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The article reports on Bank Negara Malaysia's launch of its first M$400 million Sukuk Ijarah (lease-backed notes) deal which uses a securitization-type structure. The deal is the first transaction from an ongoing program that the bank expects will serve as a benchmark for short-tem Islamic bonds. The bank's notes are likely to offer a slight pickup on government-issued one-year Islamic paper, which was trading around 3.4 percent.

Focuses on the impact of concerns related to unsecured debt ratings downgrade of Abbey National PLC to pricing for securitization in the latest deal priced in line with Permanent Financing 4 of HBO Corp. Price of the triple-A reated U.S. dollar-denominated share; Problem in selling premium bonds in secondary market; Indication for repricing of European asset-backed securities.

The article provides information on the European investors that have lost confidence in the security offered by the covered bond markets. It notes that covered bond analyst Ted Packmohr from Dresdner Kleinwort has said that the covered bond market is flooded with account write-offs, despite European governments' counter-measures and expanded support programs, leaving investors cautious of the risks involved with covered bonds.

The article reports that Bank of England has implemented a new £50 billion special liquidity scheme (SLS) which includes primarily Great Britain and European triple-A cash residential mortgage-backed security (RMBS) and covered bonds. The new scheme will allow participating banks to temporarily swap their triple-A rated mortgage-backed securities (MBS) and other securities for Treasury Bills (T-Bills).

Reports on the success of financial services firm Saxon Asset Securities' issuance of home equity loan-backed bonds. Saxon's divestiture from Dominion Resources; Total amount of bonds sold in the market; Factors behind the success of the offering.

The article reports that HSBC Bank Brasil SA will be launching a $200 million, 10-year bond backed by diversified payment rights (DPR), the asset class linked to electronic money flows. DPR offers a way for local banks to secure longer-term funding and attract investors of higher-grade paper. In 2005, HSBC Brasil achieved nearly $18 billion in DPR, with a sharp upswing from February to August.

The article explores the condition of the asset-backed securitization (ABS) market in Europe. It notes that the sector has picked up speed but it might get derailed. It mentions the move of banks to renew its securitization activity and senior appointments in the sector. It adds that the primary ABS issuance remains relatively strong and covered bond and senior financial issuance have revived.

Reports that the domestic currency market in Mexico pumped out $675 million in securitized bonds in the second quarter of 2003. Break-in of new asset classes; Debut of the monoline wrap in pesos; Implications on the market for asset- and mortgage-backed securities.

Presents charts and graphs reflecting the performance of financial services firms selling in asset-backed securities, as of July 2001. Asset-backed commercial discount rate of firms as of July 25, 2001; Fixed and floating rates of aircraft leases as of July 26, 2001; Ratings of bonds from various firms.

The article reports that the three diversified payment rights (DPR) bonds of Alliance Bank and Trust in Kazakhstan could fall into the scope of any of the proposed restructuring of the bank's debt. It states that the determining factor of the fall of the bonds which totalled $275 million at issuance is the bank's cash flow. Moreover, the paper examines the effect of the issue on the bondholders of Alliance and the failure of its cash flow.

The article provides information about research on assets in the U.S. The countrywide securities offers recommendation on moving down-in-coupon within hybrid ARMs, selling hybrids with net coupon above six percent to buy discount hybrids with coupons below 5.75 percent. It has also cited that investors have required additional spread for owning last cash flow triple A-bonds.

Presents a list of consolidated street research regarding financial services industry in the U.S. as of September 27, 2004.

Presents updates related to finance in the U.S. as of September 20, 2004. Speculation for below investment grade bonds to continue to be a good trade; Financial performance of Credit Suisse First Boston Corp.; Increase in the confidence of analysts in mortgage-backed securities.

Reports that Securitization Bice is readying a deal that is likely to be the second ever U.S. dollar-denominated bond to hit the domestic securitization market in Chile. Inclusion of notes issued by Societe Generale Option Europe; Allowance of Chilean investors to indirectly buy overseas notes; Structure and pricing of the deal.

The article discusses growth of several esoteric asset classes in securitization of assets. Topics discussed include assets which show growth in securitization such as mobile handsets financing, aircraft leasing and Property Assessed Clean Energy (PACE) bonds and the views of Nichol Merritt, director at the financial services organization Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), on investment done as per credit ratings.

The article reports on the rolling of synthetic index for commercial mortgage-backed security (CMBS) bonds. Investors in the new CMBX.2 can refer the double-B tranches of the CMBS reference entities. According to Citigroup Global Markets, the fixed-rate coupons set for the second round of indices was more conservative than those set for the CMBX.1. Initial index coupons for CMBX.2 for the popular triple-B minus tranches are set to 87 basis points while the new double-B tranche is set at 180.

The article focuses on collateralised debt obligations (CDOs). While most of the growth last year was in better quality credits, the increasingly complicated residential market, with all its bells and whistles, adds unknown complexities. Issuance of asset-backed securities (ABS) CDOs, the type of CDO instruments that contain a mix of bonds from real estate sectors, skyrocketed to $59 billion from $30 billion in 2002. While input/output loans look great on paper and have increasingly provided collateral for ABS CDOs, these securities have not been tested in the market before.

Examines the potential of covered bonds as vehicles for cross-border funding in Central America. Global Bank Corp. and Banistmo's placement of issues that closely resemble mortgage-related covered bonds; Existence of investment-grade banks in Panama; Banco Cuscatlan's issuance of paper guaranteed by mortgages in El Salvador.Primer Banco del Istmo trading as Banistmo or Banco Del Istmo is the largest bank in Panama and Central America,

Focuses on the registration of Credit Suisse First Boston Corp. and Inversora Bursatil with Mexican regulators a peso-denominated bond backed by dollar-sovereign bonds carrying a coupon. Worth of the bond; Due for the coupon; Legal counsels of the transaction.

Reports on the cross-border bond issued in May 2003 by Brazilian firm Petrobras which is backed by receivables from the export sales of heavy fuel oil and bunker oil. Yield rate; Oversubscription of the deal; Management of the deal by Citibank and Banco Bilbao Vizcaya Argentaria.

Focuses on the occurrence of second-tier issuers of price deal in the market. Increase of deal on market receivable; Significance of mortgaged-related activity on home equity; Indication of long-scheduled prime truck loan-backed deal on bonds sell.

Reports that automobile dealer AutoNation Inc. has chosen Banc of America Securities to manage its sale of auto loan-backed bonds in the United States. Preliminary shelf registration filed by the firm with the U.S. Securities and Exchange Commission; Plan of the firm to increase the available capacity of the shelf.

Reports on developments concerning the bond market in the United States for the week of July 23, 2001. Total amount of issuance; Bonds issued by student lender Sallie Mae; Equity deal entered into by Saxon Asset Securities; Timeshare receivables offered by Fairfield Resorts.

Reports on Argentine issuers' consideration of structured transactions in anticipation of the sovereign debt swap. Government's swap of long-term debt to short-term paper; Issuance of an asset-backed securities deal by subsidiaries of CTI Holdings SA.

The article reports on the projection of Lehman Brothers Inc. researchers that majority of outstanding mezzanine collateralized debt obligations (CDOs) will experience a downgrade on home equity loan (HEL) within their portfolios in 2007 in the U.S. According to the researchers, roughly 90% of mezzanine CDOs, which originated between 2003 and 2006, will have an exposure to HEL bonds. In addition, one-fifth will have 10% or more exposure to the expected downgrades.

The article reports that Polaris Securities company has became the first Taiwanese entity to completed a collateralized bond obligation. It provides information on the amount of the deal initiated by Polaris to resolve the drop in value of structured bonds in Taiwan. It explains on the five classes of rated trust certificates of the transaction.

This article focuses on matters related to consolidated street research. Within CMBS, PAC lOs are cheap to similar duration principal-paying bonds. They offer more yield, better stability and more spread, once the pricing is translated to the common denominator of the e-curve. In fact, even away from CMBS, fixed-rate CMBS PAC lOs offer good relative value. Investors carrying a heavy slug of mortgage spread risk in their portfolio should consider trimming it back for now. It's not time to go short on mortgage spreads, but neutral sounds right The following are ways to scale out of current market risks. Sell 30-year 5.5%s and buy a duration-neutral combination of 30-year 5.0%s and 6.0%s a trade that sheds volatility exposure but only gives away modest carry.

Reports on the release of Great Britain's third structured covered bond issues. Involvement of Northern Rock and Bradford & Bingley in the structured covered bond program; Increase in Northern Rocks's inaugural issue after bids reached three point five billion; Emphasis on the structured bonds in the Great Britain law.

Reports on the performance of asset-backed securities in the U.S. in the week of April 5, 2004. Slowdown in new issues; Clearing levels for various bonds; Most prevalent bond throughout the week; Performance of bonds issued by Conseco Finance Corp.

Reports the mortgage-backed securities deal involving First Costa Rica Housing Corp. in Latin America. Amount of bond issued by the company; Quality of the mortgages originated by Banco Interfin and Banco de San Jose; Terms of the deal.

The article reports on the condition of the asset-backed securities market during the summer season in the U.S. A handful of home equity and automobile-loan ABS deals priced, leaving the secondary cash credit market to assert itself. According to Bank of America analysts, seasoned bonds began trading at less competitive levels and traders appeared to be pricing toward worse scenarios.

This article reports that Mexican originator GICSA has prepaid the Ps542.5 million ($51 million) outstanding of a seven-year deal issued in March of 2004. Backed by lease contracts from three shopping malls, the transaction was initially Ps620 million and priced at 180 basis points over three-month Cete treasurys. Corporativo en Finanzas structured the bond, Santander Investment was the lead manager and Value was co-manager. According to the sources, the deal was likely the only Mexican CMBS transaction outstanding.

The article reports that Voto-Votorantim Overseas Trading Operations IV--a special purpose company wholly owned by Votorantim Participacoes--floated a $400 million, 15-year bond backed by a letter of credit from Credit Suisse First Boston Corp., which also was the sole lead. Votorantim Participacoes is the holding company of the Votorantim Group, a Brazilian conglomerate with financial and industrial interests that extend into cement, metals, banking, pulp and paper, and chemicals, among other businesses. The deal is understood to be the longest dated bond ever placed by the group abroad.

Reports on further use of the covered bond structure in Europe. Challenge for the covered bond market; Reasons why issuers would pursue a covered bond structure; Naming of Niall Camerom as global head of credit markets and Graham Bird as global head of rates markets by ABN Amro.

Announces asset-backed securities revolving deal set up by Ideal Invest in Brazil, backed by tuition receivables. Schools who have borrowed from the structure.

Offers advice on the trading and management of corporate bonds. Viability of investing in corporate bonds; Impact of a steepening in the credit curve on corporate bonds and alternative credit investments; Strength of the corporate sector.

Focuses on the volume of CDO bonds of the Bank Gessellschaft Berlin in the European market. Value of bonds issued by the AXA Investment Manager; Price points of the bonds; Deal of Deutsche Bank on bonds backed by corporate loans.

Reports on the policy which makes it easier for small medium-sized enterprises to gain access to the financial markets. Issuance of a five-tranche collateralized loan obligation; Prices of the bonds; Increase in securitizations.

Information about a roundtable discussion sponsored by Bingham McCutchen LLP and Moody's Investors Service Inc. is presented. The roundtable discussion featured several bond experts including John Arnholz, a partner with Structured Transactions Group, Sarah Kanes, director of Royal Bank of Scotland, and Yehudah Forster, vice president of Moody's Investors Service. They discussed the future of covered bonds in the U.S.

The article focuses on the sale of BNP Paribas SA's jumbo covered bond despite the global financial crisis. It states that the transaction has a five-year maturity, carries a coupon of 4.125%, and managed by three book runners including Commerzbank AG, Danske Bank A/S, and Royal Bank of Scotland. In addition, it reveals the safety of the French structured covered bond because BNP is a well-established covered bond issuer.

Reports on the asset-backed financing by the U.S.-based securitization companies, Conseco Finance Corp. and Advanta Corp. Trading prices and transactions; Overview of bond performance; Factors influencing stock prices.

The article reports on the securitization of Shariah-compliant bonds also known as sukuks in the Middle East. It cites the records from Standard & Poor's Corp. that indicate a drop of 16 percent in the issuance of sukuk in 2009 amounting to 9.3 billion U.S. dollars compared to 11.1 billion dollars in 2008. As to Khalid Howladar, senior credit officer at Moody's Investors Service, the asset-based sukuks has no security when it comes to bankruptcy.

The article reports on the utilization of covered bonds, a time-tested technique for capital raising, by credit institutions. It notes that the instruments also have been used in European jurisdictions in light of legislation that offers investors in such structure with preferential treatment in the event of the bankruptcy of the issuer. It adds that covered bonds have proven to be one of the reliable and effective methods for European banks to raise funds even at the current credit crises.

The article offers information about Tesla tapping into asset securitization. It reports that investors snapping up the company’s initial public offering of bonds backed by leases on electric cars had to consider several unusual financial risks. Other information about the bonds, which are backed both by lease payments, is presented.

The article reports on a dispute by the Florida Public Service Commission with rating agencies Standard & Poor's, Moody's Investors Service, and Fitch Ratings for the addition of a two-letter identifier,"sf," to ratings of transactions that meet its definition of structured finance. The commission has requested for the identifier label be removed from its utilities' bonds. The failure of the bonds to meet the criteria that each rating agency would use in applying the modifier is tackled.

The article focuses on the criteria in single-digit basis points and premiums of more than 100 basis points for AAA-rated bonds met by the asset-backed securities (ABS) backed by structured settlement payments. It says that the largest purchaser of structured rights is the settlement ABS offering which is completed by J.G. Wentworth in 1997. Moreover, the bonds are categorized by managing director Cory Wishengrad as nontradition ABS rather than exotic.

The article discusses the condition of the covered bonds in the U.S. It notes that covered bonds allow the ring fencing of assets in a shape and form for investors. According to Tim Skeet, head of covered bonds for Bank of America Merrill Lynch in London, the financial crisis has affected the covered banks and with legislation they would have a workable covered bond market. Skeet adds that a covered bond market would mobilize private-sector money to consumer and mortgage financing markets.

The article focuses on the announcement of the European Central Bank (ECB) that it is supporting the covered bond market in Europe with purchases worth $83.6 million. It states that the announcement which has added further momentum to the covered bond market did not clarify which products will benefit from the purchases. Moreover, opinions from covered bond experts concerning the announcement and the survey that shows that investors continued to have appetite for covered bonds are presented.

The article reports on the delay of the development of new covered bond programs in the U.S. Accordingly, major companies in asset-backed securities have all launched a covered bond groups which is part of their goal to develop new covered bond programs. However, despite of their effort, new issuance for covered bonds still cannot be implemented because the U.S. is still examining the sector, which may be part of the reason new covered bond programs have yet to emerge.

The article reports on the improvement of the securities markets after the Easter holiday in April 2007 in Great Britain. Primary and secondary market flows recorded light clearing levels, while market reports show that senior bonds remained well bid and still priced at the tight range. However, the pipeline looked its lightest since the beginning of the year, but the vanilla sector will likely be better supported technically in the next few weeks.