Securitization

Markit's new synthetic total return swaps ndex — Markit IOS Index — appears to have seen good participation on its first day, Barclays Capital analysts said.

NewOak Capital appointed Donald Layton as senior advisor and co-chairman of its investment committee.

There has been a flurry of non-TALF activity right after the program ended earlier this month.

Yesterday, StructuredFinanceNews.com reported that Feri EuroRating Services and LACE Financial Corp. created a joint sales cooperation venture designed to allow each organization to provide additional research and ratings products to its clients.

Jefferies appointed Mark Green as a managing director and head of CMBS capital markets.

Citigroup has underwritten $500 million for a new CLO that will be managed by FS COA Management, an affiliate of Fraser Sullivan Investment Management. And the CLO could price this week, according to Bloomberg.

The mortgage industry is becoming increasingly worried that if risk retention language for MBS in a new bill from Sen. Chris Dodd is not clarified, nonbanks could disappear, the nation's megabanks will get even larger, and consumers will have fewer retail choices.

Many have argued that loan quality today has got to be better than the last time anyone issued new private-label RMBS on a regular basis, and now how much better has even been publicly quantified, which could add to momentum for new issuance.

Sidley Austin’s London-based international finance group restructured approximately €3.5 billion ($4.8 billion) of debt including around €1.13 billion of CMBS notes issued by Fleet Street Finance Two.

New York-based Cohen & Co. has hired veteran fixed income sales executive David Clifford as its national sales manager for fixed income.

Overseas investors and banks are expected to be key new buyers of agency MBS once the Federal Reserve ends its purchase program, Barclays Capital analysts said.

CB Richard Ellis Loan Servicing, (CBRELS), the special servicer for the U.K. CMBS White Tower Plc, series 2006-3, announced the sale of eight of the nine properties backing the ₤1.15 billion ($1.74 billion) securitized loan.

European Risk Capital hired David Cain as the group executive advisor. In his new position, his primary responsibility is for non-bank financials and real estate.

Deloitte appointed Guy Langford to lead the distressed asset and debt practice in the U.S. effective immediately.

Spanish RMBS mortgage arrears began reversing the trend of a rapid increase in arrears that has been seen over the last two years. In the last quarter, the volume of loans falling into arrears actually decreased, according to Fitch Ratings.

Securitizers would have to retain at least 5% of the credit risk with some exceptions for loans that meet certain regulatory standards, according to a bill introduced by Senate Banking Committee chairman Christopher Dodd, D-Conn.

Roger Rosendahl joined DLA Piper’s corporate and finance practices as a partner in the New York and Los Angeles offices.

Feri EuroRating Services and LACE Financial Corp. have created a joint sales cooperation venture designed to allow each organization to offer additional research and ratings products to its customers.

The European ABS primary market currently has two new issues in the pipeline.

Standard & Poor's lowered its ratings on 29 tranches from nine U.S. CDO of ABS deals as well as removed 12 of these ratings from CreditWatch negative.