Strategy and Outlook


Outlook for Spreads, Defaults Still Cloudy, Credit Managers Say

Nearly 60% surveyed by the International Association of Credit Portfolio Managers, expect wider credit spreads in U.S. investment grade debt and 70% in U.S. high yield bonds and leveraged loans over the final three months of the year.

Tax Inversion Rules Threaten Asset-Backeds, SFIG Warns

New rules designed to stop U.S. companies from moving their tax addresses offshore are so written so broadly that they could disrupt the securitization market, the trade group warned.

How Regulators Can Truly Simplify Basel Capital Regime

The ambiguity over whether regulators favor risk sensitivity or simplicity in setting capital requirements does not help risk management efforts.

ABS Vegas: El-Erian on Low-Growth, Liquidity, Instability

To Mohamed El-Erian, Donald Trump’s rising popularity and a liquidity-boosting move by China’s central bank are not wholly isolated events.

Accenture Forms Blockchain Practice and Digital Asset Alliance

Accenture has created a blockchain practice within its financial services group and partnered with Digital Asset Holdings to help companies assess and implement blockchain solutions in the capital markets..



Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

How Big Box Bankruptcies Would Impact CMBS

Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.

No Exception to Risk Retention for CLOs

Risk-retention rules could thin the ranks of CLO managers; the industry was hoping for a workaround, but what it got is pretty much unworkable.

Risk Retention Rules May Shrink U.S. CLO Market

The U.S. market for collateralized loan obligations would shrink by 75% if proposed risk-retention rules are implemented, according to the Loan Syndication and Trading Association.

New Trade Group, Same Old Problem?

Longstanding tensions within the American Securitization Forum (ASF) boiled over in March, when most of its board of directors resigned and formed a new trade group.


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Current Issue

Old CMBS Bubble is Resurfacing

More than $200 billion of the most poorly underwritten commercial mortgages originated before the financial crisis come due this year and next, many of them still underwater.

Current Issue