Weekly Issue Archive »

Issue 227 - 30th March

  • News Analysis

    • Regulation
      • Regulatory overlap

        Need for coordinated reform efforts underlined

        The need for coordinated reform efforts in the ABS market is becoming increasingly apparent as new rules bed down, with the overlap among different regulations seemingly most obvious in the ratings arena. In the meantime, regulatory authorities appea...

    • ABS
      • Rehab boost

        Rehabilitated loans, restructured ARS to drive SLABS prepays

        Prepayments for student loan ABS remain historically low, although there are signs that they could be set for a modest pick-up. A greater role for restructured auction-rate securities (ARS) and rehabilitated student loans, as well as proposals in the...

    • Regulation
      • Retention rules

        Call for QRM impact analysis

        The FDIC, Fed, OCC, SEC, FHFA and HUD yesterday issued their NPR requiring ABS sponsors to retain at least 5% of the credit risk of the assets underlying the securities. The proposed rule includes exemptions from these requirements, including for US...


  • Market Reports

    • CLOs
      • Warning for Euro CLOs

        The European CLO market is awaiting a raft of upcoming loan prepayments, which traders fear will dry out supply. At the same time, two specific loans are at the forefront of investor attention. First is Novacap's €209m all-senior leverage...

    • RMBS
      • Primary focus continues for Euro RMBS

        The secondary European RMBS market remains quiet, as participants prepare for upcoming new issuance. RBS' Arran 2011-1 is the latest transaction to join the queue. "The secondary market has been relatively quiet, especially when you look at the way...

      • Euro RMBS bouncing back

        The European RMBS market appears to be recovering from last week's dip. In particular, market participants have welcomed Northern Rock's announcement of its first post-crisis deal, Gosforth Funding 2011-1. "Dealers were not active in the market las...


  • News

    • CMBS
      • 'Innovative' Velvet loan restructuring proposed

        The proposed restructuring of the Velvet loan, securitised in the Titan Europe 2006-2 CMBS, includes the deferral of interest - believed to be the first time this has featured in the European market. The restructuring, which also involves e...


  • Job Swaps

      • ASF names public policy md

        The American Securitization Forum (ASF) is opening a Washington, DC office to further its advocacy e...

    • CDO
      • EMEA sales head appointed

        BNY Mellon Corporate Trust has promoted Robert Wagstaff to md and head of sales for EMEA. He will re...

    • CMBS
      • Bank adds CMBS trader

        Former Goldman Sachs CRE and derivatives trader Ben Solomon is joining Deutsche Bank as md and head...

    • RMBS
      • REIT promotes four

        Invesco Mortgage Capital has promoted its head of research, Robson Kuster, to the additional positio...


  • News Round-up

      • Portuguese ABS on review

        Fitch has placed 41 tranches of 38 Portuguese structured finance transactions - 32 RMBS, o...

      • Risk retention NPR awaited

        The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the SEC,...

      • CDO liquidation scheduled

        Stone Tower Debt Advisors has been retained to act as the liquidation agent for Forge ABS High Grade...

    • CDS
      • SEF rule scrutinised

        ISDA outlines in a new paper that SEFs can play a positive role in the OTC derivatives market by str...

      • US CRE prices slip again

        US commercial real estate prices fell by 1.2% in January, the second consecutive monthly decline, ac...


  • Research Notes

    • RMBS
      • Valuation inputs survey results revealed

        RMBS investors are still cautious about European residential mortgages, says Derek Caussin, associat...

        The results of S&P Valuation and Risk Strategies' latest European RMBS input assumptions survey, conducted in November and December 2010, suggest that investors believe the negative consequences for RMBS mortgage collateral from the economic...



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