Today's News 
August 29 2008

• Securitization Aspects Of Proposed Changes To The European Capital Requirements Directive

  The European Commission recently published a consultation paper containing a number of proposed changes to the Capital Requirements Directive, some of which are intended to address perceived failings in the structured finance markets.

By The Numbers

• European ABS – A Week In Review By Markit (Aug. 15-21)

  European asset-backed securities trading remained muted during the past week as credit rating cuts continued to weigh on market sentiment.

• League Table Leaders Stabilize As Vol Falls (Q2 2008)

• UBS, Merrill Are Fallen Angels In Global League Tables (Q1 2008)

Previously in Total Securitization

• Will Covered Bond Guidance Be Enough To Boost New Mart?

  New best practice guidance on covered bonds from the U.S. Department of the Treasury this past week, coupled with the release earlier last month of a Federal Deposit Insurance Corporation policy statement on the debt securities, may only be the start of oversight.

• BIS Presses Banks On Credit Risk Transfers Issues

• Deutsche Bank Slashes U.S. Mortgage Exposure In Q2

• EU Getting Tougher With Credit Rating Agencies

• Toxic Assets Proved Poisonous To A&L Profits

• Rhinebridge SIV Recoups 55% Of Asset Value

  The Rhinebridge structured investment vehicle auction has been completed with investors recouping 55% of their investment.

• Barclays Issue Hits LTV Wall

  Barclays Capital’s £918 million ($1.83 billion) Gemini Eclipse 2006 has become the first major single-loan European commercial mortgage-backed securitization to be unable to remedy a breach in its loan-to-value covenants.

• FSA Names Retail Markets MD

  The Financial Services Authority has appointed Jon Pain, formerly managing director of west England-based building society Cheltenham & Gloucester, as its managing director of retail markets.

• BlackRock’s D’Vari To Depart

  Ron D’Vari, head of structured finance collateralized debt obligations at BlackRock, is leaving the company.

• Kaye Scholer Adds Structured Finance Partner

  Law firm Kaye Scholer has hired Madeleine Tan from Brown Rudnick as a partner for its structured finance group.