Bloomberg: Drop in U.S. Jobless Claims, Rising Consumer Confidence Point to Recovery

Related News: U.S. · Economy · Retail
Drop in U.S. Jobless Claims, Rising Consumer Confidence Point to Recovery
By Timothy R. Homan and Alex Kowalski - Apr 1, 2011 5:28 AM GMT+0900

Fewer Americans filed claims for jobless benefits last week and consumer confidence stabilized, a sign the world’s largest economy is weathering the jump in commodity prices heading into the second quarter.

Bloomberg: Business Activity in U.S. Expands Faster Than Forecast in Chicago Survey

Related News: Economy · U.S.
Business Activity in U.S. Expands Faster Than Forecast in Chicago Survey
By Shobhana Chandra - Mar 31, 2011 11:25 PM GMT+0900

Business activity in the U.S. expanded at a faster pace than forecast in March, signaling manufacturing remains a driver of growth in the world’s largest economy.

WSJ: Futures Mixed; Eyes On Economic Data

TODAY'S MARKETS|MARCH 31, 2011, 8:25 A.M. ET
Futures Mixed; Eyes On Economic Data

By SIMON KENNEDY

U.S. stock futures were mixed Thursday ahead of the first quarter's final trading session, as investors also eyed a packed economic schedule over the next two days.

Frankfurt Longs for 'Mainhatten' Era

COMMERCIAL REAL ESTATE
March 30, 2011

Frankfurt Longs for 'Mainhatten' Era
Office-Market Activity Begins to Return Financial Capital to Golden Age

By WILLIAM BOSTON | Special to the WSJ

Prime Frankfurt office-building values are still 20% below 2007 peak levels and vacancy rates continue to exceed 15%. But you would never know that from the amount of investment and development activity beginning to take place.

http://online.wsj.com/article/SB10001424052748703461504576230511567808374.html

Bloomberg: Bill Gross Says Treasuries Have Little Value, Echoing Buffett

Related News: Insurance · Europe · U.S. · Bonds · Currencies · Funds
Bill Gross Says Treasuries Have Little Value, Echoing Buffett
By Wes Goodman - Mar 31, 2011 12:33 PM GMT+0900

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said Treasuries “have little value” because of the growing U.S. debt burden.

Bloomberg: JPMorgan’s Dimon Says U.S. Debt Default Would Be ‘Catastrophic’

JPMorgan’s Dimon Says U.S. Debt Default Would Be ‘Catastrophic’
By Rebecca Christie and Dawn Kopecki - Mar 31, 2011 7:36 AM GMT+0900

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said companies, insurance funds and investors would lose access to markets if the U.S. appears headed toward a default related to its debt limit.

Fee Scorecard for High-Yield Real Estate Funds

http://www.realert.com/ranks.php

Fee Scorecard for High-Yield Real Estate Funds

High-Yield Debt

WSJ: Portugal Hints at Deficit Revision

MARKETS|MARCH 30, 2011
Portugal Hints at Deficit Revision

By PATRICIA KOWSMANN

LISBON—Portugal's statistics agency said it plans to make "accounting changes" in a report to be submitted to the European Union's statistics agency by week's end, a revision that could indicate a wider 2010 budget deficit and which would further undermine the credibility of the country's embattled government.

Company Overview of Renshaw Bay

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=128934879

Company Overview of Renshaw Bay

Snapshot

Company Overview
Renshaw Bay is a privately owned investment manager. The firm also provides advisory services to its clients. It primarily provides its services to funds and investment companies. The firm invests in the alternative investment markets. Renshaw Bay was founded in February 2011 and is based in London, United Kingdom.

S&P: Why CLO Market Performance Continues To Improve

Why CLO Market Performance Continues To Improve (00:08:45 min)

Performance in the collateralized loan obligation (CLO) market continues to improve, as evidenced by several positive factors. Notably, we upgraded over 30% of our CLO book in the last six to nine months. Of the CLO tranches that we rate -- roughly 4,400 -- only a few are rated 'CC' and below, and more upgrades are possible. For 2011, we expect CLO issuance of roughly $15 billion, and possibly $25 billion if significant improvement is sustained. In this podcast, Director Zachary Wolf provides an overview of CLO market activity thus far this year.

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WSJ: S&P Downgrades Portugal, Greece

MARKETS|MARCH 29, 2011, 3:31 P.M. ET
S&P Downgrades Portugal, Greece

By GEOFFREY T. SMITH

LONDON—Rating agency Standard & Poor's on Tuesday delivered a damning verdict of the euro zone's new plans for resolving sovereign debt crises, downgrading two of the euro zone's most troubled member states.

CNN Money: Home prices near a double dip

Home prices near a double dip

By Les Christie, staff writer March 29, 2011: 10:51 AM ET

NEW YORK (CNNMoney) -- January home prices fell for the sixth month in a row, edging closer to a double dip.

Bloomberg: Home Prices, Consumer Confidence in U.S. Probably Fell

Related News: U.S. · Real Estate · Economy · Canada · Municipal Bonds · Currencies
Home Prices, Consumer Confidence in U.S. Probably Fell
By Alex Kowalski - Mar 29, 2011 1:00 PM GMT+0900

Residential real estate prices probably dropped in January by the most in more than a year, raising the risk that home sales will keep slowing, economists said before a report today.

Is Private Equity Getting Pickier on NPLs?

Is Private Equity Getting Pickier on NPLs?

http://www.nationalmortgagenews.com/nmn_features/private-equity-pickier-1024069-1.html

Tuesday, March 29, 2011
By Paul Muolo

Smaller, thinly capitalized investors in nonperforming mortgages could face liquidity concerns in the coming months as private equity investors begin to re-examine their commitment to the business while bolting for higher returns elsewhere.

Bloomberg: Portuguese Bailout Costs More Than Money Alone: Matthew Lynn

Related News: Economy · Finance · Law · Eastern Europe · Europe · France · India & Pakistan · Latin America · U.K. & Ireland · U.S. · Opinion · Funds · Municipal Bonds · Matthew Lynn
Portuguese Bailout Costs More Than Money Alone: Matthew Lynn
By Matthew Lynn - Mar 29, 2011 8:00 AM GMT+0900
Bloomberg Opinion

Is it 50 billion euros? Or perhaps 70 billion euros? The cost of bailing out Portugal varies according to who makes the calculation. No one will know the real price until officials from the International Monetary Fund and the European Central Bank tell us.

Bloomberg: European Bank Funding Threatened as Basel III Meets Solvency II

Related News: Europe · France · Germany · Italy · U.K. & Ireland
European Bank Funding Threatened as Basel III Meets Solvency II
By Kevin Crowley - Mar 29, 2011 8:01 AM GMT+0900

European banks are being forced to sell more long-term bonds as regulators seek to prevent another financial crisis. European insurers say their own regulator will stop them from buying such debt.

Bloomberg: U.S. Consumer Spending Increases More Than Forecast

Related News: Retail · U.S. · Economy · Currencies
U.S. Consumer Spending Increases More Than Forecast
By Shobhana Chandra - Mar 29, 2011 6:07 AM GMT+0900

Americans increased spending more than forecast in February as incomes climbed, easing concern that rising food and fuel costs might derail the consumer demand that makes up 70 percent of the U.S. economy.

WSJ: Crises Nudge Debt Loads to Brink

THE OUTLOOK|MARCH 28, 2011
Crises Nudge Debt Loads to Brink

By MARK WHITEHOUSE

The financial strains created by crises in Japan and Europe highlight a growing problem: The rich world is getting close to the point where it won't be able to bear the costs of another disaster.

S&P: The CMBS Market Improves In First-Quarter 2011, But Global Instability Could Impede Progress

The CMBS Market Improves In First-Quarter 2011, But Global Instability Could Impede Progress (00:05:53 min)

In first-quarter 2011, the commercial mortgage-backed securities (CMBS) market experienced improving fundamentals, including tighter spreads and fewer delinquencies. Nevertheless, instability in the Middle East and North Africa, and the earthquake in Japan, resulted in increased volatility and higher commodity prices, which could ultimately hamper new CMBS issuance. In this podcast, Standard & Poor's Senior Director James Manzi provides an overview of CMBS market activity for the first quarter and our expectations for the rest of the year.

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S&P: New Home Sales Sink To An All-Time Low As U.S. Housing Woes Continue

New Home Sales Sink To An All-Time Low As U.S. Housing Woes Continue (00:20:41 min)

This week’s U.S. housing data report negative trends all across the sector. Existing home sales declined 9.6% in February and 33% from their 2005 peak, and sales of new homes dropped to their all-time lowest level. In this podcast, Standard & Poor’s Senior Director Erkan Erturk discusses the latest trends affecting the sector.

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S&P: How The Fed’s Move To Ease Capital Restraints Could Affect Large U.S. Banks

How The Fed’s Move To Ease Capital Restraints Could Affect Large U.S. Banks (00:04:56 min)

On March 18, 2011, the Federal Reserve relaxed its capital restraints on the 19 largest U.S.banks. The move allows these institutions to increase the return of capital to shareholders in the form of dividends and share repurchases. In this CreditMatters TV segment, Standard & Poor's Director Stuart Plesser discusses our thinking on how the decision could affect the banks in the long run. Topics include the potential rating implications, stress test results, and the importance of capital adequacy in the ratings process.

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WSJ: A Nation of Dropouts Shakes Europe

EUROPE BUSINESS NEWS|MARCH 25, 2011
A Nation of Dropouts Shakes Europe

By CHARLES FORELLE

LISBON—Isabel Fernandes, a cheery 22-year-old with a constellation of stars tattooed around her right eye, isn't sure how many times she repeated fifth grade. Two, she says with a laugh. Or maybe three. She redid seventh grade as well. She quit school with an eighth-grade education at age 20.

emii.com: Perella Buys €286M RBS Property Portfolio

Perella Buys €286M RBS Property Portfolio
03-24-2011 | Source: emii.com

The Royal Bank of Scotland (RBS) has sold its Spanish real estate portfolio to special subsidiaries of financial investor, Perella Weinberg, The Wall Street Journal reports. The banking group has not disclosed the financial details of the cash transaction, but the package has a par value of €286 million.

WSJ: Portugal's Woes Turn Spotlight on Spain

EUROPE NEWS|MARCH 24, 2011, 5:32 P.M. ET
Portugal's Woes Turn Spotlight on Spain

By MARCUS WALKER And JONATHAN HOUSE

Portugal's admission that it will probably need a financial bailout raises a question that will shape the outcome of the euro zone's debt crisis: Is Spain next?

WSJ: New Phase in Europe Crisis

EUROPE BUSINESS NEWS|MARCH 24, 2011
New Phase in Europe Crisis
Portugal Is Seen Needing Bailout as Austerity Plan Fails, Prime Minister Resigns

By PATRICIA KOWSMANN And JEFFREY T. LEWIS

LISBON—Portugal's parliament rejected a new government austerity plan Wednesday, spurring the resignation of Prime Minister José Sócrates and setting off a new phase in Europe's sovereign-debt crisis.

S&P: Could Bank Resolution Regimes Spur Rating Actions?

Could Bank Resolution Regimes Spur Rating Actions? (00:05:37 min)

Bank resolution regimes are legal and regulatory frameworks that clarify the powers and approaches taken by governments to deal with failing banks. Could these regimes spur rating actions? Moreover, will banks be allowed to fail? In this CreditMatters TV segment, Senior Director and Criteria Officer for Financial Institutions Michelle Brennan answers these questions and provides a big picture look at the effects the regimes could have on global banking and financial systems.

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Bloomberg: U.S. New-Home Sales Unexpectedly Fall to Lowest on Record

Related News: Economy · Real Estate · U.S.
U.S. New-Home Sales Unexpectedly Fall to Lowest on Record
By Alex Kowalski - Mar 24, 2011 5:20 AM GMT+0900

Purchases of new U.S. homes unexpectedly declined in February to the slowest pace on record and prices dropped to the lowest level since December 2003, adding to evidence the industry is floundering.

WSJ: Political Risk Rising in Europe

HEARD ON THE STREET|MARCH 23, 2011, 9:05 A.M. ET
Political Risk Rising in Europe

By RICHARD BARLEY

The euro-zone crisis may be back. The Portuguese minority government faces a key vote on austerity measures Wednesday, and Prime Minister José Sócrates has said he will resign if the opposition doesn't support them. The chance Lisbon will have to ask for aid from the euro zone is rising. But this is just the most imminent political risk; national and European interests are colliding from Helsinki to Dublin.

WSJ: Fed to BofA: No Dividend for You

MARCH 23, 2011, 8:14 AM ET
Fed to Bank of America: No Dividend for You

Bank of America is being left in the dividend cold.

The banking giant said in a regulatory filing that the Federal Reserve rejected BofA’s proposed plan for a “modest” bump to its dividend in the second half of the year — a move BofA has been signaling to investors for months. BofA said it can “resubmit a revised comprehensive capital plan” to the Fed.

emii.com: Absolute FoHF To Seed EM Portfolios

Absolute FoHF To Seed EM Portfolios
03-23-2011 | Source: emii.com

S&P: Covered Bonds: A Primer On The Underlying Risks

Covered Bonds: A Primer On The Underlying Risks (00:07:28 min)

The covered bond asset class enjoys significant interest from both investors and issuers around the globe, with €80 billion issued in the first 10 weeks of 2011 and new legislation being contemplated in the U.S. In this podcast, Standard & Poor's Associate Director Sabine Daehn, of Structured Finance Research, discusses recent developments in the sector and highlights the diverse risk dynamics underlying different covered bond programs.

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S&P: A Sluggish Economy And Weak Housing Market Keep The Outlook Negative For U.S. Mortgage Insurers

A Sluggish Economy And Weak Housing Market Keep The Outlook Negative For U.S. Mortgage Insurers (00:11:54 min)

A sluggish economic recovery continues to hinder the prospects of U.S. mortgage insurers. Moreover, our outlook on the sector remains negative because its fortunes are closely tied to higher employment and home sale rates. In this CreditMatters TV segment, Director Ronald Joas provides an overview on why sector recovery remains elusive, despite lower delinquency rates, higher-quality business, and pending regulatory reform.

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S&P: February 2011 Credit Card Quality Index: What’s Behind The Mixed Performance

Standard & Poor’s February 2011 Credit Card Quality Index: What’s Behind The Mixed Performance (00:08:24 min)

Standard & Poor’s monthly credit card quality index (CCQI) aggregates pools of credit card receivables since 1992. For February, the CCQI reported an increase in credit card defaults and a continued decline in receivables balance. In this podcast, Standard & Poor’s Director Ildiko Szilank discusses what’s behind the credit card loss rate, stronger credit quality, the decline in credit card receivables, credit card lending practices, and Americans’ spending patterns observed during the month.

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emii.com: Paulson Losing Money Through Mid-March

Paulson Losing Money Through Mid-March
03-18-2011 | Source: Institutional Investor Magazine

John Paulson continues to struggle this year. The gold bug’s Paulson Advantage Plus fund lost 4.42 percent in the first two weeks of March alone, through last Friday. As a result, the Event Driven hedge fund was down 1.76 percent for the year through March 11, according to an investor.

MSN: Is the Nonperforming Loan Market Now a Bust?

Is the Nonperforming Loan Market Now a Bust?

Friday, March 18, 2011
By Paul Muolo

Depending on who you talk to, the 'current' nonperforming loan market is either a bust or a great opportunity – or perhaps something in between. That covers all the scenarios, really, but I know of at least two firms that have exited the business over the past six months, with one more on the way. Then there are the recent layoffs at Kondaur Capital. Kondaur chief Jon Daurio recently told us that after the staff cuts his business was once again cash flow positive. That's good news, but the 'troubles' I've been hearing about of late center on mostly smaller players. One investor told me that certain private equity and hedge funds are beginning to turn up their noses on the NPL space – but not because the profits are poor. "You can get an IRR [internal rate of return] of 13% on this business still, but some of these funds are saying that's not good enough anymore – they can make 20% by trading currency," an NPL player told me. In other words, it's all about "the trade"…

WSJ: U.S. Libor Probe Includes BofA, Citi, UBS

BUSINESS|MARCH 18, 2011
U.S. Libor Probe Includes BofA, Citi, UBS

By DAVID ENRICH, CARRICK MOLLENKAMP And JEAN EAGLESHAM

As U.S. regulators home in on at least three banks in a probe of manipulation of a key benchmark rate, investigators face challenges proving wrongdoing because banks report and obtain borrowing costs in an opaque process that leaves a scant evidence trail, according to people familiar with the situation.

S&P: U.K. Banks Continue To Recover, But Regulatory Changes Loom

U.K. Banks Continue To Recover, But Regulatory Changes Loom (00:06:32 min)

U.K. bank results for 2010 indicate an ongoing gradual recovery from the global financial crisis and recession. But how will impending regulation affect the sector's recovery? In this CreditMatters TV segment, Standard & Poor's Director Richard Barnes discusses the trends shaping the U.K.'s banking sector and the potential effects regulatory changes could have on banks' operations.

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S&P: Why U.S. Consumer Credit Defaults Declined in February 2011

Why U.S. Consumer Credit Defaults Declined in February 2011 (00:07:05 min)

While high unemployment and rising energy prices remain a concern, U.S. consumer credit default rates fell in February, according to the most recent S&P/Experian Consumer Credit Default Indices. This improvement has been a general trend since early 2010, as the indices fell from last year’s levels. In this podcast, Standard & Poor's Senior Director Erkan Erturk discusses what's behind the drop in defaults.

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WSJ: U.N. Clears Way for Attack on Libya

EUROPE NEWS|MARCH 18, 2011
U.N. Clears Way for Attack on Libya
U.S., Europe Ready to Launch Air Strikes Against Gadhafi Forces; Rebels' Worsening Plight Jolts White House to Act

By JAY SOLOMON, ADAM ENTOUS And JOE LAURIA

The United Nations Security Council authorized military force Thursday against Libyan leader Col. Moammar Gadhafi's security forces, opening the way for European and U.S. airstrikes within days.

Inflation risk can hurt portfolio that plays it too safe

Inflation risk can hurt portfolio that plays it too safe
By Matt Krantz, USA TODAY

Q: Can being too safe with your investments, by putting a large chunk in savings, be in fact risky if there’s inflation?

A: Being too safe can be a sure way to lose money.

S&P: How The Oil Price Spike Adds To Inflationary Pressure On European Consumer ABS

How The Oil Price Spike Adds To Inflationary Pressure On European Consumer ABS (00:08:31 min)

Borrowers of loans backing European consumer ABS face renewed pressures on their finances in the form of elevated inflation, including rising oil prices. This also brings the prospect of monetary policy tightening to the fore, with central bank rhetoric becoming increasingly hawkish. In this CreditMatters TV segment, Andrew South, Head of European Structured Finance Research, discusses the changing risks for consumers' creditworthiness and how these may affect ratings in related ABS transactions.

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S&P: Structured Finance: Covered Bonds Uncovered

This Week In Structured Finance: Covered Bonds Uncovered (00:12:19 min)

Covered bonds are hybrid debt instruments that combine aspects of structured finance and financial institution ratings. In this podcast, Standard & Poor's Director Karlo Fuchs and Ernestine Warner of Investor Relations discuss our rating approach for covered bonds and the prospects for growth in Europe and the U.S.

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WSJ: Spain Ramps Up Job Efforts

ECONOMY|MARCH 17, 2011
Spain Ramps Up Job Efforts

By JONATHAN HOUSE and DANIEL DE LA PUENTE

MADRID—Spain is redoubling its efforts to lower the country's chronically high unemployment rate and labor costs this month, under intense pressure from the European Union and international investors.

emii.com: BNP Paribas Creates New Fund Unit

BNP Paribas Creates New Fund Unit
03-16-2011 | Source: emii.com

French lender, BNP Paribas, has merged its Sigma and Harewood Asset Management units, Bloomberg reports. The new division, which will be called Theam, will specialize in exchange-traded funds (ETFs) and alternative management.

S&P: How M&A Is Shaping The U.S. Health Care REITs Sector

How M&A Is Shaping The U.S. Health Care REITs Sector (00:09:09 min)

In 2010, M&A activity increased significantly in the health care REITs sector, with the pace picking up in the latter part of the year and into 2011. So far this year, over $20 billion in transactions have been announced or completed. What’s prompting the activity, and who are the key players? In this CreditMatters TV video, Standard & Poor’s Directors Susan Madison and George Skoufis take a comprehensive look at how the M&A trend is shaping the industry and what could lie ahead.

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S&P: Why Spanish Banks Still Face Difficulties In 2011

Why Spanish Banks Still Face Difficulties In 2011 (00:09:01 min)

Despite a moderate economic recovery, Spanish banks face another year of obstacles and uncertainty as the industry attempts to significantly transform itself. In this CreditMatters TV segment, Standard & Poor’s Director Elena Iparraguirre discusses the major implications of restructuring, the industry’s strengths and weaknesses, consolidation, and our outlooks for 2011 and 2012.

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S&P: How Tougher Regulations Would Prompt French Banks To Bolster Capital

How Tougher Regulations Would Prompt French Banks To Bolster Capital (00:04:20 min)

French banks continue to post adequate results and benefit from sound asset quality. However, they will continue to operate in a constraining playing field featuring low domestic economic growth, uncertain capital markets, and stricter regulations. The tighter regulatory regime should prompt banks to bolster their capital. In this CreditMatters TV video, Standard & Poor's Director Elisabeth Grandin takes an in-depth look at the situation.

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Bloomberg: BNP Paribas Merges Sigma, Harewood to Create Theam Fund Unit

BNP Paribas Merges Sigma, Harewood to Create Theam Fund Unit
By Fabio Benedetti-Valentini - Mar 16, 2011 1:54 AM GMT+0900

BNP Paribas (BNP) SA, Europe’s largest bank, combined its Sigma and Harewood asset-management units to create Theam, a division specializing in exchange-traded funds and alternative management.

WSJ: Anxiety Spreads to Japan's Neighbors

ASIA NEWS|MARCH 15, 2011, 3:49 P.M. ET
Anxiety Spreads to Japan's Neighbors

By JAMES HOOKWAY

Fears about the potential for a transborder nuclear disaster spread across Asia Tuesday as Japan's nuclear crisis deepened, even as experts and officials sought to calm fraying nerves in countries as far away as Singapore and the Philippines.

WSJ: Fed Leaves Policy Unchanged Amid Global Shocks

ECONOMY|MARCH 15, 2011, 3:12 P.M. ET
Fed Leaves Policy Unchanged Amid Global Shocks

By LUCA DI LEO And JEFFREY SPARSHOTT

The Federal Reserve kept its easy-money policies intact as markets reeled from a series of global shocks that could upset a firming U.S. recovery, which Fed officials indicated was just starting to take hold.

Reuters: BNP to merge fund management units into "Theam"

BNP to merge fund management units into "Theam"
PARIS, March 15 | Tue Mar 15, 2011 7:58am GMT

PARIS, March 15 (Reuters) - France's biggest listed bank BNP Paribas (BNPP.PA) announced on Tuesday the details of a merger of two fund management units, Sigma and Harewood Asset Management, in a bid to boost cross-selling and growth.

WSJ: Hedge Funds Had Bets Against Japan

MARKETS|MARCH 15, 2011
Hedge Funds Had Bets Against Japan
Even Before the Disaster, Big Investors Were Wagering on Economic Problems

By GREGORY ZUCKERMAN And TOM LAURICELLA

The catastrophe in Japan has placed renewed focus on the country's already fragile economy—and brought unexpected profits to investors who have long bet that the nation eventually will be dragged down by its debt problems.

S&P: Korea's Oil Refining And Marketing Sector: Why Credit Quality Should Hold Up In 2011

Korea's Oil Refining And Marketing Sector: Why Credit Quality Should Hold Up In 2011 (00:08:39 min)

Korea's oil refining and marketing sector is likely to get another lift as the recovery in refining margins continues into 2011. In this podcast, Sangyun Han, Standard & Poor’s Associate Director of Asia-Pacific Corporate Ratings, explains why we expect the credit quality of the three major companies in the sector, SK Innovation, GS Caltex, and S-Oil Corp, to improve. Han also discusses the risks facing the sector.

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S&P: What's Behind New Recovery Assumptions For U.S. Speculative-Grade Oil Refining Companies

What's Behind Standard & Poor's New Recovery Assumptions For U.S. Speculative-Grade Oil Refining Companies (00:07:54 min)

We recently introduced new assumptions for our recovery methodology to the debt of U.S.-based, speculative-grade-rated oil refining companies. In this CreditMatters TV segment, Standard & Poor's Associate Director David A. Kaplan, CFA, addresses key questions raised by these adjustments. Topics include a summary of the new valuation assumptions, what's spurring the assumptions, the treatment of refinery operations expected to be shut down or converted to storage terminals, and potential rating implications.

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S&P: This Week In Structured Finance: The CMBS “Leading Indicators” Index

This Week In Structured Finance: The CMBS “Leading Indicators” Index (00:06:12 min)

In this CreditMatters TV segment, Howard Esaki, Head of Structured Finance Research, discusses the new CMBS “Leading Indicators” Index, which quantifies credit risk in U.S. CMBS. Ted Burbage, Head of Investor Relations, conducts the interview.

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S&P: Middle East Unrest's Credit Impact: Inflation Is Returning To Europe Sooner Rather Than Later

Middle East Unrest's Credit Impact: Inflation Is Returning To Europe Sooner Rather Than Later (00:08:14 min)

In this podcast, Jean-Michel Six, Standard & Poor's chief economist, Europe, discusses how political unrest in the Middle East is affecting economic conditions in Europe. Topics include rising inflation, the potential for a new oil shock, and geopolitical risks.

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S&P: January 2011 Credit Card Quality Index: What’s Behind The Trends

Standard & Poor’s January 2011 Credit Card Quality Index: What’s Behind The Trends (00:09:20 min)

Standard & Poor’s monthly credit card quality index (CCQI) aggregates pools of credit card receivables. In this podcast, Director Ildiko Szilank discusses some of the trends reported in our January CCQI, such as improved credit card performance, declining receivables, and low issuance. Other topics include our forecast for credit card losses in 2011, the correlation between losses and unemployment, regulation, and asset-backed security issuance.

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Fortress Unveils Asia Macro HF

Fortress Unveils Asia Macro HF
03-10-2011 | Source: emii.com

People & Companies in the News

Fortress Investment Group
Daniel Mudd

Fortress Investment Group has started an Asia-focused macro hedge fund that aims to grow to $500 million, Bloomberg reports. The Fortress Asia Macro Fund has begun trading with the firm’s own money and that of a few clients.

WSJ: Moody's Downgrades Spain

EUROPE BUSINESS NEWS | MARCH 10, 2011, 3:57 A.M. ET
Moody's Downgrades Spain

By EVA SZALAY And TERENCE ROTH

LONDON—Moody's Investor Service Inc. on Thursday downgraded Spanish government debt to Aa2 with a negative outlook from Aa1 previously, triggering sharp declines for the euro and European bond prices in early European trading.

WSJ: Inflation in Asia Strikes at Core

ASIA NEWS | MARCH 10, 2011
Inflation in Asia Strikes at Core
It's Not Just Food Prices Anymore; Too-Fast Growth Strains Countries' Capacity, Raises Labor Costs

By PATRICK BARTA

SINGAPORE—Fears are growing that Asia's recent troubles with inflation could go deeper than initially expected as countries bump up against labor shortages and other problems commonly seen in times of too-fast growth.

S&P: To Preserve Credit Quality, U.S State And Local Governments Face Hard Choices

To Preserve Credit Quality, U.S State And Local Governments Face Hard Choices (00:09:11 min)

Standard & Poor’s expects U.S. state and local governments to maintain medium to high investment-grade ratings in 2011. However, difficult economic and revenue conditions could result in severe budget conditions, requiring tough choices by government officials. In this CreditMatters TV segment, Standard & Poor’s Managing Director Steve Murphy and Director Gabe Petek discuss the dynamics shaping the municipal markets, how the U.S. economy could affect state and local governments, state budget decisions, and pensions.

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S&P: European Economic Outlook: The Effects Of Higher Inflation On Growth Prospects

European Economic Outlook: The Effects Of Higher Inflation On Growth Prospects (00:14:38 min)

In this CreditMatters TV segment, Standard & Poor’s Chief European economist Jean-Michel Six reviews the likely effects of higher inflation and rising oil prices on Europe’s economies. Monetary policies in the U.K. and Eurozone are likely to turn much less accommodative sooner than we had expected. Meanwhile, consumers, confronted by higher energy and food prices, will rebalance their spending. As a result, the outlook for growth has become more uncertain.

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Reuters: PIMCO Total Return dumps government-related debt

PIMCO Total Return dumps government-related debt

By Jennifer Ablan
NEW YORK | Wed Mar 9, 2011 2:40pm EST

(Reuters) - The world's largest bond fund dumped all of its U.S. government debt in the biggest signal yet of how negative investors have become about the U.S. Treasury market.

CNN Money: Oil and gold: Rally won't last

Oil and gold: Rally won't last

By Hibah Yousuf, staff reporter|March 8, 2011: 5:47 AM ET

NEW YORK (CNNMoney) -- Oil above $100! Gold hitting new records! Don't fear the headlines. Most market experts think oil and gold prices will settle down as the unrest in North Africa and the Middle East region subsides.

Fitch: U.S. Senior Fixed Income Investors More Optimistic on Economy, Credit in 2011

Fitch: U.S. Senior Fixed Income Investors More Optimistic on Economy, Credit in 2011

Fitch Ratings-New York-04 March 2011: Optimism has increased among U.S. senior fixed income investors with views turning more constructive on economic growth, lending, and fundamentals across multiple asset classes, according to the most recent Fitch Ratings/Fixed Income Forum (FIF) Survey of Senior Investors. The survey was conducted from mid-January to mid-February, 2011.

S&P: U.S. Leveraged Debt: How Much Credit Risk Remains?

U.S. Leveraged Debt: How Much Credit Risk Remains? (00:07:56 min)

Although credit spreads in the secondary market have improved enormously, the fundamental assessments of credit risk captured in corporate credit and recovery ratings tell a different story. In this CreditMatters TV segment, Standard & Poor’s Managing Director Bill Chew provides a comprehensive look at the U.S. leveraged finance market. Topics include the improving trends in default rates, our outlook for default risk, and recovery trends.

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Moody's Downgrades Greece

ECONOMY|MARCH 7, 2011, 1:28 P.M. ET
Moody's Downgrades Greece

By NATASHA BRERETON And ALKMAN GRANITSAS

SINGAPORE—Moody's Investors Service Inc. lowered Greece's credit rating by three notches Monday and signaled it could cut the rating even further, dragging the country's debt deeper into junk-grade territory.

WSJ: Asia Wealth Leads to Hedge Fund Shuffle

THE VIEW FROM HONG KONG|MARCH 7, 2011
Asia Wealth Leads to Hedge Fund Shuffle

By ALISON TUDOR

HONG KONG—Asia's growing wealth is causing a major personnel shuffle in the hedge-fund world, as global funds look to establishing footholds while star managers strike out on their own.

S&P: Comments On Recent U.S. Housing Data

Standard & Poor’s Comments On Recent U.S. Housing Data (00:05:01 min)

In this podcast, Standard & Poor's Senior Director Erkan Erturk, Structured Finance, comments on this week's key U.S. housing data and what we expect for the industry this year. Topics include the reasons behind the continuing falloff in home sales, major industry risks, and declining home prices.

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S&P: This Week in Structured Finance Credit

This Week in Structured Finance Credit (00:05:45 min)

In this CreditMatters TV segment, Managing Directors Howard Esaki and Ted Burbage discuss this week's Structured Finance highlights. In the CMBS market, delinquency rates showed a small increase, while hotel revenue numbers improved, by 7% year-over-year. In the ABS sector, auto sales were stronger than expected. For RMBS, we are not seeing much activity, and we do not expect much movement in the residential private label market for some time.

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WSJ: Food Prices Reach Record High

MARKETS|MARCH 4, 2011
Food Prices Reach Record High

By CAROLINE HENSHAW

LONDON—World food prices rose 2.2% in February from the previous month to a record peak, the United Nations' food body said Thursday, as it warned that volatility in oil markets could push prices even higher.

CNN Money: Geithner: We can tap oil reserves if we need them

Geithner: We can tap oil reserves if we need them

By Jennifer Liberto, senior writer March 3, 2011: 4:08 PM ET

WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner told lawmakers Thursday that the U.S. and other nations are prepared to tap back-up oil reserves if Libya unrest continues and severely disrupts oil supplies.

WSJ: Hedge-Fund Maven Paulson Gets Hong Kong License

HONG KONG NEWS|MARCH 3, 2011, 3:40 P.M. ET
Hedge-Fund Maven Paulson Gets Hong Kong License

By NISHA GOPALAN

HONG KONG—Hedge-fund manager John Paulson, who made his name betting against subprime mortgages in 2007, is the latest high-profile investor to expand into Asia.

S&P: Asian Central Banks face the challenge of managing inflation and capital inflows

Asian Central Banks face the challenge of managing inflation and capital inflows (00:10:54 min)

The risks of a double-dip recession may have receded, but inflation is hogging the headlines again. Asian central banks are about to face another challenging year in 2011, responding to inflation and struggling to deal with capital inflows. In this podcast, Kim Eng Tan, Standard & Poor’s Director of Sovereign and International Public Finance Ratings, will share his views on capital control’s impact on Asian sovereign ratings, and alternatives to capital controls in managing inflation in Asia.

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S&P: Leveraged Buyouts: What's Behind The Resurgence

Leveraged Buyouts: What's Behind The Resurgence (00:08:11 min)

As the first quarter of 2011 draws to a close, the resurgent leveraged buyout (LBO) market has continued to pick up steam, although these deals are nowhere near the size of the mega-transactions of 2005 to 2007. In this CreditMatters TV segment, Standard & Poor's Director Allyn Arden discusses the state of the LBO market and explains why healthier credit markets and substantial cash balances from private equity investors may provide the perfect environment for LBOs to flourish.

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CNN Money: Home prices: The double-dip is near

Home prices: The double-dip is near

By Les Christie, staff writer March 3, 2011: 12:47 PM ET

NEW YORK (CNNMoney) -- That big sucking sound you heard last week? That was the air being taken out of the housing market by a slew of bad reports followed by some dire predictions by an industry bubble-spotter.

WSJ: Can the Yuan Replace the Dollar?

MARCH 2, 2011
Can the Yuan Replace the Dollar?

By SHEN HONG

SHANGHAI—It's practically a given that China will overtake the U.S. as the world's largest economy, probably within the next two decades.

CNN Money: Gross warns QE2's end could sink markets

Gross warns QE2's end could sink markets
Posted by Colin Barr
March 2, 2011 10:56 am

Bill Gross says stocks and bonds could be in for a world of hurt this summer.

Bloomberg: Portugal, Greece Ratings Kept on Negative Outlook by S&P on Debt Concerns

Portugal, Greece Ratings Kept on Negative Outlook by S&P on Debt Concerns
By Mike Millard and Aki Ito - Mar 2, 2011 12:53 PM GMT+0900

The debt ratings of Portugal and Greece remain at risk of being cut due to concern about how a European Union rescue fund may affect holders of the two nations’ sovereign bonds, Standard & Poor’s said.

S&P: Why U.S. Affordable Housing Ratings Stabilized In 2010

Why U.S. Affordable Housing Ratings Stabilized In 2010 (00:10:06 min)

Affordable project-based housing ratings stabilized in 2010 after a tough 2009. What’s behind the turnaround? In this CreditMatters TV segment, Standard & Poor’s Director Mikiyon Alexander looks at the trends in ratings performance over the past few years, Section 8 housing and our expectations for new issuance, the effect of bond insurance on the sector, and more.

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WJS: Bernanke: Fed Ready to Tackle Inflation if Necessary

MONEY|MARCH 1, 2011, 3:37 P.M. ET
Bernanke: Fed Ready to Tackle Inflation if Necessary

Federal Reserve Chairman Ben Bernanke said Tuesday the U.S. central bank is ready to respond as necessary to a surge in global commodity prices caused in part by unrest in the Middle East, though he said inflation expectations remain low.

Bloomberg: Stocks Rise as Buffett Eyes M&A; Oil Falls, Dollar Index Drops

Stocks Rise as Buffett Eyes M&A; Oil Falls, Dollar Index Drops
By Stephen Kirkland and Rita Nazareth - Mar 1, 2011 6:11 AM GMT+0900

U.S. stocks rallied, extending a third monthly gain, as billionaire investor Warren Buffett said he’s looking to make acquisitions and reports signaled a strengthening American economy. Oil retreated as Saudi Arabia offered to make up for lost output in Libya. The dollar slid.