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The implementation of the 2013 ISDA Credit Derivatives Definitions (SCI passim) is expected to tighten the CDS contract...
24 December 2013
Euro relative value trades explored
The European securitisation market offers a number of relative value opportunities going into 2014. Top picks include CL...
24 December 2013
Dialogue helps take edge off regulatory requirements
Regulatory decisions and indecision have set the tone for structured finance around the world since the financial crisis...
24 December 2013
A look at the major activity in structured finance over the past seven days
Pipeline A limited number of deals joined the pipeline last week and of those only one remained come Friday's close. Th...
23 December 2013
Solar ABS market generating momentum
Recent solar securitisation deals in both the UK and US bode well for the future of the asset class. However, achieving...
23 December 2013
Risk retention pivotal for Euro CLO market
European CLOs continue to perform well, despite regulatory actions serving to constrain the market. Steady issuance is e...
23 December 2013
The New York Fed is to begin tapering its asset purchases with an initial US$10bn reduction in the monthly pace, evenly...
19 December 2013
Fannie Mae and Freddie Mac have released updated loan-level pricing adjustment (LLPA) matrices, effective from 1 April....
18 December 2013
January is anticipated to be an attractive time to bring a large portfolio sale to market, with many investors likely ha...
17 December 2013
Euro periphery to mitigate negative net issuance?
The European securitisation market is set to end 2013 on a positive footing, boosted by a growing diversity of new issua...
17 December 2013
A look at the major activity in structured finance over the past seven days
PipelineThe pipeline has not dried up just yet as new deals were still being announced last week. As well as one new ABS...
16 December 2013
CLO pricing methodologies and differences discussed
Representatives from Bloomberg, CIFC and Kanerai discussed CLO pricing methodologies, as well as differences between leg...
16 December 2013
European ABS secondary activity was dominated by auto tranches yesterday. SCI's PriceABS data shows a strong range of au...
13 December 2013
US non-agency RMBS volume yesterday was up day-over-day, boosted strongly by the liquidation of the US$5.1bn ING bid-lis...
12 December 2013
The credit derivatives market is entering 2014 amid a regulation-induced transformation. While capital rules and collate...
12 December 2013
US CMBS spreads inched wider yesterday as bid-list supply came in at around US$200m. SCI's PriceABS data recorded severa...
11 December 2013
The FHFA has directed Freddie Mac and Fannie Mae to raise guarantee fees as part of its ongoing drive to shrink the role...
11 December 2013
The US Fed, the FDIC, the OCC, the CFTC and the SEC have issued final rules to implement section 619 of the Dodd-Frank A...
11 December 2013
Morgan Stanley suggests in its global securitised products outlook for 2014 that the market is on the verge of a major t...
11 December 2013
A plethora of 2005-, 2006- and 2007-vintage bonds circulated in the US CLO secondary market yesterday. Supply was booste...
10 December 2013
Deutsche Bank CRE debt research analysts forecast that five scenarios could surprise the US CMBS market next year. These...
9 December 2013
A look at the major activity in structured finance over the past seven days
PipelineOver twice as many deals joined the pipeline last week as had done in the week before, although the pace remains...
9 December 2013
The European ABS and RMBS secondary markets continue to witness strong BWIC supply. SCI's PriceABS data shows a number o...
6 December 2013
Euro CMBS questions unanswered as maturities loom
S&P announced this week that over €10bn of loans backing European CMBS transactions that it rates coul...
6 December 2013
The ABCP market has this year seen a rebalancing of issuance towards the ECP sector, which now accounts for roughly 50%...
6 December 2013
Secondary market activity was sluggish across the board to start the week as traders returned to their desks. US non-age...
3 December 2013
A look at the major activity in structured finance over the past seven days
Pipeline The market finally took a breather last week as Thanksgiving arrived. The number of deals joining the pipeline...
2 December 2013
Thanksgiving has all but shut down secondary market activity on both sides of the Atlantic, but European CDO trading app...
28 November 2013
Credit availability facing further headwinds?
Global regulatory initiatives are fostering bank disintermediation in the securitisation market. But creeping oversight...
28 November 2013
Punch's latest financial results raise the probability of the group removing its support of its securitisations as anoth...
27 November 2013
US CMBS secondary spreads have been flat for a while, but tightening was observed yesterday for 2.0 and 3.0 bonds after...
26 November 2013
A look at the major activity in structured finance over the past seven days
PipelineA further 15 deals were added to the pipeline last week, with all asset classes represented. As well as four new...
25 November 2013
The route has been cleared for Mel Watt to be confirmed as the next FHFA director after the US Senate approved rules to...
22 November 2013
European CMBS traders have been inundated with BWICs over recent weeks as the market remains busy in the run-up to year-...
22 November 2013
US CLO secondary market trading saw a lot of sub tranches out for the bid yesterday. SCI's PriceABS data captur...
21 November 2013
Positive asset selection trends are emerging among US CLO 2.0 transactions. However, individual managers appear to be re...
21 November 2013
US ABS BWIC volumes came close to US$150m yesterday, with auto paper leading the charge. Several credit card, equipment,...
20 November 2013
The retained portfolios of Fannie Mae and Freddie Mac stand at well below their US$552.5bn limit for year-end 2013. The...
20 November 2013
Enterprise Inns disclosed in its full-year 2013 results that it placed a £97m convertible bond, the proceeds of...
20 November 2013
First deal heralds arrival of SFR securitisation
The arrival of Invitation Homes 2013-SFR1 - the first-ever single-family rental (SFR) securitisation (SCI 1 No...
20 November 2013
JPMorgan has agreed to make a payment of US$4.5bn to the 330 non-agency RMBS trusts issued by JPMorgan, Bear Stearns and...
19 November 2013
The US RMBS secondary market was dominated by agency paper yesterday, with non-agency BWIC supply remaining light. SCI's...
19 November 2013
A look at the major activity in structured finance over the past seven days
Pipeline The number of deals joining the pipeline declined a little last week. However, there were still five new ABS,...
18 November 2013
The US secondary CMBS market appeared to be stuck in neutral for a third straight day yesterday, with spreads largely re...
15 November 2013
CWCapital last week released the modification template for the US$678m Skyline portfolio (see SCI's CMBS loan events dat...
15 November 2013
Borrowers benefit from increasing high-yield bond, loan and direct lending opportunities
Over the past 12 months leveraged borrowers in search of finance have found a positive environment in which the high-yie...
14 November 2013
US ABS BWIC volume picked up considerably yesterday to reach around US$200m. Much of that supply was driven by credit ca...
14 November 2013
Semi-corporate, conduit-style CMBS diverging
The European commercial real estate debt market has this year been characterised by its creativity. A divergence is emer...
14 November 2013
ISDA is preparing to release a pre-publication draft of the 2013 ISDA Credit Derivatives Definitions at the end of this...
14 November 2013
Activity has picked up in the European RMBS market. Primary issuance is being well received while BWICs circulating in t...
13 November 2013
A look at the major activity in structured finance over the past seven days
Pipeline The pace of deals joining and exiting the pipeline last week was brisk. After a particularly busy five days, t...
11 November 2013
US non-agency RMBS BWIC volume approached US$850m in yesterday's session, with SCI's PriceABS data recording a number of...
8 November 2013
Of the 3.2 million currently outstanding mortgages in the Loan Performance database originated between 2004 and 2007, 1....
6 November 2013
At least 28 RMBS serviced by Chase (EMC) took losses related to past forbearance modifications, according to the October...
5 November 2013
A look at the major activity in structured finance over the past seven days
PipelineAll securitised asset classes were well represented in the pipeline last week. The new entrants included the fir...
4 November 2013
Representative Mel Watt's nomination as FHFA director suffered a setback yesterday as a motion to bring his nomination t...
1 November 2013
CLO risk retention to open door for BDCs
Risk retention proposals for US CLOs will bring significant changes in the market. The regulatory requirements are set t...
1 November 2013
European CLO 1.0 bonds are generically priced to a 20% CPR scenario, but significant return upside could emerge from hig...
1 November 2013
The class A notes of the Titan Europe 2006-3 CMBS experienced an interest shortfall last week, constituting a note event...
1 November 2013
Yesterday proved a varied session for the US CLO secondary market, as the 2005-2013 vintages and all parts of the capita...
31 October 2013
Morgan Stanley CMBS strategists have decoded three common attributes of the 67 loans included in the upcoming CWCapital...
31 October 2013
RRBs continue to offer compelling relative value
Rate reduction bonds (RRBs) continue to offer spreads that are comparatively wide for the credit risk they represent. Vo...
31 October 2013
US ABS BWIC volume rose yesterday to over US$60m. Much of the supply came from auto names, but credit card bonds and a p...
30 October 2013
Private placements revitalising Asian securitisation
A pair of innovative structured financings closed this month that demonstrate the growing appetite for privately-placed...
30 October 2013
The sale of three assets from the LCP Proudreed CMBS portfolio will result in a £9.17m partial prepayment of th...
29 October 2013
US CMBS spreads narrowed last week, with the GSMS 2007-GG10 A4 bond ending Friday at 164bp over swaps. The big gainers w...
29 October 2013
A look at the major activity in structured finance over the past seven days
Pipeline Last week was slightly quieter in terms of new deals joining the pipeline. Six new ABS deals were announced, a...
28 October 2013
US ABS secondary supply remained moderate yesterday, with BWIC volume reaching US$180m. The focus was on student loan an...
25 October 2013
CLO single-B tranche supply has totalled US$731m so far in 2013. The nascent market segment offers attractive yields whi...
25 October 2013
The Federal Reserve has proposed a rule that would for the first time in the US create a standardised minimum liquidity...
25 October 2013
Losses on even the most recent Freddie Mac K-series CMBS notes are expected to be low, despite signs of weakening underw...
23 October 2013
Spirit has made an offer to tender and swap its existing A1 and A3 bonds into newly-issued A6 and A7 bonds. The tender a...
22 October 2013
As expected, the focus of the European CLO market yesterday was on a large US credit hedge fund bid-list (SCI 18 October...
22 October 2013
A look at the major activity in structured finance over the past seven days
Pipeline More deals joined the pipeline last week, with each of the asset classes represented. Four new ABS were announ...
21 October 2013
It has been a fairly eventful week for the European CLO market, with BWICs providing solid secondary supply. One mid-wee...
18 October 2013
Execution protocols, product offerings discussed
Seventeen SEFs were granted CFTC registration by the 2 October go-live date. Liquidity is eventually expected to aggrega...
18 October 2013
The main obstacle to a restructuring of the Theatre (Hospitals) No. 1 and No. 2 CMBS appears to have been removed. A sho...
17 October 2013
US non-agency RMBS BWIC volume picked up yesterday to reach around US$560m, with a focus on ARM and subprime bonds. Bid-...
17 October 2013
The cash-CDS basis has drifted steadily more negative over the last two months, driven largely by underperformance in th...
16 October 2013
An event of default has been declared for Victoria Funding (EMC III), in what is believed to be the first instance of ba...
15 October 2013
The periphery continues to outperform in secondary European RMBS. Among the bonds circulating on BWICs yesterday were a...
15 October 2013
A look at the major activity in structured finance over the past seven days
Pipeline The number of deals joining the pipeline was fairly consistent last week. Three new ABS were announced, as wel...
14 October 2013
The number of US non-agency RMBS clean-up calls has doubled since the start of summer (SCI 4 June), putting 2013 on cour...
11 October 2013
Structural differences between Fannie Mae's upcoming CAS 2013-C01 and Freddie Mac's STACR deal should lead to tighter pr...
10 October 2013
Yesterday's US ABS BWIC volume was almost double the previous session's, surpassing US$100m. SCI's PriceABS data shows t...
10 October 2013
As rating agencies continue to alter the status of tranches of RMBS transactions, investors who have...
With the financial services sector continuing to rebuild following the financial crisis, investment funds are on the hun...
10 October 2013
Generic US CMBS spreads were unchanged yesterday. BWIC supply remained restricted due to IMN's ABS East conference but d...
9 October 2013
A look at the major activity in structured finance over the past seven days
PipelineMany deals joined the pipeline last week only to price soon afterwards. By the end of Friday, only two new ABS,...
7 October 2013
The European CMBS secondary market has been dominated by talk this week, with trading activity easing off slightly. Mark...
4 October 2013
US non-agency RMBS secondary market activity was solid yesterday, with US$556m of bonds offered on bid-lists. Non-agency...
3 October 2013
US CMBS BWIC volumes remained steady yesterday as spreads generally widened. Over US$200m was out for the bid, with SCI'...
1 October 2013
A look at the major activity in structured finance over the past seven days
PipelineThe number of deals joining the pipeline slowed a little last week, although there was still a good variety. Thr...
30 September 2013
Performance has been weak for European CMBS loans secured by German retail properties. A Barclays Capital analysis of 69...
27 September 2013
The European ABS and RMBS markets continue to exhibit healthy if unspectacular levels of activity. Primary issuance cont...
27 September 2013
Aussie regulator considers master trust merits
Speculation is growing that the Australian Prudential Regulation Authority (APRA) might allow securitisation through mas...
27 September 2013
Paper from 2006 and 2007 dominated US CLO secondary trading yesterday. Bonds from deals issued as recently as this year...
26 September 2013
CMBS debt forgiveness set to increase ahead of maturity wall
As US commercial real estate liquidity has improved and prices have increased over the past year, CMBS special servicers...
26 September 2013
US secondary market activity has picked up significantly across the board, with SCI's PriceABS archive listing over 700...
25 September 2013
A new JPMorgan overlap study implies that diversification among the top loan issuers across the US CLO market has increa...
24 September 2013
US RMBS rating upgrades picked up steam in the second half of 2012, boosting the prices of the affected tranches in thei...
24 September 2013
A look at the major activity in structured finance over the past seven days
PipelineFive ABS were added to the pipeline last week, all of which were auto deals. Two RMBS, one CMBS and two CLOs wer...
23 September 2013
The Fed's decision not to taper (SCI passim) - and the subsequent boost to risk assets - appears to...
20 September 2013
Increased loan issuance not enough for CLOs
Sourcing appropriate collateral is becoming tougher for European CLOs. Refinancing deals providing competition, new loan...
19 September 2013
The fortunes of the Co-operative Bank's outstanding Leek and Silk Road deals are more closely tied to the originator's f...
18 September 2013
Cat bond-lites, new exposures gain traction
Catastrophe bond-lite structures appear to be gaining traction as a way of reducing transaction costs. At the same time,...
18 September 2013
A number of UK whole business securitisation bonds were out for the bid yesterday. Some noteworthy credit tenant-linked...
17 September 2013
JPMorgan CDO analysts estimate that US$304bn US and €81bn European CLOs remain outstanding, representing a glo...
17 September 2013
A look at the major activity in structured finance over the past seven days
Pipeline Deals entered and left the pipeline in quick succession last week, with many new arrivals printing before the...
16 September 2013
Common TBA proposal could ease GSE transition
The concept of a unified conventional TBA deliverable for the GSEs has gained traction recently. Such a move could mark...
13 September 2013
Secondary markets surged yesterday and the European CLO sector was no exception. Activity is picking up as the market mo...
13 September 2013
A US$110m bid-list of dealer floorplan bonds boosted auto ABS secondary supply yesterday. Credit card and utility ABS pa...
12 September 2013
Nassar Hussain, managing partner at Brookland Partners, answers SCI's questions
Q: How and when did Brookland Partners become involved in the CMBS market? A: Brookland Partners has been lead financia...
12 September 2013
The re-proposed US risk retention rules (SCI 29 August) have been welcomed by CMBS market participants for eliminating t...
11 September 2013
Tropic CDO I - a 2003-vintage deal that declared an EOD in January - last month became the first ban...
11 September 2013
The Bush Terminal loan - securitised in GCCFC 2007-GG11 and CGCMT 2008-C7 - has been modified again,...
11 September 2013
US RMBS BWIC volume reached US$1.3bn yesterday, after a particularly quiet session to end last week. Non-agency supply s...
10 September 2013
An insolvency event has been declared for Alburn Real Estate Capital (REC 6), after the directors of the issuer determin...
10 September 2013
A look at the major activity in structured finance over the past seven days
Pipeline Several deals were added to the pipeline last week, many of them ABS. Alongside the half-dozen new ABS entrant...
9 September 2013
There were several US CDO tranches out for the bid in yesterday's session. SCI's PriceABS data shows a considerable list...
6 September 2013
The re-proposed US risk retention rule (SCI 29 August) favours larger CLO managers and could result in a two-tiered loan...
5 September 2013
US non-agency RMBS secondary supply began to pick back up again yesterday. BWIC volume for the session was over US$650m,...
5 September 2013
An inflection point appears to have been reached in the UK secondary commercial property market, with office leading the...
5 September 2013
Using European DataWarehouse (ED) loan-level data, Deutsche Bank European securitisation analysts have examined the cred...
4 September 2013
European RMBS issuance has been limited so far this year, with the bulk of supply coming from a handful of Dutch program...
4 September 2013
Peripheral European RMBS has seen an up-tick in activity over the last couple of weeks and a plethora of Spanish and Ita...
3 September 2013
Ivan Zinn, founding partner and cio at Atalaya Capital Management, answers SCI's questions
Q: How and when did Atalaya become involved in the structured finance markets? A: Atalaya Capital Management has been a...
2 September 2013
A look at the major activity in structured finance over the past seven days
PipelineTwo ABS, one ILS, one RMBS and one CLO entered the pipeline last week and remained there by the weekend. Of thes...
2 September 2013
It has been a typically quiet August for European ABS as traders take their holidays, although there has been some BWIC...
30 August 2013
US ABS secondary volume was up yesterday, driven by a list of short block sized auto bonds. SCI's PriceABS data shows a...
29 August 2013
Recent FHFA statements suggest the GSEs could further increase guarantee fees. How far they eventually rise will depend...
29 August 2013
Subprime paper stole the show as US RMBS non-agency BWIC supply approached US$1bn yesterday. The glut of subprime names...
28 August 2013
Since announcing that the GSEs would reduce their less liquid holdings by 5% this year, at least six large non-agency BW...
28 August 2013
SCI's PriceABS data shows a mix of US CLO names out for the bid yesterday. Offered tranches were biased towards 2006- an...
27 August 2013
At US$605m, US CMBS bid-list supply was relatively heavy yesterday, as the sector recovered from a mid-week dip. Spreads...
23 August 2013
Over US$300m of BWIC supply hit the US ABS secondary market yesterday and a significant portion of that was credit card...
22 August 2013
BNP Paribas has completed what it describes as a first-of-its-kind commodity trade finance securitisation. Dubbed Lighth...
22 August 2013
UBS last month agreed to settle FHFA claims relating to misrepresented US RMBS sold to Fannie Mae and Freddie Mac for US...
21 August 2013
The segregated account of Ambac Assurance is this month expected to begin making cash payments on certain policies in ex...
20 August 2013
US non-agency RMBS secondary supply shot up yesterday to around US$1.25bn on the back of a US$1.1bn legacy bid-list. SCI...
20 August 2013
A look at the major activity in structured finance over the past seven days
PipelineA variety of deals remained in the pipeline at the end of last week. These included two ABS, one RMBS, one CMBS...
19 August 2013
August is traditionally a quiet month for the secondary markets, but activity has been picking up in certain sectors. In...
16 August 2013
US agency RMBS prepayment speeds are projected to decline sharply over the next two months as rising mortgage rates cont...
15 August 2013
US CMBS BWIC volume reached around US$600m yesterday, with SCI's PriceABS data revealing a number of successful and unsu...
15 August 2013
Quarterly statements released last week by Fannie Mae and Freddie Mac show that CMBS accounts for a disproportionate amo...
15 August 2013
Five-year average-life first pay FREMF issuance spreads have widened dramatically over the last three months. The latest...
15 August 2013
A CDO liquidation and large legacy bid-list helped boost US RMBS secondary supply yesterday, with around US$1.2bn of non...
14 August 2013
A look at the major activity in structured finance over the past seven days
PipelineIn a week in which many deals joined the pipeline and left soon after, CMBS accounted for the majority of those...
12 August 2013
US ABS secondary trading remained active yesterday, with elevated supply observed in auto paper in particular. A rare bo...
9 August 2013
Eminent domain success in doubt
Successful implementation of Richmond, California's eminent domain plan (SCI 31 July) and widespread adoption of similar...
8 August 2013
All loans securitised in the Fleet Street Finance 3 CMBS are now in default, following last week's transfer into special...
8 August 2013
Mortgage strategists at Morgan Stanley believe that the burgeoning buy-to-rent (BTR) business is sustainable and has a l...
6 August 2013
A look at the major activity in structured finance over the past seven days
Pipeline Three CMBS remained in the pipeline at the end of last week. The transactions comprised: US$1.79bn JPMBB 2013-...
5 August 2013
Risk-sharing programme to aid RMBS price discovery
Freddie Mac upsized and priced its inaugural risk-sharing transaction last week (SCI 17 July). The structure was welcome...
2 August 2013
Investors, issuers adapting to swap-related dilemmas
Given the difficulty of replacing counterparties and expense of posting collateral for cashflow securitisations, high vo...
2 August 2013
Generic CMBS 3.0 XA tranche prices have widened by 75bp from their early-May tights of swaps plus 110bp, underperforming...
1 August 2013
CLO structural changes gather pace amid increased issuance
The pick-up in CLO issuance has accelerated structural innovation on either side of the Atlantic. At the same time, regu...
30 July 2013
A look at the major activity in structured finance over the past seven days
PipelineBy the end of a relatively busy week for new issuance, only four transactions remained in the pipeline on Friday...
29 July 2013
European CMBS appears to be slowly gaining some traction after a quiet period. Trading levels are steady, with buyers st...
26 July 2013
Rising rates rearrange relative value
Rising interest rates in the wake of the Fed's tapering proposal have profoundly affected cross-asset relative value. Wh...
26 July 2013
A hotly anticipated US$2bn US RMBS bid-list hit the market yesterday, accounting for almost all of the non-agency second...
25 July 2013
Securitisation best practice gaining traction in Brazil
Brazilian ABS issuance volume plummeted to its lowest level since 2004 last year and is yet to return. New rules passed...
25 July 2013
US CMBS secondary supply picked up from less than US$100m on Monday to almost US$500m yesterday. However, spreads flat-l...
24 July 2013
Will bespoke single tranches make a comeback, asks Anu Munshi, partner at B&B Structured Finance
Last month, JPMorgan and Morgan Stanley scrapped plans to launch a synthetic CDO. Apparently there wasn't enough interes...
24 July 2013
US RMBS secondary supply started the week strongly, with BWIC volume on Monday of US$387 for agency RMBS and US$410m for...
23 July 2013
'Sweeping' capital requirement changes under consideration
The Basel Committee sought and received feedback on a consultative paper launched late last year (SCI 19 December 2012)....
23 July 2013
A look at the major activity in structured finance over the past seven days
Pipeline After only seeing a single deal in the previous week, ABS returned to the pipeline last week. Three new ABS de...
22 July 2013
US CMBS BWIC volume more than doubled yesterday to US$857m. Spreads tightened slightly and SCI's PriceABS data shows a n...
19 July 2013
US Representative Mel Watt is strongly tipped to become the next FHFA director. His successful nomination could escalate...
18 July 2013
Supply picked up yesterday and the US ABS secondary market saw a good variety of paper out for the bid. ABS BWIC volume...
17 July 2013
US agency mortgage REITs have had to deleverage by US$29bn in MBS since 31 March, according to Deutsche Bank estimates....
16 July 2013
ISDA has released new information on the implementation of its revised credit derivatives definitions (SCI passim). The...
16 July 2013
US secondary RMBS proved the most active sector in an unusually quiet session yesterday. ABS and CMBS BWIC volume totall...
16 July 2013
A look at the major activity in structured finance over the past seven days
PipelineThe mix of deals added to the pipeline last week was skewed towards CMBS and CLOs. Only one ABS (US$1bn Volkswag...
15 July 2013
European CLO market participants spent yesterday poring over an ABS CDO BWIC, which came out late in the day. Meanwhile,...
12 July 2013
Leveraged credit investing becoming more complex?
Risk appetite for leveraged diversified credit is rising with the hunt for yield. But, at the same time, the infrastruct...
11 July 2013
Non-agency US RMBS have largely held on to their year-to-date gains, despite the uncertainty caused by suggestions of Fe...
11 July 2013
The US RMBS secondary market sprang back to life yesterday after a string of quiet sessions before and after 4 July. SCI...
10 July 2013
After a difficult June for the secondary US CLO sector, this month has begun with a couple of covers and DNTs. Market pa...
9 July 2013
Total FNCL pay-downs fell by 9% month-on-month in June to US$40.5bn at 24.6 CPR, according to Barclays Capital figures,...
9 July 2013
US fixed income markets are pricing in the beginning of the end of extraordinary central bank support and it is having a...
8 July 2013
A look at the major activity in structured finance over the past seven days
PipelineDespite a predictably quiet week for the market, nine new deals were added to the pipeline. These transactions c...
8 July 2013
GSE sell-offs raise questions about future
Fannie Mae and Freddie Mac are in the process of moving around US$60bn in guaranteed mortgages over to private investors...
8 July 2013
Although secondary markets on either side of the Atlantic were quiet yesterday, some activity was observed in European R...
5 July 2013
Forbearance losses stack up on transferred MSRs
The large losses realised by Ocwen on loans previously serviced by Homeward Residential (AHM) came as a surprise to many...
5 July 2013
Deutsche Annington has postponed its IPO, which was planned for 3 July, citing adverse market conditions. The company wa...
4 July 2013
It has been an interesting couple of weeks in European RMBS and ABS, with noteworthy primary issuances in each sector gr...
4 July 2013
CLO analytics approaches discussed
Representatives from Moody's Analytics and ING Investment Management discussed how to leverage the latest analytics and...
3 July 2013
The quarter began quietly enough for the US CMBS sector, although secondary activity did pick up yesterday. SCI's PriceA...
3 July 2013
Recent BWIC activity suggests that real money investors upped their share of secondary US CLO buying for the third conse...
3 July 2013
It was a quiet start to the holiday week in the US as the market moves into the third quarter. Non-agency RMBS BWIC volu...
2 July 2013
A look at the major activity in structured finance over the past seven days
PipelineCLOs led the way last week, both in terms of new additions to the pipeline and deal prints. Six new CLOs were an...
1 July 2013
US ABS secondary trading was dominated yesterday by a large student loan list, during what was otherwise a quiet session...
28 June 2013
Hunt for relative value puts range of options on the table
European primary issuance may have been patchy this year, but liquidity in the secondary market has generally increased....
28 June 2013
The Opera Finance (CMH) extraordinary resolutions, in connection with the Kennedy Wilson/Värde restructuring pr...
27 June 2013
SCI's PriceABS data shows more than three times as many US CLO tranches offered on BWICs that did not trade in yesterday...
27 June 2013
European securitisation market seeks stability
The first half of 2013 has seen significant changes in the European ABS market's investor base, issuance patterns and re...
27 June 2013
There was a Spanish flavour to yesterday's European ABS secondary trading, with a number of auto bonds also showing up o...
26 June 2013
US ABS secondary volume has started the week strongly, helping to compensate for lower levels in non-agency RMBS. Supply...
25 June 2013
A look at the major activity in structured finance over the past seven days
PipelineA variety of deals were announced last week. Four ABS, two ILS, one WBS, one RMBS, one CMBS and one CLO joined t...
24 June 2013
Ocwen intends to purchase US$78bn in unpaid principal balance of OneWest Bank mortgage servicing rights and related serv...
20 June 2013
The first of ICE's planned credit index futures contracts - the Markit CDX Investment Grade When Issued Future...
19 June 2013
The re-emergence of the European CLO market has many positive aspects, but corporate trust service p...
The evolving European securitisation market has seen several changes since the crisis, with many positive developments,...
18 June 2013
A look at the major activity in structured finance over the past seven days
Pipeline Many of the deals which joined the pipeline last week priced soon afterwards but a handful still remained when...
17 June 2013
The liquidation of almost €300m of bonds following an investor pulling out of a large ABS fund resulted in a 1...
14 June 2013
Terri Duhon, managing partner at B&B Structured Finance and author of 'How the Trading Floor Rea...
Counterparty credit risk is a dynamic and complex risk that needs to be managed daily - not only because it ch...
14 June 2013
Stricter loan-level requirements have come into force for European CMBS looking to retain ECB repo-eligibility. CMBS bon...
13 June 2013
Russian RMBS, ABS issuance gathering pace
Russian RMBS issuance volume is expected to reach RUB50bn-RUB60bn this year, versus a total of RUB37bn in 2012, boosted...
13 June 2013
Activity has picked up in the European ABS markets over the last couple of weeks. Primary issuance may slow during next...
12 June 2013
The US RMBS secondary market has had a mixed start to the week, with agency supply up but non-agency BWIC volume markedl...
11 June 2013
GRAND sponsor Deutsche Annington (DAIG) intends to list on the Frankfurt Stock Exchange. As it seeks to rebalance its fu...
11 June 2013
A look at the major activity in structured finance over the past seven days
PipelineNew deals continued to join the pipeline last week, with three ABS, two RMBS and two CMBS announced. The ABS wer...
10 June 2013
Mike Manning, DealVector co-founder and ceo, and Dave Jefferds, co-founder and coo, answer SCI's que...
Q: How and when did DealVector become involved in the structured finance markets? MM: The system has been live for tw...
6 June 2013
US non-agency RMBS prices had been hovering near their highs in the run-up to last month's pair of unusually large bid-l...
6 June 2013
The week kicked off with a large quantity of US auto, credit card and student loan ABS out for the bid. Several tranches...
4 June 2013
The recovery in US home prices has prompted a modest pick-up in RMBS clean-up calls. Coupled with rising asset prices fr...
4 June 2013
Richard Green, director at Venn Partners, answers SCI's questions
Q: How and when did Venn Partners become involved in the securitisation market? A: Venn Partners was established in 2...
4 June 2013
A look at the major activity in structured finance over the past seven days
Pipeline It has been another busy week for the pipeline, with ABS, RMBS, CMBS and CLO transactions all being announced....
3 June 2013
Law Debenture's new Dynamic Analytical Reporting Tool System (DARTS) went live with its first CLO manager in May. The re...
3 June 2013
Terri Duhon, managing partner at B&B Structured Finance and author of 'How the Trading Floor Rea...
Most of the chatter about counterparty credit risk is around OTC derivatives. Exchange-traded derivatives (ETP) have cou...
31 May 2013
A US$8.5bn 256 line-item BWIC of non-agency bonds hit the US RMBS market yesterday. It was sold in five groups, with Cre...
31 May 2013
The strong rally in MBIA credit risk in the aftermath of the company's legacy exposure settlements is one driver of chan...
31 May 2013
After a brief flurry of activity, the European CMBS market has once again quietened down this week. Broader market volat...
30 May 2013
Sallie Mae intends to split its existing businesses into two separate publicly-traded entities - an education...
30 May 2013
The European DataWarehouse (ED) is benefitting sectors that had previously suffered from a paucity of information, such...
29 May 2013
Unconfirmed details have emerged regarding ISDA's proposals to update the CDS definitions (SCI 21 May). Among the propos...
24 May 2013
Ally Financial, along with Residential Capital and ResCap's major creditors, has completed the next step in implementing...
24 May 2013
Hedge fund appetite hinges on security selection
Relative value opportunities in legacy US non-agency RMBS remain for credit hedge funds, despite significant price appre...
24 May 2013
The primary focus in the US RMBS market yesterday was on the possible tapering of QE, given Fed chairman Ben Bernanke's...
23 May 2013
Fannie Mae is due to sell a US$2.2bn list of legacy CMBS today. Deutsche Bank CRE debt analysts note that the move repre...
23 May 2013
Mezz trending tighter post-FDIC rule-change
Last month's change in FDIC assessments (SCI 19 March) appears to be encouraging more asset managers to enter the US CLO...
23 May 2013
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 ABS deals that blew t...
22 May 2013
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 deals comprise four ABS,...
20 May 2013
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 interest rate swaps. H...
20 May 2013
Further details have emerged on the US$1bn-plus US RMBS non-agency bid-list put out by Freddie Mac earlier this week (SC...
17 May 2013
The risk of equitable subordination has arisen for the first time during insolvency proceedings of German CMBS borrowers...
17 May 2013
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 interest rate swaps can ge...
17 May 2013
CFTC clears up CDS concerns
A perceived regulatory preference for CDS futures over swaps has caused serious consternation in the market. However, th...
17 May 2013
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 by year-end, well in...
17 May 2013
Equity investors in callable 2010 and 2011 CLOs should call them now and take advantage of the low current funding costs...
16 May 2013
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. After Cairn CLO III...
15 May 2013
US CLO 2.0 managers have maintained good loan diversification, despite the market's rapid rise and the majority of loans...
14 May 2013
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 those deals, only the RM...
13 May 2013
Activity in the European CLO sector slowed during this holiday-shortened week, but optimism remains high. A new Alcentra...
10 May 2013
The UK Supreme Court has handed down judgement on the Eurosail-UK 2007-3BL case, upholding previous judgements that the...
10 May 2013
Secondary US ABS activity was once again fairly light yesterday, with auto paper dominating the session. BWIC volume rea...
9 May 2013
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 issuance opportuniti...
9 May 2013
Generic US CMBS secondary spreads were mostly unchanged yesterday, although legacy conduit AM and AJ tranches tightened...
8 May 2013
An unusual EOD notice has been issued for the Integral Funding CLO, after a scheduled optional redemption failed to comp...
8 May 2013
The ECB has begun consultations with the European Council and EIB in order to promote a functioning market for SME ABS....
3 May 2013
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 each other. Originally,...
3 May 2013
SCI's PriceABS data shows 100 European CMBS BWIC line items for yesterday's session, as high secondary market v...
2 May 2013
US ABS BWIC volumes totalled around US$93m yesterday, with secondary flows remaining light in the run-up to month-end. S...
30 April 2013
Most resolved US CMBS loans remain outstanding, while REO loans account for an increasing proportion of those still in s...
30 April 2013
First-time CLO managers' to-do list discussed
As the US CLO sector continues to recover, more players are expected to enter the market. Prospective first-time manager...
30 April 2013
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 RMBS. All three catastr...
29 April 2013
Comprising 33 loans, down to 18 currently, Cornerstone Titan 2007-1 has the largest loan count among European conduit CM...
26 April 2013
It has been a quieter week for European CMBS. Primary issuance still seems a fair distance away and secondary volumes ha...
26 April 2013
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 spreads in the sector...
26 April 2013
The length of time between a US CMBS loan transferring to special servicing and ultimately being resolved depends largel...
25 April 2013
The US RMBS secondary market yesterday shook off the lethargy with which it had been afflicted to spring back into actio...
24 April 2013
The bankruptcy of General Growth Properties (GGP) (SCI 13 May 2009) underlines the importance of investors hedging the c...
24 April 2013
The preference for US CMBS bonds being rated investment grade by at least two rating agencies has created a significant...
23 April 2013
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 three CMBS. The ABS...
22 April 2013
US ABS BWIC volumes reached US$181m yesterday, with auto and student loan paper accounting for most of the supply. SCI's...
19 April 2013
Further details have emerged on the wave of defections from the ASF and subsequent formation of the Structured Finance I...
19 April 2013
Single-borrower CMBS sees heavy Q1 issuance
At around US$9bn, US single-asset/single-borrower CMBS issuance in the first quarter almost equalled the total for all o...
19 April 2013
Clean-up calls are back on the agenda for seasoned senior jumbo RMBS now that the search for yield has pushed the securi...
18 April 2013
The US$1.6bn Farallon Portfolio loan, securitised in four separate CMBS, has paid off. The pay-down has resulted in mean...
18 April 2013
Intu CMBS could have broader attraction
The recent £800m Intu (SGS) Finance 2013 series 1 transaction represents a watershed in UK CMBS as it uses a co...
18 April 2013
Spread volatility in US consumer ABS has increased markedly since the financial crisis. This trend is set to hold true f...
16 April 2013
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 remaining there at Fri...
15 April 2013
US CMBS new issue spreads have widened in recent weeks with growing investor concern about high premium prices and early...
12 April 2013
The number of CDO tranches circulating on BWICs jumped yesterday, with SCI's PriceABS data picking up a slew of Trups bo...
11 April 2013
US CMBS secondary supply yesterday more than doubled the levels observed on Monday. Total BWIC volume stood at US$233m,...
10 April 2013
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 derivatives risk to b...
10 April 2013
As US CMBS write-downs increase, shifting control higher up the structure, the number of special servicer changes is ris...
9 April 2013
With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the CLO space. A few ABS...
9 April 2013
Limited collateral and a lack of arbitrage emerged as the two stand-out concerns for respondents to JPMorgan's Q2 CLO cl...
9 April 2013
A look at the major activity in structured finance over the past seven days
PipelineThe second quarter kicked off with a healthy number of new deals being announced. Of those transactions, one ABS...
8 April 2013
SCI's PriceABS data shows an increase in US RMBS secondary activity for yesterday's session. Subprime supply was particu...
5 April 2013
Servicer advance rates have reversed the downward trend that began in early 2009. As well as a potential increase in vol...
5 April 2013
Freddie Mac intends to start issuing pools of modified loans, which could offer a distinct investment opportunity. At th...
4 April 2013
RMBS repurchase cases move through courts
Lawsuits resulting from RMBS representation and warranty breaches are taking longer to progress through the courts than...
4 April 2013
Bank card bonds may have accounted for the bulk of secondary ABS supply on Monday, but a busier session yesterday saw mo...
3 April 2013
A recent open letter from a group of European CMBS investors has largely echoed the CRE Finance Council's (CREFC) CMBS 2...
28 March 2013
This week's SAECURE 13 deal seems to have caught many European RMBS traders by surprise, coming out of the blue in an ot...
28 March 2013
Secondary trading flows across the US markets were quiet yesterday as the holiday-shortened week got off to a slow start...
26 March 2013
Jacob Lyons, md at CR Investment Management, answers SCI's questions
Q: How and when did CR Investment Management become involved in the CMBS market? A: At the core of CR Investment Manage...
26 March 2013
European credit derivatives participants prepare for EMIR
Mandatory central clearing has already begun in the US and is now being rolled out in Europe (SCI passim). The changes u...
25 March 2013
A look at the major activity in structured finance over the past seven days
PipelineIt was another busy week for new deal announcements as the end of Q1 approaches. There were two newly-announced...
25 March 2013
CVA charge adds pressure to move to CDS indices
Single-name CDS liquidity has been falling for the last few years as trading concentrates on an ever-smaller universe. T...
22 March 2013
Overall US non-agency RMBS BWIC volume rose slightly yesterday, with subprime supply in particular shooting up. SCI's Pr...
22 March 2013
Activity in the US secondary ABS market was skewed towards aircraft and student loan paper yesterday. The handful of air...
21 March 2013
A flurry of US CLO subordinate tranches were out for the bid yesterday. Several more senior tranches were also among the...
20 March 2013
Secondary supply was light across the US markets yesterday, although a good amount of CMBS did get snapped up. Total bid...
19 March 2013
Additional regulatory changes coming into force on 1 April are set to impact the CLO market. The changes concern how US...
19 March 2013
A look at the major activity in structured finance over the past seven days
PipelineAnother wave of deals began marketing last week. There were three ABS, an ILS, an RMBS and three CMBS remaining...
18 March 2013
Non-core asset dispositions eyed
With large US funds increasingly entering the European secondary ABS market in search of yield, European funds are havin...
18 March 2013
The European secondary CMBS market still has not returned to the level of activity seen at the start of the year, but it...
15 March 2013
The Structured Finance Industry Group (SFIG), a new trade industry advocacy group, has been formed in the US. Its creati...
15 March 2013
Unconstrained absolute return funds in vogue
New approaches to credit are being explored, as the asset class seeks to remain appealing relative to the equity market....
15 March 2013
US CMBS price tiering could start to emerge this year, as investors begin differentiating between special servicers on a...
14 March 2013
The US CDO secondary market saw a heavy influx of CRE CDO supply yesterday. But some rare collateralised fund obligation...
13 March 2013
Knowing which criteria triggered a servicer watchlist (WL) placement can be helpful in predicting the likelihood of a CM...
12 March 2013
Punch Taverns has released a positive trading statement and still expects to meet guidance on full-year operating profit...
12 March 2013
European CLO market back, but not as before
Cairn CLO III printed last month, reopening the European CLO market after a lengthy hiatus. Further deals from Pramerica...
12 March 2013
A look at the major activity in structured finance over the past seven days
Pipeline Last week was the busiest the pipeline has been for a while, largely due to five new CMBS being announced. The...
11 March 2013
US RMBS non-agency secondary supply was notably lighter in yesterday's session. A number of names were successfully cove...
8 March 2013
CLO 2.0 deals are starting to reach the end of their non-call periods and tighter loan spreads are encouraging equity ho...
8 March 2013
The European mezzanine CLO secondary market weakened somewhat to start the month. Single-As are trading at about 50DM wi...
7 March 2013
The FHFA has called for a new securitisation infrastructure in which Freddie Mac and Fannie Mae's presence is contracted...
6 March 2013
Together with the more common vintages of 2005-2007, the US CMBS secondary market was yesterday awash with older-vintage...
6 March 2013
The surge of repricings in the US leveraged loan market since the beginning of the year has the potential to result in a...
5 March 2013
SecondMarket - which has traditionally specialised in facilitating student-loan backed auction-rate securities...
5 March 2013
A look at the major activity in structured finance over the past seven days
PipelineOnly three new deals entered the pipeline last week. They were: a UK CMBS called Intu (SGS) Finance series 1; a...
4 March 2013
US credit derivatives participants prepare for mandatory clearing
Mandatory swap clearing in the US for four categories of CDX and iTraxx CDS will begin next week. Even with that deadlin...
4 March 2013
The double blow of Moody's UK downgrade and inconclusive Italian election has had a mixed impact on the European seconda...
1 March 2013
Andrea Podesta, head of fixed income, and Armando La Morgia, head of structured finance at KNG Secur...
Q: How and when did KNG Securities become involved in the structured finance markets? AP: The KNG Securities model is b...
28 February 2013
The US CMBS secondary market saw around US$350m of BWIC volume yesterday. A greater variety of paper across the breadth...
28 February 2013
Non-agency US RMBS supply shot up yesterday to around US$1.86bn, boosted by a large amount of subprime paper. SCI's Pric...
27 February 2013
A look at the major activity in structured finance over the past seven days
PipelineMany deals joined the pipeline last week, with a good number remaining even after several priced before Friday's...
25 February 2013
Thursday was an interesting session for secondary US CMBS. Several recent-vintage tranches attracted covers, while talk...
22 February 2013
Originators get to grips with ED requirements, liabilities
The ECB deadline for submitting loan-level deal data to the European DataWarehouse is the end of March. However, concern...
22 February 2013
The number of CDO bid-lists circulating in secondary reached double figures yesterday and even more are expected to hit...
21 February 2013
Wednesday saw secondary supply shoot up, with SCI's PriceABS data displaying three times as many RMBS line items as for...
21 February 2013
The European CLO market is picking up after a quiet start to the week. Participants have been kept occupied by both prim...
20 February 2013
Overall modification rates for US non-agency RMBS were significantly lower in 2012 than they were two years before, but...
20 February 2013
Private label refi initiatives gaining traction
Providing performing borrowers in non-agency RMBS pools with a viable exit from their high-interest mortgages is attract...
20 February 2013
US CLO 1.0 versus 2.0 equity relative value explored
There are several considerations for CLO equity investors looking for relative value in CLO 1.0 and 2.0 deals. While the...
20 February 2013
Increased focus on rating agency performance
Competing rating agencies could gain market share due to the US Department of Justice's civil lawsuit against S&...
19 February 2013
Growing optimism in European CMBS market
It has been a tough couple of years for European CMBS, but there are signs that the environment may be changing. Primary...
18 February 2013
A look at the major activity in structured finance over the past seven days
Pipeline Last week was a quiet one for the pipeline, with ABS dominating proceedings. Among the five newly announced de...
18 February 2013
Higher MBS yields and rising stock prices have changed the investment landscape for US mortgage REITs from announcing sh...
15 February 2013
The US CMBS secondary market continues to tighten as supply recovers from the low levels seen at the start of the week....
14 February 2013
Change in transparency, buying behaviour needed
The recent indictment of former Jefferies trader Jesse Litvak for misrepresenting RMBS prices has served as a wake-up ca...
14 February 2013
Several noteworthy price points were observed on the XA and five-year A2 tranches of the recently-priced MSBAM 2013-C8 C...
13 February 2013
US RMBS is not the only market to have gone quiet in the wake of the heavy snow in the north-eastern US and Canada, but...
12 February 2013
SNS could set 'dramatic' CDS precedent
The expropriation of subordinated bondholders at SNS Reaal has implications for the entire CDS market. The move has enge...
12 February 2013
Mixed implications for pub paper
Punch Taverns last week announced proposed amendments to the capital structure of both its Punch A and Punch B securitis...
11 February 2013
A look at the major activity in structured finance over the past seven days
Pipeline Many of the deals that entered the pipeline last week went on to price by the end of Friday, with only three r...
11 February 2013
US CLO secondary supply has been strong all week, but peaked in yesterday's session. SCI's PriceABS data shows 268 CLO l...
8 February 2013
Liquidity risk management practices discussed
Representatives from Calypso Technology and Deloitte discussed Basel 3 and liquidity risk management in Asia Pacific dur...
8 February 2013
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...
8 February 2013 Free
The expiration of temporary rate reductions is emerging as a key driver of re-defaults of large modified US CMBS loans....
7 February 2013
A flurry of European ABS activity emerged yesterday, with auto paper helping to drive the secondary market. SCI's PriceA...
7 February 2013
Fourth outcome to CMBS loan resolutions emerging
The restructuring of the €4.33bn German Residential Asset Note Distributor (GRAND) transaction, the largest CM...
6 February 2013
Activity in the US RMBS market picked up yesterday after a slow start to the week. Non-agency BWIC volume jumped from le...
6 February 2013
Embedded call features in SNS Bank RMBS are ultimately expected to be honoured, following the nationalisation of SNS Rea...
6 February 2013
The European CMBS secondary market has weakened slightly over the last week or so. There is still selling from hedge fun...
5 February 2013
A look at the major activity in structured finance over the past seven days
Pipeline A relatively quiet week for the pipeline was dominated by CMBS, with three new deals marketing. A floorplan au...
4 February 2013
The Bruntwood Group is proposing to restructure its UK CMBS, Bruntwood Alpha. The pro-activity of the sponsor has been w...
1 February 2013
Structured finance recruitment prospects limited without macro change
The new year has dawned with the structured finance recruitment outlook as uncertain as it was for much of 2012. The env...
31 January 2013
Price correction warning for non-agency RMBS
The US non-agency RMBS market rallied significantly in 2012, providing double-digit returns for many. However, as invest...
30 January 2013
ABS analysts at Bank of America Merrill Lynch suggest that a rotation out of bonds into equities will likely be the domi...
30 January 2013
After a strong start to the year, the European ABS market has quietened down over the last week or so. The secondary mar...
29 January 2013
CMBX.6.BBB- spreads were approximately 30bp cheap versus similarly-rated cash bonds, following the launch of the index l...
29 January 2013
A look at the major activity in structured finance over the past seven days
PipelineIn a week dominated by new issuance, only three deals joined the pipeline and remained there by the week's end....
28 January 2013
Euro ABS, covered bond convergence contemplated
A growing number of banks are combining their European ABS and covered bonds research under the umbrella term of 'secure...
28 January 2013
Yesterday proved to be a bumper session for the secondary markets - as shown by SCI's PriceABS data, which rea...
25 January 2013
What was originally the triple-B class in BSCMS 2007-PW18 has received an interest payment that exceeded the principal b...
24 January 2013
Christopher Long, president at Palmer Square Capital Management, answers SCI's questions
Q: How and when did Palmer Square Capital Management become involved in the structured finance markets? A: Palmer Squar...
24 January 2013
US CMBS secondary volume was up yesterday. AM and AJ tranches dominated the session, although there was a mix right down...
23 January 2013
Noteholder disputes, counterparty downgrades and pricing for amendments discussed
Representatives from leading corporate trust service providers met with SCI in December to discuss trustee independence...
23 January 2013
ILS issuance and innovation to increase
Vitality Re IV - the first catastrophe bond of 2013 - priced last week as the insurance-linked secur...
22 January 2013
A look at the major activity in structured finance over the past seven days
Pipeline Last week ABS was in the minority for once in terms of new additions to the pipeline. A single ABS -...
21 January 2013
Deutsche Annington has agreed partial refinancing transactions of €785m for the GRAND CMBS. Net of costs and o...
18 January 2013
Windermere X prices received a boost yesterday, following positive developments in connection with the Thunderb...
17 January 2013
While the US ABS and CMBS secondary markets are in hiatus, RMBS supply actually rose yesterday, thanks to a spike in sub...
16 January 2013
Absent a payout from Bank of America on alleged rep and warranty breaches or an increase in intercompany support facilit...
15 January 2013
The European secondary CLO sector was quick to spring to life at the start of the year, but now appears to have...
15 January 2013
The US$742m DRA/Colonial Office Portfolio loan - split pari passu between the BSCMS 2007-PW17, BSCMS 2007-PW18...
14 January 2013
A look at the major activity in structured finance over the past seven days
PipelineNew deals have begun to be announced for the first part of the year, with seven transactions joining the pipelin...
14 January 2013
The Consumer Financial Protection Bureau (CFPB) has adopted a new rule to protect buyers from irresponsible mortgage len...
11 January 2013
US RMBS secondary supply continues to climb. Agency volume rose sharply yesterday, while non-agency - although...
10 January 2013
Further details have emerged on the resolution of the 110 East 42nd Street loan, securitised in WBCMT 2007-C33, which ha...
10 January 2013
US CMBS secondary spreads slowed their march into tighter territory yesterday, with some tranches even widening slightly...
9 January 2013
US RMBS secondary supply remains moderate so far this year. Around US$434m of BWIC volume was seen yesterday across agen...
8 January 2013
BofA agreement sparks prepay concern
Bank of America has reached a US$10.3bn settlement to resolve outstanding repurchase agreements on residential loans sol...
8 January 2013
Markit CMBX Series 6 is due to launch on 25 January (SCI 8 August 2012), featuring a new sub-index. Given increased dema...
7 January 2013
US auto and credit card ABS paper was being shown on Friday as the secondary market began to open up. SCI's PriceABS dat...
7 January 2013
US agency MBS outperformed both Treasuries and swaps after Congress passed a bill last week to avert the so-called 'fisc...
7 January 2013
The multifamily properties securing Titan Europe 2006-2's Petrus loan have been sold. The buyer and sales price have not...
4 January 2013