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Issue 457 - 2nd October

  • News Analysis

    • Structured Finance

      • Derivatives development

        Marketplace lending structured products weighed

        Efforts to create US marketplace loan derivatives are gaining traction, as investors seek hedges for their long positions and increased secondary market liquidity. According to a new SCI research report entitled 'Marketplace lending: disruptors and t...

      • Capital clarity

        CMU securitisation package receives market approval

        The release of the European Commission's Capital Market Union (CMU) action plan has been hailed for reducing capital requirements and outlining a succinct and centralised definition for simple, transparent and standardised (STS) securitisation. Howev...

  • SCIWire

    • Secondary markets

      • Euro secondary stays thin

        Liquidity remains thin in the European securitisation secondary market. Last week ended as anticip...

      • US CLOs put to the test

        Continuing seller-heavy activity is testing the US CLO secondary market. "We're approaching month-...

      • Euro secondary weakens

        The European securitisation secondary market has weakened further on the back of broader market sell...

      • US CLOs still searching

        Amid broader market volatility and commodity concerns the US CLO secondary market is still searching...

      • Euro secondary drifts

        European securitisation secondary spreads are continuing to drift wider. "Yesterday was very quiet...

      • US CLOs stay tough

        Times are still tough in the US CLO secondary market. "The focus has primarily been on double- and...

      • Euro secondary improves

        Tone in the European securitisation secondary market is improving in line with broader market sentim...

      • US RMBS cautious

        Caution is prevailing in the US non-agency RMBS secondary market. "It's been a very quiet week wit...

  • News

    • ABS

      • FFELP reform to affect payments

        The CFPB, US Department of Education and Department of the Treasury have issued a joint statement on student loan servicing principles to provide a framework to improve servicing practices, promote borrower success and minimise defaults. The CFPB has...

    • Structured Finance

      • SCI Start the Week - 28 September

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

        Pipeline The pace of deals joining the pipeline continued to slow last week. In all, there were three new ABS as well as one RMBS, one CMBS and one CLO. US$220m American Credit Acceptance Receivables Trust 2015-3, Canadian Credit Card Trust II Ser...

    • CDS

      • New index rules roll

        The Markit CDX High Yield index rolls from Series 24 to 25 today (28 September), marking the implementation of new composition rules (SCI 20 August). The updated rules aim to bridge the gap in sector composition between the cash and synthetic indices...

    • CLOs

      • Fund liquidity proposals weighed

        Last week, the US SEC voted to propose tighter liquidity rules for open-end funds, including mutual funds and ETFs. While the rules would lead to several changes, the most significant one for CLO investors could be regarding liquidity buckets. The...

    • CMBS

      • Crowdfunded properties transfer to special

        September remits show that three CMBS 2.0 loans totalling US$71m sponsored by the same borrower - Colony Hills - have been transferred to special servicing. According to Morgan Stanley CMBS strategists, the five properties securin...

      • First significant Freddie K loss

        A US$5.3m loan securitised in FREMF 2011-K12 has been liquidated at a loss severity of 55%. It is the first Freddie K loan to be liquidated at a significant loss. The loan was secured by University Courtyard Apartments and was liquidated at a loss...

      • CMBS bulk sale planned

        CWCapital Asset Management is marketing US$2.12bn of distressed CRE loans and properties, most of which are from the company's specially serviced CMBS portfolio. There are 15 US CMBS transactions affected. The assets are slated to be auctioned in e...

      • Underwriting push-back?

        Concerns over the US$115m Prudential Plaza loan are believed to be behind COMM 2015-CCRE26 pricing this week at a significant concession across the capital structure. Morgan Stanley CMBS strategists suggest that underwriting of the loan, the largest...

  • Job Swaps

    • Structured Finance
    • RMBS

      • WaMu appeal approved

        An appeal by the FDIC of the June ruling in the WaMu rep and warranty trial (SCI 4 June) was approve...

  • News Round-up

      • PACE approach finalised

        DBRS has finalised its US PACE securitisation methodology, which it will use to rate and monitor pro...

      • VW auto ABS risks outlined

        The current Volkswagen scandal may be felt in auto ABS transactions primarily through its impact on...

      • CMU proposals laid out

        The European Commission has launched its Capital Markets Union action plan to build a singl...

      • Euro CLO growth continues

        European CLO issuance continues to show strong growth, with Fitch counting 38 new transactions in th...

    • CMBS

      • Delinquencies drop lower

        After four months of negligible movement, the Trepp US CMBS delinquency rate dropped significantly l...

    • Risk Management

      • KRIS models updated

        Kamakura Corp has updated its Kamakura Risk Information Services (KRIS) models. Version 6.0 of the o...

      • Actual loss ACIS inked

        Freddie Mac has obtained another actual loss insurance policy under its ACIS programme, which is tie...


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