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  • News Analysis

      • Expanding opportunities

        Growth continues in APAC securitisation markets

        Asia-Pacific structured finance has enjoyed a good year in 2011 and is expected to see even more activity in 2012. Despi...

        23 December 2011

  • News Analysis

      • Forging ahead

        US ABS continuing to battle headwinds

        The US ABS market continued its post-crisis recovery in 2011, achieving decent issuance despite some battering headwinds...

        22 December 2011

  • News Analysis

      • Keep on keeping on

        Cautious outlook for the global CMBS and CRE markets in 2012

        At best, expectations for the US CMBS and CRE markets in 2012 are for more of the same - there appears to be l...

        22 December 2011

  • News Analysis

      • Facing a watershed

        Challenges remain as CDS market prepares for central clearing

        Next year is shaping up to be a watershed for credit derivatives in terms of regulatory change. But the market continues...

        22 December 2011

        CDS

  • News

  • News Analysis

      • Blown off-course

        Sovereign crisis, regulatory pressures weighing on Euro ABS

        The European securitisation market began 2011 on a reasonably positive footing, with strong issuance and plenty of liqui...

        21 December 2011

  • News Analysis

      • More of the same?

        US CLOs to build on 2011 foundations, alternatives sought for Europe

        In a year that will be remembered for sovereign instability, market volatility and de-risking across financial instituti...

        20 December 2011

  • News

      • SCI Start the Week - 19 December

        A look at the major activity in structured finance over the past seven days

        PipelineThree new deals remained in the pipeline at the end of last week, all of them from Europe. They comprise an RMBS...

        19 December 2011     Free

  • News

      • Innkeepers portfolio modified

        The modification and assumption of the Innkeepers portfolio securitised in LBUBS 2007-C6 and LBUBS 2007-C7 has been comp...

        19 December 2011

  • News

      • SCI Start the Week - 12 December

        A look at the major activity in structured finance over the past seven days

        PipelineA variety of deals joined the pipeline last week. In ABS there are two new deals: a US$494.1m deal secured by dr...

        12 December 2011     Free

  • News Analysis

      • Euro star

        RMBS performs well in tough European climate

        RMBS has been a particular highlight of the European securitisation market this year. Performance has been comparatively...

        9 December 2011

  • Market Reports

      • US CMBS still strong

        The US CMBS primary and secondary markets have both remained active, with a raft of new issuances capturing investors' a...

        6 December 2011

  • News

  • News

  • Provider Profile

      • Navigating CMBS

        Dan Smith, president and ceo of Four Point Alliance, answers SCI's questions

        Q: How and when did Four Point Alliance become involved in the CMBS market? A: Four Point Alliance (FPA) is a commercia...

        2 December 2011

  • News Analysis

      • Changing tactics

        CLO managers eye secondary loans, amend-to-extend prevalent

        Faced with a choice between purchasing new issue loans and buying loans in the secondary market, CLO managers are increa...

        2 December 2011

  • News

  • News

  • Market Reports

  • News

      • Auction results reviewed

        September's 'geo-series' CRE sale on auction.com covering Florida and Southeast US was the largest auction in CRE histor...

        30 November 2011

  • News Analysis

      • Dollar demand

        Favourable currency arbitrage boosts UK RMBS

        The UK primary RMBS market has defied expectations and remained open for business throughout the European sovereign debt...

        30 November 2011

  • Provider Profile

      • Capturing market trends

        Adam Prather, principal at Solve Advisors, answers SCI's questions

        Q: How and when did Solve Advisors become involved in the structured finance market? A: Solve Advisors was formed in Ju...

        28 November 2011

        ABS

  • News

      • SCI Start the Week - 28 November

        A look at the major activity in structured finance over the past seven days

        PipelineA handful of transactions entered the pipeline last week. Of these deals, two were SME securitisations (S...

        28 November 2011     Free

  • News

      • CVA CDO marketing

        RBS is currently marketing a synthetic CDO-like structure referencing the bank's counterparty credit risk from a portfol...

        25 November 2011

        CDO

  • Market Reports

      • Happy holidays?

        The European ABS market is very quiet and it is not just because of the Thanksgiving holiday in the US. Trading activity...

        24 November 2011

        ABS

  • News Analysis

      • October outlook

        Wave of maturities gives clues to future CMBS performance

        October was a busy month for European CMBS loan maturities, with 27 loans - totalling €2.71bn by bal...

        24 November 2011

  • News Analysis

      • Consolidation call

        Credit hedge fund M&A set to increase

        Consolidation activity among credit hedge funds is expected to increase going into next year. Regulatory change, as well...

        23 November 2011

        CDS

  • Provider Profile

      • Consumer focus

        CastleOak Securities head of fixed income sales & trading Patrick de Catalogne and head of inves...

        Q: How, why and when did CastleOak Securities become involved in the structured credit and securitisation market? PdC:...

        22 November 2011

        ABS

  • News

      • SCI Start the Week - 21 November

        A look at the major activity in structured finance over the past seven days

        PipelineThe pipeline comprised CLO and auto ABS transactions at the end of last week. The CLOs are: US$290m AMMC CLO IX;...

        21 November 2011     Free

        ABS

  • Market Reports

      • Still slow for Euro CLOs

        The European secondary CLO market has been quiet, with a modest pick-up in BWICs not yet enough to generate much excitem...

        18 November 2011

  • News Analysis

      • Rock solid

        Benchmark performing well as end approaches

        Northern Rock's Granite master trust has endured a difficult few years, but its performance has improved recently. While...

        16 November 2011

  • News

  • News

      • SCI Start the Week - 14 November

        A look at the major activity in structured finance over the past seven days

        PipelineA range of new transactions remained in the pipeline at the end of last week, including a couple of esoteric ABS...

        14 November 2011     Free

        ABS

  • News Analysis

      • Timing issues

        RMBS cases to swell as timing limits expire

        The number of RMBS-related law suits in the US is unlikely to abate for some time to come. However, those considering cl...

        10 November 2011

  • News Analysis

      • Profit potential

        More pubcos may sell assets to buy back debt

        In a move that is hoped will improve returns on capital employed, Punch is disposing of pubs and using the money raised...

        9 November 2011

        ABS

  • News

  • Market Reports

  • News Analysis

      • Pole position

        Auto deals set to continue US ABS domination

        US auto loan securitisations in October totalled US$6bn and came on the back of strong September issuance of US$10bn. Co...

        2 November 2011

        ABS

  • News Analysis

      • Liquidity required

        Muted impact expected for BoE loan-level data

        UK RMBS issuers are on-track to meet the Bank of England's upcoming loan-level data requirements, but their efforts appe...

        31 October 2011

  • News

      • SCI Start the Week - 31 October

        A look at the major activity in structured finance over the past seven days

        PipelineA CMBS (US$1.09bn WFRBS 2011-C5), a catastrophe bond (US$50m Successor X series 2011-3), a prime RMBS (A$480m To...

        31 October 2011     Free

        ABS

  • Market Reports

  • Market Reports

      • US CMBS bounces back

        The US CMBS market has been significantly buoyed by the latest eurozone debt talks. Spreads have tightened markedly and...

        27 October 2011

  • News Analysis

      • Growth market

        New supply of Aussie CLNs gaining traction

        Demand for simple Australian structured credit products is increasing - albeit from a low level - as...

        26 October 2011

        CDS

  • Research Notes

  • News Analysis

      • Floating into fixed?

        Increased acceptance of fixed rate CMBS loans expected

        The UK commercial real estate lending market is built on convention and at present the convention is for floating rate l...

        25 October 2011

  • News Analysis

      • Prepay potential

        Major HARP changes announced

        The FHFA and GSEs Fannie Mae and Freddie Mac yesterday announced a long-anticipated series of changes to HARP (SCI passi...

        25 October 2011

  • News Analysis

      • Reflective ratings?

        Trups CDO outlook stabilises, ratings questioned

        The number of 'problem banks' monitored by the FDIC dropped in the second quarter from 888 to 865 - the first...

        24 October 2011

        CDO

  • News

      • SCI Start the Week - 24 October

        A look at the major activity in structured finance over the past seven days

        PipelineFour transactions remained in the pipeline at the end of last week: the US$1bn Freddie Mac SPC Series K-15 CMBS;...

        24 October 2011     Free

        ABS

  • News Analysis

      • Hesitant hiring

        Recruitment lull expected to continue

        After a quiet year so far for those in structured finance recruitment, the final quarter is not expected to buck the tre...

        21 October 2011

        ABS

  • News Analysis

      • Revaluation requirements

        Euro CMBS LTV covenants in the spotlight

        The European post-crisis precept that servicers should sell the property immediately if a CMBS loan breaches an LTV cove...

        20 October 2011

  • Market Reports

      • CMBS bid lists wear thin

        BWICs have saturated the European secondary CMBS market and already weak dealer bids are getting weaker. Senior paper re...

        19 October 2011

  • News Analysis

      • Technically driven

        PrimeX, ABX comparisons overdone

        PrimeX prices have experienced a sharp decline - of between 6%-10%, depending on the index - since t...

        18 October 2011

  • News

      • SCI Start the Week - 17 October

        A look at the major activity in structured finance over the past seven days

        PipelineFurther details of Credit Suisse Asset Management's latest CLO - the US$365.5m Atrium VII -...

        17 October 2011     Free

        ABS

  • News

      • Refinancing risk re-examined

        The readjustment of CMBS issuance expectations on the back of both economic and deal structure issues has led to concern...

        14 October 2011

  • Research Notes

      • Tax efficiency matters

        Petrina Smyth, partner in the tax group, and Noeleen Ruddy, senior counsel in the structured product...

        Ireland has become a leading jurisdiction for the establishment of vehicles to participate in US-originated life settlem...

        13 October 2011

        ABS

  • Market Reports

      • Improving tone

        The European primary ABS sector has seen far more activity than in secondary, but positive developments in the broader m...

        13 October 2011

        ABS

  • Market Reports

      • Bids wanted

        The European CLO market continues to see pockets of activity without quite building any momentum. BWICs are still strugg...

        12 October 2011

  • The Structured Credit Interview

      • Capital structure plays

        Charles Kobayashi, portfolio manager at BlueMountain Capital Management, answers SCI's questions

        Q: How and when did BlueMountain Capital Management become involved in CLO management? A: BlueMountain Capital Manageme...

        12 October 2011

  • News Analysis

      • Tall order

        Banks ready CVA infrastructure, strategies ahead of Basel 3

        The advent of Basel 3 significantly changes the way in which financial institutions address counterparty credit risk (CC...

        11 October 2011

  • News

      • SCI Start the Week - 10 October

        A look at the major activity in structured finance over the past seven days

        PipelineEuropean transactions dominated the pipeline by the end of last week. It comprised two sizeable RMBS - £...

        10 October 2011     Free

        ABS

  • News Analysis

      • Tip of the iceberg

        Special servicers to benefit from increased CRE disposals

        Following the successful sale in August of the Anglo Irish portfolio, several more non-core commercial real estate asset...

        6 October 2011

  • News Analysis

      • Call to action

        Solvency II impact underestimated?

        Many market participants appear to underestimate the potential impact of Solvency II on European ABS. This has led to a...

        6 October 2011

        ABS

  • News Analysis

      • Answers provided

        EBA clarifies Article 122a risk retention issues

        The European Banking Authority (EBA) has published a set of answers to questions received about Article 122a of the EU's...

        4 October 2011

        ABS

  • News Analysis

      • Sustained shortfalls?

        Concerns remain over Beacon Seattle loan mod

        Nearly a year has passed since modifications to the US$2.7bn Beacon Seattle & DC Portfolio loan were set in moti...

        4 October 2011

  • Market Reports

      • Reaction needed for US CMBS

        The US CMBS market spent last week waiting on news from Europe, but the launch of a new market index and the arrival of...

        3 October 2011

  • News

      • SCI Start the Week - 3 October

        A look at the major activity in structured finance over the past seven days

        PipelineAnother US CMBS - the $619m COMM 2011-FL1 - entered the pipeline last week, together with a...

        3 October 2011     Free

        ABS

  • News Analysis

      • Structured comeback?

        Government adoption could help alleviate Eurozone debt crisis

        As nations struggle to tackle the Eurozone debt crisis, a fresh call has been made for European governments to consider...

        29 September 2011

        ABS

  • News Analysis

      • Illiquidity option

        Contingent capital alternatives touted

        Banks will need to raise an estimated US$900bn in extra capital to meet the liquidity requirements of Basel 3 and other...

        28 September 2011

  • News

      • Swap opportunities

        Rating agency counterparty criteria changes have created opportunities for highly rated banks to offer their services as...

        27 September 2011

        ABS

  • News

      • Optimising collateral

        Proposed rulemaking changes concerning margin and capital requirements for non-cleared swaps and non-cleared security-ba...

        26 September 2011

        CDS

  • News

      • SCI Start the Week - 26 September

        A look at the major activity in structured finance over the past seven days

        PipelineThree new transactions remained in the pipeline at the end of last week: a US$200.5m auto ABS, Credit Acceptance...

        26 September 2011     Free

        ABS

  • News Analysis

      • Silo breaking

        Demand rising for diversified alternative investments

        The broad-based correlated market sell-off of recent months is playing into the hands of 'silo breakers' - fir...

        23 September 2011

        CDS

  • Talking Point

      • When Cayman directors fail to act

        Richard Ruffer, svp at Walkers Management Services in the Cayman Islands, suggests two indenture pro...

        The recent US Bankruptcy Court decision in In re Zais Investment Grade Limited VII, No. 11-20243 (Bank. D. N.J. August 2...

        22 September 2011

        CDO

  • News

  • News

      • GSE g-fee hike anticipated

        FHFA director Edward DeMarco's speech to the American Mortgage Conference this week has been described as arguably the "...

        21 September 2011

  • News Analysis

      • Action plan

        Real estate auction platform looks to expand

        Online bidding platform Auction.com is credited for helping to resolve distressed real estate in the US by putting it di...

        20 September 2011

  • News Analysis

      • Partial eclipse

        European covered bond issuance threatens to leave RMBS behind

        The European covered bond market has seen almost €20bn in new issuance over recent weeks, eclipsing the far qu...

        19 September 2011

  • News

      • SCI Start the Week - 19 September

        A look at the major activity in structured finance over the past seven days

        PipelineAmong the deals that entered the pipeline last week are: the C$535m Ford Auto Securitization Trust 2011-R3 auto...

        19 September 2011     Free

        ABS

  • News Analysis

      • Caveat emptor?

        Jurisdiction may play key role in RMBS fraud case volume

        Regulators and investors in both the US and the UK remain focused on the fraudulent misrepresentation of structured fina...

        16 September 2011

  • News Analysis

      • BWIC blues?

        CDO holders resist pressure to sell

        Volatility in the wider market has resulted in price softening within secondary CLOs over the past couple of months. But...

        13 September 2011

        CDO

  • News

  • News

      • SCI Start the Week - 12 September

        A look at the major activity in structured finance over the past seven days

        PipelineBank of America and Morgan Stanley have begun marketing their US$1.49bn Morgan Stanley Capital I Trust 2011-C3....

        12 September 2011     Free

        ABS

  • News

  • Market Reports

  • News Analysis

      • Property play

        Special servicing M&A activity set to increase

        C-III Capital Partners' recent acquisition of JER Partners' special servicing and CDO businesses (SCI 23 August) underli...

        9 September 2011

  • News

      • Tackling the overhang

        The risk of accelerated de-leveraging among peripheral European banks has emerged amid the current market volatility. Ag...

        8 September 2011

        CDS

  • News Analysis

      • Playing safe

        Investors repositioning as credit market turmoil continues

        As market volatility persists and participants try to predict when the bottom will come, the need to position structured...

        7 September 2011

        CDS

  • News

  • Market Reports

      • Euro CLO activity re-emerging

        August was a quiet month for the European CLO market, although a couple of "good-sized" bid-lists emerged at the end of...

        6 September 2011

  • News

  • News Analysis

      • Agency advantage

        FOMC announcement boosts agency MBS appeal

        The FOMC's recent announcement that it will be keeping the Fed funds rate low until at least mid-2013 has impacted Treas...

        31 August 2011

  • News Analysis

      • Mixed bag

        Volatility offers pros and cons for CLOs

        The recent sell-off in US leveraged loans has enabled existing CLOs to purchase assets at a discount. However, the curre...

        26 August 2011

  • News Analysis

      • Come-back conditions

        CMBS loan assumptions make a return post-crisis

        CMBS loan assumptions are making a strong come-back in the US this year, after a hiatus in 2008-2009. However, the condi...

        25 August 2011

  • News Analysis

      • Limited downside?

        Optimistic CLO equity outlook garners investor interest

        CLO equity is proving its mettle, with prices remaining resilient in the face of broader market volatility. New investor...

        24 August 2011

  • News

  • Market Reports

      • US CLO equity holding up

        Market volatility continued last week, with macro concerns - such as the contraction reported by the Philadelp...

        23 August 2011

  • News

  • News Analysis

      • Open minds

        Investors look beyond traditional ABS for yield, stability

        Volatility and uncertainty in traditional markets are driving some investors to look further afield to attain diversific...

        18 August 2011

        ABS

  • Market Reports

  • News

  • News Analysis

      • Alternative approach

        New tactics considered to revive non-agency RMBS

        Non-agency US RMBS issuance is yet to return in a meaningful way, with just one deal from Redwood Trust sold to investor...

        16 August 2011

  • News

  • News Analysis

      • Patchy progress

        Euro ABS market developing at varying speeds

        Traditionally strong sectors within European ABS continue to perform, but beyond the usual suspects the outlook for the...

        16 August 2011

        ABS

  • Provider Profile

      • Technological focus

        Avarina Miller, svp at Demica, answers SCI's questions

        Q: How and when did Demica become involved in structured finance? A: We have been around since 1992 and we have been in...

        15 August 2011

        ABS

  • News Analysis

      • Positive developments

        Opportunities in Asia-Pacific outlined

        The latest SCI Special Report explores how the launch of domestic CDS markets in China and India may spark new activity...

        15 August 2011

        CDS

  • News

  • Market Reports

  • News Analysis

      • Perfect storm

        Spread volatility stalls US CMBS recovery

        US CMBS spreads have now given back all of the gains accumulated over the last year, widening by almost 150bp over the p...

        10 August 2011

  • News

  • News

  • News

  • News

  • News Analysis

      • Alternative approaches?

        Regulatory uncertainty hampering ABCP market

        Changes in FASB accounting rules, combined with regulatory uncertainty continue to hamper the growth of the ABCP market....

        4 August 2011

  • Market Reports

      • Euro CLO market silenced

        The European CLO market has had a very quiet couple of weeks as macro headlines continue to cause concern. Demand remain...

        4 August 2011

  • News

  • The Structured Credit Interview

      • Alignment of interest

        Deer Park Road Corp founder Michael Craig-Scheckman and md Will Bashan answer SCI's questions

        Q: How and when did Deer Park Road become involved in structured finance? M: I founded Deer Park Road in 2003 when I mo...

        4 August 2011

        ABS

  • News

  • News

      • GGP spins off mall portfolio

        General Growth Properties (GGP) plans to spin off 30 of its malls to shareholders through a special dividend. The 30 mal...

        3 August 2011

  • Market Reports

      • US CMBS market 'treacherous'

        The last week and a half has been "pretty treacherous" in the US CMBS market, reports one trader. The ongoing wrangling...

        1 August 2011

  • News

  • News

  • News Analysis

      • Falling grades?

        FFELP student loan ABS at risk

        The once unthinkable possibility of a US downgrade has quickly become a very real prospect, as the deadline for resolvin...

        29 July 2011

        ABS

  • News Analysis

      • 'Zombie' threat

        Bankruptcy-remote concept challenged

        Strategies to resolve 'zombie' CDOs come in many forms. But the latest to hit the market - the ZING VII case &...

        28 July 2011

        CDO

  • News

  • Research Notes

  • Market Reports

      • New CMBS deals price wide

        Last week was an eventful one for US CMBS: although secondary trading was subdued, two new deals priced. Both transactio...

        25 July 2011

  • Market Reports

  • News Analysis

      • Lengthy lull

        Recruitment slowdown to stretch beyond summer

        The year started well for the structured finance job market, but activity dropped away a few months ago and hasn't picke...

        20 July 2011

        ABS

  • News Analysis

      • New options?

        CRE loan refinancing opportunities scrutinised

        Recent restructurings of a number of CRE loans (SCI passim) alongside the launch of the first post-crisis CMBS would sug...

        19 July 2011

  • News Analysis

      • Embracing change

        DECO paves way for European CMBS revival

        The successful launch of DECO 2011-CSPK is expected to mark the start of a revival in European CMBS, with at least four...

        19 July 2011

  • News

  • News Analysis

      • Counterparty risk

        Market concerned criteria changes devalue ratings

        Yesterday (18 July) marked the deadline for transactions to comply with S&P's changed counterparty criteria. Con...

        19 July 2011

        ABS

  • News Analysis

      • Regulatory divergence

        US CLO issuance accelerates as European market hesitates

        A lack of regulatory convergence is creating an uneven playing field for issuers of US and European CLOs. While the US p...

        18 July 2011

  • Market Reports

  • Provider Profile

      • Roadmap for adoption

        Paul Middleton and Simon Rees-Goddard, vps at Sapient Global Markets, answer SCI's questions

        Q: How did Sapient Global Markets become involved in the structured credit market? SRG: Sapient Global Markets has been...

        15 July 2011

        CDS

  • News Analysis

      • Shock tactics

        Senior RMBS tranches to withstand interest rate rises

        European interest rates are set to come off the lowest levels seen in over a decade, sparking concern about the impact o...

        15 July 2011

  • Market Reports

      • US CLO investors return

        The US CLO market has been kept busy by a string of BWICs, with softness in the market drawing investors back in. Additi...

        13 July 2011

  • News

      • NHP alternatives analysed

        All landlords of Southern Cross Healthcare Group have indicated their intention to leave the group, according to a recen...

        13 July 2011

  • News

  • The Structured Credit Interview

  • Market Reports

      • Senior focus

        The US holiday has contributed to a quiet week in the European secondary CMBS market. However, some participants are sti...

        8 July 2011

  • News

  • Market Reports

      • Investor uproar in Euro RMBS

        The European ABS market has been ticking along this week, with trading seen for old Lehman Brothers bonds and notes from...

        7 July 2011

  • News

  • News

  • News Analysis

      • MERS challenged

        Change in business model mooted

        The recent ruling in the Bank of New York vs Stephen Silverberg case is the latest to call into question the effectivene...

        4 July 2011

  • News

  • News Analysis

      • Documentation issues

        Voluntary debt exchanges scrutinised

        Greek CDS contracts appear unlikely to be triggered under current proposals for a Greek debt restructuring. Indeed, a pr...

        1 July 2011

        CDS

  • News Analysis

      • Forming consensus

        GRAND restructuring process underway

        Two conference calls held last week kick-started the restructuring process for GRAND - at €5.8bn (no...

        30 June 2011

  • News Analysis

      • Lessons learnt

        A closer look at the CDS industry's response to Dodd-Frank

        Since the Dodd-Frank Act was signed into law last year, the CDS industry has been asked to undergo a significant transfo...

        28 June 2011

        CDS

  • News Analysis

      • Slow progress

        Market recovery hampered by regulatory uncertainty

        Regulatory concerns continue to weigh heavily on the securitisation market. Although activity is picking up month by mon...

        24 June 2011

  • News Analysis

      • Motoring on

        New issue diversification reflects growing confidence

        The European auto ABS sector has made great strides over the last year, driven by strong performance and a broadening ou...

        23 June 2011

        ABS

  • News Analysis

      • Trading up

        Optimism seen in Euro secondary ABS, though challenges remain

        Liquidity issues continue to dog the European secondary ABS market. While Markit's new iBoxx ABS indices may help (SCI 8...

        22 June 2011

        ABS

  • News Analysis

      • Restructuring revisited

        Greek CDS fears allayed

        Fears that European regulators will attempt to restructure Greek debt without triggering CDS contracts appear to be over...

        21 June 2011

        CDS

  • News Analysis

  • News

  • News

  • News Analysis

      • Perfect settlement pushed

        Cleared trade workflows scrutinised

        The US SEC and CFTC are being lobbied to adopt and enhance their current proposals for CDS and interest rate swap trade...

        14 June 2011

        CDS

  • News Analysis

      • Discretion development

        Sea-change seen for European trustees

        The trustee's role in the European securitisation market has undergone a sea-change since the onset of the financial cri...

        14 June 2011     Free

        ABS

  • News Analysis

      • Back to the future?

        Fears voiced over slipping CMBS underwriting standards

        US CMBS origination is back in full swing, with as much as US$50bn of new issuance estimated to launch before year end....

        13 June 2011

  • News

  • Talking Point

      • Rating the ratings

        Blaise Ganguin, chief credit officer at S&P, looks at how ratings have performed over the downtu...

        Amid all the discussion about the role of credit ratings in financial markets, their actual performance has often been m...

        10 June 2011

  • Market Reports

      • Down-time for Euro CLOs

        The European CLO market appears to be entering a quiet phase as macro events begin to dent investor confidence. However,...

        8 June 2011

  • Research Notes

      • Seeing the wood and the trees

        Douglas Long, evp business strategy at software provider Principia, discusses how addressing investo...

        Ask what is meant by 'investor due diligence' and you'll likely get a host of different answers. The term's openness for...

        8 June 2011

  • News

      • GGP refinances five malls

        As part of its drive to achieve US$5bn of refinancing this year (SCI 7 March), General Growth Properties (GGP) has confi...

        8 June 2011

  • Market Reports

      • Sell-off weakens Euro MBS

        The European MBS market is exhibiting signs of weakness this week as dealers look to off-load stock. At the same time, c...

        7 June 2011

  • News Analysis

      • Landmark sale

        First full European CMBS enforcement completed

        The £288.2m sale of Aviva Tower closed last week, ending the series of property sales for the portfolio securin...

        7 June 2011

  • Market Reports

  • Market Reports

  • News Analysis

      • Robust regime

        European documentation issues examined

        European securitisation documentation has performed largely as it should have throughout the financial crisis. However,...

        2 June 2011

  • News Analysis

      • Maturing market

        Euro RMBS sector set for further spread tightening

        Changes made since the crisis have seen the European RMBS market become quite conservative, but there are encouraging si...

        2 June 2011

  • Market Reports

      • New issue boost for Euro ABS

        The primary European ABS market has seen a busy start to the week, with new issuance continuing to dominate investor foc...

        1 June 2011

        ABS

  • Talking Point

      • Three misconceptions about issuer-paid ratings

        CapitalFusion Partners mds Malay Bansal and John Joshi argue that the role of rating agencies should...

        The issuer-paid model for ratings is widely seen as one of the most significant aspects of the process that needs to be...

        27 May 2011

  • News Analysis

      • Credit hedge finds

        Funds take advantage of evolving opportunities

        New credit hedge funds continue to enter the market. At the same time, the opportunity set in the structured credit spac...

        27 May 2011

  • Market Reports

      • CMBS new issue pair prints

        New issuance has been the main focus this week in US CMBS. Additionally, spreads now appear to be stabilising after the...

        26 May 2011

  • The Structured Credit Interview

      • Credit opportunities

        Greg Branch, cio at SCIO Capital, answers SCI's questions

        Q: How and when did SCIO Capital become involved in the structured finance market? A: SCIO Capital was incorporated in...

        26 May 2011

        ABS

  • Market Reports

      • Euro ABS firms up

        The European ABS market has picked up after a slow start to the week. Investor attention is focused on two new issues th...

        26 May 2011

        ABS

  • News Analysis

      • Cat bond blip

        ILS new issuance remains on track

        The Tohoku earthquake, combined with the latest update to RMS's US hurricane model has led to a slightly slower second q...

        25 May 2011

  • Market Reports

  • News

      • Old and new in CMBS 2.0

        New trends are emerging but old ones are also reappearing in US CMBS 2.0, according to research analysts at S&P....

        24 May 2011

  • Market Reports

  • News Analysis

      • B-piece boom

        CMBS B-piece investor revival underway

        Interest in US CMBS B-pieces is returning, with a wave of new investors getting involved in the market. The return of le...

        20 May 2011

  • Market Reports

      • Euro ABS 'ignited'

        The European secondary ABS market has seen its strongest and busiest week for some time, suggesting a turning point in a...

        20 May 2011

        ABS

  • Research Notes

  • Market Reports

      • Fosse leads Euro RMBS rally

        The European secondary RMBS market has surged back to life this week, with UK prime paper leading the way. The primary m...

        19 May 2011

  • Talking Point

      • CVA: beyond compliance

        Basel III has ushered in new rules for calculating credit value adjustment (CVA). But rather than be...

        The debate surrounding the new capital charge for CVA continues apace, with regular murmurs of how the risk management c...

        18 May 2011

        CDS

  • Market Reports

      • New issue boost for US CMBS

        The announcement of two new deals this week, with two more expected next month, has boosted the US primary CMBS market....

        17 May 2011

  • News Analysis

      • Investor fatigue?

        Interest in previously popular bid-lists waning

        Two Maiden Lane II (ML II) bid-lists were presented to the market last week and, after weeks of being well-received, the...

        17 May 2011

  • News

  • Market Reports

      • Euro CLO market taking hold

        The European CLO market is entering into a more stable and constructive period as spreads remain at consistent levels. I...

        16 May 2011

  • News Analysis

      • Auction action

        Innkeepers case underlines CMBS creditors' protections

        The conclusion of the Innkeepers case will be very different from the onerous cramdown initially proposed under its Chap...

        16 May 2011

  • Market Reports

  • Market Reports

  • Market Reports

  • News Analysis

      • Volatility persists

        CLO rating refinements reviewed

        CLO ratings volatility persists, with a raft of Moody's upgrades expected in coming weeks following changes to its model...

        10 May 2011

  • Market Reports

  • Market Reports

  • Market Reports

      • Euro ABS market bounces back

        The European ABS market has bounced back to life this week as bid-list volumes increase and the new issuance pipeline gr...

        5 May 2011

        ABS

  • Market Reports

  • News

  • News Analysis

      • Branching out

        CLO managers diversify to survive

        European CLO managers are broadening their capabilities in order to compete in an ever-shrinking market. Avoca Capital r...

        26 April 2011

  • Market Reports

  • News

  • News

  • The Structured Credit Interview

      • Liquid access

        Steven Grahame, fund manager, and Toby Hayes, assistant fund manager for Pacific's Liquid Property F...

        Q: How and when did Pacific Real Estate Capital Partners become involved in the property derivatives market? SG: Pacifi...

        18 April 2011

  • Market Reports

      • Cantor CMBS finding favour

        The US CMBS market ended last week on a positive note, with spreads tightening and anticipation building over Cantor Fit...

        18 April 2011

  • News

  • News Analysis

      • Eerily quiet

        Hiring on hold as recruitment pattern changes

        It has been an unexpectedly slow start to the year for the structured finance job market. The typical surge of appointme...

        15 April 2011

        ABS

  • News Analysis

      • Mind the funding gap

        European CRE debt fund opportunities outlined

        The European commercial real estate debt funding gap is estimated to be €94.5bn over the next three years, wit...

        15 April 2011

  • News Analysis

      • Ally heralds revival

        First XS IO deal in a year is just the start

        Excess IO deals were once a common way to monetise mortgage servicing rights (MSRs), but Ally Bank's March US$1.2bn FNS...

        14 April 2011

  • Market Reports

  • Market Reports

  • News Analysis

      • REITs rise

        Mortgage REITs gearing up for increased opportunities

        Current economic conditions, together with changes in government policy and regulation appear to be creating perfect con...

        13 April 2011

  • News

  • Market Reports

  • News

  • News

      • Aussie pub deal prepped

        Macquarie and National Australia Bank are in the market with the A$160m ALE Finance Company Series 1, a single-borrower...

        11 April 2011

  • News Analysis

      • MiFID moves

        European CDS regulations scrutinised

        The extension of the Markets in Financial Instruments Directive (MiFID) to OTC products has sparked concern over transpa...

        11 April 2011

        CDS

  • Market Reports

  • News

  • Market Reports

      • Euro CLO appetite building

        Bid-list appetite finally appears to be returning to the European CLO market. However, activity remains significantly be...

        7 April 2011

  • News Analysis

      • Challenging times

        Euro CMBS investors call for better disclosure

        European CMBS servicers continue to face challenges, with enforcement set to feature increasingly in workouts. At the sa...

        7 April 2011

  • News

  • Market Reports

      • Sluggish start for US CMBS

        The quarter-end lull in secondary US CMBS has continued this week, with a handful of bid-lists trading. At the same time...

        6 April 2011

  • Market Reports

  • Market Reports

  • News

      • West is best for CDS

        The ten best performing sovereign credits of 1Q11 were from the western hemisphere, according to a new CDS report by Mar...

        4 April 2011

        CDS

  • Market Reports

  • News

  • News

  • Market Reports

      • Euro CLO market softens

        Softening in the European CLO market continues, with participants predicting another quiet week ahead. This is said to b...

        31 March 2011

  • News Analysis

      • Retention rules

        Call for QRM impact analysis

        The FDIC, Fed, OCC, SEC, FHFA and HUD yesterday issued their NPR requiring ABS sponsors to retain at least 5% of the cre...

        30 March 2011

  • Market Reports

  • News

  • News Analysis

      • Rehab boost

        Rehabilitated loans, restructured ARS to drive SLABS prepays

        Prepayments for student loan ABS remain historically low, although there are signs that they could be set for a modest p...

        25 March 2011

        ABS

  • Research Notes

      • Valuation inputs survey results revealed

        RMBS investors are still cautious about European residential mortgages, says Derek Caussin, associat...

        The results of S&P Valuation and Risk Strategies' latest European RMBS input assumptions survey, conducted in No...

        25 March 2011

  • Market Reports

      • Warning for Euro CLOs

        The European CLO market is awaiting a raft of upcoming loan prepayments, which traders fear will dry out supply. At the...

        24 March 2011

  • News Analysis

      • Regulatory overlap

        Need for coordinated reform efforts underlined

        The need for coordinated reform efforts in the ABS market is becoming increasingly apparent as new rules bed down, with...

        24 March 2011

  • Market Reports

      • Euro RMBS bouncing back

        The European RMBS market appears to be recovering from last week's dip. In particular, market participants have welcomed...

        23 March 2011

  • News Analysis

      • Prepayments sneaking up

        Accelerating CLO prepays catch investors unawares

        CLO prepayments are not always obvious for investors to monitor, but they seem to be happening faster than many in the m...

        23 March 2011

  • News

      • EBA stress test weighed

        The European Banking Authority's 2011 stress test - which covers over 60% of total EU banking assets ̵...

        23 March 2011

        ABS

  • Market Reports

  • News

  • News

  • News Analysis

      • Softening standards?

        US CMBS underwriting trends scrutinised

        The resurgence of the US CMBS market continues, with issuance so far this year already surpassing the total for all of 2...

        22 March 2011

  • News Analysis

      • Index shake-up

        Significant changes as Markit indices roll

        Markit's iTraxx and CDX indices roll onto their fifteenth and sixteenth series respectively today, in accordance with a...

        21 March 2011

        CDS

  • Market Reports

      • Primary dominates Euro ABS

        The European ABS market saw an up-tick in activity last week, particularly in the primary sector. However, despite risin...

        21 March 2011

        ABS

  • Market Reports

  • Market Reports

      • Volatility drives US CMBS

        It has been an uncertain week for the US CMBS market as wider economic issues impact both pricing levels and investor co...

        16 March 2011

  • Provider Profile

      • Focus on flexibility

        Gerrard Mahony, business development manager at Riskart, answers SCI's questions

        Q: How and when did Riskart become involved in the CDS market? A: Riskart is a highly focused Italian-based company con...

        16 March 2011

        CDS

  • Market Reports

      • Euro CLO market hesitates

        The European CLO market is showing signs of hesitancy as the previous week's rally in mezzanine paper comes to a stop. A...

        15 March 2011

  • Talking Point

      • Banning naked CDS shorts: a bridge too far

        Anu Munshi, partner at B&B Structured Finance, outlines the case against banning naked sovereign...

        First a proposal in the US in 2009 to ban CDS trading unless investors owned the underlying bonds or loans, which was fo...

        15 March 2011

        CDS

  • News

  • News

  • News

  • Market Reports

      • Mezz appeal for Euro RMBS

        The quiet patch for European RMBS continues, particularly in the primary market. However, mezzanine paper is running wit...

        11 March 2011

  • News Analysis

      • Opening arguments

        Volume of RMBS litigation set to increase

        RMBS litigation is expected to gather steam this year: more new cases are set to be filed, while further decisions on pr...

        11 March 2011

  • News Analysis

      • Pardoning problems

        Principal forgiveness proposal raises concern

        The US government may force banks to pay a US$20bn settlement for mortgage servicing breakdowns, with the funds generate...

        10 March 2011

  • Market Reports

      • Euro MBS holds on

        Activity in the European MBS market has slowed this week, as participants hold on for rumoured new issuance. "It's all...

        9 March 2011

  • News Analysis

      • PECO ramifications

        Eurosail ruling impact awaited

        Judgement has now been handed down on the Eurosail-UK 2007-3BL - a Lehman-originated RMBS - case, wi...

        9 March 2011

  • News Analysis

      • Replacement repercussions

        Barriers to entry for Euro special servicers remain high

        The replacement by Solutus Advisors as special servicer on seven European CMBS within a few weeks sparked controversy be...

        9 March 2011

  • News Analysis

      • Ratings bottleneck

        Banks rush to maintain ECB repo-eligibility

        The ECB extended its minimum two ratings repo-eligibility requirement to all existing ABS on 1 March. Some banks appear...

        8 March 2011

  • Market Reports

      • CLO market softens

        February's high bid-list volumes have left the European CLO market feeling overexerted, as it creeps into its second qui...

        8 March 2011

  • News

      • GGP refi plan put forward

        General Growth Properties (GGP), the largest sponsor of legacy US CMBS and the borrower behind most modified conduit loa...

        7 March 2011

  • News Analysis

      • Special strategies

        Special servicer resolutions weighing on CMBS valuations

        Resolution strategies vary widely among US special servicers. Consequently, considering which special servicers are more...

        7 March 2011

  • Market Reports

  • News Analysis

      • Early knockdown

        Rating action may be premature as Punch review date approaches

        Fitch and Moody's have downgraded Punch Taverns' Punch A securitisation less than three weeks before the conclusion of t...

        3 March 2011

  • News

      • Life settlement deals eyed

        With investors, arrangers and originators expressing a renewed interest in life settlement securitisations, S&P...

        3 March 2011

        ABS

  • Market Reports

      • US ABS market plays it safe

        The US consumer ABS market has had a quiet week, with both new issue and secondary trading volumes remaining consistent....

        3 March 2011

        ABS

  • News Analysis

      • Rethink required

        Pressure mounts for RMBS remittance overhaul

        Investors and analysts alike are struggling to make sense of increasingly indecipherable RMBS remittances. However, pres...

        2 March 2011

  • News

  • Market Reports

      • US CMBS stabilising

        Despite a slight widening of spreads, it has been another good week for the US CMBS market as prices begin to stabilise....

        2 March 2011

  • News

  • Market Reports

      • Strong start for Euro RMBS

        The European RMBS market has had an active start to the week, with a flow of bid-lists and non-conforming offers. Additi...

        1 March 2011

  • Market Reports

  • News Analysis

      • Classification costs

        European securitisation market adjusts to Article 122a

        The full impact of Article 122a of the European Capital Requirements Directive (CRD) on the securitisation market remain...

        25 February 2011

  • Market Reports

  • News Analysis

      • Electronic surge

        Banks rushing to provide CDS trading access ahead of regulations

        Barclays Capital, UBS and Credit Suisse have in recent months all launched electronic trading for CDS on Bloomberg (SCI...

        24 February 2011

        CDS

  • News

  • News

  • News

  • News Analysis

      • Up for discussion

        Overhaul underway for European CMBS

        Efforts are underway to improve European CMBS structures and documentation. While some progress has been made ahead of t...

        21 February 2011

  • News

      • REC 6 restructuring mulled

        Three restructuring plans have been proposed for the REC 6 (Alburn) CMBS, following a failed tender for the notes (SCI p...

        21 February 2011

  • News Analysis

      • Index ire

        Markit's latest index proposal sits badly with investors

        Investors are deeply sceptical about a planned synthetic CDS index referencing UK non-conforming RMBS. The index ...

        21 February 2011

        CDS

  • Market Reports

      • Euro ABS slows down

        It has been a quiet week for the European ABS market, with bid-lists the only source of activity. A leg-down in Granite...

        18 February 2011

        ABS

  • News

  • News Analysis

      • Mortgage servicing revisited

        CRE special servicer-style model touted for RMBS

        The FHFA's initiative to restructure the GSE mortgage servicing model (see SCI 19 January) has re-energised debate on se...

        15 February 2011

  • Market Reports

      • Testing times for Euro RMBS

        While investor appetite remains firm for European secondary RMBS, the lack of diversification in the primary market is a...

        14 February 2011

  • News Analysis

      • Performing as marketed

        Wider distribution expected for CLO equity

        CLO equity was one of last year's strongest performers, seeing average prices in the mid-20s in January rise to the mid-...

        11 February 2011

  • Market Reports

  • News

  • Market Reports

  • News

  • Talking Point

      • Criteria critiqued

        John Uhlein, managing principal of Grenadier Capital, outlines his misgivings about S&P's propos...

        In a 39-page report entitled 'Request for Comment: Bond Insurance Criteria', dated 24 January 2011, S&P endeavor...

        8 February 2011

  • News Analysis

      • Exceeding expectations

        Pre- and post-crisis credit hedge fund returns diverge

        Credit hedge funds performed well above expectations last year, with returns from one portfolio monitored by Schwartzkop...

        7 February 2011

  • News

  • News

  • Market Reports

      • New US CMBS issues eyed

        The US CMBS market has exhibited a positive tone this week, following the broad optimism generated at last week's CRE Fi...

        4 February 2011

  • News

      • Credit versus equity explored

        Credit derivative strategists at Morgan Stanley explore in a recent report credit versus equity relationships based on a...

        4 February 2011

        CDS

  • News Analysis

      • Uncertainty knocks

        Issuers adopting a 'wait and see' approach to regulation

        The implementation of regulatory reform in the US is making it tougher to bring new securitisations. Indeed, some estima...

        4 February 2011

  • News Analysis

      • Expanded horizons

        Irish tax changes generate fresh securitisation opportunities

        New possibilities for securitisation have been created by recent changes to Section 110 of the Republic of Ireland's Tax...

        3 February 2011

        ABS

  • Market Reports

      • Euro CLO market takes stock

        Several large CLO bid-lists set new highs across the capital structure last week. Now, the European market is entering i...

        3 February 2011

  • Market Reports

      • Euro MBS showing strength

        It has been a strong week for the European MBS market, characterised by gradual spread tightening in Dutch RMBS R...

        3 February 2011

  • News

  • News

  • News Analysis

      • Extension headaches

        Extensions expected, NEoDs feared in Euro CMBS

        Extension risk is set to be a defining theme for European CMBS in 2011, with concern that the market may see its first n...

        31 January 2011

  • Provider Profile

      • New valuation perspectives

        Duff & Phelps' alternative asset advisory practice head Warren Hirschhorn and US complex asset s...

        Q: How and when did Duff & Phelps become involved in structured finance? WH: Duff & Phelps established...

        28 January 2011

        ABS

  • Talking Point

      • The industry standard

        Sapient Global Markets risk analytics director Jor Molchan and senior associate Richard Ellis discus...

        The market volatility and numerous counterparty defaults experienced since September 2008 have shown the limitations of...

        28 January 2011

  • Market Reports

      • Euro RMBS returns to life

        The European RMBS market experienced a slow start to the week before a spike in bid-list activity today, which has gener...

        27 January 2011

  • Market Reports

      • US CLO prices ramping up

        Bid-lists continue to dominate activity in the US CLO market. At the same time, aggressive investor appetite and soaring...

        26 January 2011

  • News Analysis

      • Fundamental change

        US CMBS investor focus switches on performance concerns

        Investor focus in the US CMBS market has switched from being technical to fundamental. As last year's rally fades, diffe...

        25 January 2011

  • News Analysis

      • Bail-in backlash

        EC proposal sparks debate on credit derivative definitions

        A new European Commission 'bail-in' proposal threatens the very viability of CDS contracts. The proposal, which would se...

        25 January 2011

        CDS

  • The Structured Credit Interview

      • Underlying strength

        Jeff Herlyn, Michael Rosenberg and David Wishnow, principals of Tetragon Financial Management, discu...

        Q: How did Tetragon come about? JH: The idea for Tetragon came about because we are all big believers in the senior sec...

        24 January 2011

  • Talking Point

  • Market Reports

  • News Analysis

      • One foot forward

        MBIA litigation presses ahead

        The banks involved in the fraudulent conveyance case against MBIA Insurance yesterday filed their Notice of Appeal of th...

        21 January 2011

  • Market Reports

      • Euro ABS has a good week-end

        With the S&P counterparty criteria announcement out of the way on Tuesday, the rest of the week has been positiv...

        21 January 2011

        ABS

  • News

  • News

  • News Analysis

      • Green shoots

        'Green' securitisation one factor in renewed recruitment activity

        The tail-end of 2010 saw an encouraging increase in demand in the structured finance job market and the year ahead is ex...

        20 January 2011

        ABS

  • News Analysis

  • Market Reports

  • Market Reports

      • Euro RMBS strikes back

        The secondary European RMBS market has been reenergised by a busy and successful week or so of bid-list activity. Howeve...

        19 January 2011

  • News

  • News

      • MCDS poised for growth

        The municipal CDS market is poised for growth, following on from an up-tick in trading volumes in 4Q10. Industry initiat...

        18 January 2011

        CDS

  • News Analysis

      • Agency angst

        Questions remain, despite good start to the year

        The New Year has seen agency MBS liquidity improve and spreads tighten, but 2011 is not expected to be entirely smooth s...

        17 January 2011

  • Market Reports

  • Market Reports

  • News

  • News Analysis

      • Still searching

        EM securitisation challenges investors, but opportunities can still be found

        The once-predicted boom in emerging market securitisation may have slipped back over the horizon. But, as discussed in a...

        14 January 2011

  • News

  • News

  • News

  • News

  • Market Reports

  • News

  • News Analysis

      • Wider impact

        Foreclosure ruling sparks RMBS loss severity concerns

        The Supreme Judicial Court of Massachusetts (SJC) last week declared that trustees may foreclose on unrecorded mortgages...

        11 January 2011

  • News

  • News

  • Market Reports

      • Euro ABS gathers momentum

        European ABS activity is beginning to pick up again after its year-end wind-down. Despite the spread widening seen last...

        10 January 2011

        ABS

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