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  • News Analysis

      • Different paths

        US CLO improvement powers on as Europe lags behind

        A good year is being predicted for US CLOs in 2011, driven by improving new issuance volumes and collateral trends. In c...

        23 December 2010

  • News

  • News Analysis

      • Support issues

        Starkly different outlooks for Australian ABS and RMBS

        The outlooks for Australian ABS and RMBS are starkly different. While the record ABS volumes seen in 2010 are expected t...

        23 December 2010

        ABS

  • News Analysis

      • European evolution

        2011 to be evolutionary, not revolutionary for European ABS

        Next year is expected to be a good one for European ABS, albeit somewhat unspectacular. The strong performance of RMBS a...

        23 December 2010

        ABS

  • Market Reports

  • News Analysis

      • Growth prospects?

        Economic, regulatory uncertainty dogs the outlook for US ABS

        US ABS issuance volumes are expected to increase by about 10% in 2011 - largely as a function of growth in the...

        21 December 2010

        ABS

  • News Analysis

      • Liquidity lifeline

        Clearing to renew confidence in face of threat to CDS liquidity

        Gloomy predictions are being made for credit derivatives, with forecasts for future liquidity in the market divided. The...

        21 December 2010

        CDS

  • News

  • News

  • News Analysis

      • Positive momentum

        APAC private placement, local currency deals to continue

        Asia-Pacific (ex-Australia) structured finance is set to continue to be characterised by private placements and local cu...

        20 December 2010

  • News Analysis

      • Equity options

        Two new catastrophe listings placed

        Two new equity-related placings impacting the insurance-linked securities markets have been announced. A new company inv...

        20 December 2010

  • Market Reports

      • Granite perks up Euro RMBS

        It has been another quiet week in the European RMBS market, as most participants prepare for end-of-year. However, with...

        17 December 2010

  • News

  • Market Reports

  • News

  • News

  • News

  • News

  • Market Reports

  • News

  • News

  • News

  • Market Reports

  • News

  • News

  • News

  • Market Reports

      • Euro ABS holds on

        The European primary ABS market is holding on for increased new issuance - which traders hope will roll in wit...

        2 December 2010

        ABS

  • News Analysis

      • Less dysfunctional

        RMBS market infrastructure issues remain

        Market participants agree that, in the near term at least, European ABS volumes will largely be driven by growth in the...

        2 December 2010

  • News Analysis

      • Tough call

        Asset overhang weighs on European sentiment

        Volatility created by ongoing sovereign debt issues is making it tough to call spread trends in the European ABS and CLO...

        2 December 2010

        ABS

  • News

  • News

  • Market Reports

  • News

  • News

  • News

  • News

  • Market Reports

  • News Analysis

      • Going down?

        Distressed investors forecast ABS leg-down

        Distressed investors are predicting a leg-down for the market in the near future. They suggest that while opportunities...

        29 November 2010

  • News Analysis

      • Self-sufficiency drive

        Portfolio risk managers taking matters into their own hands

        The changing investor perception of rating agencies is driving a more independent attitude towards risk management. At t...

        29 November 2010

        ABS

  • News Analysis

      • Timing sensitivities

        Schedule of CDS introduction in China, India questioned

        The introduction of credit derivatives in China and India has been welcomed by market participants. Some are nevertheles...

        25 November 2010

        CDS

  • News Analysis

      • Unrated issuance

        Hilton CMBS unlikely to set a trend

        The recent privately-placed Bank of America Large Loan Trust transaction, backed by Hilton Worldwide assets, is believed...

        25 November 2010

  • News

  • News

  • Market Reports

      • Euro CLO market fights back

        The European CLO market has made an aggressive come-back this week. With Ireland's sovereign crisis addressed, the deman...

        23 November 2010

  • Market Reports

      • A premature lull for Euro ABS

        The European ABS market is creeping further into its end-of-year lull, prompted largely, traders say, by Ireland's crisi...

        23 November 2010

        ABS

  • News Analysis

      • Curve appeal

        Current conditions attractive for credit curve trading

        Credit curves have steepened dramatically since the credit crisis and are set to become even steeper. Against this backg...

        22 November 2010

        CDS

  • Market Reports

  • Market Reports

  • Provider Profile

      • African focus

        Alfons Ideler, director and head of structured finance at Global Credit Ratings (GCR), answers SCI's...

        Q: How and when did GCR become involved in structured finance? A: GCR first became active within structured finance ove...

        17 November 2010

  • Market Reports

      • Mixed message for Euro RMBS

        It has been a mixed week for European secondary RMBS. Although mezzanine paper continues to perform well, Irish sovereig...

        16 November 2010

  • News

  • Market Reports

      • US RMBS proving resilient

        US secondary RMBS has proved resilient to the recent foreclosure scandal and is exhibiting robust pricing levels. At the...

        16 November 2010

  • News

  • News Analysis

      • Retraining required

        Expanded skill-sets to become a necessity for RMBS 2.0

        Redwood Trust and PennyMac Mortgage Investment Trust each intend to complete RMBS deals early next year, while BlackRock...

        15 November 2010

  • News Analysis

      • Retention requirements

        CLO CRD solutions proposed

        A CLO originator SPV structure has been proposed as a solution under Article 122a of the European Capital Requirements D...

        12 November 2010

  • News Analysis

      • Advantage transparency?

        Data demands dividing UK lenders

        Debate is intensifying about how the UK lending industry will meet the Bank of England's proposed requirements for data...

        12 November 2010

  • Market Reports

  • News

  • News

  • News

  • News

      • LBO basket trade touted

        Buying CDS protection on potential LBO candidates has been a popular trade over the past few months. To gain from a shor...

        10 November 2010

        CDS

  • News

  • Market Reports

      • Euro RMBS market nerves hold

        Primary issuance continues to be at the forefront of European ABS market activity, with another week of newsworthy deals...

        9 November 2010

  • Talking Point

      • Roundtable discussion

        The importance of loan-level data for ABS investors

        Large amounts of aggregation and the absence of loan-level data have traditionally made determining the true value of as...

        9 November 2010

        ABS

  • Market Reports

  • News Analysis

      • Delaying the inevitable?

        Market braces itself for fallout from forced loan extensions

        As the much-debated maturity cliff starts to loom larger on the horizon, focus is increasingly turning to CLO extension...

        5 November 2010

  • Provider Profile

      • Panoramic approach

        Bob Park, ceo and co-founder of FINCAD, answers SCI's questions

        Q: How and when did FINCAD become involved in the structured finance markets? A: FINCAD is a 20-year-old company. Our c...

        5 November 2010

  • News

      • LCM VIII progresses

        Further details have emerged on LCM Asset Management's highly-anticipated CLO, the US$300m LCM VIII. The deal is expecte...

        5 November 2010

  • News

  • Market Reports

  • News

  • News

      • CLO liquidation risk examined

        Moody's has comprehensively reviewed the indentures and related documents for all US cashflow CLOs it rates and conclude...

        3 November 2010

  • News Analysis

      • Value judgement

        Regulatory uncertainty, distribution issues limiting CVA market

        An increasing number of banks are establishing credit value adjustment (CVA) desks, leading to suggestions that CVA coul...

        3 November 2010

        CDS

  • Market Reports

  • Market Reports

      • Business as usual for US CMBS

        It has primarily been business as usual in the US CMBS market this week, with deals pricing as expected and spreads rema...

        1 November 2010

  • News

  • News Analysis

      • Commercial ventures

        Property derivatives gain momentum as real estate hedges

        Funds that invest in property derivatives remain a rarity. But the recent launch of two new vehicles in the space has mo...

        1 November 2010

  • News

  • News

  • News Analysis

      • Facing foreclosuregate

        Put-backs unlikely to become a systemic issue

        During a conference hosted by Grais & Ellsworth on robosigning yesterday (27 October), speaker Laurie Goodman fr...

        28 October 2010

  • Market Reports

      • Euro ABS regains strength

        With a strong start to the week, the European secondary ABS market has seen a high volume of activity - partic...

        28 October 2010

        ABS

  • Market Reports

  • News

      • ABX valuations revisited

        ABS analysts at Bank of America Merrill Lynch have profiled ABX valuations in light of the ongoing foreclosure issues an...

        27 October 2010

  • News

  • News

  • News

  • News Analysis

      • Consolidating positions

        Firms forced into consolidation as tough times take toll

        Advisories and broker-dealers in the ABS space are having to adjust to the challenges of operating in a market with redu...

        26 October 2010

        ABS

  • Talking Point

  • News

  • Market Reports

  • Provider Profile

      • Countering risk

        Frank Iacono, partner at Riverside Risk Advisors, answers SCI's questions

        Q: How and when did Riverside Risk Advisors become involved in the structured finance markets? A: Although we formally...

        25 October 2010

        CDS

  • News Analysis

      • Liquidation line

        Public sales proving positive for US CMBS market

        US CMBS liquidation volumes via public sales average almost US$200m a month and are expected to remain elevated as unpre...

        25 October 2010

  • Market Reports

  • News

  • News Analysis

      • Making a list

        Opportunities abound as listed credit hedge funds start to reappear

        Credit hedge funds have a plethora of opportunities open to them if they are savvy enough to exploit them. Europe's larg...

        20 October 2010

  • Provider Profile

      • Advocating change

        Ann Hambly, ceo, and Brock Andrus, managing partner at 1st Service Solutions, answer SCI's questions

        Q: How and when did 1st Service Solutions become involved in the structured finance market? AH: I've been in the servic...

        20 October 2010

  • Research Notes

      • NAMA upside

        Conor Houlihan, partner with Dillon Eustace, discusses investment opportunities in Irish distressed ...

        Ireland's well-documented property-fuelled boom has come to a crashing halt, leaving billions of euros of distressed ass...

        20 October 2010

  • News

  • News

  • News

  • Market Reports

      • Two-way traffic for Euro CLOs

        With new issuance creating investor opportunity across both primary and secondary markets, the European CLO sector has s...

        19 October 2010

  • News

  • News

  • Market Reports

  • Talking Point

      • Price talk

        Structured finance and derivatives valuation issues discussed

        The 2010 SCI Guide to Pricing and Valuation. As with the highly popular 2009 Guide, the 2010 edition is downloadable in...

        15 October 2010

  • News Analysis

      • Minimal distress

        European distressed debt market finally set for activity

        One of the most interesting effects of the global economic crisis has been that the European distressed debt market has...

        13 October 2010

  • News Analysis

      • Tapping demand

        Re-emergence of UK non-conforming RMBS gains momentum

        The re-emergence of UK non-conforming RMBS is gaining momentum, with Kensington's RMS 25 expected to print next week and...

        13 October 2010

  • News Analysis

      • Glass half full

        M&B leads the way for pub sector WBS, as others struggle

        Results recently released by Mitchells and Butlers show the company has performed strongly and above expectations. M&...

        13 October 2010

  • News Analysis

      • Limiting liability

        CDS framework suggested as solution to Rule 436(g) repeal

        The end of the reprieve on the repeal of Rule 436(g) - 24 January - is nearing, without the industry...

        13 October 2010

  • Market Reports

  • Market Reports

  • News

  • News

  • News

  • Talking Point

      • Re-thinking valuation - part 3

        In the third article of a series on structured credit valuations, R2 Financial Technologies ceo Dan ...

        Simple bond versus Monte Carlo In the previous column (see SCI issue 197), I discussed the importance of understanding...

        13 October 2010

        CDS

  • Research Notes

      • Trading ideas: euro euphoria

        Tim Backshall, chief strategist at Credit Derivatives Research, looks at a sovereign-FX pairs trade

        The enthusiasm for euros over US dollars has been incredible over the past few months. Started by a short squeeze and ex...

        13 October 2010

        CDS

  • News Analysis

      • Changing masters

        Holmes restructuring to set precedent?

        Just days after rumours began circulating that Northern Rock Asset Management's (NRAM) Granite master trust could be set...

        6 October 2010

  • News Analysis

      • Switch of focus

        Increasing EM allocations could reignite structured appetite

        The sovereign debt crisis in Europe and ongoing budget issues in a number of US states have served to switch investor at...

        6 October 2010

  • News

  • News

  • News

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  • News

  • News

  • News

  • News

  • Talking Point

      • Basel 3 - securitisation opportunity?

        Mark Davies of Cedar Analytics hopes that high quality ABCP finds its way back onto the market under...

        In the hubbub surrounding the newly published 'Basel 3', regulated entities run the risk of losing sight of a couple of...

        6 October 2010

  • News Analysis

      • Taking cover

        Investors seek ways to hedge against tail risk

        With uncertainty continuing to dog the markets, more and more investors are looking to protect themselves. Concerns over...

        29 September 2010

        CDS

  • News Analysis

      • Multi-borrower issues

        Euro CMBS servicers adapting to new challenges

        The role of CMBS servicers in Europe has changed significantly post-crisis. Challenges remain, however, as the market pr...

        29 September 2010

  • News Analysis

      • New beginning?

        Redrawn index tranches set to bring liquidity

        Tranche trading on the new Markit CDX.IG.15 index began yesterday, 28 September, following a redrawing of the capital st...

        29 September 2010

  • News Analysis

      • Foreclosure scrutiny

        GMAC servicing issues weigh on shadow inventory

        The furore over servicing issues at GMAC Mortgage (see last issue) continued this week, as Ally Financial released furth...

        29 September 2010

  • Market Reports

  • Market Reports

  • News

  • News

      • PPIP 2.0 proposed

        MBS analysts at Bank of America Merrill Lynch suggest that a 'PPIP 2.0' should be included as part of the upcoming GSE r...

        29 September 2010

  • News

  • Talking Point

  • Provider Profile

      • Trading on trust

        BTIG's London ceo Gary Hayes and Russell Scott, md and head of CEEMEA trading at the firm, answer SC...

        Q: How and when did your firm become involved in the structured finance markets? GH: BTIG was growing - mostl...

        29 September 2010

  • News Analysis

      • Premium concerns

        Should seasoned ABS deals be priced differently?

        The fact that some US auto loan ABS paper is currently trading at premium dollar prices has sparked concern that rising...

        22 September 2010

        ABS

  • News Analysis

      • Credit solutions

        CDS and CLN hedges for rate risk suggested

        The current interest rate environment and changes anticipated in the short- to medium-term are creating challenges for c...

        22 September 2010

        CDS

  • News Analysis

      • Servicing slow-down

        GMAC episode heightens concern over foreclosure glut

        Ally Financial has denied that GMAC Mortgage instituted a moratorium on all residential foreclosures across 23 states in...

        22 September 2010

  • News

  • Talking Point

      • Clearing foundation

        Preparations in place for OTC transparency

        ISDA's 2010 Regional Conference in London yesterday focused on, among other areas, global developments in OTC derivative...

        22 September 2010

  • News Analysis

      • Retention risk

        Article 122a leaves investors in quandary

        The window for commenting on Article 122a of the Capital Requirements Directive (CRD) is closing quickly, but before the...

        15 September 2010

  • The Structured Credit Interview

      • Emerging opportunities

        David Hinman, cio, and Raymond Zucaro, managing principal at SW Asset Management, answer SCI's quest...

        Q: How and when did your company become involved in structured finance? DH: We were involved in structured credit at Dr...

        15 September 2010

        CDS

  • News

  • News Analysis

      • Artificial constraints

        Distressed CRE prices pushing beyond fundamental value

        An artificially constrained supply of US distressed commercial real estate is driving asset prices up beyond their funda...

        15 September 2010

  • News Analysis

      • Pushing the envelope

        Wake-up call for CDO equity investors

        The failure to replace the collateral manager on Flatiron CLO 2003-1 and 2004-1 last month (see last issue) highlights t...

        8 September 2010

  • News Analysis

      • Primary positives

        Healthy outlook for European new issuance

        The successful pricing of Santander's Fosse Master Issuer 2010-4 RMBS has been taken as a positive sign for European pri...

        8 September 2010

        ABS

  • News Analysis

      • Revitalising Russian RMBS

        State support helps securitisation market get back on track

        The Russian RMBS market is showing signs of life, spurred on by the government. Programmes launched by the Agency for Ho...

        8 September 2010

  • News Analysis

      • Limited opportunity

        CDO management contracts continue to trade well

        Prices for CDO management contracts continue to trade well. The window of opportunity will only last as long as the new...

        8 September 2010

  • News

  • News Analysis

      • Help wanted

        ABS recruitment begins to pick up as market returns

        After a couple of difficult years in structured finance, 2010 has hinted at a return to normality as the market starts t...

        1 September 2010

        ABS

  • News Analysis

      • Multi-property reprieve

        REMIC grandfathering to assist servicers

        CMBS servicers and borrowers with distressed multi-property loans received a reprieve from confusing IRS regulations las...

        1 September 2010

  • News Analysis

      • Repurchase requests

        Troubled loan buy-backs on the rise

        A raft of troubled mortgages is being returned to their originators, as Fannie Mae and Freddie Mac exercise their put-ba...

        1 September 2010

  • News Analysis

      • Structured credit boost

        BDCs could help kick-start the CLO market

        Business development companies (BDCs) could be set to become the new source of the structured credit bid. Golub Capital...

        18 August 2010

  • News Analysis

      • Long road ahead

        Loopholes remain in GSE reform proposals

        Amid what works and doesn't work in reforming the GSEs, one thing remains certain - the US government's firm g...

        18 August 2010

  • News Analysis

      • Taking control

        New structural features boost US CMBS

        A pair of new US CMBS transactions priced over the last fortnight (see also last issue). The structural innovations of o...

        18 August 2010

  • News Analysis

  • News Analysis

      • Independent insight

        New service to address audit and corporate governance issues

        As the degree of challenge that auditors and financial institutions' audit committees are able to bring to in-house valu...

        18 August 2010

  • News Analysis

      • CMBS strangle

        Private equity adds to servicing logjam

        Private equity firms' chokehold on CMBS special servicing is getting stronger. LNR Property Corp's recapitalisation last...

        4 August 2010

  • News Analysis

      • Switching to SEFs

        New OTC trading platforms could boost the CDS market

        The regulatory push taking place in the US has helped spawn the creation of a new electronic trading platform, which sho...

        4 August 2010

        CDS

  • News Analysis

      • Majeure concerns

        Fear of mass refinancing spooks agency MBS market

        Fear of mass government-sponsored refinancing in agency MBS spooked investors last week. With the market trading at a pr...

        4 August 2010

  • News

  • News Analysis

      • Increased transparency?

        Stress-test positives outweigh negatives

        CEBS published the results of the European stress tests on 23 July, indicating that seven banks had failed them. Althoug...

        28 July 2010

  • News Analysis

      • Repressing recidivism

        Latest HAMP figures show low redefault rates, but may not tell whole story

        The recidivism rate for permanently modified HAMP loans has been published for the first time by the US Treasury Departm...

        28 July 2010

  • News Analysis

      • Overhang overture

        New structures anticipated to deal with legacy assets

        Banks are estimated to hold 80%-85%, or €550bn in volume, of outstanding European legacy ABS as at mid-June. H...

        28 July 2010

        ABS

  • Market Reports

      • Positive tone

        European RMBS market eases past stress tests and moves tighter

        The European RMBS secondary market has seen seasonally-typical thin volumes over the past week or so. However, a return...

        28 July 2010

  • News Analysis

      • Reform repercussions

        Dodd-Frank arbitrage pondered as SEC blinks first

        The Dodd-Frank Act, which effectively repeals Rule 436(g) of the Securities Act, has many ABS practitioners and industry...

        28 July 2010

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