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’That Mad EIB plan (and other trial balloons)
Tuesday’s post by Macro Man on the latest eurozone trial balloons is so good we that we wanted to pass along the highlights (while also encouraging you to read the whole thing).
First, Macro Man’s considers what shall henceforth be known as the The Liesman Plan.
Taibbi takes aim at the Talf
Yeah, so — the Talf was a scam. That much we knew from the get-go.
What we didn’t know was that a pair of Reiki-loving Wall Street wives had a crack at it. That nugget’s contained in the latest from Matt Taibi — the hyperbolic Rolling Stones writer of vampire sqid fame.
Gaelic TALF, and other bizarre Irish bank fixes
Amazing stuff on Friday from Fine Gael, the party that’s likely to take power in Ireland’s elections later this month, on their policies for fixing Ireland’s bailed-out banks.
Previously, Fine Gael have blown hot and cold on whether to burn Irish banks’ senior bondholders (the subordinated debt is already toast).
Your guide to the Fed’s $3.3 trillion data dump
Cast your minds back to 2007, 2008 and 2009 — and think hard.
You’ll need to. The Federal Reserve has just released the mother-of-all data dumps — showing who received payouts from its circa $3,000bn bailout programmes,
‘The most serious wave of commercial real estate difficulties is just now beginning’
Here’s one of the scariest sentences you will (in all likelihood) read today:
That’s from the latest Congressional Oversight Panel (COP) report, and it is all about — you guessed it — commercial real estate in the US.
A different government view on CMBS
The United States Government Accountability Office published its report on the US government’s Troubled Asset Relief Program last Friday.
It’s a voluminous work, but definitely worth perusing if you have time as it offers some very interesting detail into the implementation of the Tarp and related programs thus far,
Try, try, again at the Talf
The New York Federal Reserve has released the January subscription details for its Talf programme — the Fed’s effort to help jump-start the securitisation market.
All in all, the Fed accepted 46 bonds for the January legacy CMBS portion of its Talf programme,
Talf gaffe at the Fed
Whoops. Here’s something FT Alphaville missed last week.
A major mea culpa from the Federal Reserve on the legacy CMBS portion of its Talf programme.
From the Fed Reserve Bank of New York:
The New York Fed continuously reviews the stress value estimates and recently identified and corrected a methodological error.
Delinquent CMBS, the `C’ stands for climbing
Behold, what looks to be the biggest monthly increase in delinquent CMBS in 2009 (so far).
Realpoint has released its CMBS delinquency report for November 2009.
With the exception of June 2009,
New-issue CMBSuccess under the Talf
Here’s something which hasn’t happened before.
The New York Fed received requests for federal loans to purchase new-issue CMBS in its latest Talf subscription:
This is likely down to the CMBS deal mentioned last week,
Fed watch – primary credit loans
Released by the US central bank on Tuesday:
In light of the continued improvement in financial market conditions, the Federal Reserve Board on Tuesday announced that it approved a reduction in the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days effective January 14,
Talf-tastic CMBS
Ta-dah! Behold the first new CMBS deal in over a year:
(From Structured Finance News, click to enlarge)
`DDR’ is Developers Diversified Realty Corp., an Ohio-based shopping mall Real Estate Investment Trust (Reit).
TALF issues top $90bn
Issuers sold about $6bn of bonds backed by consumer loans in the latest round of financing through the Federal Reserve’s TALF scheme, reports the WSJ. The deals pushed the total amount of TALF-related issuance above $90bn since the scheme began in March.
Talf gaffe
Here’s your latest dose of Fed Talf CMBS-buying mystery.
The Fed accepted 81 of the legacy CMBS bonds submitted in the latest (Oct. 21) Talf subscription, and rejected five — an acceptance rate of 94 per cent.
Talking Talf on commercial real estate
October 16, via Structured Finance News:
Researchers at Barclays Capital (BarCap) expect the October facility date for a government loan program to receive an uptick of requests over the last subscription date.
The Talf that keeps on taking (CMBS)
Last month we wrote that the Federal Reserve appeared to be becoming more selective when choosing legacy CMBS for its Talf programme.
Scratch that.
The Fed accepted all of the 59 bonds that applied for the programme in its latest round of subscriptions.
The Fed’s enigmatic CMBS portfolio, an update
The Fed’s criteria for accepting and rejecting legacy CMBS as collateral in its Talf programme has been much scrutinised, yet its selection methodology remains a bit of a puzzle to most analysts.
For instance,
US debt markets revive
The US Federal Reserve is likely to underscore the revival of markets for bonds backed by auto and credit card debts when it announces details on Thursday of its latest loans to investors in asset-backed securities.
The Fed’s black sheep CMBS bond herd grows
Baaaaaaaaaaaa.
Here’s some perhaps unexpected news from the Fed — the central bank appears to be getting more selective, at least when it comes to Talf legacy CMBS.
According to a release by the Federal Reserve Bank of New York,
US extends Talf scheme
The Federal Reserve and the US Treasury on Monday extended a $200bn programme aimed at reviving the securitisation market, bringing relief to investors concerned that the supply of cheap government financing was set to end.
Just a little more off the top, Talf-man
So says, perhaps, the Federal Reserve with regards to the Talf programme’s haircuts.
Asset-Backed Alert reports:
The Federal Reserve is thinking about increasing the down payments it requires from investors that buy certain types of bonds with financing from its Term Asset-Backed Securities Loan Facility.
CMBStress
That is some jump in the CMBS delinquency rate:
That’s from credit rating agency Realpoint Research, who estimate that the delinquent unpaid balance for CMBS increased by $9.87bn to a one-year high of $28.65bn in June.
An ode to JPMCC 2007-LDPX A2S
Oh, JPMCC 2007-LDPX A2S,
You are the black sheep
Of the Fed’s legacy CMBS Talf programme,
JP Morgan built you.
Now nobody wants you.
Why?
That is JPMCC 2007-LDPX A2S, part of a CMBS deal put together by JPM two years ago.
Re-Remic-ing the Talf
Commercial real estate has, rather suddenly, become the new doom-spot for the US economy.
Fed chairman Ben Bernanke is worried about it, Morgan Stanley and Wells Fargo posted losses because of it, and S&P is confusing everyone about it.
CMBS watch
The CMBS market looks like it was roiled yesterday — the day before the second Talf offering — by S&P downgrades.
Talking Talf
The latest data on the Talf — the US governments plan to kick-start credit by encouraging investors to borrow money from the Fed to invest in bonds backed by car loans, credit cards, etc. — is rather lacklustre.
Fed releases fresh balance sheet data
The Fed preempts the release of its US economic conditions report later on Wednesday with a fresh monthly release pertaining to its balance sheet and reserves.
Readers may recall that news agencies like Bloomberg filed freedom of information requests a-plenty to get the Fed to come clean on just what’s been going on within its credit and liquidity programmes.