Latest news
Latest news
Debut manager is launching a CLO platform building on leveraged loan market experience
Andrew Burgess worked at Prytania for 16 years
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
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With all the boob-tube fans ranting and raving about last week's Sopranos' finale, we figured we'd give you a taste of how the loan market views it with an interim Bloomberg tag of the month winner.
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A hedge fund managed by Bear Stearns is scrambling to sell about $4 billion in mortgage-backed bonds, reports The Wall Street Journal. Faced with losses on its investments, the High-Grade Structured Credit Strategies Enhanced Leverage Fund is trying to raise cash, in a move being viewed as a setback for a Wall Street firm known for its savvy debt-market trading. The fund is down 23% in the year through April.
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General Electric’s WMC Mortgage has become what is thought to be the first subprime lender to adopt proposed federal guidelines on underwriting low-initial-payment mortgages to people with flawed credit, according to Dow Jones. The guidelines were proposed in March and are expected to be finalized in the coming weeks.
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Standard & Poor’s is placing covenant-lite loans and their impact on collateralized loan obligations under the microscope.
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Barclays Capital’s credit trader Stuart Calnan has been promoted to head of ABS trading "for the foreseeable future," after the departure of Rob Ford, according to a source close to the situation.
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Steptoe & Johnson has formed an interdisciplinary team to handle litigation, restructuring and insolvency matters arising from subprime problems and the softening real estate market.
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Standard & Poor’s has lowered credit ratings on notes from one of Banca Italease securitizations and placed notes from another on credit watch as a result of the Italian leasing firm’s deteriorating credit quality.
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Barcelona, Spain — Société Générale has opened a Brazil office designed to tap into the country's large local-currency investor base in the asset-backed market, Phillipe Madar, head of European ABS said.
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California lender No Red Tape Mortgage is the latest casualty of problems in the subprime mortgage sector, as the firm is winding down its operations..