liquidity metrics and composite liquidity scores for European ABS and leveraged loans that are covered by its pricing services, according to a release from the firm.

Although the Basel Committee on Banking Supervision provided clarity on new international capital standards this weekend, the panel left some crucial questions unanswered, including how it plans to calculate certain requirements for the most systemically risky institutions.

Citigroup has arranged a $600 million CLO that will be managed by Guggenheim Investment Management, according to sources.

The U.K. Financial Services Authority (FSA) will apply banking book risk weights to securitization trading positions following the position adopted under the capital requirements directive (CRD 3) passed by the European Parliament at the end of July.

Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair said Tuesday the agency would soon publish an interim rule on its new resolution authority over systemically important banking companies and certain nonbanks.

Fitch Ratings stated that as of July 20 defaults on U.S. bank Trust Preferred Security (TruPS) CDOs eclipsed the 14% mark on 11 new bank defaults.

The securitization market just can't seem to get a break. From tougher regulations to a battered economy, our industry seems at times to be facing an all-out assault.

While it's clear that tighter rules for securitization are on their way, varying approaches to the issue by different agencies are making bankers and issuers uneasy.

Citigroup has arranged a $600 million CLO that will be managed by Guggenheim Investment Management, according to sources.

DBRS is requesting comments on the proposed legal criteria for European structured finance deals.

Three years after the onset of the financial crisis, securitization market players are now focusing more on finding different restructuring options for ABS deals, according to the Henderson Global Investors' structured products team.