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      <title>IDD Magazine</title>
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      <language>en-us</language>
      <copyright>Copyright 2008 Investment Dealers' Digest. All rights Reserved.</copyright>
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      <pubDate>Thu, 03 Jul 2008 18:48:27 EDT</pubDate>
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         <title><![CDATA[RMBS Market's Slow Pace Unchanged by Fed Initiatives]]></title>
         <description><![CDATA[  The RMBS market reported another paltry quarter, wrapping up a dismal first half for new issuance despite both local and Federal loss-mitigation initiatives.   Total volume clocked in at $117.3 billion in 209 deals for 1H08 compared with $622 billion in 742 deals for 1H07, according to Thomson Financial league tables. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183416-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Getting The Mix Right: Shariah-Compliant ABS Provide Ingredients for Lively Debate]]></title>
         <description><![CDATA[  Over the past two years, the Islamic securitization market has grown dramatically, although its growth faces serious roadblocks if the legal issues surrounding how to achieve a true sale are not clarified.   The main hindrance goes back to the combination of the overregulation by scholars, the grey areas within the Shariah framework and the absence of a recognized and accepted central body in the Gulf Cooperation Council (GCC) region to sign off on securitization structures. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183415-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[A New Direction for French Securitization Framework]]></title>
         <description><![CDATA[  The amendment of the legal framework for French SPVs is expected to significantly impact the structuring landscape of French securitizations, making transactions backed by higher yields - from the easier to the more complex - less difficult to structure.   'The new framework offers a greater range of possibilities in terms of sales of assets and authorizes the transfer of assets under foreign law that will be deemed effective,' Societe Generale analysts said. 'It provides greater operational flexibility over the life of the vehicles.']]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183414-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[New U.K. Covered Bond Regime Uncovered]]></title>
         <description><![CDATA[  A New Legislative Regime for U.K. Covered Bonds  In March of this year the U.K.'s Regulated Covered Bond Regulations 2008 came into force. Under the new regulations, U.K. credit institutions will be able to issue covered bonds complying with the UCITS Directive, in line with their European Union (EU) counterparts, benefiting from increased exposure limits and preferential risk weighting for investors. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183413-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Industrias Penoles Retires Silver Notes]]></title>
         <description><![CDATA[  The world's largest primary silver producer, Industrias Penoles, announced last week that it had pre-paid a 12-year structured bond issued in 1997 for $380 million. The Mexican company retired the issue using funds from a two-tranche syndicated loan in dollars and pesos.   The news appears to jibe with the recent narrative of Latin American commodity producers either retiring structured transactions or letting them amortize. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183412-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Fitch Releases New Rating Proposals]]></title>
         <description><![CDATA[  Fitch Ratings released proposed indicators and ratings that it believes should add value to existing structured finance ratings.   In its most recent release, Fitch focused on the separate complementary indicators that can be offered to enhance the meaning and usefulness of already existing structured finance ratings.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183411-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Issuance Slump Continues to Pressure CDO Managers]]></title>
         <description><![CDATA[  CLOs continued to squeak out new issuance in the second quarter, making them the only corner of the U.S. CDO market to do so. The good news is that, of the new CLO deals to hit the market, several were structured from fresh loan assets - rather than from balance sheet assets, which have thus far represented most 2008 CLO issuance.   'Where spreads are right now, it does not make it conducive to issuing a CLO, at least for arbitrage purposes,' said James Grady, managing director and senior portfolio manager for structured finance securities at Deutsche Insurance Asset Management. He noted that the majority of CLOs that got done in the first half of the year were typically structured to clear off dealers' books. 'It was more of a situation to lighten up dealers' inventories at a cost,' Grady said. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183410-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Auto Deals Up Despite Slow 1H08 for ABS Managers]]></title>
         <description><![CDATA[  Despite a steadier pace of issuance in the second quarter for the consumer ABS market, the first half of 2008 finished significantly behind last year's totals.   Although overall volume was lackluster, issuance in the credit card sector remained resilient, contributing just over half of the total volume in the ABS market year-to-date, according to a recent report from JPMorgan Securities. Currently, credit cards are up 3% when compared with 1H07 while autos and student loan deals are down 19% and 30% respectively, the bank said. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183409-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Europe Readies for a Lot More Information]]></title>
         <description><![CDATA[  Last week nine European trade groups released 10 industry initiatives to make the securitization market more transparent. The move follows the European Council of Finance Ministers' (Ecofin) call in its October 2007 roadmap to 'enhance transparency for investor, markets and regulators' by mid-2008.   To be sure, the industry associations should be applauded for delivering the initiatives on time to meet Ecofin's deadline. But the question remains: will this be enough to mend a broken European market?]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183408-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Whispers: July 7,2008]]></title>
         <description><![CDATA[  Noel Kirnon, former head of global structured finance at Moody's Investors Service, has left the rating agency. While a search for a permanent head is underway, Andy Kimball, who is chief credit officer at Moody's, is replacing Kirnon in the interim. Rich Cantor will assume responsibility for Kimball's roles as Moody's chief credit officer and chairman of its credit policy committee. Besides these two roles, Kimball has also held various senior positions at Moody's, including senior managing director for global corporate finance and managing director for Moody's risk and management services. Cantor most recently served as managing director of the credit policy research group and is a member of Moody's credit policy committee and co-chairs Moody's academic advisory panel. He joined Moody's from the Federal Reserve Bank of New York.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183407-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Extreme M&amp;A]]></title>
         <description><![CDATA[The exploration of strategic alternatives has gone extreme. Extreme sports, that is. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183405-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Merrill Snags UBS Muni Bankers]]></title>
         <description><![CDATA[Merrill Lynch has scooped up nearly 30 public finance bankers from the ranks of the now-shuttered municipal group at UBS Securities--taking advantage of a 'once-in-a-decade opportunity' as its Wall Street neighbors shed staff to cope with subprime market-related losses, according to the firm's municipal chairman.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183404-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Deutsche Bank To Buy ABN Assets]]></title>
         <description><![CDATA[Deutsche Bank said last Wednesday it will buy commercial banking businesses of ABN AMRO in the Netherlands for €709 million, or $1.13 billion, in cash. The deal is expected to close in the fourth quarter.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183403-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Carlyle, Crown Wrap Up Real Estate Buy]]></title>
         <description><![CDATA[The Carlyle Group and Crown Acquisitions said last Wednesday they have completed their $525 million joint venture purchase of a controlling interest in the retail segment of 666 Fifth Avenue from the building's owner, Kushner Cos.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183402-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Mitsubishi UFJ Grows Private Placement Presence]]></title>
         <description><![CDATA[Mitsubishi UFJ Securities (USA) Inc. said last Tuesday that it hired Conrad Owen to run its new private capital markets group, a move designed to expand into an area of finance that is expected to see heightened activity amid tightening credit market conditions.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183401-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[CIT Exits Mortgage Business]]></title>
         <description><![CDATA[CIT Group will sell its home lending business and manufactured housing portfolio in a move to reduce mortgage exposure as the global finance company redirects its focus on commercial finance.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183400-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Good Sports]]></title>
         <description><![CDATA[Some of the most notable names in private equity, Steve Pagliuca and Tom Hicks, have made personal investments in sports franchises, but rarely have these deal makers pursued similar bets on behalf of the firms listed on their business cards. Institutional money, though, may be slowly creeping into ball parks, race tracks and even soccer fields.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183399-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[An Influx of European FIG PIPEs?]]></title>
         <description><![CDATA[When TPG announced it would inject £179 million into UK financial institution Bradford &amp; Bingley, it didn't only signal the first capital infusion by a private equity firm into a UK bank. It also heralded the possibility of additional private investment in public equity (PIPE) issues by European financial services firms.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183398-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Carlyle Bolsters FIG Team]]></title>
         <description><![CDATA[The Carlyle Group has hired Wachovia veteran James Burr as a managing director in its global financial services group. Burr, who was most recently Wachovia's corporate treasurer, will start on Aug. 1 in Carlyle's New York office.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183397-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[LBO Debt Seeps Into Tough Loan Market]]></title>
         <description><![CDATA[The syndicated loan financing business is certainly in a funk, but newly priced LBO debt offerings signal that all may not be as bad as it seems.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183396-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[No Monkey Business]]></title>
         <description><![CDATA[It's not always easy coming up with something to write about in this space every seven days, but on occasion  it's a breeze. Obviously, this was one of those weeks. A chimp's eighth attempt to get a Hollywood Star, and an MIT grad walking the streets for a job in investment banking, in the same week? It almost writes itself.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183395-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Balance Sheet Minefield]]></title>
         <description><![CDATA[Sales have swooned and home prices have plummeted while inventories of homes--new and existing--have ballooned. At the same time, credit conditions have tightened and the economy has seen a dramatic slowdown, leading restructuring professionals like Ron Greenspan of FTI Consulting to believe there is more trouble down the road for homebuilders.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183394-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[A Package Deal]]></title>
         <description><![CDATA[Hicks Acquisition Co., a Dallas special purpose acquisition company established by private equity financier Thomas Hicks, reached a definitive agreement to go public with Graham Packaging Holdings in a $3.2 billion transaction with The Blackstone Group, marking one of the largest transactions to be executed between a blank check entity and industrial company.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183393-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[M&amp;Ain't]]></title>
         <description><![CDATA[By now, it's a well-worn tale, this one relayed by an investment banker: A private equity firm in the process of acquiring a company in a deal that would normally take six months will now spend a year hoping to get it done. But at least they're trying. Extended deal time frames and the falloff by private equity firms in buying companies have been the hallmark of the first half of this year, and while industry participants predict a slight uptick, overall not much will change in the remaining six months of the year. Regardless, Wall Street banks, which have laid off thousands of bankers due to the market slowdown, will continue to feel pressure in their M&amp;A business the remainder of the year.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183392-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[US Auto Wreck?]]></title>
         <description><![CDATA[GM and Ford share prices are trading at 52-week lows and investors have found that bonds from auto makers are tough to sell. At the same time, credit default swaps for both companies are at levels suggesting that they will file for bankruptcy within the next five years.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183391-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Scorecards]]></title>
         <description><![CDATA[ View the Scorecard deals featured in ASR's latest issue.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183372-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Aftermarket Performance]]></title>
         <description><![CDATA[Best and worst IPO performance for 2008, along with performance of recent stock offerings.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183370-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Securities In Registration]]></title>
         <description><![CDATA[The below is a list of planned new offerings that have been registered with the SEC in the past month, but have not yet come to market. Deals that have been withdrawn are excluded. Outstanding shelf registrations are not listed here, but new shelf registrations are listed weekly in this section of the magazine. The listing is sorted by filing date. To add or delete listings, or to request corrections in this section, please contact Matthew Toole at (646) 822-7560.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183369-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Mortgage Refi Data]]></title>
         <description><![CDATA[  See results from the Mortgage Banker's Associations Refinance and Purchase Indexes as well as the weekly mortgage rates surveyed by Freddie Mac. ]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183366-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[ABS Totals]]></title>
         <description><![CDATA[ View the year-to-date ABS issuance totals for ABS, MBS and CMBS.]]></description>
         <link>http://www.iddmagazine.com/issues/2008_27/183365-1.html?CMP=OTC-RSS</link>
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