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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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SCI Start the Week - 28 July

28 July 2014

A look at the major activity in structured finance over the past seven days
Pipeline A mixed bag of transactions joined the pipeline last week. Four ABS, three RMBS, one CMBS and three CLOs remained by Friday. The newly announced ABS comprised: US$101m Alterna Funding I; US$230.5m CarFinance Capital Auto Trust 2014-2; US$243.85m Louisiana LCDA System Restoration Bonds Series 2014; and US$593.31m Tobacco Settlement Finan...

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Risky sharing?

28 July 2014

GSE deals may underpay for risks involved
Fannie Mae printed its US$2.05bn CAS Series 2014-C03 deal earlier this month, with structural innovations that may increase risk. While the market perception is that GSE credit risk transfer RMBS are very safe, concern is emerging regarding transparency around losses. CAS Series 2014-C03 includes loans with higher LTVs than previous transactions....

© MrHarman

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Credit enhancement to support NC RMBS

25 July 2014

The UK non-conforming RMBS sector has benefitted greatly from the low interest rate environment. The timing, frequency and magnitude of rate rises will be the next key driver of future performance, according to European securitisation analysts at Barclays Capital. To assess the impact of such rate rises and other economic variables, the Barcap an...

© Fin Fahey

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