Weekly Issue Archive »

Issue 226 - 23rd March

  • News Analysis

    • CDS

      • Index shake-up

        Significant changes as Markit indices roll

        Markit's iTraxx and CDX indices roll onto their fifteenth and sixteenth series respectively today, in accordance with a new liquidity rules-based constituent selection process. The European Crossover index is set to be impacted most by the move away...

    • CMBS

      • Softening standards?

        US CMBS underwriting trends scrutinised

        The resurgence of the US CMBS market continues, with issuance so far this year already surpassing the total for all of 2010. However, as activity moves closer to pre-crisis levels, there are concerns that the high underwriting standards seen since th...

    • CLOs

      • Prepayments sneaking up

        Accelerating CLO prepays catch investors unawares

        CLO prepayments are not always obvious for investors to monitor, but they seem to be happening faster than many in the market realised. Although not all bondholders will be equally advantaged by rising prepayments, the trend is only expected to incre...

  • Market Reports

    • ABS

      • Primary dominates Euro ABS

        The European ABS market saw an up-tick in activity last week, particularly in the primary sector. However, despite rising anticipation over the emergence of new issuance, participants were surprised by the lack of commitment to Skipton Building Socie...

    • CLOs

      • CLO market hits choppy waters

        Volatility remains a feature of the US CLO market as the global economic downturn continues to impact secondary price levels and investor activity. These issues are also beginning to creep into the primary market, as the emergence of new issuance rem...

      • Caution prevails for Euro CLOs

        The slow-down continues in European CLOs (see SCI 15 March) as investors remain cautious under volatile conditions. However, despite widening spreads and a dip in bid-list activity, the week looks set to close with stabilising levels. "The week sta...

    • CMBS

      • Volatility drives US CMBS

        It has been an uncertain week for the US CMBS market as wider economic issues impact both pricing levels and investor confidence. However, this instability has driven activity to new highs. "The last two days have been incredibly volatile for CMBS;...

  • News

    • ABS

      • EBA stress test weighed

        The European Banking Authority's 2011 stress test - which covers over 60% of total EU banking assets - is being run from this month until June, with the results of the exercise to be published on a bank-by-bank basis in mid-June....

    • RMBS

      • MBS wind-down to hit mortgage basis

        The US Treasury will this month begin an orderly wind-down of its remaining portfolio of US$142bn in agency MBS. The move is expected to result in a slight negative to the mortgage basis. The Treasury plans to sell up to US$10bn in agency MBS per m...

    • Whole business securitisations

      • Punch strategic review welcomed

        Punch Taverns published the results of its much-anticipated strategic review this morning (22 March). The proposal will reduce Punch's leased estate from around 5,200 pubs to 3,000 and see Spirit demerged from the business as a separate unit of manag...

  • Provider Profile

    • CDS

      • Focus on flexibility

        Gerrard Mahony, business development manager at Riskart, answers SCI's questions

        Q: How and when did Riskart become involved in the CDS market? A: Riskart is a highly focused Italian-based company concentrated on providing efficient OTC derivatives processing and administration to the middle and back offices of banks, fund manag...

  • Job Swaps

    • ABS

      • Brokerage names ceo

        Yorvik Partners has appointed Paolo Taddonio as ceo. Prior to joining the firm, he spent most of his...

      • CDS trader hired

        Dimitris Melios is set to join Credit Suisse in May as a CDS trader. Based in London, he will report...

      • CRE capability boosted

        Trepp has acquired Investcap Advisors, a privately held company that provides web-based applications...

    • RMBS

      • Op risk practice launched

        Realpoint has launched an operational risk assessment practice to evaluate the performance of mortga...

  • News Round-up

      • Select fund range expands

        PIMCO has launched two funds on the Skandia Investment Solutions platform as part of a further distr...


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