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Ups and downs for US RMBS

23 May 2013   RMBS
The primary focus in the US RMBS market yesterday was on the possible tapering of QE, given Fed chai...

CMBS softening likely post-GSE sale

23 May 2013   CMBS
Fannie Mae is due to sell a US$2.2bn list of legacy CMBS today. Deutsche Bank CRE debt analysts note...

CLO shake-out

23 May 2013   CLOs
Mezz trending tighter post-FDIC rule-change
Last month's change in FDIC assessments (SCI 19 March) appears to be encouraging more asset managers...

Zombie deals: the living dead of structured credit

22 May 2013   CDOs
Dave Jefferds, co-founder and COO of DealVector, examines how noteholder communication could help he...
Five long years ago, the global financial crisis hit. Many deals imploded almost immediately, like A...

SCI Start the Week - 20 May

20 May 2013   Structured Finance
A look at the major activity in structured finance over the past seven days
Pipeline A broad range of transactions remained in the pipeline at the end of last week. These deal...

Asian liberalisation?

20 May 2013   CDS
Signs of CDS gaining ground as Asian markets open up
The OTC derivatives market in Asia continues to be fragmented and largely weighted towards FX and in...

Freddie sale meets strong demand

17 May 2013   RMBS
Further details have emerged on the US$1bn-plus US RMBS non-agency bid-list put out by Freddie Mac e...

Equitable subordination risk rises

17 May 2013   CMBS
The risk of equitable subordination has arisen for the first time during insolvency proceedings of G...

Counterparty credit risk uncovered - part two

17 May 2013   Risk Management
Terri Duhon, managing partner at B&B Structured Finance and author of 'How the Trading Floor Rea...
As explained in the first in this series of articles (SCI 3 May), counterparty credit risk in intere...

SEF certainty

17 May 2013   Risk Management
CFTC clears up CDS concerns
A perceived regulatory preference for CDS futures over swaps has caused serious consternation in the...

Differences of opinion

17 May 2013   RMBS
RMBS rep and warranties scrutinised
Year-to-date US non-agency RMBS issuance stands at US$7.7bn, with volumes forecast to reach US$20bn...

Compelling case for CLO calls

16 May 2013   CLOs
Equity investors in callable 2010 and 2011 CLOs should call them now and take advantage of the low c...

American influence

15 May 2013   CLOs
European CLO market moving towards US model
Recent developments in the European CLO market suggest that it is moving closer to a US-style model....

Managers maintain CLO diversity

14 May 2013   CLOs
US CLO 2.0 managers have maintained good loan diversification, despite the market's rapid rise and t...

SCI Start the Week - 13 May

13 May 2013   Structured Finance
A look at the major activity in structured finance over the past seven days
Pipeline Two ABS, one ILS, one RMBS, one CMBS and four CLOs entered the pipeline last week. Of thos...

Quiet week does not dent Euro CLO optimism

10 May 2013   CLOs
Activity in the European CLO sector slowed during this holiday-shortened week, but optimism remains...

Eurosail judgements confirmed

10 May 2013   Structured Finance
The UK Supreme Court has handed down judgement on the Eurosail-UK 2007-3BL case, upholding previous...

US ABS still quiet, despite auto injection

9 May 2013   ABS
Secondary US ABS activity was once again fairly light yesterday, with auto paper dominating the sess...

Aussie boom

9 May 2013   RMBS
Offshore interest returns as Australian RMBS picks up
The Australian RMBS market is resurgent, with volumes already on course to surpass last year's. New...

CMBS ticks tighter on rising supply

8 May 2013   CMBS
Generic US CMBS secondary spreads were mostly unchanged yesterday, although legacy conduit AM and AJ...

CLO redemption risks examined

8 May 2013   CLOs
An unusual EOD notice has been issued for the Integral Funding CLO, after a scheduled optional redem...

ECB boost for SME ABS

3 May 2013   Structured Finance
The ECB has begun consultations with the European Council and EIB in order to promote a functioning...

Counterparty credit risk uncovered - part one

3 May 2013   Risk Management
Terri Duhon, managing partner at B&B Structured Finance and author of 'How the Trading Floor Rea...
For as long as derivatives have been around, counterparties have taken contingent credit risk to eac...

Euro CMBS picks up as predicted

2 May 2013   CMBS
SCI's PriceABS data shows 100 European CMBS BWIC line items for yesterday's session, as hig...

Recent vintages seen in ABS session

30 April 2013   ABS
US ABS BWIC volumes totalled around US$93m yesterday, with secondary flows remaining light in the ru...

Special servicing loan outcomes examined

30 April 2013   CMBS
Most resolved US CMBS loans remain outstanding, while REO loans account for an increasing proportion...

Stepping up

30 April 2013   CLOs
First-time CLO managers' to-do list discussed
As the US CLO sector continues to recover, more players are expected to enter the market. Prospectiv...

SCI Start the Week - 29 April

29 April 2013   Structured Finance
A look at the major activity in structured finance over the past seven days
PipelineThree new ILS deals joined the pipeline last week, as well as a further four ABS and two RMB...

TITN 2007-CT1 note EOD likely?

26 April 2013   CMBS
Comprising 33 loans, down to 18 currently, Cornerstone Titan 2007-1 has the largest loan count among...

CMBS investors broadening horizons

26 April 2013   CMBS
It has been a quieter week for European CMBS. Primary issuance still seems a fair distance away and...

Issuance awaited

26 April 2013   RMBS
UK RMBS spreads tighten as investors lack options
No prime UK RMBS has been issued this year and that lack of issuance is helping to drive secondary s...

CMBS loan resolution timelines diverge

25 April 2013   CMBS
The length of time between a US CMBS loan transferring to special servicing and ultimately being res...

Increased volume as US RMBS reawakens

24 April 2013   RMBS
The US RMBS secondary market yesterday shook off the lethargy with which it had been afflicted to sp...

CMBS hedging importance underlined

24 April 2013   CMBS
The bankruptcy of General Growth Properties (GGP) (SCI 13 May 2009) underlines the importance of inv...

Investors encouraged to make split decisions

23 April 2013   CMBS
The preference for US CMBS bonds being rated investment grade by at least two rating agencies has cr...

SCI Start the Week - 22 April

22 April 2013   Structured Finance
A look at the major activity in structured finance over the past seven days
Pipeline Five new deals remain in the pipeline from last week. These include one ABS, one CLO and t...

ABS mix makes for active session

19 April 2013   Structured Finance
US ABS BWIC volumes reached US$181m yesterday, with auto and student loan paper accounting for most...

ASF, SFIG go toe-to-toe

19 April 2013   Structured Finance
Further details have emerged on the wave of defections from the ASF and subsequent formation of the...

Single surge

19 April 2013   CMBS
Single-borrower CMBS sees heavy Q1 issuance
At around US$9bn, US single-asset/single-borrower CMBS issuance in the first quarter almost equalled...

Farallon pay-down welcomed

18 April 2013   CMBS
The US$1.6bn Farallon Portfolio loan, securitised in four separate CMBS, has paid off. The pay-down...

RMBS holders consider clean-ups

18 April 2013   RMBS
Clean-up calls are back on the agenda for seasoned senior jumbo RMBS now that the search for yield h...

Pre-wired flexibility

18 April 2013   CMBS
Intu CMBS could have broader attraction
The recent £800m Intu (SGS) Finance 2013 series 1 transaction represents a watershed in UK...

Spread volatility presents ABS opportunities

16 April 2013   ABS
Spread volatility in US consumer ABS has increased markedly since the financial crisis. This trend i...

SCI Start the Week - 15 April

15 April 2013   Structured Finance
A look at the major activity in structured finance over the past seven days
Pipeline The number of deals entering the pipeline was fairly steady last week, with eight deals re...

Secondary CMBS reacts to primary pricing

12 April 2013   CMBS
US CMBS new issue spreads have widened in recent weeks with growing investor concern about high prem...

Trups to the fore of CDO supply

11 April 2013   CDOs
The number of CDO tranches circulating on BWICs jumped yesterday, with SCI's PriceABS data picking u...

US CMBS picks up pace

10 April 2013   CMBS
US CMBS secondary supply yesterday more than doubled the levels observed on Monday. Total BWIC volum...

Ratings differentiation

10 April 2013   Structured Finance
Call for improved assessment of derivatives risk
'Too big to fail' is emerging as a mainstream concern and with it come calls for the assessment of d...

Special servicer changes examined

9 April 2013   CMBS
As US CMBS write-downs increase, shifting control higher up the structure, the number of special ser...

Primary issuance hotly anticipated

9 April 2013   CLOs
With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the...
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