Codefarm integrates Standard & Poor’s CDO Evaluator Engine into online financial optimization service
London, 17 October 2006
Galapagos Structurer offers integrated online service for CDO structuring
Codefarm, the structured credit technology company, has signed an agreement with Standard & Poor's (S&P), the financial credit ratings provider, to integrate the S&P CDO Evaluator engine into Galapagos Structurer, Codefarm's new generation CDO optimization service. Through this integration Codefarm customers can use Galapagos Structurer to perform optimizations based on the official CDO Evaluator ratings engine from S&P.
Galapagos Structurer is an online CDO structuring service that helps structurers unlock spreads, enabling them to move seamlessly from conventional, time-consuming structuring to the efficient and feature-rich service offered by Galapagos Structurer.
“Our customers want the ability to create innovative high yielding CDOs with an accurate assessment of risk. Integrating S&P's CDO Evaluator engine into Galapagos enables them to do precisely that,” explained Jeremy Mabbitt, Managing Director of Codefarm. “The inclusion of the S&P ratings in our algorithms is a very important step towards ensuring Galapagos is the preferred service for structuring and optimizing CDOs.”
“Galapagos CDO structuring software coupled with S&P's CDO Evaluator engine will be a powerful tool when arrangers and investors come to get a rating from S&P; the leg work of presenting the best yield for rating portfolio has already been done by Galapagos,” commented Perry Inglis, Managing Director, at Standard & Poor’s.
Galapagos Structurer as an online service is proving extremely attractive to CDO arrangers of all sizes because it can be deployed within hours. Using evolutionary computing, Galapagos Structurer is able to optimize the structuring of CDOs, uncovering the spread potential embedded within them. In recent head-to-head trials with leading investment banks, Galapagos has consistently outperformed traditional structuring methods.
About Codefarm
Codefarm provides technology-based products and services for the structured credit market. Codefarm customers accounted for 32% of referenced trades by leading portfolio swap counterparties in the first half of 2006.
Galapagos Structurer, Codefarm’s powerful online CDO structuring service, helps CDO arrangers and issuers unlock greater returns on new deals. By applying evolutionary computing techniques to market standard pricing and rating models, Galapagos Structurer automates the search for yield and consistently outperforms other methods for creating CDO portfolios.
Codefarm is a privately-owned company with offices in London and Brighton, UK.
About Standard & Poor’s
Standard & Poor’s, a division of The McGraw-Hill Companies (NYSE:MHP), is the world’s foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 7,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor’s is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com
Media Enquiries
Stephen Fleming at Palam Communications
Tel: +44 (0) 1635 299116
Email: sfleming@palam.co.uk
Web www.palam.co.uk
General Enquiries
Galapagos Structurer
Lindsay Gardner, Marketing Manager, Codefarm
Tel: +44 20 70021423
Email: info@codefarm.com
Web www.codefarm.com
Standard & Poor’s
Ram Ranganath, Product Development, New York
Tel: +1 212 438 6313
Tunde Aiyegbusi, Product Management, London
Tel: +44 20 7176 3791
Franco Talavera, Product Management, New York
Tel: +1 212 438 5259