CDOs

Moody's Investors Service downgraded the insurance financial strength ratings of CIFG Guaranty, CIFG Europe, and CIFG Assurance North America, collectively known as CIFG, to 'Ba2' from 'A1'. The rating agency kept the ratings under review with direction uncertain.

In a hurried effort to shine light on the credit derivatives market - viewed as potentially the next domino to fall in the credit-market crisis - a new project by accounting standard setters could require firms to disclose more details about their exposure to the over-the-counter instruments currently on their books.

April remittance reports released last week reflected a continued dip in the 30- and 60-day delinquency buckets in most trusts across all the indices, Barclays Capital analysts reported.

Responding to investor gripes about lack of transparency and ratings instability for CDO transactions, Fitch Ratings unveiled new global rating criteria for corporate CDOs last week.

MJX Asset Management last week closed Veer Cash Flow CLO, a newly restructured incarnation of a market value transaction, Veer Loan Opportunities Fund.

Six months after several of Merrill Lynch & Co.'s top fixed-income executives were ousted from their jobs, another round of shakeouts is underway, which involve many of the bank's senior executives in fixed income.

Moody's Investors Service announced the appointment of Jonathan Polansky, who is now the group managing director of the rating agency's asset finance group, to the newly created role of structured finance global surveillance coordinator. In his new role, Polanksy will work closely with the rating agency's surveillance and line of business managers to monitor outstanding Moody's-rated structured transactions.

Six months after several of Merrill Lynch & Co.’s top fixed-income executives were ousted from their jobs, another round of shakeouts is underway, which involve many of the bank’s senior executives in fixed income.

Tom White, currently head of global markets, will be transitioning to a new leadership role as president of the principal capital group at Bank of America.

McGraw-Hill Cos. announced today that its quarterly earnings fell 44% due to business dropping at its Standard & Poor's unit.

Jefferies & Co. made news last week when it hired 10 senior executives for its mortgage-backed securities trading group, in an effort to expand its fixed-income business.

The three major rating agencies came under attack again last week when the U.S. Senate Committee on Banking, Housing and Urban Affairs held a meeting about the agencies' role in the current credit markets turmoil. Senator Christopher Dodd (D-Conn.) and Senator Richard Shelby (R-Ala.) presided over the hearings.

Continued downgrades of market value structures (MVS) - and subsequent restructurings in some cases - have called attention to their sensitivity to pricing dislocations.

At the onset of CDO troubles this past summer, market participants predicted that tough times would weed out the established players from the fly-by-night shops. As the CLO market begins to pick up, it appears the predictions might be coming true.

Springfield and Boston, Mass.- based Babson Capital Management has acquired Murray Capital Management (MCM), a distressed debt and special situations management outfit based in New York.

Fitch Ratings released revised criteria for rating market value structures (MVS) after a review that the rating agency first announced in December 2007. The review was a response to unforeseen stresses on current market value instruments.

The first quarter of 2008 brought a slew of grim announcements for the financial guarantor industry, including a decision by some to put new business on hold altogether. But despite market troubles, the monolines held on in the beginning of 2008, even if only by a thread.

The Basel committee last Wednesday announced plans to enhance Basel II, a move that involves some extra steps to "strengthen the resilience of the banking system."

It was not exactly a stunning comeback for the securitization industry, but last week's collection of deals marked something of a stepped up pace of issuance and there was talk of revived investor confidence in the industry.

ABN Amro ABS syndicate head Neil McPherson left the bank on April 10, according to people familiar with the bank. Market sources said that several people left along with McPherson, and suggested that the change was probably a result of downsizing after the company takeover by Royal Bank of Scotland. Company officials could not be reached by press time. McPherson joined ABN from Credit Suisse, where he was a managing director and syndicate head.