In The News
Media Coverage Archive
The following is a collection of press mentions and contributed
published works in the trade press by Principia prior to
2008.
| Dec-07 | CDO Boom and Bust "... there will have to be an increased level of transparency and surveillance coming from dealers and data providers as well as increasingly sophisticated portfolio management software products for investors." |
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| Dec-07 | Moody's Warns Over Ratings of Some SIVs |  |
| Nov-07 | Talking Point: End of the Acronym? We are certainly working through an extraordinary period, influenced by the current liquidity crisis |
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| Nov-07 | Hard Choices Long notes that a possible restructuring scenario could see a third party coming to repay the debt to the commercial paper investors |
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| Nov-07 | Rescue Plan Faces New Pressure | |
| Oct-07 | Double-edged sword " The current market environment has underscored why the CDPC business model works" |
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| Oct-07 | Navigating ABCP "[in SIVs] ... there will, without doubt, be structural and rating methodology changes." |
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| Aug-07 | Off
Balance Sheet Woes Raise Wider Concerns "SIVs are differentiated from conduits and other structured products because by design they are never forced into rapid sales of assets and always have options. If they need to deleverage, they can do so in a slow, controlled and orderly manner." |
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| Jul-07 | Smooth Operator " ..Principia SFP package as a “complete end-to-end processing” solution. It offers portfolio management – modelling assets, liabilities and hedging derivatives on a single platform; cashflow and exposure analysis, with a suite of liquidity and sensitivity analysis; and an operations and administration platform, including rating agency reporting.” |
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| Jun-07 | Move over CDOs.. SIVs are coming of age “... the SIV is a combination of all the structured finance vehicles that have come before it.” |
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| May-07 | Force of Nature (SIVs) "Rating agencies are building on their expertise and making the market more transparent, software is becoming more widely understood and effective, and there is increased acceptance of these structured among the investor base." |
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| Apr-07 | Principia Rolls Reporting, Accounting
Software for SIVs, SACs "...this software helps the SIV model become more standardized from a rating agency perspective, and will allow them to reach the market quicker. "It's still an expensive process, and there are hurdles, but the quicker you can ramp up, the better-it's a real time-to-market thing." |
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| Apr-07 | More SIVs to come |
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| Apr-07 | SIV Market Remains In Good Health
As New Vehicle Launches "When you look at the early SIV world, it was driven by bank-sponsored SIVs." "Nowadays, investment managers and asset managers are involved too." "... the investment managers and asset managers see SIVs as an alternative vehicle that they can work with, and in some instances, they are CDO managers who are looking for diversification." |
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| Mar-07 | CDPC + SIV = a longer, inevitable
acronym “The lines are blurring. So you’ve got SIVs that are now going long and short credit, you’ve got CDOs using SIV techniques, and you’ve got CDPCs very much involved on the structured credit side.” |
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| Mar-07 | Table Set for Increased SIV Activity "...there can be hurdles in setting SIVs up, but once they grow they are an effective business strategy. In this environment, SIVs are attractive because they are efficient in terms of their use of capital." |
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| Jan-07 | CDPCs
Strive to Reach the Tipping Point Companies specializing in writing insurance on credit default are starting to gain traction in both the US and Europe, answering a need for more methods to disperse risk in the rapidly growing derivatives market. |
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| Dec-06 | Credit Product Companies Are In Vogue Established as experts in the thriving business of selling protection on corporate defaults, these special vehicles - referred to as CDPCs - boast triple-A ratings, their own management boards and extremely high leverage potential. |
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Oct-06 |
"The
possibilities are endless" |
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Aug-06 |
Repacking a Punch |
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| May-06 |
Credit risk: Structured investment vehicles
SIV-Lites are the latest structured finance
vehicles to hit the market, combining aspects
of both CDO and SIV technologies. |
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| Apr-06 |
Credit derivatives: A new breed
“The
elite ranks of credit derivatives product companies
are set to grow, and the newcomers are establishing
vehicles that will be more flexible in their approach
to taking on credit risk.” |
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| Feb-06 |
"There has been a cross-pollination of ideas
in structured finance. Firms are adopting commercial
paper techniques in their CDO business. Sophisticated
leveraging techniques used in the SIV space are being
adopted in the conduit and CDO market. Similarly,
convergence on the technology side is driving the
creation of hybrid structures." |
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| Nov-05 |
PRODUCT LAUNCH Principia enhances ABS/MBS capability
with Intex integration
"The integration with Intex runs through
the core of the Principia application, the vendor
says, enabling a consistent view of historical
and projected cash flows throughout the system:
front office positions, risk or operations/accounting.
It also ensures consistent valuation across all
asset classes, applying Principia’s valuation
models for ABS/MBS instruments and their associated
hedging derivatives." |
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| Aug-05 |
"A portfolio management system that can manage
both sides of the balance sheet along with vanilla
and complex derivatives throughout entire product
life cycles will offer significant time and cost-saving
advantages." |
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| Jun-05 | "They're becoming what some call credit-derivative
trading companies or credit-derivatives vehicles," says
Douglas Long. |
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| Jun-05 | "The framework [structured finance operating company] is intended to address demands in the industry for a unified platform that provides deal (portfolio, credit and liquidity) management in conjunction with automation of operationally intensive administrative tasks such as compliance reporting, accounting and maintaining an audited operating policy." |  |
| Jun-05 | "...structured finance operating vehicles are
able to maintain strong processes through using systems
such as those that Principia offers." |
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| May-05 | Pakistan's United Bank deploys Principia derivatives
management system
" ...is the first of its kind: a straight-through-processing derivatives risk management system installed in Pakistan…" |
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| Feb-05 | "Essentially these are groups of five to ten people
managing everything from deal capture of their assets
and liabilities to hedging up all their market risk and
FX risk." |
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| Feb-05 | Banquo licenses Principia System
"In the current credit market the ability to
be able to incorporate proprietary ways of managing
and viewing credit within a single credit portfolio
management solution is critical." |
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| Jan-05 | Start-up Eyes CDO Management
"...Principia is ideal for because it allows
a small firm with limited staff to be more efficient
in dissecting complex structures." |
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| Dec-04 | "It is about improved visibility, improved transparency and a more consistent application of a risk-based capital management approach across the board, which is a growing global trend.” |  |
| Dec-04 | "The latest version of the Principia System front-
to back-office system for managing complex, structured
financial assets, liabilities and derivatives features
expanded credit derivatives coverage to handle single-tranche
collateralised debt obligations, in addition to single-name
products, options on credit derivatives, basket products
and credit-linked notes." |
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| Nov-04 | "Principia Partners has updated its credit derivatives
product to provide straight through processing support
of single tranche collateralised obligations (CDOs)." |
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| Oct-04 | Getting ahead of the game
"Since the credit derivatives market is still
relatively new, people have come to it from fixed income
and equity trading backgrounds and they have brought
with them valuation techniques from those area." |
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| Oct-04 | "They'll (hedge funds) have 30 people at best, so they don't have the luxury of an IT team to help them with implementations." |  |
| Sep-04 | Credit derivatives come of age
"The market needs a system that can flexibly
manage these structures within an evolving environment,
such as defining credit events and linking them to
the contractual terms." |
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| Jun-04 | "...the growing scarcity of assets available to
cash SIVs has been an important driver for the development
of a synthetic SIV structure." |
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| Apr-04 | WestLB buys jump-jet SIV from Rathgar
"SIVs, require an extensive array of hedging
arrangements, capital modeling and marketing as well
as rating agency approval." |
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