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The nature of the collateral that clearinghouses collect and how they help clients manage and deploy that collateral wil...
20 December 2012
CDS product development and growth anticipated
Next year will be a watershed for credit derivatives, as the market is scheduled to transition to a centrally-cleared an...
19 December 2012
Yield available, although challenges remain
The structured finance markets in Asia face significant constraining factors in 2013. A preference for covered bonds wil...
19 December 2012
US ABS recovery subject to potential shocks
The US ABS market rallied strongly in 2012, with CLO and CMBS issuance volumes in particular surprising many. A substant...
18 December 2012
Solid 2013 anticipated for European securitisation
The European securitisation market has been dominated by regulatory pressures, but - as participants become mo...
18 December 2012
Last week saw US$3.8bn of US CLO issuance, after November posted the highest volume per month since August 2007 (US$8bn)...
11 December 2012
A look at the major activity in structured finance over the past seven days
Pipeline In what ended up being a busier week than the previous one, three ABS, one ILS, two RMBS, three CMBS and two C...
10 December 2012
Even among all the changes in the mortgage investment market, the ability to successfully evaluate a...
For years credit scores provided by the three major credit bureaus set the standard for evaluating creditworthiness. Len...
7 December 2012
A number of US CMBS bonds were being shown in secondary yesterday, as traders remain busy ahead of year-end. SCI's Price...
6 December 2012
SCI's PriceABS data recorded over 100 CDO line items yesterday, with a significant number of CRE and Trups transactions...
5 December 2012
Basel 3 is introducing significant challenges to the traditional ALM product set in the way that liquidity risk is manag...
4 December 2012 Free
December kicked off with steady supply for the secondary US RMBS market. The non-agency sector continues to be dominated...
4 December 2012
The Roberts vs. Tishman Speyer Properties court case has been settled. The settlement removes the last significant obsta...
3 December 2012
A look at the major activity in structured finance over the past seven days
Pipeline Last week saw nine deals join - and remain in - the pipeline. Five of these were ABS, with...
3 December 2012
Post-election housing outlook discussed
President Obama's re-election appears to have boosted prospects for the private label RMBS market. At the same time, pre...
30 November 2012
Supply stepped up in the US CLO and CDO secondary space yesterday. SCI's PriceABS data shows 162 CLO line items and 84 C...
30 November 2012
US CMBS secondary spreads were quoted yesterday at swaps plus 175bp/174bp, just a little wider than the previous close o...
29 November 2012
Tuesday proved a busy session for the secondary US RMBS sector. Non-agency BWIC volume was up by 40% on Monday's levels...
28 November 2012
Dutch RMBS currently offers particularly cheap exposure to core Europe. The traditional Dutch/UK prime RMBS basis has co...
28 November 2012
The European CMBS market may be starting to wind down for the year, but the last week has still seen a fair level of act...
27 November 2012
Mortgage litigation settlements have accelerated in recent months. Increasing clarity around potential outcomes is conse...
26 November 2012
A look at the major activity in structured finance over the past seven days
Pipeline With Thanksgiving shortening last week in the US, there was a slight drop in the number of deals joining the p...
26 November 2012
Participants urged to be aware of CMBS note sale costs
Increasing adoption of US CMBS note auctions is significant for both noteholders and borrowers. Losses can be considerab...
22 November 2012
The first transaction with a Prime Collateralised Securities stamp (SCI 15 November) priced yesterday, with little fanfa...
22 November 2012
Contentious EU ban raises questions for CDS market
The EU's ban on speculative positions in sovereign CDS came into effect this month. While regulators believe the ban can...
21 November 2012
US CMBS secondary supply is surging ahead of the Thanksgiving holiday. SCI's PriceABS data shows 248 CMBS line items for...
21 November 2012
The difficulty and expense of proving CMBS loan purchase agreement breaches has historically limited the number of rep a...
21 November 2012
Bank of America last week announced that it had made a tender offer to purchase at par any and all of MBIA Inc's outstan...
20 November 2012
The US RMBS secondary market was dominated yesterday by non-agency subprime activity, where the focus was on an all-or-n...
20 November 2012
Enterprise Inns' full-year results show improved like-for-like net income and decreased debt net of cash. The group has...
20 November 2012
A look at the major activity in structured finance over the past seven days
Pipeline It was another reasonably active week for the pipeline. Four new ABS deals, one ILS, one RMBS, two CMBS and tw...
19 November 2012
It was a busy session yesterday for US CMBS, with volume up by almost 50% over the previous day. SCI's PriceABS data sho...
16 November 2012
Activity in the European RMBS secondary market has been particularly strong over the last couple of days. Granite triple...
15 November 2012
The holiday-shortened week has begun with secondary US non-agency RMBS activity down from Friday's session. Prices were...
14 November 2012
RMBS relative value beyond the big brands
Attracted by the stable performance and yield pick-up on offer, European and US investor appetite for Australian RMBS is...
14 November 2012
A look at the major activity in structured finance over the past seven days
PipelineMany of the deals that joined the pipeline last week went on to price soon after, but a couple remained come the...
12 November 2012 Free
The US CMBS secondary market moved a little wider in yesterday's session, although the trend for the past week has gener...
8 November 2012
Private student loan ABS has seen demand increase during 2012, with spreads tightening commensurately, with spreads for...
7 November 2012
The US RMBS market began the week on a positive note with non-agency supply elevated across the board. Interactive Data...
6 November 2012
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline was joined last week by two auto ABS, two RMBS and one CLO. The ABS were Bumper 6 France and &...
5 November 2012 Free
The European Insurance and Occupational Pensions Authority (EIOPA) has published its proposed capital rules for Solvency...
2 November 2012
Activity in the secondary European CLO market stalled this week as first the US and later Europe all but shut down. Seve...
2 November 2012
Shifting CLO assumptions amid strong performance
US CLO tranches tightened across the board in the third quarter, with primary issuance and secondary activity both excee...
2 November 2012
Cross-sector relative value key for yield
With QE3 driving down interest rates and spreads rallying to near-term tights, investors are being forced to work harder...
1 November 2012
Quarterly review and outlook for European ABS
We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS, its views on activ...
1 November 2012 Free
The CLO investor base continues to evolve, with diversification seen across real money, banks and hedge funds. A recent...
31 October 2012
The secondary European CMBS market has remained fairly active over the last week, albeit with a slight drop in selling f...
31 October 2012
LNR Partners remains the largest US CMBS special servicer by outstanding balance, but its impact in terms of year-to-dat...
30 October 2012
Hansol Kim, md in FTI Consulting's structured finance practice, answers SCI's questions
Q: How and when did FTI Consulting become involved in the securitisation market? A: FTI is a multi-disciplinary consult...
29 October 2012
A look at the major activity in structured finance over the past seven days
Pipeline Last week was fairly busy for the pipeline, although ABS was in the minority, with only one new deal announced...
29 October 2012
With continued improvements in US commercial real estate liquidity and price transparency, not only will many more probl...
26 October 2012
In light of yesterday's ResCap MSR auction, MBS analysts at Bank of America Merrill Lynch have analysed the collateral p...
25 October 2012
Two auctions were concluded on Auction.com yesterday for 12 of 16 properties collateralising the US$180.9m DRA-CRT Portf...
25 October 2012
European CLO tranches have lagged the strong rally in the broader credit markets over the past few months, due to percei...
25 October 2012
Activity in US RMBS has been slightly subdued over the last few days, given the focus on IMN's ABS East conference. Yest...
25 October 2012
Confirmation that an interest rate swap remains in place for the Mapeley loan, securitised in the European Loan Conduit...
24 October 2012
The Consumer Financial Protection Bureau (CFPB) has released its first annual report on private credit student loans. Th...
24 October 2012
Contrasting fortunes were in evidence in the European RMBS market last week. On the same day that a UK transaction achie...
23 October 2012
US CMBS market exceeds early expectations
The US CMBS market has gone from strength to strength in 2012. Spreads have rallied consistently, while loan maturity ou...
23 October 2012
OTC margin requirements under the spotlight
Margin is the subject of much discussion across the OTC derivatives industry at present, given the aggressive competitio...
23 October 2012
A look at the major activity in structured finance over the past seven days
PipelineSix new deals were announced last week that still remain in the pipeline. Half of those were ABS transactions, b...
22 October 2012 Free
CLO secondary supply spiked yesterday, with 12 bid-lists reported to be circulating. That increased volume is reflected...
19 October 2012
Counterparty risk management practices discussed
Representatives from Fitch Solutions last month discussed credit and counterparty risk management practises in a live we...
19 October 2012
New EU regulations governing short selling of EU equities, sovereign bonds and sovereign CDS will come into force on 1 N...
18 October 2012
In line with the rising prices seen this week in European CMBS (SCI 17 October), the secondary market in the US has been...
18 October 2012
SCI's PriceABS BWIC data indicates that senior European CMBS spreads have increased slightly over the past mont...
17 October 2012
Supply across the US secondary market was quiet yesterday to start the week. However, a steady offering of non-agency pa...
16 October 2012
A look at the major activity in structured finance over the past seven days
Pipeline Two ABS entered the pipeline last week, with one RMBS, one CMBS and one CLO joining them. The ABS were student...
15 October 2012 Free
It was a jam-packed session for US CMBS yesterday. Fixed rate and 2.0 bonds were circulating alongside very large chunks...
12 October 2012
Litigation activity involving borrowers in US CMBS is maintaining a steady level, despite the number of loans in special...
12 October 2012
Agency CMBS could provide template for issuance
The recently-priced Florentia agency CMBS has several striking features. It is being seen as a positive return to the ea...
11 October 2012
Agency MBS crowding to boost esoteric ABS
The New York Fed's announcement last month that Operation Twist will target solely agency MBS took many by surprise (SCI...
11 October 2012
US non-agency RMBS supply spiked yesterday. SCI's PriceABS BWIC data shows over 100 RMBS line items for the session, wit...
11 October 2012
Moody's Analytics has published the second study of a two-part series on US CLO management fees (see also SCI 7 Septembe...
10 October 2012
A slew of UK RMBS paper hit the secondary market yesterday, with a mixed bag of names out for the bid. Vintage prime sen...
10 October 2012
A look at the major activity in structured finance over the past seven days
Pipeline Four deals remained in the pipeline by the end of last week. They comprised two auto ABS (ZAR2bn Commissioner...
8 October 2012 Free
Ocwen Financial has acquired Homeward Residential (formerly known as American Home Mortgage) for US$750m. The acquisitio...
5 October 2012
Yesterday's session saw further tightening for US CMBS spreads. Secondary activity was solid, with SCI's PriceABS BWIC d...
5 October 2012
Further details have emerged on Isobel Finance No.1, the £463.22m CMBS that RBS preplaced last week. The transa...
4 October 2012
Yesterday's session saw a spike in CLO supply, with equity paper in hot demand. Tiering among subordinated notes is in e...
3 October 2012
The European Wholesale Securities Market (EWSM) is expected to start listing debt and structured finance securities immi...
3 October 2012
The Federal Court in Australia has ruled in favour of three councils in a class action brought against Lehman Brothers A...
2 October 2012
October kicked off with some decent secondary activity for US RMBS, particularly for non-agency paper. Offering levels a...
2 October 2012
A divergence between the relatively few strong European CMBS transactions and the larger number of deals backed by weake...
1 October 2012
A look at the major activity in structured finance over the past seven days
Pipeline A few new deals joined the pipeline last week. CLOs make up the majority, but ABS, ILS and CMBS are also repre...
1 October 2012 Free
Several large rent-regulated US multifamily CMBS loans could see long resolution processes and uncertain workout outcome...
28 September 2012
Banco Santander Totta has announced an unusual exchange offer for investors in three senior tranches of its RMBS, as par...
28 September 2012
The FHFA is seeking to increase GSE guarantee fees for single-family mortgages that they acquire in five states R...
27 September 2012
The secondary European RMBS market began the week with Dutch near prime mezzanine tranches drawing traders' attention. S...
25 September 2012
A look at the major activity in structured finance over the past seven days
PipelineA handful of transactions remained in the pipeline by the end of last week. Three of the deals were CMBS: US$448...
24 September 2012 Free
Investors consider options as UK RMBS keeps tightening
The UK RMBS market re-priced over the summer, tightening to ranges not seen for a long time. While some investors may co...
24 September 2012
After a series of slower sessions, the secondary US CMBS market saw BWIC volume increase dramatically yesterday. SCI's P...
21 September 2012
Investors attracted to callable CLO deals
A swathe of legacy CLOs are approaching their post-reinvestment phase, greatly enhancing the likelihood of deals being c...
21 September 2012
Calls for even-handed regulatory treatment of European ABS and covered bonds have re-emerged (see also SCI 6 October 201...
21 September 2012
The secondary US RMBS market saw BWIC volume of US$934m yesterday, according to Interactive Data estimates. "Overall B...
20 September 2012
The strong new issue US CLO market has sparked debate over the relative value of primary (CLO 2.0) versus legacy (CLO 1....
19 September 2012
Structured products strategists at Wells Fargo predict that total US consumer ABS issuance will reach US$170bn for full-...
18 September 2012
Monday's session demonstrates just how far spreads in the US CMBS secondary market have tightened over the last few week...
18 September 2012
A look at the major activity in structured finance over the past seven days
Pipeline Activity last week was dominated by deals pricing, but a few names also joined the pipeline. These included tw...
17 September 2012 Free
Certain non-traditional ABS sectors are vulnerable to spiking to 100% risk-based capital requirements under the new US b...
13 September 2012
US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's PriceABS BWIC data...
13 September 2012
Data hindering European distressed debt deals
Differing views on price appear to be impeding distressed debt transaction volume in Ireland and Spain, albeit a number...
12 September 2012
Last week saw US non-agency RMBS spreads grow progressively tighter as supply kept on coming. The market has rallied con...
11 September 2012
Dynamic tranche market entices investors
The European tranche market has seen a significant shift over the last two months, with Markit iTraxx tranches moving sh...
11 September 2012
Umang Vithlani* highlights a sterling bond versus 10-year CDS basis trade idea
Iberdrola is a Spanish-based vertically integrated utility, with activities in generation (including significant renewab...
10 September 2012
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline grew considerably last week, with several new deals announced. Despite the shorter week in the US...
10 September 2012 Free
Housing recovery boosts non-agency RMBS
Economic indicators increasingly suggest that the US housing market has bottomed and begun to recover. While both agency...
7 September 2012
Moody's Analytics has published the first of a two-part series on US CLO fees. The study finds that fee levels have reco...
7 September 2012
After finding their feet on Tuesday, the US secondary market took off yesterday. SCI's PriceABS BWIC data reached 500 li...
6 September 2012
GN/FN relative value opportunities weighed
Policymaker intervention continues to skew US agency RMBS values. Given the difficulty of quantifying macro themes in th...
6 September 2012
The US non-agency RMBS market picked up yesterday as traders returned to their desks, although SCI's PriceABS BWIC data...
5 September 2012
Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions
Q: How is Narrow Road Capital involved in structured credit in Australia? A: Narrow Road Capital is an Australian high...
4 September 2012
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline saw limited activity last week, with three new deals announced. These deals were a A$750m Austral...
3 September 2012 Free
In a move that has been described as nonsense given the deal's low LTV and material outperformance, Fitch has placed the...
31 August 2012
European auto ABS proved the flavour of the day yesterday as a succession of bonds achieved covers over 100 in the secon...
31 August 2012
A bankruptcy auction of the remaining MSR Resorts properties, currently scheduled for 25 October, is expected to pay off...
30 August 2012
The strong supply seen in the US CMBS secondary market last week appears to be continuing this week. However, bid-list c...
29 August 2012
With CMBX total returns increasing by an average of 3.4% over the last three months, CMBS analysts at RBS question wheth...
24 August 2012
CLO 2.0 market booming as documentation evolves
US CLO issuance this year is on course to reach double 2011's volume, having already matched it by the end of June. With...
24 August 2012
European RMBS spreads have continued to grind tighter and will carry on doing so, according to one trader. Both new deal...
23 August 2012
US CMBS spreads widened yesterday, with bid-list supply dropping to around half of Tuesday's total. SCI's PriceABS BWIC...
23 August 2012
Higher standards seen in new resi loan originations
The forthcoming expiry of the six-year statute of limitation for 2007-vintage US RMBS has sparked a sense of urgency amo...
22 August 2012
Good news amid difficult CMBS maturity outcomes
Maturity spikes have been coming like clockwork for European CMBS and last month saw the latest iteration. However, amid...
22 August 2012
GAGFAH's 1H12 earnings call provided an update on its property portfolio and CMBS refinancing efforts. The firm's statem...
22 August 2012
CLO equity has grabbed the attention of the secondary markets, after the subordinated notes of Madison Park Funding IV t...
22 August 2012
Libor-related litigation analyses prepped
The impact of Libor rigging on the securitisation market is difficult to quantify, with the scandal representing yet ano...
21 August 2012
A look at the major activity in structured finance over the past seven days
PipelineTwo new deals joined the pipeline last week and remained there. The first is FirstMac Mortgage Funding Trust No....
20 August 2012 Free
MBS volume has spiked sharply over the last couple of days. Both CMBS and RMBS supply has been very strong, with the lat...
17 August 2012
Rating agency reform proposals scrutinised
Credit rating agency reform is still being determined on either side of the Atlantic. Concerns that current regulatory p...
16 August 2012
For what is believed to be the first time in conduit CMBS history, a tranche at the top of the cashflow waterfall has su...
15 August 2012
BWIC supply was very strong yesterday, with SCI's PriceABS data showing a record 473 line items. The data includes sever...
15 August 2012
Buyers outnumber sellers in the European CMBS secondary market at present. Given recent spread tightening, investors hav...
14 August 2012
Gregory Park, managing partner at Harvest Northstone Capital, answers SCI's questions
Q: How and when did Harvest Northstone Capital become involved in the Asian structured credit market? A: Harvest Norths...
14 August 2012
US RMBS has been prominent on the week's early bid-lists. SCI's PriceABS data shows 119 RMBS line items for Monday, incl...
14 August 2012
A look at the major activity in structured finance over the past seven days
PipelineA number of US transactions entered the pipeline last week, only to rapidly price. European deals remain thin on...
13 August 2012 Free
Bad debt securitisations gaining traction
The first post-financial crisis non-performing loan CMBS - Rialto 2012-LT1 and S2H 2012-LV1 - have p...
10 August 2012
Yesterday proved to be another busy session for BWICs. Supply has remained elevated across asset classes, with SCI's Pri...
10 August 2012 Free
Redefine International has reached an in-principle agreement to restructure and extend the £114.6m Government I...
10 August 2012
Extreme basis opens trade opportunities
Real money accounts have been buying into cash as a safe haven, but doing so has made the cash market excessively expens...
9 August 2012
The European CLO market appears to be slightly subdued, following a couple of days of strongly contrasting BWIC activity...
8 August 2012
A look at the major activity in structured finance over the past seven days
Pipeline A good number of deals joined the pipeline last week with two ABS, one RMBS and one CMBS remaining on Friday....
6 August 2012 Free
In an attempt to enhance transparency in the secondary CDO market, CDO analysts at JPMorgan have released an analysis of...
3 August 2012
Counterparty risk securitisations gaining traction
Index-linked contingent CDS contracts have yet to gain traction, despite the introduction of standardised terms earlier...
2 August 2012
Transaction notices published last week for the Titan Europe 2006-1, 2006-2, 2006-3 and 2006-5 CMBS shed some light on h...
2 August 2012
Generic US CMBS spreads were mostly unchanged yesterday, but AM tranches did grind about 5bp tighter. Interactive Data f...
2 August 2012 Free
Resurgent ILS market in rude health
It has been a year of impressive issuance so far in the insurance-linked securities market, with the first five months o...
2 August 2012
FHFA acting director Ed DeMarco has updated Senators Johnson and Shelby on various initiatives currently being pursued b...
1 August 2012
A look at the major activity in structured finance over the past seven days
PipelineOne new deal remained in the pipeline at the end of last week. It is an auto ABS: the ZAR891m Torque Securitisat...
30 July 2012 Free
The strong supply seen in secondary US RMBS continues, with prime hybrid, Alt-A hybrid and option ARM bonds well represe...
27 July 2012
Beacon Capital Partners is reportedly shopping five Seattle-area office buildings for around US$800m. The move has reign...
27 July 2012
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...
26 July 2012
2Q12 leaves SF recruiters unsatisfied
While the first quarter of the year exceeded the expectations of structured finance recruiters, the second definitely di...
26 July 2012
US CMBS spreads ground tighter yesterday, ending a three-day period of widening. The benchmark GSMS 2007-GG10 A4 tranche...
26 July 2012
Maguire Properties has released its second-quarter results, shedding light on a number of CMBS properties sponsored by t...
25 July 2012
US prime hybrid and alt-A hybrid RMBS secondary supply spiked yesterday, coming in at nearly quadruple the prior session...
25 July 2012
REO-to-rent securitisation generates interest
The US government is keen to find a way to unload the foreclosed REO properties currently owned by Fannie Mae and other...
25 July 2012
Quarterly review and outlook for European consumer/credit card ABS
We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS, its views on activ...
24 July 2012 Free
A look at the major activity in structured finance over the past seven days
Pipeline Last week saw a great number of deals join the pipeline and price by Friday, but four transactions remained co...
23 July 2012 Free
The European RMBS market is still searching for a spark, but has continued ticking along regardless. Primary issuance ha...
20 July 2012
Charlotte Valeur Adu, chair of Brevan Howard Credit Catalysts Limited, answers SCI's questions
Q: When and why did Brevan Howard launch a listed credit fund? A: The Brevan Howard Credit Catalysts listed fund began...
19 July 2012
It has been a busy last few days in US CMBS. While the secondary market has been quiet, primary issuance has been very h...
17 July 2012
The Bank of England has launched its funding for lending scheme (FLS), intended to improve lending to the real economy....
17 July 2012
A look at the major activity in structured finance over the past seven days
Pipeline It was a busy week for the pipeline. There were four CMBS, one RMBS, one CLO, one ILS and four ABS deals. Th...
16 July 2012 Free
The recent decision by the Wisconsin Commissioner of Insurance to pay Ambac non-agency RMBS policyholders 25% of accrued...
12 July 2012
Call for renewed focus on RMBS servicing incentives
Efforts to overhaul residential mortgage servicers' compensation and incentives have been submerged by regulatory rule-m...
12 July 2012
It has been a quiet spell for the European RMBS market. Demand seems to be outstripping supply, but a recent transaction...
11 July 2012
GRAND CMBS bonds reacted positively in the secondary market to the proposed restructuring terms (SCI 10 July), with clas...
11 July 2012
The sophistication of ABS pricing and valuation vendors and end-users alike has grown significantly ...
The securitisation market's understanding of fair value has improved dramatically since the financial crisis, driven by...
11 July 2012 Free
San Bernardino County - along with two other cities in the area - has formed a joint powers authorit...
9 July 2012
A look at the major activity in structured finance over the past seven days
PipelineTwo transactions remained in the pipeline at the end of last week. The €226.4m Atlantes Finance No. 5...
9 July 2012 Free
Short-dated equity tranches have emerged as a popular way of locking in strong credit fundamentals while limiting uncert...
6 July 2012
Greg Winchester, md at TriMont Real Estate Advisors, answers SCI's questions
Q: How and when did TriMont Real Estate Advisors become involved in the CMBS market? A: The company began in 1988 as...
6 July 2012
Spread volatility has emerged as the top concern for respondents to JPMorgan's latest CLO client survey, which CDO strat...
5 July 2012
European asset-backed analysts at RBS estimate that 31 European CMBS loans are due to mature this month, representing ab...
5 July 2012
US CLO manager tiering emerges
Pricing power in the US CLO market appears to have shifted firmly towards the buy-side over recent weeks, with increased...
2 July 2012
A look at the major activity in structured finance over the past seven days
Pipeline Three transactions remained in the pipeline at the end of last week. They comprised a student loan ABS (US$21....
2 July 2012 Free
Pearsanta, the junior lender in the Alburn Real Estate Capital (REC 6), has begun High Court proceedings to confirm the...
27 June 2012
A look at the major activity in structured finance over the past seven days
Pipeline Three RMBS deals remained in the pipeline at the end of last week - the $235m Tamweel Residential RM...
25 June 2012 Free
Challenges and opportunities in search for relative value
Ongoing speculation about the future of Greece has dominated the market's attention, but it is not the only concern weig...
22 June 2012
Bail-in concerns add impetus to CDS overhaul
The European Commission earlier this month finalised its proposed bank recovery and resolution directive, reigniting con...
22 June 2012
Action needed to attract European investors
Some ABS traders in Europe are expecting to use their balance sheets more over the coming months to support clients. Whi...
22 June 2012
After softening earlier in the month, the European CMBS market has recovered over the last week. The Global ABS conferen...
21 June 2012
Different interpretations of simplified supervisory formula approach (SSFA) inputs under the Fed's market risk rule coul...
21 June 2012
Clearing complexity sees CDS reform deadlines slip
Evolution in the CDS industry is taking longer than many participants expected. Some blame the market's opacity, but the...
19 June 2012
Tamweel is in the market with its second international Islamic RMBS - the US$235m Tamweel Residential RMBS (Ca...
19 June 2012
A look at the major activity in structured finance over the past seven days
Pipeline Several deals came and went last week for the pipeline. Come Friday evening, the only two remaining new arriva...
18 June 2012 Free
CLO strategists at RBS have introduced a 'change in par' calculation, which measures the change in the par value of CLO...
15 June 2012
The US$172m Larken Portfolio loan, securitised in LBCMT 2007-C3, has been modified. The loan transitioned to special ser...
15 June 2012
John Wells, chairman at Leadenhall Capital Partners, answers SCI's questions
Q: How and when did Leadenhall Capital Partners become involved in the insurance-linked securities (ILS) market? A: Lea...
14 June 2012
Trustees are embracing a more hands-on approach to issues from documentation to noteholder communica...
The trustee's role in the European securitisation market continues to evolve as lessons are learnt from the fallout of t...
12 June 2012 Free
The US Federal Reserve's final market risk capital rule (SCI 8 June) has generally been welcomed for reflecting industry...
11 June 2012
Christian Bearman, coo at Valad Europe, answers SCI's questions
Q: How and when did Valad Europe become involved in CMBS workouts? A: Originally founded in the 1960s, Valad Europe has...
11 June 2012
A look at the major activity in structured finance over the past seven days
PipelineA handful of new deals entered the pipeline last week. The only such European transaction is €1.4bn BB...
11 June 2012 Free
CDO technology harnessed for funding purposes
A profound shift in how large cap credit is provided in Europe is underway, having historically been dominated by banks....
7 June 2012 Free
The operational challenges facing investors in an increasingly data-rich world
For years, structured credit and ABS investors have struggled to get access to comprehensive data for the assets in thei...
6 June 2012
Deutsche Wohnen is set to acquire the BauBeCon Group for a reported €1.24bn. CMBS analysts at Barclays Capital...
29 May 2012
A look at the major activity in structured finance over the past seven days
Pipeline It was another steady week for the pipeline, with seven new deals remaining on Friday. Freddie Mac is in the m...
28 May 2012 Free
CMBS liquidity facility disputes set to rise
Counterparty issues in CMBS have been relatively rare in Europe. But a recent dispute over liquidity facilities could ma...
25 May 2012
Agency hybrid ARMs provide compelling investment case
Investors are having to work harder to find value in the US RMBS market. CMOs are becoming steadily less attractive, but...
25 May 2012
It has been a fairly quiet couple of weeks for European ABS, but liquidity could suffer further as the summer progresses...
24 May 2012
Redenomination risk should be factored into bond valuations for Greece, Ireland and Portugal at the very least, accordin...
24 May 2012
Large bid-lists positive for Euro secondary liquidity
Strong demand for a series of recent large bid-lists could signal increased depth in the European secondary ABS market....
23 May 2012
The recent court-approved modification of the Westin Portfolio loan, securitised in JPMCC 2007-C1 and JPMCC 2008-C2, has...
22 May 2012
Credit and counterparty risk management practices surveyed
Derivatives market participants polled by SCI, in partnership with Fitch Solutions, agree that counterparty risk managem...
22 May 2012
Student loans attractive as uncertainty clears
The US student loan ABS sector has its fair share of uncertainties to contend with, but the recent conclusion of S&a...
21 May 2012
A look at the major activity in structured finance over the past seven days
Pipeline It was a fairly busy week for the pipeline, with several new deals appearing. Among them is a US$1.54bn studen...
21 May 2012 Free
Mixed outcomes as Euro CMBS deals reach maturity
Last month saw another spike in European CMBS maturities as the sector finally reached the much-discussed maturity wall....
18 May 2012
CLO strategists at RBS have published a report examining the post-reinvestment choices that managers made in 2011. Of th...
18 May 2012
Deutsche Bank CRE debt analysts suggest that the recent modification of the Glenborough Portfolio loan, securitised in C...
17 May 2012
The European CLO market is alive with BWICs, but buyers and sellers are struggling to meet in the middle. While mezzanin...
17 May 2012
Deutsche Annington appears to be making progress in respect of its restructuring proposal for the GRAND CMBS, with an an...
17 May 2012
Rescap's Chapter 11 filing (SCI 14 May) is being seen as an overall positive for holders of MBS issued by Rescap entitie...
15 May 2012
Euro ABS bolstered by UK building societies
The European securitisation sector is proving largely immune to volatility in broader risk markets, with senior vanilla...
14 May 2012
A look at the major activity in structured finance over the past seven days
PipelineThree new deals entered the pipeline last week and remained there on Friday. Leading the way was a US$1bn CMBS o...
14 May 2012 Free
Bradford & Bingley's Aire Valley UK RMBS master trust has breached its non-asset trigger, after the collateral b...
11 May 2012
US house prices are expected to remain around current levels for the remainder of this year and begin rising slowly duri...
10 May 2012
SCI has today launched a BWIC service covering auctions in Europe and the US for the four main structured finance asset...
10 May 2012 Free
The 'risk-on' rally in the European securitisation market sparked record bid-list activity in 1Q12. At €4.1bn,...
4 May 2012
Many 2004-2007 vintage US CLOs have reached or are approaching the end of their reinvestment periods. If primary spreads...
4 May 2012
This week has seen a rise in activity in European CMBS. Spreads have stayed fairly flat, while BWICs are still being wel...
4 May 2012
Changes to the mortgage regime in the Netherlands have been agreed as part of the new Dutch austerity budget. These chan...
3 May 2012
The success of the New York Fed's MAX CDO sale last week has driven spreads tighter in the US CMBS market. Encouraged by...
2 May 2012
The current environment makes for a good credit-picker's market, according to credit derivative strategists at Morgan St...
2 May 2012
Further details have emerged on the resolution of a number of CMBS properties sponsored by Maguire Properties (SCI 21 Ma...
2 May 2012
Faced with record new issue volumes, some ILS portfolio rebalancing was seen in the first quarter as investors digested...
1 May 2012
A look at the major activity in structured finance over the past seven days
Pipeline Last week saw half a dozen new deals join the pipeline. The transactions were varied, comprising two UK RMBS (...
30 April 2012 Free
1Q12 exceeds SF recruiters' expectations
Structured finance recruiters are breathing a sigh of relief as activity over the first quarter managed to exceed expect...
30 April 2012
The European ABS market has been taking a bit of a breather over the last couple of weeks but remains active. Spreads ha...
26 April 2012
CDOs broadening investor base for infrastructure assets
CDO technology appears to be making a comeback in the infrastructure sector. The vehicles are helping to broaden the inv...
26 April 2012
Mix of US mortgage funding sources eyed
The pricing of four non-agency RMBS transactions over the last month suggests solid progress in the space. However, it i...
25 April 2012
Changing underwriting standards pose CMBS threat
The loans backing this year's US CMBS issuance exhibit looser underwriting standards than the market has become used to...
24 April 2012
Inconsistent approaches between accounting and regulatory authorities appear to be creating confusion over the mandate o...
23 April 2012
A look at the major activity in structured finance over the past seven days
PipelineFour new deals joined the pipeline and remained there last week. A US$400m CLO from Sankaty Advisors is marketin...
23 April 2012 Free
John Wells, chairman of Leadenhall Capital Partners, forecasts increasing demand for and issuance of...
2011 will go down in history as one of the costliest years on record for insured losses from natural catastrophes, with...
20 April 2012
ABS CDO appetite surges ahead of expected supply
The New York Fed has initiated a competitive bid process in response to several reverse inquiries for the MAX CDO holdin...
19 April 2012
Of the large German multifamily CMBS portfolios, only Grand will extend, suggest ABS analysts at Deutsche Bank. The an...
17 April 2012
A look at the major activity in structured finance over the past seven days
Pipeline A few new deals hit the pipeline last week only to price by Friday. Still standing at the end of the week were...
16 April 2012 Free
European CMBS currently looks cheap, but that is not enough to convince buyers to take the plunge as the secondary marke...
12 April 2012
Quarterly review and outlook for consumer/credit card ABS
We asked the winners of SCI's 2011 arranger awards for the consumer/credit card ABS sectors either side of the Atlantic...
12 April 2012 Free
FHFA acting director Edward DeMarco has commented on the use of Treasury incentives to forgive principal on underwater b...
11 April 2012
Supply concerns last week drove the first major widening in US CMBS spreads since the beginning of the year. The move fo...
10 April 2012
Three catastrophe bonds closed last week. All saw strong investor interest and finished larger than initial size project...
10 April 2012
Legacy investors seek Dutch de-risking
Noteholder division over the competing Opera Finance (Uni-Invest) proposals is emerging (see also SCI 3 April). Some leg...
5 April 2012
April is set to be another important month for European CMBS. There are 16 transactions subject to loan maturities this...
4 April 2012
Countrywide settlement could open floodgates
The US$8.5bn Countrywide settlement is the only sizeable potential RMBS representation and warranty recovery achieved so...
4 April 2012
Opera Uni proposals weighed
Whether Opera Finance (Uni-Invest) noteholders vote for a consensual restructuring or the credit bid option on 17 April...
3 April 2012
ED approaches home straight
The European DataWarehouse (ED) is approaching its projected summer 2012 launch. Securitisation market participants are...
3 April 2012
A look at the major activity in structured finance over the past seven days
Pipeline A variety of deals entered the pipeline last week, including the first NPL CMBS in over 10 years - t...
2 April 2012 Free
The first US non-performing CMBS in over a decade - Rialto Capital series 2012-LT1 - has hit the mar...
30 March 2012
The final European Council ban on naked shorting of sovereign CDS may be stricter than first anticipated, according to s...
30 March 2012
Excitement generated by the take-off of significant European CLO BWIC activity last month has turned to frustration and...
28 March 2012
A unit of Prudential Financial has issued an unconventional bond that is backed by a pool of legacy RMBS, but where the...
28 March 2012
The volatility seen in US RMBS last week appears to have calmed down for the start of this one. However, supply in both...
27 March 2012
Further details have emerged on the plan put forward by Eurohypo and Uni-Invest Holdings - the special service...
27 March 2012
Mortgage strategists at Bank of America Merrill Lynch estimate that - aside from seasonal swings - t...
26 March 2012
A look at the major activity in structured finance over the past seven days
PipelineThe largest deal to enter the pipeline last week was FREMF 2012-K501, a US$1.1bn CMBS from Freddie Mac. It was j...
26 March 2012 Free
US CMBS is continuing to perform strongly. The primary market is enjoying a flurry of issuance, while spreads in the sec...
23 March 2012
Bumper CLO issuance spurring return to market heights, tights
February saw the largest monthly volume of new CLO issuance since the financial crisis. With plenty of deals remaining i...
22 March 2012
As the dust settles on Monday's Greek CDS auction (SCI 19 March), market participants seem happy to move on from a saga...
22 March 2012
As banks come under severe pressure and pull out of many areas of the securitisation market, the opportunity set for non...
22 March 2012
Maguire Properties has filed its 10-K statement with the US SEC, shedding light on a number of CMBS properties sponsored...
21 March 2012
The BWIC onslaught continues in the European secondary ABS sector. While bid-lists are keeping participants busy for now...
20 March 2012
Case for subordinated CLO investment remains
The investment case for mezzanine and subordinated CLO positions remains strong. One European CLO manager has just annou...
20 March 2012
A look at the major activity in structured finance over the past seven days
Pipeline FirstRand Bank's £239m Turbo Finance 2 auto ABS entered the pipeline last week. Two ILS deals (Blue D...
19 March 2012 Free
At nearly US$17.3bn across 14 different issuers, February's US loan amend-to-extend (A2E) volume was the most since Apri...
19 March 2012
The Fed is to continue reinvesting principal payments from its holdings of agency debt in agency MBS. A new study illust...
15 March 2012
Muni CDS 'quirks' to remain
The launch of ISDA's 2012 US Municipal Reference Entity CDS Protocol (SCI 5 March) is expected to boost liquidity in the...
14 March 2012
A recent Michigan Court of Appeals decision over the Cherryland Center loan securitised in GMACC 2002-C3 has the potenti...
14 March 2012
European principal forgiveness schemes unnerve investors
Ireland and Spain are set to introduce new debt forgiveness legislation in the coming months that will not only impact t...
14 March 2012
Further details have emerged on the US$25bn servicer settlements that the US federal government and attorneys general ag...
13 March 2012
Diverse German multifamily CMBS outcomes expected
The German multifamily sector accounts for about 20% of all securitised assets in European CMBS. Deal performance in the...
13 March 2012
The balance of stale US CMBS loans - loans in special servicing for longer than 24 months - has trip...
12 March 2012
The iTraxx family of credit indices is set to roll on 20 March. While new rules introduced by Markit are unlikely to cre...
12 March 2012
A look at the major activity in structured finance over the past seven days
Pipeline Last week saw four new deals enter the pipeline and remain there on Friday. Banco Santander is in the market w...
12 March 2012 Free
Near-term lease expiries appear to be a manageable risk for many of the five-year US CMBS loans maturing this year, acco...
9 March 2012
European primary RMBS issuance may have been limited lately, but spreads in the secondary market have tightened consider...
8 March 2012
Substantial progress has been made in discussions between Deutsche Annington (DAIG) and the ad hoc noteholder group over...
8 March 2012
A new marked-up version of CRD IV has sparked hopes that high quality RMBS will be included as an eligible asset under t...
8 March 2012
UK water companies to return to securitisation
The UK Environment Agency has put the South East of England on drought status, with reservoir levels in the region alrea...
7 March 2012
President Obama has announced changes to the FHA streamlined refinance programme, which the market has been expecting fo...
7 March 2012
The difference in average CDS recoveries and average bankruptcy recoveries is four points, according to credit derivativ...
6 March 2012
The negative rating outlooks for many banks that serve as trustees on CLOs raises the possibility that at some point cer...
6 March 2012
Kazakh RMBS highlights EM ABS redenomination risks
A decision by the Supreme Court of Kazakhstan to prevent the indexation of mortgage balances to the US dollar has highli...
5 March 2012
A look at the major activity in structured finance over the past seven days
PipelineLast week saw several deals enter the pipeline and price within days, although a few new names remained on Frida...
5 March 2012 Free
US investors hungry for UK credit card ABS
Barclays last week priced its latest UK credit card ABS, with the largest tranche denominated in US dollars. US accounts...
5 March 2012
CMBS extension trades gaining traction
US special servicer activity has risen over the past two months, resulting in approximately US$3.7bn newly-modified loan...
1 March 2012
The European secondary CMBS market has been trading up recently. Investor demand is particularly focused on the top of t...
28 February 2012
Countrywide settlement moves closer
Bank of America's US$8.5bn Countrywide RMBS settlement case has returned from federal court to New York state court, lik...
28 February 2012
CDS market 'perks up' ahead of Greek bond exchange
Low participation rates in the forthcoming Greek government bond exchange are expected to bring collective action clause...
27 February 2012
Steps taken to address LCR requirements
The securitisation industry remains hopeful that highly rated ABS will ultimately be eligible under the Basel 3 liquidit...
27 February 2012
A look at the major activity in structured finance over the past seven days
Pipeline Another busy week for the pipeline saw a variety of new deals remaining on Friday. Barclays is in the market w...
27 February 2012 Free
The evolution of CVA discussed
Representatives from SunGard and Navigant Capital Advisors recently came together to discuss current themes related to C...
23 February 2012 Free
Asian issuers look to emulate Aussie covered bond success
Momentum in the Asia-Pacific covered bond sector is building. While the implementation of new legislation in Australia h...
23 February 2012
FHFA acting director Edward DeMarco yesterday sent Congress a strategic plan for the next phase of the conservatorships...
22 February 2012
A look at the major activity in structured finance over the past seven days
PipelineIt has been another busy week for the pipeline, with six new deals remaining on Friday. Two auto ABS (R$930m Dri...
20 February 2012 Free
Attractive opportunities seen across asset classes
A more 'risk-on' attitude has been evident across the securitisation markets recently, despite the sector facing many of...
17 February 2012
Relative merits of covered bonds versus RMBS discussed
Interest in covered bonds continues to grow, partly due to favourable regulatory treatment. However, panellists at a rec...
17 February 2012
Blackrock's iShares has launched an exchange-traded fund referencing the Barclays Capital US CMBS (ERISA Only) Index. Sh...
17 February 2012
The strong rally in the US CMBS market has eased off over the last two weeks. Trading is currently concentrated around A...
16 February 2012
RBS analysts have run a series of scenarios to investigate the impact of another credit cycle similar to the one seen in...
16 February 2012
UK RMBS issuers began providing loan-level data and cashflow models to investors - as required by the Bank of...
16 February 2012
Richard Cooperstein, president of RangeMark Analytics, answers SCI's questions
Q: How and when did RangeMark Analytics become involved in the structured finance markets? A: RangeMark Analytics was f...
15 February 2012
DVA best practises still evolving
Debt value adjustment (DVA) became a hot topic when banks announced their 3Q11 earnings, due to the magnitude and direct...
14 February 2012
Last week was one of the busiest the US secondary CLO market has seen since 2Q11. Bid list volume was US$1.3bn, the larg...
14 February 2012
The Retreat at Stonebridge Ranch loan securitised in the Freddie Mac SPC Series K-704 CMBS was transferred to special se...
14 February 2012
The rally in US non-agency RMBS continued last week, but may now be getting ahead of itself. Subprime prices were up by...
13 February 2012
Index CCDS launch approaches
Credit derivative dealers and CVA desks are gearing up for the introduction of index-linked contingent CDS (CCDS), which...
13 February 2012
A look at the major activity in structured finance over the past seven days
PipelineMany deals entered the pipeline last week only to price by the end of it. Only two transactions remained on Frid...
13 February 2012 Free
Thierry Berthold, co-head of insurance and European structured credit solutions at Natixis in Paris,...
There is good reason to be optimistic for the catastrophe bond market in 2012, particularly in Europe. Asset managers ar...
10 February 2012
The US federal government and 49 state attorneys general (all states except Oklahoma) have reached a US$25bn agreement w...
10 February 2012
Large 'geo-series' CRE sales posted on auction.com helped drive US CMBS conduit liquidation volumes in 2011. The signs a...
10 February 2012
There has been a rally in European CLOs over the last couple of weeks. Activity has picked up dramatically after the slo...
9 February 2012
Loss severity varies across US mortgage servicers by about 14 points: servicers with lower advance rates tend to have lo...
8 February 2012
The elevated levels of liquidation volumes in the US conduit CMBS universe seen last year have continued into 2...
8 February 2012
Sovereign default and re-denomination risk remain
European structured finance trading and issuance trends have been impacted by wider concerns stemming from the European...
8 February 2012 Free
Acceptance of lower-rated securities, different criteria to broaden
Sovereign rating ceilings - once a consideration only for emerging market credit structures - began...
7 February 2012
The threat of a new recession in Europe has highlighted that the performance of a few issuers could have negative reperc...
7 February 2012
An increase in dispositions of larger CMBS loans in the coming months would not be a surprise, according to Citi securit...
6 February 2012
A look at the major activity in structured finance over the past seven days
Pipeline Principal Residential Investment Mortgages 1, a €178.6m RMBS, entered the pipeline last week. It was...
6 February 2012 Free
The latest Wells Fargo Structured Products Monthly examines TRACE trade data for the structured credit sector from mid-A...
3 February 2012
Sainsbury's has disclosed that it may not redeem the Eddystone Finance CMBS on its April 2013 step-up date. How principa...
3 February 2012
CDS indices experienced a strong rally during the first month of the year, with credit investors adding risk on both sid...
2 February 2012
The latest documents released as part of PJ Alliance's bankruptcy filing reveal a new reorganisation plan, which is expe...
1 February 2012
The latest Granite UK RMBS investor report shows that the master trust passed a minor milestone in December, by finally...
1 February 2012
January has proved to be a productive month for US CMBS and last week was no exception to that trend. New issuance has b...
30 January 2012
Positive market sentiment drives CLOs tighter
Buoyed by bullish sentiment in the broader capital markets, US CLOs have started 2012 on a positive footing. Primary iss...
30 January 2012
HAMP programme guidelines have been expanded, with the intention of helping a broader array of borrowers receive loan mo...
30 January 2012
A look at the major activity in structured finance over the past seven days
PipelineA further three deals joined the pipeline last week. Two auto ABS deals (€460m FCT TitriSocram Compart...
30 January 2012 Free
Tiering within European CMBS is gradually forcing the best and the worst loans to leave the universe. Absent new primary...
27 January 2012
Traditional recruitment cycle yet to begin
Structured finance recruitment tailed off towards the end of last year and the early signs are that it will take a while...
26 January 2012
RMBS continues to lead the way for the European securitisation markets. Secondary trading in the sector is active, with...
26 January 2012
CAC proposal could eliminate need to sidestep CDS trigger
Serious questions are being raised about the future of CDS, following a recent credit event (see box) and the ongoing eu...
26 January 2012
President Obama's State of the Union address yesterday included a section on mortgage refinancing initiatives. However,...
25 January 2012
The European securitisation market has begun 2012 on a positive footing: buoyed by a rally in European risk assets that...
24 January 2012
The wrangling over the JW Marriott Las Vegas Resort & Spa loan, securitised in CSMC 2007-TFLA, continues. CMBS i...
24 January 2012
Anu Munshi, partner at B&B Structured Finance, explores the impact of debt restructuring on CDS ...
An old school friend with a great business idea comes to you and three other similarly well-off school friends and asks...
24 January 2012
Thirty European CMBS loans, accounting for €1.8bn, are due to mature this month. Issuer notifications regardin...
23 January 2012
Synthetic balance sheet CLOs are one of the few asset classes within the Asia (ex-Japan) structured credit market tipped...
23 January 2012
A look at the major activity in structured finance over the past seven days
PipelineThe increased rate of deals entering the pipeline continued last week with seven new names announced. Two CMBS d...
23 January 2012 Free
Trade execution, fragmentation in the spotlight
The issues of anonymity and real-time trade acceptance under Dodd-Frank appear to be splitting the OTC derivatives deale...
20 January 2012
The European secondary CMBS market has seen a pick-up in activity over the last few days. However, activity is effective...
20 January 2012
CMBS loan mod, refi likelihood explored
December saw the second highest volume of US CMBS loan modifications ever, after the GGP-related spike in 2010. The most...
19 January 2012
Corporate trust service providers explore post-crisis landscape
Representatives from leading corporate trust service providers met with SCI late last year to discuss the post-financial...
19 January 2012 Free
Bespoke structured credit activity continues in various guises in both the primary and secondary markets, despite the in...
18 January 2012
TRACE data having mixed liquidity impact
The US structured trading activity and pricing information that FINRA has made available to the market over the last few...
17 January 2012
Monoline builds 2012 pipeline
In replacing Ambac Assurance UK as monoline guarantor on the UK PFI bond issue originally issued by Worcestershire Hospi...
17 January 2012
A look at the major activity in structured finance over the past seven days
PipelineThe number of deals entering the pipeline is picking up, with five new transactions remaining at the end of last...
16 January 2012 Free
CMBS investors are becoming increasingly concerned about post-maturity loan pay-offs that generate workout fees despite...
13 January 2012
Activity in the European securitisation market has been mixed so far this year. RMBS has made a promising start and one...
12 January 2012
Andrew South, senior director and head of European structured finance research at S&P, argues th...
Investors in structured finance securities remain highly focused on triple-A ratings - and, consequently, so do issuers....
11 January 2012
S&P has published extracts of a roundtable discussion on longevity securitisations it recently hosted. The rat...
10 January 2012
S&P has published extracts of a roundtable discussion on the catastrophe bond market it recently hosted. In a ge...
10 January 2012
User functionality is the current focus of the team building the European DataWarehouse (ED), after Sapient Global Marke...
9 January 2012
A look at the major activity in structured finance over the past seven days
PipelineThe year began with three new deals entering the pipeline last week. The largest is a US$1.7bn stranded cost ABS...
9 January 2012 Free
The European CLO market has made a somewhat lethargic start to 2012, not dissimilar to how it ended 2011. Although the s...
6 January 2012
Banco BPI has surprised the market by launching a fixed price tender offer for ten bonds, accounting for €2.17...
5 January 2012