SECURITISATION NEWS AND DEVELOPMENTS – April 2002

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Read on for chronological listing of events, most recent on top:

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• Nomura article says FAS 140 gives misleading picture of real risks
  Added April 24
  Nomura Research's Mark Adelson has joined in criticising securitisation accounting standards in a recent article.
• India's maiden CDO flops
  Added April 24
  India's financial institution ICICI's first Indian CDO is reported to have flopped and is being dropped.
• First toll road securitisation in Japan
  Added April 24
  In what is seen as a template for forthcoming transactions, a road developer securitised a toll road in Japan..
• Indian accounting body mulls guidance note on securitisation
  Added April 24
  The Research Committee of the Institute of Chartered Accountants of India has come out with a draft guidance note on securitisation accounting.
• Malaysian consumer financier to hit market with mega securitization
  Added April 24
  European securitization volumes grew almost 78% in the first quarter of 2002, co
• European securitisation registers major growth
  Added April 24
  European securitization volumes grew almost 78% in the first quarter of 2002, compared to same period last year. But larger part of that is synthetic issuance.
• Securitization biggies have a big chunk off the books
  Added April 12
  The data revealed in a recent S&P article shows that the top 30 securitisers have a sizeable chunk off their books, over 100% for some of them.
• Chinese banks may securitise soon 
  Added April 12
  According to reports, the Chinese government is likely to permit 4 banks to securitise in few weeks hence.
• Current accounting rules do not truly reflect securitization risks, says S&P
  Added April 12
  S&P deliberated at length with risk transfer and substance of securitisation transactions and the move by regulators to put several securitisation transactions back on the balance sheet.
• WSJ article lambastes use of SPEs and securitisation accounting standards
  Added April 10
  An article in Wall Street Journal of the 10th April comes sharply against securitisation, Wall Street lawyers, and securitisation accounting practices.
• 1st quarter downgrades dwarf upgrades:
  CDOs, Argentina, Enron take heavy toll of the ABS market
  Added April 10
  As per a rating migration report from Standard and Poor's, the first quarter 2002 downgrades were 26 times the upgrades during the same period.