308 records found.
17 May 2013
Further details have emerged on the US$1bn-plus US RMBS non-agency bid-list put out by Freddie Mac earlier this week (SCI 14 May). The collateral consisted mostly of subprime and adjustable rate prime or Alt-A loans, with all of the bonds originated...
10 May 2013
Activity in the European CLO sector slowed during this holiday-shortened week, but optimism remains high. A new Alcentra deal has been announced in the primary market, while equity paper has been well bid in secondary.
Alcentra is aiming to price J...
9 May 2013
Secondary US ABS activity was once again fairly light yesterday, with auto paper dominating the session. BWIC volume reached around US$74m, with SCI's PriceABS data listing 18 line items for the sector.
Among the auto names circulating yesterday we...
8 May 2013
Generic US CMBS secondary spreads were mostly unchanged yesterday, although legacy conduit AM and AJ tranches tightened slightly. BWIC volume was up to around US$344m, with SCI's PriceABS data showing 59 line items for the session.
"CMBS spreads di...
2 May 2013
SCI's PriceABS data shows 100 European CMBS BWIC line items for yesterday's session, as high secondary market volumes were maintained from earlier in the week. This is in stark contrast to the previous week, continuing the pattern of alterna...
30 April 2013
US ABS BWIC volumes totalled around US$93m yesterday, with secondary flows remaining light in the run-up to month-end. SCI's PriceABS data shows a number of recently issued bonds among those out for the bid.
The most recently issued deal to see a t...
26 April 2013
It has been a quieter week for European CMBS. Primary issuance still seems a fair distance away and secondary volumes have been down, although investors appear to be becoming more flexible in the paper they will buy.
"It has been quite a funny week...
24 April 2013
The US RMBS secondary market yesterday shook off the lethargy with which it had been afflicted to spring back into action. Non-agency supply was particularly impressive, picking up after a quiet few days to reach US$662m in BWIC volume.
19 April 2013
US ABS BWIC volumes reached US$181m yesterday, with auto and student loan paper accounting for most of the supply. SCI's PriceABS data also displays some credit card tranches circulating during the session.
"Blocks of 2011 vintage senior auto loan...
12 April 2013
US CMBS new issue spreads have widened in recent weeks with growing investor concern about high premium prices and early returns of principal. Legacy super seniors reset yesterday, however, tightening by 1bp to 2bp.
"This week investors learned tha...
11 April 2013
The number of CDO tranches circulating on BWICs jumped yesterday, with SCI's PriceABS data picking up a slew of Trups bonds. Among that contingent were a dozen PRETSL tranches, with other more rarely sighted names also appearing.
A healthy supply o...
10 April 2013
US CMBS secondary supply yesterday more than doubled the levels observed on Monday. Total BWIC volume stood at US$233m, with SCI's PriceABS data showing a slew of 2004-2006 vintage paper, as well as more recent Freddie Mac tranches.
"Generic CMBS s...
9 April 2013
With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the CLO space. A few ABS bid-lists have kept the market ticking over and have been well received, but it is the anticipated forthcoming CLO primary issuan...
5 April 2013
SCI's PriceABS data shows an increase in US RMBS secondary activity for yesterday's session. Subprime supply was particularly prevalent, with a slew of senior and mezzanine tranches out for the bid.
"Overall BWIC volume has slightly picked up from...
3 April 2013
Bank card bonds may have accounted for the bulk of secondary ABS supply on Monday, but a busier session yesterday saw more variety out for the bid. Much of the available paper comprised student loan assets, but SCI's PriceABS data also shows timeshar...
28 March 2013
This week's SAECURE 13 deal seems to have caught many European RMBS traders by surprise, coming out of the blue in an otherwise pretty quiet week. The market has held fairly steady over the last few weeks as supply remains low, although developments...
26 March 2013
Secondary trading flows across the US markets were quiet yesterday as the holiday-shortened week got off to a slow start. US CMBS did see more secondary activity than elsewhere. GG10 Dupers were quoted at swaps plus 134/132, having closed out last we...
22 March 2013
Overall US non-agency RMBS BWIC volume rose slightly yesterday, with subprime supply in particular shooting up. SCI's PriceABS data shows 143 US RMBS line items for Thursday's session, based on an estimated US$565m in total non-agency volume.
21 March 2013
Activity in the US secondary ABS market was skewed towards aircraft and student loan paper yesterday. The handful of aircraft bonds talked during the session were pooled in a CDO that is due to be liquidated on Tuesday of next week.
Among the aircr...
20 March 2013
A flurry of US CLO subordinate tranches were out for the bid yesterday. Several more senior tranches were also among the 125 CLO line items picked up by SCI's PriceABS data for the session, although names from the top of the capital structure were no...
19 March 2013
Secondary supply was light across the US markets yesterday, although a good amount of CMBS did get snapped up. Total bid-list supply was around US$172m, with a further US$31m in IOs also out for the bid.
"Generic CMBS spreads are mostly wider on th...
15 March 2013
The European secondary CMBS market still has not returned to the level of activity seen at the start of the year, but it has picked up over the last couple of weeks. Some sizable bid-lists have been circulating, with mezzanine paper continuing to att...
13 March 2013
The US CDO secondary market saw a heavy influx of CRE CDO supply yesterday. But some rare collateralised fund obligation (CFO) paper out for the bid also attracted attention during the session.
SCI's PriceABS data shows a number of CRE CDO names fr...
12 March 2013
Following an up-tick in ABS secondary supply last week, healthy BWIC activity continued yesterday. In particular, SCI's PriceABS data shows some rarely seen aircraft and container names out for the bid.
Having been talked in the low-80s on Thursday...
8 March 2013
US RMBS non-agency secondary supply was notably lighter in yesterday's session. A number of names were successfully covered, however, with dealer talk showing slight movement.
BWIC volume for non-agency RMBS was US$326m, according to Interactive Da...
7 March 2013
The European mezzanine CLO secondary market weakened somewhat to start the month. Single-As are trading at about 50DM wider, although more senior and strong equity paper remain well bid.
"The most exciting development recently was this big BWIC fro...
6 March 2013
Together with the more common vintages of 2005-2007, the US CMBS secondary market was yesterday awash with older-vintage paper. SCI's PriceABS data shows that tranches from a number of deals issued at the end of the last century were out for the bid,...
5 March 2013
After a slow start to the week, limited US secondary ABS supply is emerging. In particular, SCI's PriceABS data shows several student loan tranches attracting talk in the 80s and 90s during yesterday's session.
The largest of these tranches was a U...
1 March 2013
The double blow of Moody's UK downgrade and inconclusive Italian election has had a mixed impact on the European secondary ABS markets. While some sectors have softened, one trader reports that activity over the last week has actually noticeably incr...
28 February 2013
The US CMBS secondary market saw around US$350m of BWIC volume yesterday. A greater variety of paper across the breadth of the capital structure was circulating than in the previous session.
For example, a US$12.218m slice of BAYC 2005-2A A1 tranch...
27 February 2013
Non-agency US RMBS supply shot up yesterday to around US$1.86bn, boosted by a large amount of subprime paper. SCI's PriceABS data shows activity from yesterday's session across all of the RMBS sub-sectors, with paper from as far back as 2002 appearin...
26 February 2013
A number of auto names were circulating in the US ABS secondary market yesterday. Some of these names appeared in SCI's PriceABS data for the first time, including two Ford tranches.
Price talk for the FORDO 2009-E A4 tranche was plus 10, with FORD...
22 February 2013
Thursday was an interesting session for secondary US CMBS. Several recent-vintage tranches attracted covers, while talk around AJ tranches out for the bid shows the extent of tightening seen over the last couple of months.
The CMBS sector was only...
21 February 2013
The number of CDO bid-lists circulating in secondary reached double figures yesterday and even more are expected to hit the market today. However, about half of the names showing in SCI's PriceABS data for the session did not trade, implying that som...
21 February 2013
Wednesday saw secondary supply shoot up, with SCI's PriceABS data displaying three times as many RMBS line items as for the previous session. Non-agency US RMBS was particularly active, with increased volume across the fixed, hybrid and subprime sect...
20 February 2013
The European CLO market is picking up after a quiet start to the week. Participants have been kept occupied by both primary and secondary activity, with Cairn CLOs in particular capturing the market's attention.
"The US holiday made for a quiet sta...
14 February 2013
The US CMBS secondary market continues to tighten as supply recovers from the low levels seen at the start of the week. SCI's PriceABS data shows 91 unique line items from 34 tranches for yesterday's session, with a variety of talk and covers.
12 February 2013
US RMBS is not the only market to have gone quiet in the wake of the heavy snow in the north-eastern US and Canada, but the sector still saw adequate supply during Monday's session. Agency activity remained moderate, while non-agency activity was mor...
8 February 2013
US CLO secondary supply has been strong all week, but peaked in yesterday's session. SCI's PriceABS data shows 268 CLO line items for the session, with more than half of those from US deals.
Junior and mezzanine paper proved the flavour of the day,...
7 February 2013
A flurry of European ABS activity emerged yesterday, with auto paper helping to drive the secondary market. SCI's PriceABS data shows that a number of names were covered above par during the session, with this proving true even beyond the auto space....
6 February 2013
Activity in the US RMBS market picked up yesterday after a slow start to the week. Non-agency BWIC volume jumped from less than US$600m on Monday to more than US$1.4bn on Tuesday, with a good mix of vintages and strong supply seen across all sub-sect...
5 February 2013
The European CMBS secondary market has weakened slightly over the last week or so. There is still selling from hedge funds and a good deal of BWIC activity, but real money remains on the sidelines.
"The hedge funds started selling quite early in th...
1 February 2013
European BWIC volumes for the first month of 2013 stand at €2.4bn, according to Deutsche Bank figures. This level is some 122% higher than for the same period last year, with CLOs (accounting for €600m of the volume) and CMBS (&am...
31 January 2013
Overall US non-agency RMBS BWIC volume picked up to a moderate level yesterday, as market participants began returning from the ASF conference. The focus was on the subprime sector, with a large list of senior paper trading early in the session.
29 January 2013
After a strong start to the year, the European ABS market has quietened down over the last week or so. The secondary market remains limited to BWIC activity, while the primary market has seen a couple of deals announced.
"A couple of auto deals hav...
25 January 2013
Yesterday proved to be a bumper session for the secondary markets - as shown by SCI's PriceABS data, which reached a single-session record of 700-plus line items. Activity was seen across the board, with US RMBS alone contributing over US$3...
23 January 2013
US CMBS secondary volume was up yesterday. AM and AJ tranches dominated the session, although there was a mix right down the stack to E and F classes.
SCI's PriceABS data displays 91 US CMBS line items from the session, with vintages from 2004 to 2...
17 January 2013
Windermere X prices received a boost yesterday, following positive developments in connection with the Thunderbird and Tour Esplanade loans securitised in the deal. Senior European CMBS prices were also generally higher, according to SCI's P...
16 January 2013
While the US ABS and CMBS secondary markets are in hiatus, RMBS supply actually rose yesterday, thanks to a spike in subprime bid-lists. Interactive Data figures put non-agency BWIC volume at US$885m for the session.
The subprime space was characte...
15 January 2013
The European secondary CLO sector was quick to spring to life at the start of the year, but now appears to have levelled off somewhat. One trader reports that it remains a buyer's market.
"There was a significant acceleration to begin 2013...
10 January 2013
US RMBS secondary supply continues to climb. Agency volume rose sharply yesterday, while non-agency - although down on the previous session - was considerably higher than earlier in the year, at US$799m.
US$17m of the Alt-A fixe...
9 January 2013
US CMBS secondary spreads slowed their march into tighter territory yesterday, with some tranches even widening slightly. BWIC volume for the sector stood at around the US$300m mark, with SCI's PriceABS data showing 111 CMBS line items.
"For each o...
8 January 2013
US RMBS secondary supply remains moderate so far this year. Around US$434m of BWIC volume was seen yesterday across agency and non-agency, with SCI's PriceABS data showing 97 RMBS line items from the session.
"Overall BWIC volume is slowly returnin...
7 January 2013
US auto and credit card ABS paper was being shown on Friday as the secondary market began to open up. SCI's PriceABS data shows 21 ABS line items from the session.
"Secondary market activity has picked up as the week comes to a close, while the pri...
4 January 2013
The US CMBS secondary market has been among the quickest to start up in 2013. Yesterday's session was particularly notable for the volume of AJ paper circulating, with SCI's PriceABS data showing 35 CMBS AJs among the session's 120 line items.
6 December 2012
A number of US CMBS bonds were being shown in secondary yesterday, as traders remain busy ahead of year-end. SCI's PriceABS data shows a variety of names circulating, with large AM tranches proving particularly popular and even a 1998-vintage tranche...
5 December 2012
SCI's PriceABS data recorded over 100 CDO line items yesterday, with a significant number of CRE and Trups transactions represented. Prices were flat to slightly higher against Monday's session.
In the CRE CDO space, a US$15m piece of CRELT 2006-1A...
4 December 2012
December kicked off with steady supply for the secondary US RMBS market. The non-agency sector continues to be dominated by subprime paper, with a CDO liquidation boosting the number of senior and mezz classes out for the bid.
"The subprime sector...
30 November 2012
Supply stepped up in the US CLO and CDO secondary space yesterday. SCI's PriceABS data shows 162 CLO line items and 84 CDO line items for the session, with CLO sub and Trups paper out in force.
The number of CLO BWIC line items displayed b...
29 November 2012
US CMBS secondary spreads were quoted yesterday at swaps plus 175bp/174bp, just a little wider than the previous close of swaps plus 173bp, according to Interactive Data. SCI's PriceABS data shows a healthy amount of BWIC activity for the session, wi...
28 November 2012
Tuesday proved a busy session for the secondary US RMBS sector. Non-agency BWIC volume was up by 40% on Monday's levels to an estimated US$687m, with SCI's PriceABS data showing subprime talk edging higher.
"Subprime maintains its position as the m...
27 November 2012
The European CMBS market may be starting to wind down for the year, but the last week has still seen a fair level of activity. TMAN 7 remains among the most liquid deals, despite insolvency proceedings being opened for the Brahms loan and standstill...
22 November 2012
The first transaction with a Prime Collateralised Securities stamp (SCI 15 November) priced yesterday, with little fanfare. The deal comes amid a variety of new issuance and strong secondary market activity.
"There has been a bit of variety among E...
21 November 2012
US CMBS secondary supply is surging ahead of the Thanksgiving holiday. SCI's PriceABS data shows 248 CMBS line items for yesterday's session, with an abundance of AJ tranches out for the bid.
Interactive Data notes that GG10 dupers were quoted at s...
20 November 2012
The US RMBS secondary market was dominated yesterday by non-agency subprime activity, where the focus was on an all-or-none BWIC with a mix of mezzanine and senior paper from various vintages. Overall dealer offering levels held steady as the holiday...
16 November 2012
It was a busy session yesterday for US CMBS, with volume up by almost 50% over the previous day. SCI's PriceABS data shows over 150 CMBS line items, with 2012 paper particularly prevalent in the mix of securities out for the bid.
The largest slice...
15 November 2012
Activity in the European RMBS secondary market has been particularly strong over the last couple of days. Granite triple-B spreads - now at 82 - are at their best levels since the crisis. They began the year in the very-low 50s (S...
14 November 2012
The holiday-shortened week has begun with secondary US non-agency RMBS activity down from Friday's session. Prices were slightly lower yesterday, although still high relative to levels in previous weeks.
Interactive Data figures put non-agency BWIC...
8 November 2012
The US CMBS secondary market moved a little wider in yesterday's session, although the trend for the past week has generally been tightening. GG10 Dupers were being quoted at swaps plus 170/168, wider than the previous close of 162 over, while legacy...
7 November 2012
The secondary markets were very active yesterday, with noticeably more CLO paper circulating than normal. SCI's PriceABS BWIC data shows 115 CLO line items, with notes from the bottom of the capital structure showing more liquidity.
6 November 2012
The US RMBS market began the week on a positive note with non-agency supply elevated across the board. Interactive Data figures put total non-agency volume at US$525m, with ARMs comprising the bulk.
Valuations appear to have held fairly stable, wit...
2 November 2012
Activity in the secondary European CLO market stalled this week as first the US and later Europe all but shut down. Several lists planned for the end of October could now be hitting the market next week instead.
"It has been a strange week. The beg...
1 November 2012
US BWIC activity remained muted yesterday in the aftermath of Superstorm Sandy, with only CMBS supply exceeding expectations. Bid-list volume for the sector totalled almost US$150m, according to Trepp - about a third higher than that for th...
31 October 2012
The secondary European CMBS market has remained fairly active over the last week, albeit with a slight drop in selling from earlier in the month. Recent developments in respect of the GRAND restructuring proposal and the latest flurry of loan maturit...
26 October 2012
Secondary US ABS supply took off yesterday. SCI's PriceABS BWIC data shows that a number of credit card ABS tranches were covered at tight levels during the session.
The tightest level was achieved for Banc One Capital Markets' BOIT 2003-A4 A4 tran...
25 October 2012
Activity in US RMBS has been slightly subdued over the last few days, given the focus on IMN's ABS East conference. Yesterday saw fixed-rate bonds in vogue in the non-agency secondary market, with SCI's PriceABS BWIC data indicating that prices were...
23 October 2012
Contrasting fortunes were in evidence in the European RMBS market last week. On the same day that a UK transaction achieved tight pricing in the primary market, a pair of legacy deals from the continent were declared to be in default.
19 October 2012
CLO secondary supply spiked yesterday, with 12 bid-lists reported to be circulating. That increased volume is reflected in SCI's PriceABS BWIC data, which displays 180 CLO line items for the session.
A comprehensive range of names were being shown...
18 October 2012
In line with the rising prices seen this week in European CMBS (SCI 17 October), the secondary market in the US has been grinding tighter all week. That trend continued yesterday, although supply was noticeably lighter.
GG10 Dupers closed Tuesday's...
17 October 2012
SCI's PriceABS BWIC data indicates that senior European CMBS spreads have increased slightly over the past month or so. Levels for the benchmark GRND1 C tranche appear to have remained stable, however.
A couple of UK names - MALL...
16 October 2012
Supply across the US secondary market was quiet yesterday to start the week. However, a steady offering of non-agency paper was seen, with RMBS names accounting for almost half the line items displayed in SCI's PriceABS BWIC data from the session.
12 October 2012
It was a jam-packed session for US CMBS yesterday. Fixed rate and 2.0 bonds were circulating alongside very large chunks of recent-issue paper, with agency tranches even making an appearance, according to SCI's PriceABS BWIC data.
11 October 2012
US non-agency RMBS supply spiked yesterday. SCI's PriceABS BWIC data shows over 100 RMBS line items for the session, with volume reported to have comfortably exceeded US$1bn.
Interactive Data figures put total non-agency supply at US$1.166bn for ye...
10 October 2012
A slew of UK RMBS paper hit the secondary market yesterday, with a mixed bag of names out for the bid. Vintage prime senior bonds appear to be on a rising trend from summer levels, according to SCI's PriceABS BWIC data.
The increases are&a...
5 October 2012
Yesterday's session saw further tightening for US CMBS spreads. Secondary activity was solid, with SCI's PriceABS BWIC data showing over 160 CMBS line items.
Interactive Data puts CMBS BWIC volume for the session at US$365m. GG10 Dupers were being...
4 October 2012
A flurry of auto paper supported elevated ABS secondary supply yesterday. SCI's PriceABS BWIC data shows 16 auto ABS tranches that were covered in the session.
The largest slice of any tranche to be covered was a US$66.56m piece of ALLYA 2011-1 A4,...
3 October 2012
Yesterday's session saw a spike in CLO supply, with equity paper in hot demand. Tiering among subordinated notes is in evidence, as SCI's PriceABS BWIC data shows a wide range of covers and talk.
The highest cover of the session was at 176.27 for W...
2 October 2012
October kicked off with some decent secondary activity for US RMBS, particularly for non-agency paper. Offering levels are higher than they were over the summer, but remain in line with those seen in the last couple of months.
SCI's PriceABS BWIC d...
28 September 2012
Secondary US ABS market activity picked up yesterday from the previous session. Of note, a handful of senior credit card bonds were covered in size at par or over.
The largest slugs of paper to circulate were legacy Bank of America Credit Card Trus...
25 September 2012
The secondary European RMBS market began the week with Dutch near prime mezzanine tranches drawing traders' attention. SCI's PriceABS BWIC data shows that two lists in the sector traded yesterday and another is expected next week.
The first list wa...
21 September 2012
After a series of slower sessions, the secondary US CMBS market saw BWIC volume increase dramatically yesterday. SCI's PriceABS BWIC data shows over 150 line items for the session, with some interesting price movement evident.
A US$24.41m slice of...
20 September 2012
The secondary US RMBS market saw BWIC volume of US$934m yesterday, according to Interactive Data estimates.
"Overall BWIC volume has surpassed the prior session, led by the increase in the supply of subprime bonds out for the bid. The sector has a...
19 September 2012
European secondary ABS supply was dominated by auto paper yesterday. A rally in the sector saw many names being bid up over par.
One bond that appears often in SCI's PriceABS BWIC archive - VCL 13 A - was covered at 100.38 durin...
18 September 2012
Monday's session demonstrates just how far spreads in the US CMBS secondary market have tightened over the last few weeks. Trading activity yesterday was relatively light, but paper that changed hands did so at tight levels.
SCI's PriceABS BWIC dat...
13 September 2012
US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's PriceABS BWIC data has 111 line items for the session, with supply remaining steady if unspectacular.
Interactive Data figures place CMBS bid-list...
11 September 2012
Last week saw US non-agency RMBS spreads grow progressively tighter as supply kept on coming. The market has rallied considerably over the last few weeks, as can be seen in SCI's PriceABS BWIC data.
"While supply picked up after the Labor Day holid...
7 September 2012
US ABS secondary market volumes have fallen off from the start of the week, with only a few lists being circulated yesterday. Auto continues to be the most active sector (SCI 31 August), accounting for more than one-third of supply during the session...
6 September 2012
After finding their feet on Tuesday, the US secondary market took off yesterday. SCI's PriceABS BWIC data reached 500 line items for the session, with some interesting developments in CMBS.
Trepp notes that CMBS spreads were flat to marginally tigh...
5 September 2012
The US non-agency RMBS market picked up yesterday as traders returned to their desks, although SCI's PriceABS BWIC data shows that activity was light by recent standards. PriceABS shows 71 RMBS line items for Tuesday's session, with offering levels g...
4 September 2012
On thin volumes due to Labor Day in the US, over half of the BWIC line items captured by SCI's PriceABS service yesterday were European CDO tranches. A couple of them have appeared in the archives before.
A €4m slice of the WODST III-X D...
back to top
"SCI delivers relevant and insightful editorial for those operating in the structured credit and asset backed markets. As a subscriber we have found it a useful resource to keep abreast of the key issues and news affecting our industry, whether itís up to the minute deal information, analysis of regulatory issues, technology news or people moves. Its growing data business and focused conference programme demonstrate that the team understands what the market wants and they are dedicated to delivering that intelligence via the most useful channels. All of Principiaís work with the SCI team has been collaborative and their input, as well as the platform itself, has been a valuable contribution to our overall marketing efforts" - Douglas Long, EVP Business Strategy, Principia Partners
We cover all ABS & structured credit including Collateralised loan obligations (CLO), Residential mortgage backed securities (RMBS), Commercial mortgage backed securities (CMBS), Collateralised debt obligations (CDO), Credit default swap (CDS) or Insurance linked securities (ILS). And there are several other news categories besides, covering all aspects of structured finance. SCI is aimed at the buy-side; our mission is to provide deeper and more accurate coverage of structured finance to market participants than is available elsewhere. Our readership includes portfolio managers, broker-dealers, hedge funds, CDO managers, asset managers, banks and CFOs the world over. Register for a two week free trial today or subscribe to SCI.
SCI also offers a series of educational and networking conferences in London and New York on the Regulations, Pricing and Risk Management.