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SCI Start the Week - 21 July

21 July 2014

A look at the major activity in structured finance over the past seven days
PipelineMany of the deals that joined the pipeline last week were quick to price. However, three ABS, an RMBS, five CMBS and six new CLOs remained at the end of the week. The newly announced ABS comprised: US$300m HOA Funding Series 2014-1, US$387m MHEAC 2014-1 and US$277m State Board of Regents of the State of Utah Series 2014-1. The RMBS was A$...

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TMAN 7 D bonds overvalued?

18 July 2014

Pricing on the TMAN 7 class D bonds does not reflect the risks involved, say Deutsche Bank CMBS analysts. An update call last month from special servicer Hatfield Philips has enhanced transparency around the transaction, but there are concerns about possible tax costs. Projected end dates were disclosed for the majority of the loans in the specia...

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US RMBS supply stays steady

18 July 2014

US non-agency RMBS secondary market activity remained moderate yesterday as supply was driven mainly by subprime floaters. BWIC volume was around US$650m, with SCI's PriceABS data capturing tranches from vintages as disparate as 2003 and 2014. Among them was a US$5.621715m piece of the CWL 2003-1 M1 tranche, which was traded during the session. I...

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US CMBS abuzz with bid-lists

17 July 2014

There was heavy BWIC volume in the US CMBS market yesterday. Bid-lists totalling over US$500m were circulating, with SCI's PriceABS data picking up a range of vintages out for the bid. Among the pre-crisis names available was the BACM 2005-3 AJ tranche, which was talked at around 500 and covered at plus 575. The tranche was being talked in the hi...

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