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Strong secondary CLO supply

30 July 2014

The US CLO secondary market was busy yesterday, with SCI's PriceABS data capturing 62 unique US CLO tranches on bid-lists. Paper from the length of the capital stack was out for the bid and various vintages were represented. One of the more recently issued tranches was AMMC 2014-14A A1L, which was appearing in PriceABS for the first time. The tra...

© Jonathan McIntosh

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Experts endorse settlement

29 July 2014

Independent experts consulted by RMBS trustees on the adequacy of JPMorgan's proposed settlement have made their recommendations public. Barclays Capital RMBS analysts note that the experts' opinions generally support accepting the settlement for a majority of deals. The cash payout as a ratio of expected lifetime losses in the JPMorgan settlemen...

© L.Miguel Bugallo Sanchez

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European alternative

29 July 2014

Stefan Bund, group md and head of asset-based finance at Scope Ratings, answers SCI's questions
Q: How and when did Scope Ratings become involved in the securitisation market? A: Scope Ratings was established in 2002 as a funds analysis house, specialising in the commercial real estate, SME and infrastructure sectors. The company expanded into the credit rating business in 2012 by merging with a smaller German rating agency. Scope's move...

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Buying opportunity for LUSI bonds

28 July 2014

Senior Lusitano RMBS bonds have cheapened by 0.5-2.5 points since Espirito Santo International failed to pay on its commercial paper liabilities earlier this month. The dip has created a buying opportunity, with the caveat that the absence of back-up servicers in LUSI transactions could lead to servicing disruptions in the event of a BES bankruptcy...

© Concierge.2C

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