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Issue Archive

  • Issue 166 - December 23rd

    • Macroeconomic impact

      Flat volumes but improved sentiment for US ABS in 2010

      US non-mortgage ABS volumes are expected to remain flat next year, with macroeconomic factors influe...

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  • Issue 165 - December 16th

    • Gathering momentum

      US CMBS in demand, multi-borrower deal under construction

      Strong investor demand for the third new-issue CMBS in the US bodes well for the future of the asset...

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  • Issue 164 - December 9th

    • Rating concerns

      Conventional approach criticised

      Investor concerns continue to be raised over the credit ratings process and there are calls for fund...

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  • Issue 163 - December 2nd

    • Navigating the crisis

      Permacaps modify strategies to weather the storm

      Modifying investment strategies to adapt to the new financial landscape has proved successful for a...

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  • Issue 162 - November 25th

  • Issue 161 - November 18th

    • Compensation review

      Structured credit and ABS bonuses on the rise

      New research suggests that bankers' bonuses will be up this year by an average of 35% to 40% globall...

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  • Issue 160 - November 11th

    • Primary considerations

      Equity economics continue to hinder CLO re-emergence

      Speculation is intensifying as to an imminent reopening of the primary CLO sector. Some observers be...

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  • Issue 159 - November 4th

    • Ratings debate

      Non-rated structured finance issuance to gain traction?

      The issuance of structured finance securities without credit ratings is tipped to become more preval...

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  • Issue 158 - October 28th

    • New issues

      TALF CMBS threatened by thawing of unsecured debt markets

      The renewed attractiveness of the unsecured debt market may pose a threat to the success of TALF new...

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  • Issue 157 - October 21st

    • No respite

      Pressure still increasing for CLO managers to consolidate

      Optimism in the structured credit market has not alleviated the strain on CLO managers, many of whic...

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  • Issue 156 - October 14th

    • Capturing market share

      Deleveraging poses challenges for changing credit insurance model

      The traditional credit insurance model is changing, with both CDPCs and monolines pursuing new ways...

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  • Issue 155 - October 7th

    • Timing issue

      Rising prices and deteriorating fundamentals overshadow PPIF launches

      Five out of the nine managers mandated under the PPIP closed their public-private investment funds (...

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  • Issue 154 - September 30th

    • Damp squib?

      SIV liquidates quietly, but secondary CDO market continues to improve

      The initial buzz surrounding the announcement of the Victoria Finance liquidation (see SCI issue 152...

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  • Issue 153 - September 23rd

    • Good with the bad

      European CMBS performance reflects deal difficulties

      European CMBS performance continues to reflect the stress of soft occupational markets, limited fina...

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  • Issue 152 - September 16th

    • GSEs face the music

      Fannie and Freddie restructuring debate heats up

      Just over a year has passed since Freddie Mac and Fannie Mae were taken into conservatorship, follow...

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  • Issue 151 - September 9th

    • Testing the water

      VW to market auto ABS to European investors

      Volkswagen Financial Services, a mainstay of the European ABS industry, is expected to reopen the lo...

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  • Issue 150 - September 2nd

    • Looking up

      Recruitment prospects improve as banks return to hiring mode

      Recruitment prospects for those with structured credit and ABS expertise are beginning to improve. A...

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  • Issue 149 - August 19th

    • Ambac takes action

      Monoline litigation cases to gather pace?

      Ambac has commenced legal action against Citigroup and Credit Suisse Alternative Capital (CSAC) in t...

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  • Issue 148 - August 5th

    • CLO evolution

      European repack market gains momentum

      The development of a repackaged CLO market in Europe is gathering pace. Following a number of recent...

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  • Issue 147 - July 29th

    • REIT revival

      New vehicles to provide sustainable MBS investment source?

      The return of mortgage REITs to Wall Street is providing a fresh source of investment capital for le...

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  • Issue 146 - July 22nd

    • Directional bets

      Macro uncertainty brings tranche opportunities

      Concerns over the sustainability of an economic recovery are causing uncertainty in financial market...

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  • Issue 145 - July 15th

    • Rebalancing the books

      Renewed focus on portfolio restructuring activity

      Regulatory capital trades have been a feature of the market since the late 1990s. But accounting rec...

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  • Issue 144 - July 8th

    • Correlation return?

      Emergence of macro players and new risks could revitalise correlation

      Correlation market liquidity is suffering from the lack of a structured bid. However, the emergence...

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  • Issue 143 - July 1st

  • Issue 142 - June 24th

    • MBS therapy

      CMBS and RMBS re-REMIC issuance surges

      There has been a significant rise in the number of re-REMICs coming to market in the US over the pas...

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  • Issue 141 - June 17th

    • What lies beneath

      Is the mezz CLO rally more than just positive technicals?

      Mezzanine CLO tranches last week saw unprecedented upward price momentum, suggesting that positive t...

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  • Issue 140 - June 10th

    • New look

      Second-generation ABS opportunity funds gain traction

      A handful of established managers have set out plans to start investing in European ABS in recent we...

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  • Issue 139 - June 3rd

    • Asian opportunities

      Inefficiencies of Asian distressed debt offer risk and rewards

      With more than US$2trn in supply, Asia is fast becoming the largest distressed assets market in the...

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  • Issue 138 - May 27th

    • Superseding the SIV

      New, enhanced structured finance vehicles discussed

      A number of potential sponsors are discussing how best to supersede the SIV structure to fit the new...

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  • Issue 137 - May 20th

    • Double-A focus

      CLO trading activity moves down capital structure

      CLOs still lag the broader rally seen in other structured finance securities, but more competitive p...

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  • Issue 136 - May 13th

    • CMBS catastrophe?

      Industry braces for potential ramifications of GGP bankruptcy filing

      The ruling on a unique bankruptcy case that has the potential to change the face of the CMBS industr...

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  • Issue 135 - May 6th

    • CMBS included

      But hung commercial real estate loan problem remains

      The US Federal Reserve announced on Friday that, starting in June, qualifying new issue CMBS will be...

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  • Issue 134 - April 29th

    • Hot property

      Investors move along the curve as ABS spreads race in

      Tightening spreads in US consumer ABS are forcing a number of accounts to move along the curve in or...

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  • Issue 133 - April 22nd

    • Guaranteed success?

      UK budget puts RMBS on the agenda

      A government guarantee for UK RMBS was formally announced in today's budget by Chancellor Alistair D...

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  • Issue 132 - April 15th

    • Restructuring reassessed

      Remains a critical issue in European CDS standardisation efforts

      ISDA's big bang was successfully implemented last week, with 2023 parties adhering to the protocol g...

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  • Issue 131 - April 8th

    • Exclusion zone

      Challenges remain for CDS clearing for the buy-side

      Market participants were last week asked by the New York Fed to broaden the remit of CDS central cou...

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  • Issue 130 - April 1st

    • Recovery revisited

      Call for increased transparency around CDS recovery rates

      With the string of single-digit recoveries hitting the market in the wake of Lehman Brothers' defaul...

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  • Issue 129 - March 25th

    • Fit for purpose?

      Bonus row raises questions over correlation model viability

      The furore surrounding retention bonuses paid to AIG Financial Products staff has drawn attention to...

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  • Issue 128 - March 18th

  • Issue 127 - March 11th

    • Secondary reboot

      Participants look to restart market in coming months

      The market appears to be finally converging around the need to reboot secondary ABS trading. Liquidi...

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  • Issue 126 - March 4th

    • Documentation dilemma

      Noteholders left out of the loop as CDO managers look to amend deals

      The number of collateral managers and trustees seeking rating affirmations on CLOs and CDOs that the...

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  • Issue 125 - February 25th

    • Contingency plans

      CCDS trading platform prepares for launch

      A new trading platform - Novarum Global Trading - is being prepared, offering co...

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  • Issue 124 - February 18th

    • Time to unite?

      Consolidation talk renewed as management fees come under pressure

      CLO manager consolidation is once again a hot topic as the current environment makes it increasingly...

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  • Issue 123 - February 11th

    • Litigation boom?

      'Bad bank' could become catalyst for CDO suits

      The number of structured credit-related litigation filings has increased considerably since the begi...

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  • Issue 122 - February 4th

    • Tactical timing

      Viability of agency-broker model increases

      The buzz around secondary market ABS trading has continued since the start of the year and new real...

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  • Issue 121 - January 28th

    • Clipped wings?

      Good bank/bad bank model inches closer

      The good bank/bad bank model, whereby the 'bad' assets of a financial institution are split off and...

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  • Issue 120 - January 21st

    • Contract quandaries

      Mod-R issue splits traders

      A proposal to drop modified-restructuring (Mod-R) as a credit event for single name CDS has divided...

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  • Issue 119 - January 14th

    • Investment prospects

      Japan prepares for increased CDO issuance, while investors in Asia take a cautious view

      Japanese synthetic CDO issuance is predicted to rise in 2009, with the potential to return to levels...

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  • Issue 118 - January 7th

    • Alternative investment?

      Transition emerges between playing direction as a trade versus picking exposure as an investment

      With investment grade index tranches currently offering limited relative value, investors are increa...

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