http://www.structuredcreditinvestor.com RSS news feed from Structured Credit Investor Corinne.smith@structuredcreditinvestor.com (Corinne smith) en-gb Corinne.smith@structuredcreditinvestor.com (Corinne smith) &Copyright © SCI 2006 Wed, 19 Jun 2013 00:00:00 GMTWed, 19 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/images/logo_sci_big.gif http://www.structuredcreditinvestor.com http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39665 New European CLOs afford greater protection to senior noteholders than those issued prior to the financial crisis, according to S&P. The agency cites greater subordination for senior notes, higher overcollateralisation ratios and lower leverage a... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39665 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39664 S&P says that new issuances of covered bonds warrant just as much scrutiny as securitisations, given that the instrument is becoming increasingly more complex. The agency expects the trend of introducing features into covered bonds that are more... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39664 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39663 4sight Financial Software has added new features to its collateral optimisation system. The collateral management system bases all collateral substitutions on automated cheapest-to-deliver collateral algorithms. The firm says clients are now able to... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39663 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39662 The UK Automobile Association (AA) is prepping a whole business securitisation dubbed AA Bond Co. Proceeds will refinance part of the liabilities of the Acromas Group. The AA Group operates a roadside assistance service in the UK and Ireland, as well... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39662 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39661 The Co-operative Bank has completed a review of its financial position and agreed capital and management actions to generate Common Equity Tier 1 capital. Under the plan, the bank intends to delever its non-core assets via a separate division. Going... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39661 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39660 Nearly 90% of Fitch-rated pre-2009 US CMBS by balance currently have outstanding interest shortfalls to one or more rated classes. But interest shortfalls are now beginning to surface in CMBS 2.0 transactions, although nearly all of these loans conti... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39660 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39659 The liquidation of a loan in CSFB 2005-C2 has resulted in the first instance of principal losses being realised on an originally triple-A rated AJ tranche in the US conduit CMBS segment. The US$136m Tri-County Mall was liquidated this month with a lo... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39659 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39658 Sallie Mae has named Steven McGarry as corporate finance svp. He will assume responsibility for all of the company's funding activities, as well as manage the corporation's rating agency, equity investor and fixed income investor relationships. McGar... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39658 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39657 FactSet has integrated Fitch's credit ratings data across its suite of solutions. The move will give investment professionals further insight into credit risk and enable them to conduct ratings exposure analysis on their portfolios, the two firms say... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39657 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39656 Markit has acquired the assets of Global Corporate Actions Validation Service from the DTCC. The acquisition expands Markit's reference data offering with more than 50 types of corporate action announcements in equities, bonds and structured products... Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39656 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39640 The re-emergence of the European CLO market has many positive aspects, but corporate trust service providers warn that – as with other sectors – such progress may mask unresolved issues. James Linacre investigates which areas need further scrutiny Tue, 18 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39640 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39647 A look at the major activity in structured finance over the past seven days Mon, 17 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39647 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39645 The liquidation of almost €300m of bonds following an investor pulling out of a large ABS fund resulted in a 152 line BWIC being offered to the market earlier this week. The large, varied list traded well, although levels were a little weaker t... Fri, 14 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39645 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39639 Terri Duhon, managing partner at B&B Structured Finance and author of 'How the Trading Floor Really Works', discusses managing counterparty credit risk including the use of reserves (i.e. CVA) Fri, 14 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39639 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39636 Stricter loan-level requirements have come into force for European CMBS looking to retain ECB repo-eligibility. CMBS bonds are now mostly absent from the list of repo-eligible securities, with possible negative pricing implications. The ECB is curren... Thu, 13 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39636 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39627 Russian RMBS, ABS issuance gathering pace Thu, 13 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22674&SID=39627 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22673&SID=39624 Activity has picked up in the European ABS markets over the last couple of weeks. Primary issuance may slow during next week's IMN conference in Brussels, but secondary trading levels are expected to hold steady. "We have been seeing big bid-lists ac... Wed, 12 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22673&SID=39624 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22673&SID=39612 The US RMBS secondary market has had a mixed start to the week, with agency supply up but non-agency BWIC volume markedly down. SCI's PriceABS data shows several covers for agency bonds during yesterday's session, but fewer for non-agencies. Agency R... Tue, 11 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22673&SID=39612 http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22673&SID=39604 GRAND sponsor Deutsche Annington (DAIG) intends to list on the Frankfurt Stock Exchange. As it seeks to rebalance its funding, the likelihood of the GRAND CMBS being redeemed on or before its October IPD has greatly increased. DAIG plans to move towa... Tue, 11 Jun 2013 00:00:00 GMT http://www.structuredcreditinvestor.com/Story.asp?PUB=250&ISS=22673&SID=39604