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  • News

  • News Analysis

      • Transition time

        CDS product development and growth anticipated

        Next year will be a watershed for credit derivatives, as the market is scheduled to transition to a centrally-cleared an...

        19 December 2012

  • News Analysis

      • Asian attraction

        Yield available, although challenges remain

        The structured finance markets in Asia face significant constraining factors in 2013. A preference for covered bonds wil...

        19 December 2012

  • News Analysis

      • Rally drivers

        US ABS recovery subject to potential shocks

        The US ABS market rallied strongly in 2012, with CLO and CMBS issuance volumes in particular surprising many. A substant...

        18 December 2012

  • News Analysis

      • Not giving in

        Solid 2013 anticipated for European securitisation

        The European securitisation market has been dominated by regulatory pressures, but - as participants become mo...

        18 December 2012

  • News

      • CDO trading themes emerge

        Last week saw US$3.8bn of US CLO issuance, after November posted the highest volume per month since August 2007 (US$8bn)...

        11 December 2012

        CDO

  • News

      • SCI Start the Week - 10 December

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

        Pipeline In what ended up being a busier week than the previous one, three ABS, one ILS, two RMBS, three CMBS and two C...

        10 December 2012

  • Research Notes

      • The changing value of credit

        Even among all the changes in the mortgage investment market, the ability to successfully evaluate a...

        For years credit scores provided by the three major credit bureaus set the standard for evaluating creditworthiness. Len...

        7 December 2012

  • Market Reports

  • Market Reports

      • CRE, Trups CDOs creep higher

        SCI's PriceABS data recorded over 100 CDO line items yesterday, with a significant number of CRE and Trups transactions...

        5 December 2012

        CDO

  • News

  • Market Reports

  • News

      • Stuy Town court case settled

        The Roberts vs. Tishman Speyer Properties court case has been settled. The settlement removes the last significant obsta...

        3 December 2012

  • News

  • News Analysis

      • RMBS boost

        Post-election housing outlook discussed

        President Obama's re-election appears to have boosted prospects for the private label RMBS market. At the same time, pre...

        30 November 2012

  • Market Reports

  • Market Reports

  • Market Reports

  • News

  • Market Reports

      • TMAN bucks flat market trend

        The European CMBS market may be starting to wind down for the year, but the last week has still seen a fair level of act...

        27 November 2012

  • News

  • News

      • SCI Start the Week - 26 November

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

        Pipeline With Thanksgiving shortening last week in the US, there was a slight drop in the number of deals joining the p...

        26 November 2012

  • News Analysis

      • Auction planning

        Participants urged to be aware of CMBS note sale costs

        Increasing adoption of US CMBS note auctions is significant for both noteholders and borrowers. Losses can be considerab...

        22 November 2012

  • Market Reports

      • Euro ABS holding steady

        The first transaction with a Prime Collateralised Securities stamp (SCI 15 November) priced yesterday, with little fanfa...

        22 November 2012

        ABS

  • News Analysis

      • Naked mistake?

        Contentious EU ban raises questions for CDS market

        The EU's ban on speculative positions in sovereign CDS came into effect this month. While regulators believe the ban can...

        21 November 2012

        CDS

  • Market Reports

      • AJ surge for US CMBS

        US CMBS secondary supply is surging ahead of the Thanksgiving holiday. SCI's PriceABS data shows 248 CMBS line items for...

        21 November 2012

  • News

      • LPA breaches eyed

        The difficulty and expense of proving CMBS loan purchase agreement breaches has historically limited the number of rep a...

        21 November 2012

  • News

      • MBIA wraps at risk?

        Bank of America last week announced that it had made a tender offer to purchase at par any and all of MBIA Inc's outstan...

        20 November 2012

  • Market Reports

  • News

      • Pubco's bonds look attractive

        Enterprise Inns' full-year results show improved like-for-like net income and decreased debt net of cash. The group has...

        20 November 2012

        ABS

  • News

      • SCI Start the Week - 19 November

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

        Pipeline It was another reasonably active week for the pipeline. Four new ABS deals, one ILS, one RMBS, two CMBS and tw...

        19 November 2012

  • Market Reports

      • US CMBS secondary supply up

        It was a busy session yesterday for US CMBS, with volume up by almost 50% over the previous day. SCI's PriceABS data sho...

        16 November 2012

  • Market Reports

      • Euro RMBS hits highs

        Activity in the European RMBS secondary market has been particularly strong over the last couple of days. Granite triple...

        15 November 2012

  • Market Reports

      • RMBS takes a step back

        The holiday-shortened week has begun with secondary US non-agency RMBS activity down from Friday's session. Prices were...

        14 November 2012

  • News Analysis

      • Opportunities down-under

        RMBS relative value beyond the big brands

        Attracted by the stable performance and yield pick-up on offer, European and US investor appetite for Australian RMBS is...

        14 November 2012

  • News

      • SCI Start the Week - 12 November

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

        PipelineMany of the deals that joined the pipeline last week went on to price soon after, but a couple remained come the...

        12 November 2012     Free

  • Market Reports

      • US CMBS slips wider

        The US CMBS secondary market moved a little wider in yesterday's session, although the trend for the past week has gener...

        8 November 2012

  • News

  • Market Reports

      • US RMBS starts back up

        The US RMBS market began the week on a positive note with non-agency supply elevated across the board. Interactive Data...

        6 November 2012

  • News

      • SCI Start the Week - 5 November

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

        Pipeline The pipeline was joined last week by two auto ABS, two RMBS and one CLO. The ABS were Bumper 6 France and &...

        5 November 2012     Free

  • News

  • Market Reports

      • Euro CLO market on pause

        Activity in the secondary European CLO market stalled this week as first the US and later Europe all but shut down. Seve...

        2 November 2012

  • News Analysis

      • Great expectations

        Shifting CLO assumptions amid strong performance

        US CLO tranches tightened across the board in the third quarter, with primary issuance and secondary activity both excee...

        2 November 2012

  • News Analysis

      • Compare and contrast

        Cross-sector relative value key for yield

        With QE3 driving down interest rates and spreads rallying to near-term tights, investors are being forced to work harder...

        1 November 2012

  • News Analysis

      • Putting money to work

        Quarterly review and outlook for European ABS

        We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS, its views on activ...

        1 November 2012     Free

  • News

  • Market Reports

      • Positives seen in Euro CMBS

        The secondary European CMBS market has remained fairly active over the last week, albeit with a slight drop in selling f...

        31 October 2012

  • News

  • Provider Profile

      • Multi-disciplinary approach

        Hansol Kim, md in FTI Consulting's structured finance practice, answers SCI's questions

        Q: How and when did FTI Consulting become involved in the securitisation market? A: FTI is a multi-disciplinary consult...

        29 October 2012

  • News

      • SCI Start the Week - 29 October

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

        Pipeline Last week was fairly busy for the pipeline, although ABS was in the minority, with only one new deal announced...

        29 October 2012

  • News

  • News

  • News

  • News

  • Market Reports

  • News

  • News

      • CFPB report 'mixed' for SLABS

        The Consumer Financial Protection Bureau (CFPB) has released its first annual report on private credit student loans. Th...

        24 October 2012

        ABS

  • Market Reports

      • Mixed picture for Euro RMBS

        Contrasting fortunes were in evidence in the European RMBS market last week. On the same day that a UK transaction achie...

        23 October 2012

  • News Analysis

      • Above and beyond

        US CMBS market exceeds early expectations

        The US CMBS market has gone from strength to strength in 2012. Spreads have rallied consistently, while loan maturity ou...

        23 October 2012

  • News Analysis

      • Unaddressed questions

        OTC margin requirements under the spotlight

        Margin is the subject of much discussion across the OTC derivatives industry at present, given the aggressive competitio...

        23 October 2012

  • News

      • SCI Start the Week - 22 October

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

        PipelineSix new deals were announced last week that still remain in the pipeline. Half of those were ABS transactions, b...

        22 October 2012     Free

  • Market Reports

      • CLO secondary supply surges

        CLO secondary supply spiked yesterday, with 12 bid-lists reported to be circulating. That increased volume is reflected...

        19 October 2012

  • News Analysis

      • A cultural priority

        Counterparty risk management practices discussed

        Representatives from Fitch Solutions last month discussed credit and counterparty risk management practises in a live we...

        19 October 2012

  • News

  • Market Reports

      • US CMBS grinds tighter

        In line with the rising prices seen this week in European CMBS (SCI 17 October), the secondary market in the US has been...

        18 October 2012

  • Market Reports

      • EMEA CMBS on the rise

        SCI's PriceABS BWIC data indicates that senior European CMBS spreads have increased slightly over the past mont...

        17 October 2012

  • Market Reports

      • RMBS dominates light session

        Supply across the US secondary market was quiet yesterday to start the week. However, a steady offering of non-agency pa...

        16 October 2012

  • News

      • SCI Start the Week - 15 October

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

        Pipeline Two ABS entered the pipeline last week, with one RMBS, one CMBS and one CLO joining them. The ABS were student...

        15 October 2012     Free

  • Market Reports

      • Busy session seen in US CMBS

        It was a jam-packed session for US CMBS yesterday. Fixed rate and 2.0 bonds were circulating alongside very large chunks...

        12 October 2012

  • News

  • News Analysis

      • Full circle

        Agency CMBS could provide template for issuance

        The recently-priced Florentia agency CMBS has several striking features. It is being seen as a positive return to the ea...

        11 October 2012

  • News Analysis

      • Upping sticks

        Agency MBS crowding to boost esoteric ABS

        The New York Fed's announcement last month that Operation Twist will target solely agency MBS took many by surprise (SCI...

        11 October 2012

        ABS

  • Market Reports

      • Secondary RMBS supply rockets

        US non-agency RMBS supply spiked yesterday. SCI's PriceABS BWIC data shows over 100 RMBS line items for the session, wit...

        11 October 2012

  • News

  • Market Reports

  • News

      • SCI Start the Week - 8 October

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

        Pipeline Four deals remained in the pipeline by the end of last week. They comprised two auto ABS (ZAR2bn Commissioner...

        8 October 2012     Free

  • News

  • Market Reports

      • CMBS tightening continues

        Yesterday's session saw further tightening for US CMBS spreads. Secondary activity was solid, with SCI's PriceABS BWIC d...

        5 October 2012

  • News

      • RBS debuts legacy loan deal

        Further details have emerged on Isobel Finance No.1, the £463.22m CMBS that RBS preplaced last week. The transa...

        4 October 2012

  • Market Reports

  • News

  • News

  • Market Reports

      • Healthy start for RMBS

        October kicked off with some decent secondary activity for US RMBS, particularly for non-agency paper. Offering levels a...

        2 October 2012

  • News

  • News

      • SCI Start the Week - 1 October

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

        Pipeline A few new deals joined the pipeline last week. CLOs make up the majority, but ABS, ILS and CMBS are also repre...

        1 October 2012     Free

  • News

  • News

  • News

  • Market Reports

      • Near-prime focus

        The secondary European RMBS market began the week with Dutch near prime mezzanine tranches drawing traders' attention. S...

        25 September 2012

  • News

      • SCI Start the Week - 24 September

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

        PipelineA handful of transactions remained in the pipeline by the end of last week. Three of the deals were CMBS: US$448...

        24 September 2012     Free

  • News Analysis

      • Too tight?

        Investors consider options as UK RMBS keeps tightening

        The UK RMBS market re-priced over the summer, tightening to ranges not seen for a long time. While some investors may co...

        24 September 2012

  • Market Reports

  • News Analysis

      • Heeding the call

        Investors attracted to callable CLO deals

        A swathe of legacy CLOs are approaching their post-reinvestment phase, greatly enhancing the likelihood of deals being c...

        21 September 2012

  • News

  • Market Reports

  • News

      • CLO 1.0, 2.0 compared

        The strong new issue US CLO market has sparked debate over the relative value of primary (CLO 2.0) versus legacy (CLO 1....

        19 September 2012

  • News

  • Market Reports

  • News

      • SCI Start the Week - 17 September

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

        Pipeline Activity last week was dominated by deals pricing, but a few names also joined the pipeline. These included tw...

        17 September 2012     Free

  • News

  • Market Reports

      • CMBS spreads grind tighter

        US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's PriceABS BWIC data...

        13 September 2012

  • News Analysis

      • Releasing the pressure?

        Data hindering European distressed debt deals

        Differing views on price appear to be impeding distressed debt transaction volume in Ireland and Spain, albeit a number...

        12 September 2012

  • Market Reports

      • RMBS rally continues

        Last week saw US non-agency RMBS spreads grow progressively tighter as supply kept on coming. The market has rallied con...

        11 September 2012

  • News Analysis

      • Slice of the action

        Dynamic tranche market entices investors

        The European tranche market has seen a significant shift over the last two months, with Markit iTraxx tranches moving sh...

        11 September 2012

        CDS

  • Research Notes

      • Solid fundamentals

        Umang Vithlani* highlights a sterling bond versus 10-year CDS basis trade idea

        Iberdrola is a Spanish-based vertically integrated utility, with activities in generation (including significant renewab...

        10 September 2012

        CDS

  • News

      • SCI Start the Week - 10 September

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

        Pipeline The pipeline grew considerably last week, with several new deals announced. Despite the shorter week in the US...

        10 September 2012     Free

  • News Analysis

      • Up and coming

        Housing recovery boosts non-agency RMBS

        Economic indicators increasingly suggest that the US housing market has bottomed and begun to recover. While both agency...

        7 September 2012

  • News

      • CLO manager fees recovering

        Moody's Analytics has published the first of a two-part series on US CLO fees. The study finds that fee levels have reco...

        7 September 2012

  • Market Reports

  • News Analysis

      • Valuation skew

        GN/FN relative value opportunities weighed

        Policymaker intervention continues to skew US agency RMBS values. Given the difficulty of quantifying macro themes in th...

        6 September 2012

  • Market Reports

  • The Structured Credit Interview

      • Bridging the debt gap

        Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions

        Q: How is Narrow Road Capital involved in structured credit in Australia? A: Narrow Road Capital is an Australian high...

        4 September 2012

  • News

      • SCI Start the Week - 3 September

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

        Pipeline The pipeline saw limited activity last week, with three new deals announced. These deals were a A$750m Austral...

        3 September 2012     Free

  • News

  • Market Reports

  • News

  • Market Reports

      • CMBS BWIC composition switch

        The strong supply seen in the US CMBS secondary market last week appears to be continuing this week. However, bid-list c...

        29 August 2012

  • News

      • CMBX rally overdone?

        With CMBX total returns increasing by an average of 3.4% over the last three months, CMBS analysts at RBS question wheth...

        24 August 2012

  • News Analysis

      • CLO progress

        CLO 2.0 market booming as documentation evolves

        US CLO issuance this year is on course to reach double 2011's volume, having already matched it by the end of June. With...

        24 August 2012

  • Market Reports

  • Market Reports

  • News Analysis

      • Lessons learned?

        Higher standards seen in new resi loan originations

        The forthcoming expiry of the six-year statute of limitation for 2007-vintage US RMBS has sparked a sense of urgency amo...

        22 August 2012

  • News Analysis

      • Spike surprise

        Good news amid difficult CMBS maturity outcomes

        Maturity spikes have been coming like clockwork for European CMBS and last month saw the latest iteration. However, amid...

        22 August 2012

  • News

      • GAGFAH upbeat on loan refis

        GAGFAH's 1H12 earnings call provided an update on its property portfolio and CMBS refinancing efforts. The firm's statem...

        22 August 2012

  • Market Reports

      • CLO equity sees strong demand

        CLO equity has grabbed the attention of the secondary markets, after the subordinated notes of Madison Park Funding IV t...

        22 August 2012

  • News Analysis

      • Suits expected

        Libor-related litigation analyses prepped

        The impact of Libor rigging on the securitisation market is difficult to quantify, with the scandal representing yet ano...

        21 August 2012

  • News

      • SCI Start the Week - 20 August

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

        PipelineTwo new deals joined the pipeline last week and remained there. The first is FirstMac Mortgage Funding Trust No....

        20 August 2012     Free

  • Market Reports

  • News Analysis

      • Conflict of interest?

        Rating agency reform proposals scrutinised

        Credit rating agency reform is still being determined on either side of the Atlantic. Concerns that current regulatory p...

        16 August 2012

  • News

  • Market Reports

      • Pre-auction CDO buzz

        BWIC supply was very strong yesterday, with SCI's PriceABS data showing a record 473 line items. The data includes sever...

        15 August 2012

        CDO

  • Market Reports

      • Tight CMBS market trading up

        Buyers outnumber sellers in the European CMBS secondary market at present. Given recent spread tightening, investors hav...

        14 August 2012

  • The Structured Credit Interview

      • Asian access

        Gregory Park, managing partner at Harvest Northstone Capital, answers SCI's questions

        Q: How and when did Harvest Northstone Capital become involved in the Asian structured credit market? A: Harvest Norths...

        14 August 2012

        ABS

  • Market Reports

  • News

      • SCI Start the Week - 13 August

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

        PipelineA number of US transactions entered the pipeline last week, only to rapidly price. European deals remain thin on...

        13 August 2012     Free

  • News Analysis

      • NPL issues

        Bad debt securitisations gaining traction

        The first post-financial crisis non-performing loan CMBS - Rialto 2012-LT1 and S2H 2012-LV1 - have p...

        10 August 2012

  • News

      • CDO supply still running high

        Yesterday proved to be another busy session for BWICs. Supply has remained elevated across asset classes, with SCI's Pri...

        10 August 2012     Free

        CDO

  • News

  • News Analysis

      • Back to basis

        Extreme basis opens trade opportunities

        Real money accounts have been buying into cash as a safe haven, but doing so has made the cash market excessively expens...

        9 August 2012

        CDS

  • Market Reports

      • Mixed messages for Euro CLOs

        The European CLO market appears to be slightly subdued, following a couple of days of strongly contrasting BWIC activity...

        8 August 2012

  • News

      • SCI Start the Week - 6 August

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

        Pipeline A good number of deals joined the pipeline last week with two ABS, one RMBS and one CMBS remaining on Friday....

        6 August 2012     Free

  • News

  • News Analysis

      • Risk transfer

        Counterparty risk securitisations gaining traction

        Index-linked contingent CDS contracts have yet to gain traction, despite the introduction of standardised terms earlier...

        2 August 2012

  • News

      • Titan Europe MOU signed

        Transaction notices published last week for the Titan Europe 2006-1, 2006-2, 2006-3 and 2006-5 CMBS shed some light on h...

        2 August 2012

  • Market Reports

      • CMBS supply running steady

        Generic US CMBS spreads were mostly unchanged yesterday, but AM tranches did grind about 5bp tighter. Interactive Data f...

        2 August 2012     Free

  • News Analysis

      • Cat bond crazy

        Resurgent ILS market in rude health

        It has been a year of impressive issuance so far in the insurance-linked securities market, with the first five months o...

        2 August 2012

  • News

      • FHFA initiatives welcomed

        FHFA acting director Ed DeMarco has updated Senators Johnson and Shelby on various initiatives currently being pursued b...

        1 August 2012

  • News

      • SCI Start the Week - 30 July

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

        PipelineOne new deal remained in the pipeline at the end of last week. It is an auto ABS: the ZAR891m Torque Securitisat...

        30 July 2012     Free

  • Market Reports

      • Secondary RMBS still strong

        The strong supply seen in secondary US RMBS continues, with prime hybrid, Alt-A hybrid and option ARM bonds well represe...

        27 July 2012

  • News

  • Market Reports

  • News Analysis

      • Not so good

        2Q12 leaves SF recruiters unsatisfied

        While the first quarter of the year exceeded the expectations of structured finance recruiters, the second definitely di...

        26 July 2012

  • Market Reports

      • New CMBS trade

        US CMBS spreads ground tighter yesterday, ending a three-day period of widening. The benchmark GSMS 2007-GG10 A4 tranche...

        26 July 2012

  • News

      • MPG Q2 highlights reviewed

        Maguire Properties has released its second-quarter results, shedding light on a number of CMBS properties sponsored by t...

        25 July 2012

  • Market Reports

      • Secondary RMBS supply spikes

        US prime hybrid and alt-A hybrid RMBS secondary supply spiked yesterday, coming in at nearly quadruple the prior session...

        25 July 2012

  • News Analysis

      • Rental market

        REO-to-rent securitisation generates interest

        The US government is keen to find a way to unload the foreclosed REO properties currently owned by Fannie Mae and other...

        25 July 2012

  • News Analysis

      • ABS expectations

        Quarterly review and outlook for European consumer/credit card ABS

        We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS, its views on activ...

        24 July 2012     Free

  • News

      • SCI Start the Week - 23 July

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

        Pipeline Last week saw a great number of deals join the pipeline and price by Friday, but four transactions remained co...

        23 July 2012     Free

  • Market Reports

  • The Structured Credit Interview

      • Identifying asymmetries

        Charlotte Valeur Adu, chair of Brevan Howard Credit Catalysts Limited, answers SCI's questions

        Q: When and why did Brevan Howard launch a listed credit fund? A: The Brevan Howard Credit Catalysts listed fund began...

        19 July 2012

  • Market Reports

      • US CMBS going strong

        It has been a busy last few days in US CMBS. While the secondary market has been quiet, primary issuance has been very h...

        17 July 2012

  • News

      • BoE scheme 'RMBS negative'

        The Bank of England has launched its funding for lending scheme (FLS), intended to improve lending to the real economy....

        17 July 2012

  • News

      • SCI Start the Week - 16 July

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

        Pipeline It was a busy week for the pipeline. There were four CMBS, one RMBS, one CLO, one ILS and four ABS deals. Th...

        16 July 2012     Free

  • News

      • Ambac RMBS play touted

        The recent decision by the Wisconsin Commissioner of Insurance to pay Ambac non-agency RMBS policyholders 25% of accrued...

        12 July 2012

  • News Analysis

      • Differentiation debated

        Call for renewed focus on RMBS servicing incentives

        Efforts to overhaul residential mortgage servicers' compensation and incentives have been submerged by regulatory rule-m...

        12 July 2012

  • Market Reports

  • News

      • GRAND proposal wins support

        GRAND CMBS bonds reacted positively in the secondary market to the proposed restructuring terms (SCI 10 July), with clas...

        11 July 2012

  • News Analysis

      • Testing time

        The sophistication of ABS pricing and valuation vendors and end-users alike has grown significantly ...

        The securitisation market's understanding of fair value has improved dramatically since the financial crisis, driven by...

        11 July 2012     Free

  • News

  • News

      • SCI Start the Week - 9 July

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

        PipelineTwo transactions remained in the pipeline at the end of last week. The €226.4m Atlantes Finance No. 5...

        9 July 2012     Free

  • News

  • Provider Profile

      • High-touch provider

        Greg Winchester, md at TriMont Real Estate Advisors, answers SCI's questions

        Q: How and when did TriMont Real Estate Advisors become involved in the CMBS market? A: The company began in 1988 as...

        6 July 2012

  • News

  • News

  • News Analysis

      • Pricing power

        US CLO manager tiering emerges

        Pricing power in the US CLO market appears to have shifted firmly towards the buy-side over recent weeks, with increased...

        2 July 2012

  • News

      • SCI Start the Week - 2 July

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

        Pipeline Three transactions remained in the pipeline at the end of last week. They comprised a student loan ABS (US$21....

        2 July 2012     Free

  • News

      • REC 6 test case on the cards

        Pearsanta, the junior lender in the Alburn Real Estate Capital (REC 6), has begun High Court proceedings to confirm the...

        27 June 2012

  • News

      • SCI Start the Week - 25 June

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

        Pipeline Three RMBS deals remained in the pipeline at the end of last week - the $235m Tamweel Residential RM...

        25 June 2012     Free

  • News Analysis

      • Picking sides

        Challenges and opportunities in search for relative value

        Ongoing speculation about the future of Greece has dominated the market's attention, but it is not the only concern weig...

        22 June 2012

  • News Analysis

      • Write-down resolution?

        Bail-in concerns add impetus to CDS overhaul

        The European Commission earlier this month finalised its proposed bank recovery and resolution directive, reigniting con...

        22 June 2012

        CDS

  • News Analysis

      • Mixed blessings

        Action needed to attract European investors

        Some ABS traders in Europe are expecting to use their balance sheets more over the coming months to support clients. Whi...

        22 June 2012

  • Market Reports

  • News

  • News Analysis

      • In the mire?

        Clearing complexity sees CDS reform deadlines slip

        Evolution in the CDS industry is taking longer than many participants expected. Some blame the market's opacity, but the...

        19 June 2012

        CDS

  • News

      • Tamweel sukuk marketing

        Tamweel is in the market with its second international Islamic RMBS - the US$235m Tamweel Residential RMBS (Ca...

        19 June 2012

  • News

      • SCI Start the Week - 18 June

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

        Pipeline Several deals came and went last week for the pipeline. Come Friday evening, the only two remaining new arriva...

        18 June 2012     Free

  • News

  • News

      • Larken B-note hope

        The US$172m Larken Portfolio loan, securitised in LBCMT 2007-C3, has been modified. The loan transitioned to special ser...

        15 June 2012

  • The Structured Credit Interview

      • Diversification benefits

        John Wells, chairman at Leadenhall Capital Partners, answers SCI's questions

        Q: How and when did Leadenhall Capital Partners become involved in the insurance-linked securities (ILS) market? A: Lea...

        14 June 2012

  • News Analysis

      • Proactive participants

        Trustees are embracing a more hands-on approach to issues from documentation to noteholder communica...

        The trustee's role in the European securitisation market continues to evolve as lessons are learnt from the fallout of t...

        12 June 2012     Free

  • News

  • The Structured Credit Interview

      • One-stop shop

        Christian Bearman, coo at Valad Europe, answers SCI's questions

        Q: How and when did Valad Europe become involved in CMBS workouts? A: Originally founded in the 1960s, Valad Europe has...

        11 June 2012

  • News

      • SCI Start the Week - 11 June

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

        PipelineA handful of new deals entered the pipeline last week. The only such European transaction is €1.4bn BB...

        11 June 2012     Free

  • News Analysis

      • Retrenchment rules

        CDO technology harnessed for funding purposes

        A profound shift in how large cap credit is provided in Europe is underway, having historically been dominated by banks....

        7 June 2012     Free

        CDO

  • Talking Point

      • Dealing with data

        The operational challenges facing investors in an increasingly data-rich world

        For years, structured credit and ABS investors have struggled to get access to comprehensive data for the assets in thei...

        6 June 2012

  • News

  • News

      • SCI Start the Week - 28 May

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

        Pipeline It was another steady week for the pipeline, with seven new deals remaining on Friday. Freddie Mac is in the m...

        28 May 2012     Free

  • News Analysis

      • Counterparty issues

        CMBS liquidity facility disputes set to rise

        Counterparty issues in CMBS have been relatively rare in Europe. But a recent dispute over liquidity facilities could ma...

        25 May 2012

  • News Analysis

      • High time for hybrids

        Agency hybrid ARMs provide compelling investment case

        Investors are having to work harder to find value in the US RMBS market. CMOs are becoming steadily less attractive, but...

        25 May 2012

  • Market Reports

  • News

  • News Analysis

      • Increased depth?

        Large bid-lists positive for Euro secondary liquidity

        Strong demand for a series of recent large bid-lists could signal increased depth in the European secondary ABS market....

        23 May 2012

  • News

      • Westin loan mod questioned

        The recent court-approved modification of the Westin Portfolio loan, securitised in JPMCC 2007-C1 and JPMCC 2008-C2, has...

        22 May 2012

  • News Analysis

      • Building blocks

        Credit and counterparty risk management practices surveyed

        Derivatives market participants polled by SCI, in partnership with Fitch Solutions, agree that counterparty risk managem...

        22 May 2012

  • News Analysis

      • SLABS appeal

        Student loans attractive as uncertainty clears

        The US student loan ABS sector has its fair share of uncertainties to contend with, but the recent conclusion of S&a...

        21 May 2012

        ABS

  • News

      • SCI Start the Week - 21 May

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

        Pipeline It was a fairly busy week for the pipeline, with several new deals appearing. Among them is a US$1.54bn studen...

        21 May 2012     Free

  • News Analysis

      • Hitting the wall

        Mixed outcomes as Euro CMBS deals reach maturity

        Last month saw another spike in European CMBS maturities as the sector finally reached the much-discussed maturity wall....

        18 May 2012

  • News

  • News

  • Market Reports

  • News

  • News

      • Rescap MSR sale welcomed

        Rescap's Chapter 11 filing (SCI 14 May) is being seen as an overall positive for holders of MBS issued by Rescap entitie...

        15 May 2012

  • News Analysis

      • Safe-haven status

        Euro ABS bolstered by UK building societies

        The European securitisation sector is proving largely immune to volatility in broader risk markets, with senior vanilla...

        14 May 2012

  • News

      • SCI Start the Week - 14 May

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

        PipelineThree new deals entered the pipeline last week and remained there on Friday. Leading the way was a US$1bn CMBS o...

        14 May 2012     Free

  • News

      • Aire Valley breaches NAT

        Bradford & Bingley's Aire Valley UK RMBS master trust has breached its non-asset trigger, after the collateral b...

        11 May 2012

  • News

  • News

  • News

  • News

  • Market Reports

      • Good week for Euro CMBS

        This week has seen a rise in activity in European CMBS. Spreads have stayed fairly flat, while BWICs are still being wel...

        4 May 2012

  • News

  • Market Reports

      • CRE CDO boost

        The success of the New York Fed's MAX CDO sale last week has driven spreads tighter in the US CMBS market. Encouraged by...

        2 May 2012

  • News

  • News

  • News

  • News

      • SCI Start the Week - 30 April

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

        Pipeline Last week saw half a dozen new deals join the pipeline. The transactions were varied, comprising two UK RMBS (...

        30 April 2012     Free

  • News Analysis

      • Not so bad

        1Q12 exceeds SF recruiters' expectations

        Structured finance recruiters are breathing a sigh of relief as activity over the first quarter managed to exceed expect...

        30 April 2012

  • Market Reports

  • News Analysis

      • Comeback kid

        CDOs broadening investor base for infrastructure assets

        CDO technology appears to be making a comeback in the infrastructure sector. The vehicles are helping to broaden the inv...

        26 April 2012

        CDO

  • News Analysis

      • Solid progress

        Mix of US mortgage funding sources eyed

        The pricing of four non-agency RMBS transactions over the last month suggests solid progress in the space. However, it i...

        25 April 2012

  • News Analysis

      • Going soft?

        Changing underwriting standards pose CMBS threat

        The loans backing this year's US CMBS issuance exhibit looser underwriting standards than the market has become used to...

        24 April 2012

  • News

  • News

      • SCI Start the Week - 23 April

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

        PipelineFour new deals joined the pipeline and remained there last week. A US$400m CLO from Sankaty Advisors is marketin...

        23 April 2012     Free

  • Talking Point

      • Seeking yield

        John Wells, chairman of Leadenhall Capital Partners, forecasts increasing demand for and issuance of...

        2011 will go down in history as one of the costliest years on record for insured losses from natural catastrophes, with...

        20 April 2012

  • News Analysis

      • Recovery trades sought

        ABS CDO appetite surges ahead of expected supply

        The New York Fed has initiated a competitive bid process in response to several reverse inquiries for the MAX CDO holdin...

        19 April 2012

        CDO

  • News

  • News

      • SCI Start the Week - 16 April

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

        Pipeline A few new deals hit the pipeline last week only to price by Friday. Still standing at the end of the week were...

        16 April 2012     Free

  • Market Reports

      • Market in need of direction

        European CMBS currently looks cheap, but that is not enough to convince buyers to take the plunge as the secondary marke...

        12 April 2012

  • News Analysis

      • Cards on the table

        Quarterly review and outlook for consumer/credit card ABS

        We asked the winners of SCI's 2011 arranger awards for the consumer/credit card ABS sectors either side of the Atlantic...

        12 April 2012     Free

  • News

  • News

  • News

  • News Analysis

      • Noteholder divide

        Legacy investors seek Dutch de-risking

        Noteholder division over the competing Opera Finance (Uni-Invest) proposals is emerging (see also SCI 3 April). Some leg...

        5 April 2012

  • News

      • Maturity spike for Euro CMBS

        April is set to be another important month for European CMBS. There are 16 transactions subject to loan maturities this...

        4 April 2012

  • News Analysis

      • Warring over reps

        Countrywide settlement could open floodgates

        The US$8.5bn Countrywide settlement is the only sizeable potential RMBS representation and warranty recovery achieved so...

        4 April 2012

  • News Analysis

      • Tough call

        Opera Uni proposals weighed

        Whether Opera Finance (Uni-Invest) noteholders vote for a consensual restructuring or the credit bid option on 17 April...

        3 April 2012

  • News Analysis

      • Utility appeal

        ED approaches home straight

        The European DataWarehouse (ED) is approaching its projected summer 2012 launch. Securitisation market participants are...

        3 April 2012

  • News

      • SCI Start the Week - 2 April

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

        Pipeline A variety of deals entered the pipeline last week, including the first NPL CMBS in over 10 years - t...

        2 April 2012     Free

  • News

  • News

  • Market Reports

  • News

  • Market Reports

      • US RMBS volatility subsides

        The volatility seen in US RMBS last week appears to have calmed down for the start of this one. However, supply in both...

        27 March 2012

  • News

  • News

  • News

      • SCI Start the Week - 26 March

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

        PipelineThe largest deal to enter the pipeline last week was FREMF 2012-K501, a US$1.1bn CMBS from Freddie Mac. It was j...

        26 March 2012     Free

  • Market Reports

      • All CMBS systems go

        US CMBS is continuing to perform strongly. The primary market is enjoying a flurry of issuance, while spreads in the sec...

        23 March 2012

  • News Analysis

      • Issuing impetus

        Bumper CLO issuance spurring return to market heights, tights

        February saw the largest monthly volume of new CLO issuance since the financial crisis. With plenty of deals remaining i...

        22 March 2012

  • News

  • News

  • News

  • Market Reports

  • News Analysis

      • Residual value

        Case for subordinated CLO investment remains

        The investment case for mezzanine and subordinated CLO positions remains strong. One European CLO manager has just annou...

        20 March 2012

  • News

      • SCI Start the Week - 19 March

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

        Pipeline FirstRand Bank's £239m Turbo Finance 2 auto ABS entered the pipeline last week. Two ILS deals (Blue D...

        19 March 2012     Free

  • News

      • A2E record reached

        At nearly US$17.3bn across 14 different issuers, February's US loan amend-to-extend (A2E) volume was the most since Apri...

        19 March 2012

  • News

  • News Analysis

      • Liquidity boost

        Muni CDS 'quirks' to remain

        The launch of ISDA's 2012 US Municipal Reference Entity CDS Protocol (SCI 5 March) is expected to boost liquidity in the...

        14 March 2012

        CDS

  • News

      • Recourse wrangling

        A recent Michigan Court of Appeals decision over the Cherryland Center loan securitised in GMACC 2002-C3 has the potenti...

        14 March 2012

  • News Analysis

      • Forbearance fears

        European principal forgiveness schemes unnerve investors

        Ireland and Spain are set to introduce new debt forgiveness legislation in the coming months that will not only impact t...

        14 March 2012

  • News

  • News Analysis

      • Multi variety

        Diverse German multifamily CMBS outcomes expected

        The German multifamily sector accounts for about 20% of all securitised assets in European CMBS. Deal performance in the...

        13 March 2012

  • News

  • News

  • News

      • SCI Start the Week - 12 March

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

        Pipeline Last week saw four new deals enter the pipeline and remain there on Friday. Banco Santander is in the market w...

        12 March 2012     Free

  • News

  • Market Reports

      • Dealers drive RMBS prices up

        European primary RMBS issuance may have been limited lately, but spreads in the secondary market have tightened consider...

        8 March 2012

  • News

      • GRAND plan nears

        Substantial progress has been made in discussions between Deutsche Annington (DAIG) and the ad hoc noteholder group over...

        8 March 2012

  • News

      • LCR uncertainty removed?

        A new marked-up version of CRD IV has sparked hopes that high quality RMBS will be included as an eligible asset under t...

        8 March 2012

  • News Analysis

      • Capex concerns

        UK water companies to return to securitisation

        The UK Environment Agency has put the South East of England on drought status, with reservoir levels in the region alrea...

        7 March 2012

        ABS

  • News

      • FHA refi changes announced

        President Obama has announced changes to the FHA streamlined refinance programme, which the market has been expecting fo...

        7 March 2012

  • News

      • CDS recoveries scrutinised

        The difference in average CDS recoveries and average bankruptcy recoveries is four points, according to credit derivativ...

        6 March 2012

        CDS

  • News

  • News Analysis

      • Currency conundrum

        Kazakh RMBS highlights EM ABS redenomination risks

        A decision by the Supreme Court of Kazakhstan to prevent the indexation of mortgage balances to the US dollar has highli...

        5 March 2012

  • News

      • SCI Start the Week - 5 March

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

        PipelineLast week saw several deals enter the pipeline and price within days, although a few new names remained on Frida...

        5 March 2012     Free

  • News Analysis

      • Cards from abroad

        US investors hungry for UK credit card ABS

        Barclays last week priced its latest UK credit card ABS, with the largest tranche denominated in US dollars. US accounts...

        5 March 2012

        ABS

  • News Analysis

      • Yield boost

        CMBS extension trades gaining traction

        US special servicer activity has risen over the past two months, resulting in approximately US$3.7bn newly-modified loan...

        1 March 2012

  • Market Reports

      • Euro CMBS trading up

        The European secondary CMBS market has been trading up recently. Investor demand is particularly focused on the top of t...

        28 February 2012

  • News Analysis

      • 'Blueprint' trials

        Countrywide settlement moves closer

        Bank of America's US$8.5bn Countrywide RMBS settlement case has returned from federal court to New York state court, lik...

        28 February 2012

  • News Analysis

      • CACs in play?

        CDS market 'perks up' ahead of Greek bond exchange

        Low participation rates in the forthcoming Greek government bond exchange are expected to bring collective action clause...

        27 February 2012

        CDS

  • News Analysis

      • Liquidity issues

        Steps taken to address LCR requirements

        The securitisation industry remains hopeful that highly rated ABS will ultimately be eligible under the Basel 3 liquidit...

        27 February 2012

  • News

      • SCI Start the Week - 27 February

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

        Pipeline Another busy week for the pipeline saw a variety of new deals remaining on Friday. Barclays is in the market w...

        27 February 2012     Free

  • News Analysis

      • Taking a view

        The evolution of CVA discussed

        Representatives from SunGard and Navigant Capital Advisors recently came together to discuss current themes related to C...

        23 February 2012     Free

  • News Analysis

      • Momentum builds

        Asian issuers look to emulate Aussie covered bond success

        Momentum in the Asia-Pacific covered bond sector is building. While the implementation of new legislation in Australia h...

        23 February 2012

  • News

  • News

      • SCI Start the Week - 20 February

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

        PipelineIt has been another busy week for the pipeline, with six new deals remaining on Friday. Two auto ABS (R$930m Dri...

        20 February 2012     Free

  • News Analysis

      • From top to bottom

        Attractive opportunities seen across asset classes

        A more 'risk-on' attitude has been evident across the securitisation markets recently, despite the sector facing many of...

        17 February 2012

  • Talking Point

      • Balancing act

        Relative merits of covered bonds versus RMBS discussed

        Interest in covered bonds continues to grow, partly due to favourable regulatory treatment. However, panellists at a rec...

        17 February 2012

  • News

      • CMBS ETF launched

        Blackrock's iShares has launched an exchange-traded fund referencing the Barclays Capital US CMBS (ERISA Only) Index. Sh...

        17 February 2012

  • Market Reports

      • CMBS rally stalls

        The strong rally in the US CMBS market has eased off over the last two weeks. Trading is currently concentrated around A...

        16 February 2012

  • News

  • News

  • Provider Profile

      • Fundamental resilience

        Richard Cooperstein, president of RangeMark Analytics, answers SCI's questions

        Q: How and when did RangeMark Analytics become involved in the structured finance markets? A: RangeMark Analytics was f...

        15 February 2012

  • News Analysis

      • Swings and roundabouts

        DVA best practises still evolving

        Debt value adjustment (DVA) became a hot topic when banks announced their 3Q11 earnings, due to the magnitude and direct...

        14 February 2012

  • News

      • Record week for CLO BWICs

        Last week was one of the busiest the US secondary CLO market has seen since 2Q11. Bid list volume was US$1.3bn, the larg...

        14 February 2012

  • News

      • First Freddie transfer

        The Retreat at Stonebridge Ranch loan securitised in the Freddie Mac SPC Series K-704 CMBS was transferred to special se...

        14 February 2012

  • News

  • News Analysis

      • Problem solved?

        Index CCDS launch approaches

        Credit derivative dealers and CVA desks are gearing up for the introduction of index-linked contingent CDS (CCDS), which...

        13 February 2012

        CDS

  • News

      • SCI Start the Week - 13 February

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

        PipelineMany deals entered the pipeline last week only to price by the end of it. Only two transactions remained on Frid...

        13 February 2012     Free

  • Talking Point

      • Cat bonds on the up

        Thierry Berthold, co-head of insurance and European structured credit solutions at Natixis in Paris,...

        There is good reason to be optimistic for the catastrophe bond market in 2012, particularly in Europe. Asset managers ar...

        10 February 2012

        ABS

  • News

  • News

  • Market Reports

      • Euro CLO market ignites

        There has been a rally in European CLOs over the last couple of weeks. Activity has picked up dramatically after the slo...

        9 February 2012

  • News

  • News

      • Loss severities examined

        The elevated levels of liquidation volumes in the US conduit CMBS universe seen last year have continued into 2...

        8 February 2012

  • Talking Point

      • Sovereign concerns

        Sovereign default and re-denomination risk remain

        European structured finance trading and issuance trends have been impacted by wider concerns stemming from the European...

        8 February 2012     Free

  • News Analysis

      • Glass ceiling?

        Acceptance of lower-rated securities, different criteria to broaden

        Sovereign rating ceilings - once a consideration only for emerging market credit structures - began...

        7 February 2012

  • News

  • News

  • News

      • SCI Start the Week - 6 February

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

        Pipeline Principal Residential Investment Mortgages 1, a €178.6m RMBS, entered the pipeline last week. It was...

        6 February 2012     Free

  • News

  • News

  • News

  • News

  • News

  • Market Reports

      • US CMBS continues to impress

        January has proved to be a productive month for US CMBS and last week was no exception to that trend. New issuance has b...

        30 January 2012

  • News Analysis

      • Bullish outlook

        Positive market sentiment drives CLOs tighter

        Buoyed by bullish sentiment in the broader capital markets, US CLOs have started 2012 on a positive footing. Primary iss...

        30 January 2012

  • News

  • News

      • SCI Start the Week - 30 January

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

        PipelineA further three deals joined the pipeline last week. Two auto ABS deals (€460m FCT TitriSocram Compart...

        30 January 2012     Free

  • News

      • Euro CMBS NPL warning

        Tiering within European CMBS is gradually forcing the best and the worst loans to leave the universe. Absent new primary...

        27 January 2012

  • News Analysis

      • Slow start

        Traditional recruitment cycle yet to begin

        Structured finance recruitment tailed off towards the end of last year and the early signs are that it will take a while...

        26 January 2012

  • Market Reports

      • Euro RMBS on the up

        RMBS continues to lead the way for the European securitisation markets. Secondary trading in the sector is active, with...

        26 January 2012

  • News Analysis

      • CDS saviour?

        CAC proposal could eliminate need to sidestep CDS trigger

        Serious questions are being raised about the future of CDS, following a recent credit event (see box) and the ongoing eu...

        26 January 2012

        CDS

  • News

  • News

  • News

      • Fair value in the balance?

        The wrangling over the JW Marriott Las Vegas Resort & Spa loan, securitised in CSMC 2007-TFLA, continues. CMBS i...

        24 January 2012

  • Talking Point

      • You say voluntary, I say mandatory...

        Anu Munshi, partner at B&B Structured Finance, explores the impact of debt restructuring on CDS ...

        An old school friend with a great business idea comes to you and three other similarly well-off school friends and asks...

        24 January 2012

        CDS

  • News

  • News

  • News

      • SCI Start the Week - 23 January

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

        PipelineThe increased rate of deals entering the pipeline continued last week with seven new names announced. Two CMBS d...

        23 January 2012     Free

  • News Analysis

      • Competition questions

        Trade execution, fragmentation in the spotlight

        The issues of anonymity and real-time trade acceptance under Dodd-Frank appear to be splitting the OTC derivatives deale...

        20 January 2012

        CDS

  • Market Reports

      • Euro CMBS sparks into life

        The European secondary CMBS market has seen a pick-up in activity over the last few days. However, activity is effective...

        20 January 2012

  • News Analysis

      • Catching the wave

        CMBS loan mod, refi likelihood explored

        December saw the second highest volume of US CMBS loan modifications ever, after the GGP-related spike in 2010. The most...

        19 January 2012

  • News Analysis

      • Increasing visibility

        Corporate trust service providers explore post-crisis landscape

        Representatives from leading corporate trust service providers met with SCI late last year to discuss the post-financial...

        19 January 2012     Free

  • News

      • Bespoke CDS appetite persists

        Bespoke structured credit activity continues in various guises in both the primary and secondary markets, despite the in...

        18 January 2012

        CDS

  • News Analysis

      • Partial benefit

        TRACE data having mixed liquidity impact

        The US structured trading activity and pricing information that FINRA has made available to the market over the last few...

        17 January 2012

  • News Analysis

      • Dual approach

        Monoline builds 2012 pipeline

        In replacing Ambac Assurance UK as monoline guarantor on the UK PFI bond issue originally issued by Worcestershire Hospi...

        17 January 2012

  • News

      • SCI Start the Week - 16 January

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

        PipelineThe number of deals entering the pipeline is picking up, with five new transactions remaining at the end of last...

        16 January 2012     Free

  • News

  • Market Reports

  • Talking Point

  • News

  • News

      • Looking ahead for cat bonds

        S&P has published extracts of a roundtable discussion on the catastrophe bond market it recently hosted. In a ge...

        10 January 2012

        ABS

  • News

  • News

      • SCI Start the Week - 9 January

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

        PipelineThe year began with three new deals entering the pipeline last week. The largest is a US$1.7bn stranded cost ABS...

        9 January 2012     Free

  • Market Reports

      • Euro CLO hibernation over?

        The European CLO market has made a somewhat lethargic start to 2012, not dissimilar to how it ended 2011. Although the s...

        6 January 2012

  • News

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