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Issue 446 - 17th July

  • SCIWire

    • Secondary markets

      • Euro secondary improves

        After a long period in the doldrums things look to be improving for the European securitisation seco...

      • US CLOs stay quiet

        The US CLO secondary market remains quiet but market sentiment is improving. "Market tone feels mu...

      • Turnaround for US RMBS

        The US non-agency RMBS secondary market is seeing a turnaround from last week's low levels of activi...

      • Euro secondary stabilises

        The European securitisation secondary market continues to stabilise. Yesterday was another solid d...

  • News

    • ABS

      • FFELP repacks put forward

        The FFELP student loan ABS sector could yet fend off downgrades if refinancing solutions come forward, according to Citi consumer ABS analysts. Some novel ideas are already surfacing that expand the possible fixes beyond bondholder extensions or trus...

    • Structured Finance

      • SCI Start the Week - 13 July

        A look at the major activity in structured finance over the past seven days

        Pipeline A number of deals joined the pipeline last week. These were largely ABS and CLOs, although activity remains quieter than it was a few weeks ago. The ABS were US$1.02bn Ally Auto Receivables Trust 2015-1, US$718m Drive Auto Receivables Tru...

    • RMBS

      • RMBS settlement resolutions 'years away'

        Several recent legal developments could affect cashflow distributions from ongoing settlements and lawsuits. Morgan Stanley analysts believe these developments could also affect the likelihood of investors recouping any cash from future settlements. ...

      • CRT, NPLs 'both attractive'

        Macro developments over the last few weeks have pushed residential credit wider, with CRT spreads at the LCF level now around 40bp wider than in April. However, fundamentals in this space are unlikely to be affected by those macro events and so LCF b...

  • Job Swaps

    • Structured Finance

      • Finance chief named

        Steven Noreika has been promoted to cfo of Fifth Street Finance (FSC) and Fifth Street Senior Floati...

      • Santander names new chair

        Blythe Masters has been appointed non-executive chairman of the board for Santander Consumer USA (SC...

      • Real estate vet poached

        Rick White has rejoined Bryan Cave as a partner in the real estate capital markets team. Hi...

    • Insurance-linked securities

      • European head appointed

        Willis Group has appointed Brian Shea as head of Europe for Willis Capital Markets & Advisor...

  • News Round-up

    • Structured Finance

      • APAC ratings stay solid

        Fitch says it affirmed a total of 111 Asia-Pacific structured finance tranches in 2Q15. During the q...

      • RFC issued on SF approach

        Scope has issued a request for comment on proposed updates to its structured finance rating methodol...

      • CLO supply booms in June

        June's US$14.6bn in US CLO supply is the third highest monthly figure of all time and nearly US$1bn...

    • CMBS

      • CMBS auction listings dip

        The latest update of CMBS auction listings includes 40 properties from 36 CMBS loans with an allocat...

      • Bulk liquidation completed

        July remittances indicate that US$109.85m across 14 loans securitised in MLCFC 2007-7 has been dispo...

      • 15-year Freddie K debuts

        Freddie Mac issued its first 15-year K programme CMBS last week under the ticker FREMF 2015-K1501, r...

      • Conduit leverage bumps up

        The credit quality of US conduit/fusion CMBS continues to deteriorate, according to Moody's. As meas...

      • FpML enhanced

        ISDA has published its recommendation for Financial products Markup Language (FpML) version 5.8. The...

    • RMBS

      • Jumbo RMBS on record pace

        US prime jumbo RMBS is on pace to exceed last year's issuance levels after another strong quarter, r...

      • AOFM announces auctions

        The Australian Office of Financial Management (AOFM) has confirm that its third RMBS auction will ta...


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