318 records found.
21 September 2012
CMBS
After a series of slower sessions, the secondary US CMBS market saw BWIC volume increase dramatically yesterday. SCI's PriceABS BWIC data shows over 150 line items for the session, with some interesting price movement evident.
A US$24.41m slice of...
20 September 2012
RMBS
The secondary US RMBS market saw BWIC volume of US$934m yesterday, according to Interactive Data estimates.
"Overall BWIC volume has surpassed the prior session, led by the increase in the supply of subprime bonds out for the bid. The sector has a...
19 September 2012
ABS
European secondary ABS supply was dominated by auto paper yesterday. A rally in the sector saw many names being bid up over par.
One bond that appears often in SCI's PriceABS BWIC archive - VCL 13 A - was covered at 100.38 durin...
18 September 2012
CMBS
Monday's session demonstrates just how far spreads in the US CMBS secondary market have tightened over the last few weeks. Trading activity yesterday was relatively light, but paper that changed hands did so at tight levels.
SCI's PriceABS BWIC dat...
13 September 2012
CMBS
US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's PriceABS BWIC data has 111 line items for the session, with supply remaining steady if unspectacular.
Interactive Data figures place CMBS bid-list...
11 September 2012
RMBS
Last week saw US non-agency RMBS spreads grow progressively tighter as supply kept on coming. The market has rallied considerably over the last few weeks, as can be seen in SCI's PriceABS BWIC data.
"While supply picked up after the Labor Day holid...
7 September 2012
ABS
US ABS secondary market volumes have fallen off from the start of the week, with only a few lists being circulated yesterday. Auto continues to be the most active sector (SCI 31 August), accounting for more than one-third of supply during the session...
6 September 2012
CMBS
After finding their feet on Tuesday, the US secondary market took off yesterday. SCI's PriceABS BWIC data reached 500 line items for the session, with some interesting developments in CMBS.
Trepp notes that CMBS spreads were flat to marginally tigh...
5 September 2012
RMBS
The US non-agency RMBS market picked up yesterday as traders returned to their desks, although SCI's PriceABS BWIC data shows that activity was light by recent standards. PriceABS shows 71 RMBS line items for Tuesday's session, with offering levels g...
4 September 2012
CDOs
On thin volumes due to Labor Day in the US, over half of the BWIC line items captured by SCI's PriceABS service yesterday were European CDO tranches. A couple of them have appeared in the archives before.
A €4m slice of the WODST III-X D...
31 August 2012
ABS
European auto ABS proved the flavour of the day yesterday as a succession of bonds achieved covers over 100 in the secondary market, encouraging US traders to also start showing auto paper. SCI's PriceABS BWIC data captured a mix of new and familiar...
30 August 2012
RMBS
US non-agency RMBS bid-list activity ticked higher yesterday, driven by a large subprime CDO liquidation of 2005-2006 vintage mezzanine bonds. Levels remain firm ahead of the end of the month.
BWIC volume stood at US$696m for the session, up from U...
29 August 2012
CMBS
The strong supply seen in the US CMBS secondary market last week appears to be continuing this week. However, bid-list composition has changed.
A recent Babson Capital client memo notes that while AM/AJ classes represented almost 60% of volume duri...
28 August 2012
Structured Finance
After a run of elevated supply, secondary trading in the US tailed off at the end of last week and remained comparatively quiet on Monday. RMBS volumes, in particular, are muted as investors digest remittance reports. Activity in the ABS sector has t...
24 August 2012
ABS
Secondary market supply remained strongly elevated yesterday, with 480 line items represented in SCI's PriceABS BWIC data. Student loan ABS paper, in particular, was circulating and attracting interest at tight levels.
The SLMA 2011-A A2 tranche wa...
23 August 2012
RMBS
European RMBS spreads have continued to grind tighter and will carry on doing so, according to one trader. Both new deals and the secondary market are reaching remarkable levels.
"Spreads have been moving for a few months now and they are still get...
23 August 2012
CMBS
US CMBS spreads widened yesterday, with bid-list supply dropping to around half of Tuesday's total. SCI's PriceABS BWIC data still shows 74 CMBS line items for the session, with a mix of new and familiar names.
Interactive Data reports that Wednesd...
22 August 2012
CLOs
CLO equity has grabbed the attention of the secondary markets, after the subordinated notes of Madison Park Funding IV traded twice over the past two sessions at record levels, as shown in SCI's PriceABS BWIC data.
A US$5m piece of MDPK 2007-4A SUB...
21 August 2012
Structured Finance
Technical drivers continue unabated in the European secondary ABS market. With few offers and low turnover, bids appear to be on a tightening trend for now.
SCI's PriceABS BWIC data indicates that activity remains focused on the core UK and Dutch R...
17 August 2012
Structured Finance
MBS volume has spiked sharply over the last couple of days. Both CMBS and RMBS supply has been very strong, with the latter boosted by a rush of Countrywide bonds.
From 122 CMBS line items displayed on SCI's PriceABS BWIC data on Monday, Tuesday sa...
15 August 2012
CDOs
BWIC supply was very strong yesterday, with SCI's PriceABS data showing a record 473 line items. The data includes several of the names slated for sale in tomorrow's Maiden Lane III auction (SCI 10 August).
The New York Fed has 14 ABS CDO tranches...
14 August 2012
CMBS
Buyers outnumber sellers in the European CMBS secondary market at present. Given recent spread tightening, investors have started working harder for yield.
"There is very good demand for CMBS senior second-pays and quality third-pays, but there are...
14 August 2012
RMBS
US RMBS has been prominent on the week's early bid-lists. SCI's PriceABS data shows 119 RMBS line items for Monday, including a good number of non-agency bonds after supply had slowed last week.
Both LMT 2007-5 3A4 and LMT 2007-8 2A1 were covered y...
10 August 2012
CDOs
Yesterday proved to be another busy session for BWICs. Supply has remained elevated across asset classes, with SCI's PriceABS data showing 133 CDO line items on Wednesday and 136 on Thursday.
A few familiar European names were circulated, such as W...
8 August 2012
CLOs
The European CLO market appears to be slightly subdued, following a couple of days of strongly contrasting BWIC activity. After beginning the month slightly weakly, the market tightened remarkably on Thursday.
"This week the market has not been ver...
3 August 2012
RMBS
US non-agency RMBS bid-list activity was yesterday slightly down on the prior session, but still remained active. SCI's PriceABS BWIC data shows that spread levels held firm, however, with certain names being talked up.
A couple of line items parti...
2 August 2012
CMBS
Generic US CMBS spreads were mostly unchanged yesterday, but AM tranches did grind about 5bp tighter. Interactive Data figures place BWIC volume for the session at US$418m, with around a quarter of the paper focused in 2006/2007 vintage AJs. Trading...
27 July 2012
RMBS
The strong supply seen in secondary US RMBS continues, with prime hybrid, Alt-A hybrid and option ARM bonds well represented in yesterday's bid-lists. It has been a week of elevated BWIC activity for ARM paper in particular, with Interactive Data fig...
26 July 2012
Structured Finance
The summer was expected to be quiet for European ABS and that is how it has proved so far. The last week has not seen a lot of activity, although that is not down to a lack of potential buyers.
"There is a lot of buying interest in the market right...
26 July 2012
CMBS
US CMBS spreads ground tighter yesterday, ending a three-day period of widening. The benchmark GSMS 2007-GG10 A4 tranche outperformed the broader market, according to Trepp, finishing at 230bp - 10bp tighter than at Tuesday's close.
Bid-l...
25 July 2012
RMBS
US prime hybrid and alt-A hybrid RMBS secondary supply spiked yesterday, coming in at nearly quadruple the prior session's total. Interactive Data figures suggest that overall non-agency RMBS BWIC volumes hit an eye-watering US$2.72bn on the day, dri...
20 July 2012
RMBS
The European RMBS market is still searching for a spark, but has continued ticking along regardless. Primary issuance has not dried up completely, although the secondary market is slow.
"In the primary market the biggest talking point has been Lana...
17 July 2012
CMBS
It has been a busy last few days in US CMBS. While the secondary market has been quiet, primary issuance has been very healthy and there is more on the way.
Freddie Mac and Fannie Mae each priced deals (US$1.3bn FREMF 2012-K710 and US$718m FNA 2012...
11 July 2012
RMBS
It has been a quiet spell for the European RMBS market. Demand seems to be outstripping supply, but a recent transaction - Dutch Mortgage Portfolio Loans X - has caught the eye and change could be on the horizon.
"The lack of is...
21 June 2012
CMBS
After softening earlier in the month, the European CMBS market has recovered over the last week. The Global ABS conference seems to have marked a turning point, but events in the RMBS market also appear to be having an effect.
"Activity has definit...
24 May 2012
Structured Finance
It has been a fairly quiet couple of weeks for European ABS, but liquidity could suffer further as the summer progresses. Unfolding events in Greece and the implementation of the ECB's loan-level data initiative are both expected to put a dampener on...
17 May 2012
CLOs
The 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...
4 May 2012
CMBS
This 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...
2 May 2012
CMBS
The 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...
26 April 2012
Structured Finance
The 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...
12 April 2012
CMBS
European 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.
...
28 March 2012
CLOs
Excitement 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....
27 March 2012
RMBS
The 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...
23 March 2012
CMBS
US 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...
20 March 2012
Structured Finance
The 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...
8 March 2012
RMBS
European 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...
28 February 2012
CMBS
The 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...
16 February 2012
CMBS
The 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...
9 February 2012
CLOs
There 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...
30 January 2012
CMBS
January 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...
26 January 2012
RMBS
RMBS 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...
20 January 2012
CMBS
The 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...
12 January 2012
Structured Finance
Activity 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...
6 January 2012
CLOs
The 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...
6 December 2011
CMBS
The 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.
"...
1 December 2011
Structured Finance
The 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...
24 November 2011
ABS
The 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...
18 November 2011
CLOs
The 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...
4 November 2011
CMBS
It 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...
28 October 2011
RMBS
The 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...
27 October 2011
CMBS
The 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...
19 October 2011
CMBS
BWICs 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...
13 October 2011
ABS
The 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...
12 October 2011
CLOs
The 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...
3 October 2011
CMBS
The 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...
9 September 2011
CMBS
US 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...
6 September 2011
CLOs
August 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...
23 August 2011
CLOs
Market 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...
17 August 2011
CMBS
The 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...
11 August 2011
ABS
A 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...
4 August 2011
CLOs
The 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...
1 August 2011
CMBS
The 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...
25 July 2011
CMBS
Last 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...
21 July 2011
RMBS
Nervousness 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...
15 July 2011
CLOs
While 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...
13 July 2011
CLOs
The 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...
8 July 2011
CMBS
The 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...
7 July 2011
RMBS
The 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...
8 June 2011
CLOs
The 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...
7 June 2011
RMBS
The 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....
3 June 2011
RMBS
Negative 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...
2 June 2011
CMBS
A 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...
1 June 2011
ABS
The 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...
26 May 2011
CMBS
New 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...
26 May 2011
ABS
The 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...
25 May 2011
CLOs
The 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...
23 May 2011
CMBS
Spread 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...
20 May 2011
ABS
The 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...
19 May 2011
RMBS
The 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...
17 May 2011
CMBS
The 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...
16 May 2011
CLOs
The 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...
13 May 2011
RMBS
The 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...
11 May 2011
RMBS
The 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...
10 May 2011
CLOs
CLO 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...
9 May 2011
CMBS
The 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...
9 May 2011
CLOs
The 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...
5 May 2011
ABS
The 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...
3 May 2011
CMBS
The 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...
26 April 2011
CMBS
The 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...
18 April 2011
CMBS
The 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...
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