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Market Reports |
182 records found.
Active CLO market seeks stability17 May 2012 CLOsThe European CLO market is alive with BWICs, but buyers and sellers are struggling to meet in the middle. While mezzanine bonds - in particular - appear attractive, ongoing eurozone concerns are weighing heavily on participants' m... Good week for Euro CMBS4 May 2012 CMBSThis week has seen a rise in activity in European CMBS. Spreads have stayed fairly flat, while BWICs are still being well received, with seniors generating increasing interest. "The market has been fairly quiet for a while and this week has not bee... CRE CDO boost2 May 2012 CMBSThe success of the New York Fed's MAX CDO sale last week has driven spreads tighter in the US CMBS market. Encouraged by the appetite the Fed witnessed, further CRE CDO sales are expected to follow. "The Fed's Maiden Lane III auction went pretty da... Euro ABS catches its breath26 April 2012 Structured FinanceThe European ABS market has been taking a bit of a breather over the last couple of weeks but remains active. Spreads have generally only widened very slightly, with prime RMBS even tightening. "It seems to have been a little quieter than it had be... Market in need of direction12 April 2012 CMBSEuropean CMBS currently looks cheap, but that is not enough to convince buyers to take the plunge as the secondary market remains quiet. BWIC activity has become more sporadic, although increased activity in the primary market could provide a boost. ... BWIC boredom as CLO market stutters28 March 2012 CLOsExcitement generated by the take-off of significant European CLO BWIC activity last month has turned to frustration and indifference. Bid-lists continue to flood the market, with notably large examples both today and yesterday, but trading is patchy.... US RMBS volatility subsides27 March 2012 RMBSThe volatility seen in US RMBS last week appears to have calmed down for the start of this one. However, supply in both agency and non-agency paper remains robust. "Agency MBS widened at the end of the week as investors took profits and there was h... All CMBS systems go23 March 2012 CMBSUS CMBS is continuing to perform strongly. The primary market is enjoying a flurry of issuance, while spreads in the secondary market remain relatively tight. "The market has been pretty active. There have been a couple of deals pricing this week a... BWICs keep on coming20 March 2012 Structured FinanceThe BWIC onslaught continues in the European secondary ABS sector. While bid-lists are keeping participants busy for now, one trader reports that the market is crying out for some more variety. "It has been quite quiet on the flow front. The primar... Dealers drive RMBS prices up8 March 2012 RMBSEuropean primary RMBS issuance may have been limited lately, but spreads in the secondary market have tightened considerably. Dealers have been driving secondary prices up and one trader believes that spreads may tighten even further. The trader is... Euro CMBS trading up28 February 2012 CMBSThe European secondary CMBS market has been trading up recently. Investor demand is particularly focused on the top of the capital structure, although not necessarily only for top-quality deals, while BWIC activity has also been strong. "There has... CMBS rally stalls16 February 2012 CMBSThe strong rally in the US CMBS market has eased off over the last two weeks. Trading is currently concentrated around AM and AJ tranches, with activity expected to pick up again in the near future. "The CMBS market has changed a lot over the last... Euro CLO market ignites9 February 2012 CLOsThere has been a rally in European CLOs over the last couple of weeks. Activity has picked up dramatically after the slow start to the year and one trader believes this could be just the beginning. "CLO-land has seen quite a bit of activity over th... US CMBS continues to impress30 January 2012 CMBSJanuary has proved to be a productive month for US CMBS and last week was no exception to that trend. New issuance has been well received and spreads in both the primary and secondary market are tightening. "The huge change in sentiment lately has... Euro RMBS on the up26 January 2012 RMBSRMBS continues to lead the way for the European securitisation markets. Secondary trading in the sector is active, with the benchmark Granite programme in particular attracting interest. "The market has exhibited a pretty positive tone over the las... Euro CMBS sparks into life20 January 2012 CMBSThe European secondary CMBS market has seen a pick-up in activity over the last few days. However, activity is effectively limited to smaller players and broader market involvement still remains elusive. "The market has not been extremely busy and... Euro RMBS outshines CLOs, CMBS12 January 2012 Structured FinanceActivity in the European securitisation market has been mixed so far this year. RMBS has made a promising start and one trader reports that renewed primary issuance is expected soon, but secondary trading in the CLO and CMBS markets is occurring only... Euro CLO hibernation over?6 January 2012 CLOsThe European CLO market has made a somewhat lethargic start to 2012, not dissimilar to how it ended 2011. Although the sector has not been busy in the first week of the year, trades are being done and activity is expected to pick up as the month cont... US CMBS still strong6 December 2011 CMBSThe US CMBS primary and secondary markets have both remained active, with a raft of new issuances capturing investors' attention. Spreads have continued to tighten and the market is already looking forward to a flurry of new deals as 2012 begins. "... Winter freeze setting in1 December 2011 Structured FinanceThe slow end-of-year shutdown of the European ABS market has continued over the last week. Issuance is limited and very targeted as banks deal with other priorities, with a pick-up not expected now until 1Q12. "Santander did a private Fosse placeme... Happy holidays?24 November 2011 ABSThe European ABS market is very quiet and it is not just because of the Thanksgiving holiday in the US. Trading activity continues to lessen as the end of the year grows nearer, with one trader describing current levels as "extremely muted". "Every... Still slow for Euro CLOs18 November 2011 CLOsThe European secondary CLO market has been quiet, with a modest pick-up in BWICs not yet enough to generate much excitement. CLOs appear to have been over-sold and prices are expected to rise over time. "We saw a small number of BWICs this week, in... Hedge fund boosts US CMBS liquidity4 November 2011 CMBSIt was a good week for US CMBS as market sentiment grew more positive and spreads tightened. A new issue also priced on Tuesday, although further new issuance is not expected for a while. One trader says that increasing clarity in Europe was a big... RMBS 'risk on' after euro boost28 October 2011 RMBSThe European secondary RMBS market has experienced renewed activity and optimism in the wake of Wednesday's eurozone crisis talks. The sector has returned to 'risk on' mode; however, the new-found confidence is still fragile and dependent upon the su... US CMBS bounces back27 October 2011 CMBSThe US CMBS market has been significantly buoyed by the latest eurozone debt talks. Spreads have tightened markedly and investors are talking about a return to higher yielding assets. "We have really seen a number of clients return to legacy assets... CMBS bid lists wear thin19 October 2011 CMBSBWICs have saturated the European secondary CMBS market and already weak dealer bids are getting weaker. Senior paper remains attractive and is drawing in former mezzanine investors, but otherwise activity is muted. Hedge fund investors have become... Improving tone13 October 2011 ABSThe European primary ABS sector has seen far more activity than in secondary, but positive developments in the broader markets are encouraging. Although confidence remains fragile, one trader reports that the news this week has given the ABS market a... Bids wanted12 October 2011 CLOsThe European CLO market continues to see pockets of activity without quite building any momentum. BWICs are still struggling to trade as investors remain cautious, although senior paper is seeing increased activity. Many bonds on BWICs are still fa... Reaction needed for US CMBS3 October 2011 CMBSThe US CMBS market spent last week waiting on news from Europe, but the launch of a new market index and the arrival of a floating rate deal this week should generate interest. Whether this interest translates into increased activity remains to be se... Cluster of deals on CMBS horizon9 September 2011 CMBSUS CMBS is about to experience a burst of activity as attention turns to a flurry of new deals, which will hit the market in the next couple of weeks. A US$1.491bn deal from Morgan Stanley and Bank of America Merrill Lynch, expected to price soon, wi... Euro CLO activity re-emerging6 September 2011 CLOsAugust was a quiet month for the European CLO market, although a couple of "good-sized" bid-lists emerged at the end of last week. This could mark the slow restart of activity in the sector, says one European trader. "There have been one or two sal... US CLO equity holding up23 August 2011 CLOsMarket volatility continued last week, with macro concerns - such as the contraction reported by the Philadelphia Fed and continuing Eurozone worries - weighing on participants' minds. While CLO pricing will remain volatile until... DBUBS braves seasonal slow-down17 August 2011 CMBSThe latest US CMBS to price is evidence that despite the current market environment there is still investor demand for the structures and that the diminished deal pipeline is only a seasonal slow-down. At the same time, volatility has helped to reinf... All quiet for Euro ABS, CLO markets11 August 2011 ABSA combination of volatility in the broader credit markets and the traditional quietness of the August holiday season has served to silence the European ABS and CLO sectors. A limited amount of trading is taking place in each market, but activity is n... Euro CLO market silenced4 August 2011 CLOsThe European CLO market has had a very quiet couple of weeks as macro headlines continue to cause concern. Demand remains high for top-quality paper, but is quite thin below that. "There is very little happening," explains one trader. "I have not s... US CMBS market 'treacherous'1 August 2011 CMBSThe last week and a half has been "pretty treacherous" in the US CMBS market, reports one trader. The ongoing wrangling over the US debt ceiling and the threat of a US downgrade has helped create an environment of confusion, which has not been eased... New CMBS deals price wide25 July 2011 CMBSLast week was an eventful one for US CMBS: although secondary trading was subdued, two new deals priced. Both transactions printed wider than had been expected, showing that the market has moved a long way from earlier in the year when triple-A sprea... Lights in the dark for Euro RMBS21 July 2011 RMBSNervousness in the European RMBS market has caused spread widening, as participants wait to see how issues in the Eurozone work out and whether they may lead to new problems for the banking sector. However, despite those concerns, UK and Dutch RMBS c... Equity sellers surprise CLO market15 July 2011 CLOsWhile mezz trading has slipped away, the European CLO market has seen a wave of equity sales this week, with mixed trading levels. The reasons behind the spike in activity remain unclear and it has left several traders slightly bemused. One trader... US CLO investors return13 July 2011 CLOsThe US CLO market has been kept busy by a string of BWICs, with softness in the market drawing investors back in. Additionally, a rare upsizing of a deal has occurred, while one upbeat CLO trader also describes liquidations coming back into 'active m... Senior focus8 July 2011 CMBSThe US holiday has contributed to a quiet week in the European secondary CMBS market. However, some participants are still finding opportunities. "It's been a quiet week because of the US being out, apart from the occasional BWIC and OWIC," says on... Investor uproar in Euro RMBS7 July 2011 RMBSThe European ABS market has been ticking along this week, with trading seen for old Lehman Brothers bonds and notes from Northern Rock's Granite transactions. However, the main focus has been on an abrupt u-turn by Northern Rock regarding its Graphit... Down-time for Euro CLOs8 June 2011 CLOsThe European CLO market appears to be entering a quiet phase as macro events begin to dent investor confidence. However, market participants hope that next week's Global ABS conference will provide a much-needed boost to the sector. "We've had a go... Sell-off weakens Euro MBS7 June 2011 RMBSThe European MBS market is exhibiting signs of weakness this week as dealers look to off-load stock. At the same time, controversy surrounds Deutsche Bank's new DECO CMBS with Fitch debating its triple-A status. "Sentiment feels weak at the moment.... Negative knock-on effect for Euro RMBS3 June 2011 RMBSNegative sentiment in the US appears to have had a knock-on effect on the European secondary RMBS market. However, participants believe that activity will bounce back ahead of the summer. "The European market has definitely been weaker this week an... Negative tone prevails in US CMBS2 June 2011 CMBSA negative tone prevails in the US CMBS sector, following the release of disappointing economic data. As a result, the market remains tense ahead of tomorrow's non-farm payroll results. "There has been a negative tone around the market this week pr... New issue boost for Euro ABS1 June 2011 ABSThe primary European ABS market has seen a busy start to the week, with new issuance continuing to dominate investor focus. The Brass No. 1 RMBS is the latest transaction to price. "Quite a few new issues have hit the market over the last week. Tha... CMBS new issue pair prints26 May 2011 CMBSNew issuance has been the main focus this week in US CMBS. Additionally, spreads now appear to be stabilising after the widening trend of the last few weeks. "The market seems to be stabilising a little now; it's been widening out consistently over... Euro ABS firms up26 May 2011 ABSThe European ABS market has picked up after a slow start to the week. Investor attention is focused on two new issues that are currently marketing. "Spreads were softer at the start of the week, in sympathy with what's going on with the peripherals... Bid-list madness for Euro CLOs25 May 2011 CLOsThe European CLO market has been inundated with bid-lists this week, with mostly mezzanine paper up for grabs. At the same time, CLO equity appears to have piqued investor interest. "We've seen an unusual volume of bid-lists so far this week. It's... US CMBS pipeline continues to build23 May 2011 CMBSSpread widening continued to plague the US CMBS market last week. However, the new issue CMBS - and CRE CDO - pipeline appears to be building ahead of the holidays. "Activity was fairly muted last week. Some bid-lists were circu... Euro ABS 'ignited'20 May 2011 ABSThe European secondary ABS market has seen its strongest and busiest week for some time, suggesting a turning point in activity. The primary market is following suit, with a variety of new issues marketing. "There's been a real turn in the market t... Fosse leads Euro RMBS rally19 May 2011 RMBSThe European secondary RMBS market has surged back to life this week, with UK prime paper leading the way. The primary market has also received a boost, with demand for Santander's Fosse 2011-1 proving to be extremely high. Fosse hit the market wit... New issue boost for US CMBS17 May 2011 CMBSThe announcement of two new deals this week, with two more expected next month, has boosted the US primary CMBS market. However, performance across the secondary market is suffering due to "shaky" spreads. JPMorgan and RBS/Wells Fargo are due to be... Euro CLO market taking hold16 May 2011 CLOsThe European CLO market is entering into a more stable and constructive period as spreads remain at consistent levels. In addition, positive sentiment is being generated by a CLO conference slated for tomorrow. "The European CLO market is entering... Maiden Lane lists weigh on US MBS13 May 2011 RMBSThe latest Maiden Lane II auction has served as a wake-up call for the US MBS sector, with only 65% of the bonds selling. Fatigue is said to be the main cause, as the New York Fed's gradual release of bid-lists since 4 April have left market particip... RMS call surprises Euro RMBS market11 May 2011 RMBSThe European RMBS secondary market has picked up considerably over the last week, with a surge of bid-lists containing predominantly UK non-conforming assets. In addition, market participants received welcome news today as RMS 16 gave notice that all... Legacy inventories driving CLO BWICs10 May 2011 CLOsCLO bid-list activity remains strong, with several lists launching over the past week. Additionally, banks are said to be finally offloading their legacy inventories, as spreads gradually tighten in. "The market has been relatively quiet in recent... Bid-list boosts Euro CMBS9 May 2011 CMBSThe European CMBS market received a boost last week from a £220.5m bid-list. The list - which comprised senior sterling-denominated paper, backed predominantly by retail properties - traded at surprising levels. "We saw... Investor comeback for US CLOs9 May 2011 CLOsThe US CLO market ended last week with a bang as bid-list levels soared. At the same time, the sector appears to be seeing much broader investor participation. "There's been a drastic improvement in the volume of bid-lists over the past week. We're... Euro ABS market bounces back5 May 2011 ABSThe European ABS market has bounced back to life this week as bid-list volumes increase and the new issuance pipeline grows. The European ABS primary market has been particularly busy this week, benefitting from the announcement of Santander's Foss... US CMBS market regains energy3 May 2011 CMBSThe secondary US CMBS market has seen a marked improvement over the last week. Bid-list activity appears to have regained its buoyancy and spreads are generally on a tightening trend. The tightening trend of the last week has been most pronounced o... CMBS new issuance gathering pace26 April 2011 CMBSThe focus of US CMBS market participants over the last week has largely been on upcoming primary deals. Wells Fargo, JPMorgan and UBS are all in the market with securitisations due to launch over the next few weeks. "The US CMBS market has been rel... Cantor CMBS finding favour18 April 2011 CMBSThe US CMBS market ended last week on a positive note, with spreads tightening and anticipation building over Cantor Fitzgerald's first CMBS - CFCRE 2011-C1 (SCI 14 April). Meanwhile, the Maiden Lane II auctions continue to attract aggressi... Euro ABS on a tightening trend14 April 2011 ABSEuropean secondary ABS spreads are tightening off the back of swelling new issue supply. At the same time, Nordea Bank's tender offer for the Midgaard CMBS is generating interest. "There hasn't been an enormous amount of secondary market activity i... Failed calls impact Euro RMBS14 April 2011 RMBSThe European RMBS market appears to be regaining some stability, underlined by a positive response to new issues. However, the failure to call certain Leek and E-MAC transactions has caused a stir among some investors. "The general sentiment is tha... US RMBS market regains strength11 April 2011 RMBSLast week's highly-anticipated Maiden Lane auction has instilled some confidence back into the US RMBS market, as investors prepare for further opportunities this week. Together with two more Maiden Lane lists, bids are due for the Longshore CDO Fund... Primary focus continues in Euro ABS8 April 2011 ABSEuropean secondary ABS activity appears to have lagged the primary market this week. Nevertheless, RBS' Arran Funding RMBS failed to cause the stir that was perhaps anticipated, with little activity in the name since its pricing on Wednesday. "Ther... Euro CLO appetite building7 April 2011 CLOsBid-list appetite finally appears to be returning to the European CLO market. However, activity remains significantly below the highs seen in February. "The market is looking much better now: the bids went back quite far as a result of the macro ne... Sluggish start for US CMBS6 April 2011 CMBSThe quarter-end lull in secondary US CMBS has continued this week, with a handful of bid-lists trading. At the same time, market participants are focusing on the risk retention rules proposed last week. "It's been a really slow week in terms of tra... Mixed performance for Euro MBS5 April 2011 RMBSEuropean MBS performance has been mixed so far this week as investors react to wider credit pressures. Although RMBS pricing levels appear to be holding up, senior CMBS paper is exhibiting some weakness. "It's been very quiet over the past week for... Anticipation builds for Maiden Lane disposals4 April 2011 ABSUS ABS market participants are busy preparing for the first Maiden Lane II portfolio auction, details of which are due to be distributed today with final bids expected on Wednesday (6 April). The liquidation process is set to facilitate increased tra... US CMBS on a tightening trend1 April 2011 CMBSA reduction in bid-list activity has driven spreads tighter in the US CMBS market this week. At the same time, differentiation among the better names is emerging. "This week was relatively slow and it was the bid-lists that were hit the most. On av... Euro CLO market softens31 March 2011 CLOsSoftening in the European CLO market continues, with participants predicting another quiet week ahead. This is said to be a reaction to the previous period of fast-selling, as well as to macro issues that are finally impacting the sector. "Overall... Primary focus continues for Euro RMBS29 March 2011 RMBSThe 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... Warning for Euro CLOs24 March 2011 CLOsThe 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... Euro RMBS bouncing back23 March 2011 RMBSThe 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... CLO market hits choppy waters22 March 2011 CLOsVolatility 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... Primary dominates Euro ABS21 March 2011 ABSThe 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... Caution prevails for Euro CLOs17 March 2011 CLOsThe 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... Volatility drives US CMBS16 March 2011 CMBSIt 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;... Euro CLO market hesitates15 March 2011 CLOsThe European CLO market is showing signs of hesitancy as the previous week's rally in mezzanine paper comes to a stop. At the same time, equity pieces are in high demand as investors continue their hunt for yield. "The triple-A and senior pieces ha... Mezz appeal for Euro RMBS11 March 2011 RMBSThe quiet patch for European RMBS continues, particularly in the primary market. However, mezzanine paper is running with demand in the secondary market, as investor appetite remains firm. "It's all been relatively quiet in the primary market, asid... Euro MBS holds on9 March 2011 RMBSActivity in the European MBS market has slowed this week, as participants hold on for rumoured new issuance. "It's all mainly positive, although the market has been a bit slower in the last week compared to the busy bid-list period before that," on... CLO market softens8 March 2011 CLOsFebruary's high bid-list volumes have left the European CLO market feeling overexerted, as it creeps into its second quiet week (see SCI 28 February). At the same time, both the US and European markets have suffered from price softening over the past... Euro ABS market sees a squeeze4 March 2011 ABSContinued spread tightening has driven a squeeze in the European ABS market this week. At the same time, Lloyds TSB's Gable Funding CLO has grabbed investor attention due to its diversification appeal. "The underlying tone is that spreads have been... US ABS market plays it safe3 March 2011 ABSThe US consumer ABS market has had a quiet week, with both new issue and secondary trading volumes remaining consistent. At the same time, triple-A paper still appears to be a favourite as investors continue to play it safe. "Everything's steady at... US CMBS stabilising2 March 2011 CMBSDespite a slight widening of spreads, it has been another good week for the US CMBS market as prices begin to stabilise. Meanwhile, JPMorgan priced its latest transaction today. "So far this week, equity is down and spreads have widened a little,"... Strong start for Euro RMBS1 March 2011 RMBSThe European RMBS market has had an active start to the week, with a flow of bid-lists and non-conforming offers. Additionally, Granite paper has rallied due to a lack of new issue supply. "So far, this week has been really busy for us. We've trade... Euro CLO sector takes a breather28 February 2011 CLOsA pause in the European CLO market today has brought to a halt a vibrant period of activity. However, the break in action raises questions of investor commitment, as traders foresee a volatile period ahead. "It's been a strong market of late, with... Equity appetite driving CLO bid-lists24 February 2011 CLOsBid-list activity is once again dominating investor attention in the US CLO market. In particular, demand for equity continues to drive prices higher at the bottom of the capital structure. "We've seen a very strong market in terms of bid-lists; in... Euro ABS slows down18 February 2011 ABSIt has been a quiet week for the European ABS market, with bid-lists the only source of activity. A leg-down in Granite triple-B levels proved to be the highlight. "It's been a fairly quiet week overall; much quieter than usual," one ABS trader say... Testing times for Euro RMBS14 February 2011 RMBSWhile investor appetite remains firm for European secondary RMBS, the lack of diversification in the primary market is an issue. Uncertainty about market drivers, combined with regulatory concerns is testing participants' commitment to the market. ... Supply shortage drives Euro CLOs10 February 2011 CLOsPrices are continuing to climb in the European CLO market as a shortage of underlying supply drives investor activity. Meanwhile, two significant loan restructurings were announced last week. "Prices seem to be going up for the secondary market now... Rally boosts Euro auto, credit card ABS8 February 2011 ABSThe volume of European ABS new issuance has boosted secondary market activity considerably this week. At the same time, last month's price rally has altered the appeal of many asset classes, fuelling activity in auto and credit card ABS in particular... New US CMBS issues eyed4 February 2011 CMBSThe US CMBS market has exhibited a positive tone this week, following the broad optimism generated at last week's CRE Finance Council conference and the launch of two new deals. Further, two more transactions are expected to be announced shortly. "... Euro CLO market takes stock3 February 2011 CLOsSeveral large CLO bid-lists set new highs across the capital structure last week. Now, the European market is entering into a consolidation phase as it readjusts and absorbs new pricing levels. "It's been an interesting few days as we've had the ru... Euro MBS showing strength3 February 2011 RMBSIt has been a strong week for the European MBS market, characterised by gradual spread tightening in Dutch RMBS - a trend that is set to continue into March. At the same time, investors remain eager to buy CMBS paper. "The market has been... Euro RMBS returns to life27 January 2011 RMBSThe European RMBS market experienced a slow start to the week before a spike in bid-list activity today, which has generated investor interest. Meanwhile, Aire Valley paper has rallied strongly on the back of a statement from the issuer. "Monday st... US CLO prices ramping up26 January 2011 CLOsBid-lists continue to dominate activity in the US CLO market. At the same time, aggressive investor appetite and soaring price levels bode well for new issuance. "The spurt of activity in bid-list land continues aplenty; we're seeing five to six la...
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