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  • News

  • News Analysis

      • Cherry picking

        Euro relative value trades explored

        The European securitisation market offers a number of relative value opportunities going into 2014. Top picks include CL...

        24 December 2013

  • News Analysis

      • Rules of engagement

        Dialogue helps take edge off regulatory requirements

        Regulatory decisions and indecision have set the tone for structured finance around the world since the financial crisis...

        24 December 2013

  • News

      • SCI Start the Week - 23 December

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

        Pipeline A limited number of deals joined the pipeline last week and of those only one remained come Friday's close. Th...

        23 December 2013

  • News Analysis

      • Rising sun

        Solar ABS market generating momentum

        Recent solar securitisation deals in both the UK and US bode well for the future of the asset class. However, achieving...

        23 December 2013

  • News Analysis

      • Risk tension

        Risk retention pivotal for Euro CLO market

        European CLOs continue to perform well, despite regulatory actions serving to constrain the market. Steady issuance is e...

        23 December 2013

  • News

      • Taper talk becomes reality

        The New York Fed is to begin tapering its asset purchases with an initial US$10bn reduction in the monthly pace, evenly...

        19 December 2013

  • News

  • News

  • News Analysis

      • Diversification boost

        Euro periphery to mitigate negative net issuance?

        The European securitisation market is set to end 2013 on a positive footing, boosted by a growing diversity of new issua...

        17 December 2013

  • News

      • SCI Start the Week - 16 December

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

        PipelineThe pipeline has not dried up just yet as new deals were still being announced last week. As well as one new ABS...

        16 December 2013

  • Talking Point

      • Pricing change

        CLO pricing methodologies and differences discussed

        Representatives from Bloomberg, CIFC and Kanerai discussed CLO pricing methodologies, as well as differences between leg...

        16 December 2013

  • Market Reports

      • Autos fuel ABS activity

        European ABS secondary activity was dominated by auto tranches yesterday. SCI's PriceABS data shows a strong range of au...

        13 December 2013

        ABS

  • Market Reports

      • RMBS supply spikes

        US non-agency RMBS volume yesterday was up day-over-day, boosted strongly by the liquidation of the US$5.1bn ING bid-lis...

        12 December 2013

  • News

  • Market Reports

      • US CMBS inches wider

        US CMBS spreads inched wider yesterday as bid-list supply came in at around US$200m. SCI's PriceABS data recorded severa...

        11 December 2013

  • News

      • Further g-fee hike confirmed

        The FHFA has directed Freddie Mac and Fannie Mae to raise guarantee fees as part of its ongoing drive to shrink the role...

        11 December 2013

  • News

  • News

  • Market Reports

      • Euro bank boosts CLO supply

        A plethora of 2005-, 2006- and 2007-vintage bonds circulated in the US CLO secondary market yesterday. Supply was booste...

        10 December 2013

  • News

      • CMBS surprises in store?

        Deutsche Bank CRE debt research analysts forecast that five scenarios could surprise the US CMBS market next year. These...

        9 December 2013

  • News

      • SCI Start the Week - 9 December

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

        PipelineOver twice as many deals joined the pipeline last week as had done in the week before, although the pace remains...

        9 December 2013

  • Market Reports

  • News Analysis

      • CMBS unresolved

        Euro CMBS questions unanswered as maturities loom

        S&P announced this week that over €10bn of loans backing European CMBS transactions that it rates coul...

        6 December 2013

  • News

      • Even keel for ECP

        The ABCP market has this year seen a rebalancing of issuance towards the ECP sector, which now accounts for roughly 50%...

        6 December 2013

        ABS

  • Market Reports

  • News

      • SCI Start the Week - 2 December

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

        Pipeline The market finally took a breather last week as Thanksgiving arrived. The number of deals joining the pipeline...

        2 December 2013

  • Market Reports

  • News Analysis

      • Driving disintermediation

        Credit availability facing further headwinds?

        Global regulatory initiatives are fostering bank disintermediation in the securitisation market. But creeping oversight...

        28 November 2013

  • News

  • Market Reports

      • CMBS spreads start to tighten

        US CMBS secondary spreads have been flat for a while, but tightening was observed yesterday for 2.0 and 3.0 bonds after...

        26 November 2013

  • News

      • SCI Start the Week - 25 November

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

        PipelineA further 15 deals were added to the pipeline last week, with all asset classes represented. As well as four new...

        25 November 2013

  • News

  • Market Reports

  • Market Reports

  • News

  • Market Reports

  • News

      • GSE reduction targets met?

        The retained portfolios of Fannie Mae and Freddie Mac stand at well below their US$552.5bn limit for year-end 2013. The...

        20 November 2013

  • News

      • Value seen in Unique juniors

        Enterprise Inns disclosed in its full-year 2013 results that it placed a £97m convertible bond, the proceeds of...

        20 November 2013

        ABS

  • News Analysis

      • Invitation to begin

        First deal heralds arrival of SFR securitisation

        The arrival of Invitation Homes 2013-SFR1 - the first-ever single-family rental (SFR) securitisation (SCI 1 No...

        20 November 2013

  • News

  • Market Reports

  • News

      • SCI Start the Week - 18 November

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

        Pipeline The number of deals joining the pipeline declined a little last week. However, there were still five new ABS,...

        18 November 2013

  • Market Reports

  • News

  • News Analysis

      • Maintaining momentum

        Borrowers benefit from increasing high-yield bond, loan and direct lending opportunities

        Over the past 12 months leveraged borrowers in search of finance have found a positive environment in which the high-yie...

        14 November 2013

  • Market Reports

      • Cards, autos lead ABS charge

        US ABS BWIC volume picked up considerably yesterday to reach around US$200m. Much of that supply was driven by credit ca...

        14 November 2013

        ABS

  • News Analysis

      • Creative structuring

        Semi-corporate, conduit-style CMBS diverging

        The European commercial real estate debt market has this year been characterised by its creativity. A divergence is emer...

        14 November 2013

  • News

  • Market Reports

      • Euro RMBS activity picking up

        Activity has picked up in the European RMBS market. Primary issuance is being well received while BWICs circulating in t...

        13 November 2013

  • News

      • SCI Start the Week - 11 November

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

        Pipeline The pace of deals joining and exiting the pipeline last week was brisk. After a particularly busy five days, t...

        11 November 2013

  • Market Reports

  • News

      • Modified loan trends analysed

        Of the 3.2 million currently outstanding mortgages in the Loan Performance database originated between 2004 and 2007, 1....

        6 November 2013

  • News

  • News

      • SCI Start the Week - 4 November

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

        PipelineAll securitised asset classes were well represented in the pipeline last week. The new entrants included the fir...

        4 November 2013

  • News

      • Waiting for Watt?

        Representative Mel Watt's nomination as FHFA director suffered a setback yesterday as a motion to bring his nomination t...

        1 November 2013

  • News Analysis

      • Ringing the changes

        CLO risk retention to open door for BDCs

        Risk retention proposals for US CLOs will bring significant changes in the market. The regulatory requirements are set t...

        1 November 2013

  • News

      • Euro CLO 1.0 upside eyed

        European CLO 1.0 bonds are generically priced to a 20% CPR scenario, but significant return upside could emerge from hig...

        1 November 2013

  • News

      • Class A EoD for Euro CMBS

        The class A notes of the Titan Europe 2006-3 CMBS experienced an interest shortfall last week, constituting a note event...

        1 November 2013

  • Market Reports

      • Variety on show in US CLOs

        Yesterday proved a varied session for the US CLO secondary market, as the 2005-2013 vintages and all parts of the capita...

        31 October 2013

  • News

      • Auction exposure quantified

        Morgan Stanley CMBS strategists have decoded three common attributes of the 67 loans included in the upcoming CWCapital...

        31 October 2013

  • News Analysis

      • Under-rated opportunity?

        RRBs continue to offer compelling relative value

        Rate reduction bonds (RRBs) continue to offer spreads that are comparatively wide for the credit risk they represent. Vo...

        31 October 2013

        ABS

  • Market Reports

      • Autos lead ABS volumes higher

        US ABS BWIC volume rose yesterday to over US$60m. Much of the supply came from auto names, but credit card bonds and a p...

        30 October 2013

        ABS

  • News Analysis

      • Local heroes

        Private placements revitalising Asian securitisation

        A pair of innovative structured financings closed this month that demonstrate the growing appetite for privately-placed...

        30 October 2013

  • News

      • PROUL 1 basis highlighted

        The sale of three assets from the LCP Proudreed CMBS portfolio will result in a £9.17m partial prepayment of th...

        29 October 2013

  • Market Reports

  • News

      • SCI Start the Week - 28 October

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

        Pipeline Last week was slightly quieter in terms of new deals joining the pipeline. Six new ABS deals were announced, a...

        28 October 2013

  • Market Reports

  • News

  • News

  • News

  • News

  • Market Reports

  • News

      • SCI Start the Week - 21 October

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

        Pipeline More deals joined the pipeline last week, with each of the asset classes represented. Four new ABS were announ...

        21 October 2013

  • Market Reports

  • News Analysis

      • SEF differentiation

        Execution protocols, product offerings discussed

        Seventeen SEFs were granted CFTC registration by the 2 October go-live date. Liquidity is eventually expected to aggrega...

        18 October 2013

  • News

  • Market Reports

  • News

  • News

      • EMC 3 to set precedent?

        An event of default has been declared for Victoria Funding (EMC III), in what is believed to be the first instance of ba...

        15 October 2013

  • Market Reports

  • News

      • SCI Start the Week - 14 October

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

        Pipeline The number of deals joining the pipeline was fairly consistent last week. Three new ABS were announced, as wel...

        14 October 2013

  • News

  • News

  • Market Reports

  • Talking Point

      • Exploring the whole loan alternative

        As rating agencies continue to alter the status of tranches of RMBS transactions, investors who have...

        With the financial services sector continuing to rebuild following the financial crisis, investment funds are on the hun...

        10 October 2013

  • Market Reports

      • CMBS spreads flat, supply up

        Generic US CMBS spreads were unchanged yesterday. BWIC supply remained restricted due to IMN's ABS East conference but d...

        9 October 2013

  • News

      • SCI Start the Week - 7 October

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

        PipelineMany deals joined the pipeline last week only to price soon afterwards. By the end of Friday, only two new ABS,...

        7 October 2013

  • Market Reports

      • US shutdown slows Euro CMBS

        The European CMBS secondary market has been dominated by talk this week, with trading activity easing off slightly. Mark...

        4 October 2013

  • Market Reports

  • Market Reports

  • News

      • SCI Start the Week - 30 September

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

        PipelineThe number of deals joining the pipeline slowed a little last week, although there was still a good variety. Thr...

        30 September 2013

  • News

  • Market Reports

  • News Analysis

      • Master stroke?

        Aussie regulator considers master trust merits

        Speculation is growing that the Australian Prudential Regulation Authority (APRA) might allow securitisation through mas...

        27 September 2013

  • Market Reports

  • News Analysis

      • Resolutions required

        CMBS debt forgiveness set to increase ahead of maturity wall

        As US commercial real estate liquidity has improved and prices have increased over the past year, CMBS special servicers...

        26 September 2013

  • Market Reports

  • News

      • CLO diversification on the up

        A new JPMorgan overlap study implies that diversification among the top loan issuers across the US CLO market has increa...

        24 September 2013

  • News

  • News

      • SCI Start the Week - 23 September

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

        PipelineFive ABS were added to the pipeline last week, all of which were auto deals. Two RMBS, one CMBS and two CLOs wer...

        23 September 2013

  • Market Reports

  • News Analysis

      • Supply sought

        Increased loan issuance not enough for CLOs

        Sourcing appropriate collateral is becoming tougher for European CLOs. Refinancing deals providing competition, new loan...

        19 September 2013

  • News

  • News Analysis

  • Market Reports

  • News

  • News

      • SCI Start the Week - 16 September

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

        Pipeline Deals entered and left the pipeline in quick succession last week, with many new arrivals printing before the...

        16 September 2013

  • News Analysis

      • Delivering unification?

        Common TBA proposal could ease GSE transition

        The concept of a unified conventional TBA deliverable for the GSEs has gained traction recently. Such a move could mark...

        13 September 2013

  • Market Reports

  • Market Reports

  • Provider Profile

      • Intermediary initiative

        Nassar Hussain, managing partner at Brookland Partners, answers SCI's questions

        Q: How and when did Brookland Partners become involved in the CMBS market? A: Brookland Partners has been lead financia...

        12 September 2013

  • News

  • News

  • News

  • Market Reports

  • News

  • News

      • SCI Start the Week - 9 September

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

        Pipeline Several deals were added to the pipeline last week, many of them ABS. Alongside the half-dozen new ABS entrant...

        9 September 2013

  • Market Reports

  • News

  • Market Reports

      • RMBS BWIC volume returns

        US non-agency RMBS secondary supply began to pick back up again yesterday. BWIC volume for the session was over US$650m,...

        5 September 2013

  • News

      • Office rebound boosts UK CMBS

        An inflection point appears to have been reached in the UK secondary commercial property market, with office leading the...

        5 September 2013

  • News

  • News

  • Market Reports

  • The Structured Credit Interview

      • Starting early

        Ivan Zinn, founding partner and cio at Atalaya Capital Management, answers SCI's questions

        Q: How and when did Atalaya become involved in the structured finance markets? A: Atalaya Capital Management has been a...

        2 September 2013

  • News

      • SCI Start the Week - 2 September

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

        PipelineTwo ABS, one ILS, one RMBS and one CLO entered the pipeline last week and remained there by the weekend. Of thes...

        2 September 2013

  • Market Reports

      • Euro ABS may stay quiet

        It has been a typically quiet August for European ABS as traders take their holidays, although there has been some BWIC...

        30 August 2013

        ABS

  • Market Reports

      • Autos bump up ABS volume

        US ABS secondary volume was up yesterday, driven by a list of short block sized auto bonds. SCI's PriceABS data shows a...

        29 August 2013

        ABS

  • News

  • Market Reports

  • News

      • Sales put GSEs on course

        Since announcing that the GSEs would reduce their less liquid holdings by 5% this year, at least six large non-agency BW...

        28 August 2013

  • Market Reports

  • Market Reports

  • Market Reports

      • CHAIT bonds boost ABS supply

        Over US$300m of BWIC supply hit the US ABS secondary market yesterday and a significant portion of that was credit card...

        22 August 2013

        ABS

  • News

  • News

  • News

  • Market Reports

  • News

      • SCI Start the Week - 19 August

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

        PipelineA variety of deals remained in the pipeline at the end of last week. These included two ABS, one RMBS, one CMBS...

        19 August 2013

  • Market Reports

  • News

  • Market Reports

  • News

  • News

  • Market Reports

      • Large list leads RMBS surge

        A CDO liquidation and large legacy bid-list helped boost US RMBS secondary supply yesterday, with around US$1.2bn of non...

        14 August 2013

  • News

      • SCI Start the Week - 12 August

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

        PipelineIn a week in which many deals joined the pipeline and left soon after, CMBS accounted for the majority of those...

        12 August 2013

  • Market Reports

  • News Analysis

      • Rising opposition

        Eminent domain success in doubt

        Successful implementation of Richmond, California's eminent domain plan (SCI 31 July) and widespread adoption of similar...

        8 August 2013

  • News

  • News

  • News

      • SCI Start the Week - 5 August

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

        Pipeline Three CMBS remained in the pipeline at the end of last week. The transactions comprised: US$1.79bn JPMBB 2013-...

        5 August 2013

  • News Analysis

      • STACR stacks up

        Risk-sharing programme to aid RMBS price discovery

        Freddie Mac upsized and priced its inaugural risk-sharing transaction last week (SCI 17 July). The structure was welcome...

        2 August 2013

  • News Analysis

      • Counterparty conundrums

        Investors, issuers adapting to swap-related dilemmas

        Given the difficulty of replacing counterparties and expense of posting collateral for cashflow securitisations, high vo...

        2 August 2013

  • News

  • News Analysis

      • Accelerating evolution

        CLO structural changes gather pace amid increased issuance

        The pick-up in CLO issuance has accelerated structural innovation on either side of the Atlantic. At the same time, regu...

        30 July 2013

  • News

      • SCI Start the Week - 29 July

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

        PipelineBy the end of a relatively busy week for new issuance, only four transactions remained in the pipeline on Friday...

        29 July 2013

  • Market Reports

      • Euro CMBS gaining ground

        European CMBS appears to be slowly gaining some traction after a quiet period. Trading levels are steady, with buyers st...

        26 July 2013

  • News Analysis

      • Cross-asset movement

        Rising rates rearrange relative value

        Rising interest rates in the wake of the Fed's tapering proposal have profoundly affected cross-asset relative value. Wh...

        26 July 2013

  • Market Reports

  • News Analysis

      • Call to action

        Securitisation best practice gaining traction in Brazil

        Brazilian ABS issuance volume plummeted to its lowest level since 2004 last year and is yet to return. New rules passed...

        25 July 2013

  • Market Reports

  • Talking Point

      • Confidence boost

        Will bespoke single tranches make a comeback, asks Anu Munshi, partner at B&B Structured Finance

        Last month, JPMorgan and Morgan Stanley scrapped plans to launch a synthetic CDO. Apparently there wasn't enough interes...

        24 July 2013

        CDO

  • Market Reports

      • No Monday blues for US RMBS

        US RMBS secondary supply started the week strongly, with BWIC volume on Monday of US$387 for agency RMBS and US$410m for...

        23 July 2013

  • News Analysis

      • Rebuilding Basel

        'Sweeping' capital requirement changes under consideration

        The Basel Committee sought and received feedback on a consultative paper launched late last year (SCI 19 December 2012)....

        23 July 2013

  • News

      • SCI Start the Week - 22 July

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

        Pipeline After only seeing a single deal in the previous week, ABS returned to the pipeline last week. Three new ABS de...

        22 July 2013

  • Market Reports

  • News

  • Market Reports

  • News

  • News

  • Market Reports

      • RMBS dominates quiet session

        US secondary RMBS proved the most active sector in an unusually quiet session yesterday. ABS and CMBS BWIC volume totall...

        16 July 2013

  • News

      • SCI Start the Week - 15 July

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

        PipelineThe mix of deals added to the pipeline last week was skewed towards CMBS and CLOs. Only one ABS (US$1bn Volkswag...

        15 July 2013

  • Market Reports

  • News Analysis

      • Risk and reward

        Leveraged credit investing becoming more complex?

        Risk appetite for leveraged diversified credit is rising with the hunt for yield. But, at the same time, the infrastruct...

        11 July 2013

  • News

  • Market Reports

      • US RMBS makes welcome return

        The US RMBS secondary market sprang back to life yesterday after a string of quiet sessions before and after 4 July. SCI...

        10 July 2013

  • Market Reports

      • Secondary CLOs are all talk

        After a difficult June for the secondary US CLO sector, this month has begun with a couple of covers and DNTs. Market pa...

        9 July 2013

  • News

  • News

  • News

      • SCI Start the Week - 8 July

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

        PipelineDespite a predictably quiet week for the market, nine new deals were added to the pipeline. These transactions c...

        8 July 2013

  • News Analysis

      • Government-sponsored exits?

        GSE sell-offs raise questions about future

        Fannie Mae and Freddie Mac are in the process of moving around US$60bn in guaranteed mortgages over to private investors...

        8 July 2013

  • Market Reports

      • No holiday for Euro RMBS

        Although secondary markets on either side of the Atlantic were quiet yesterday, some activity was observed in European R...

        5 July 2013

  • News Analysis

      • Dawning realisation

        Forbearance losses stack up on transferred MSRs

        The large losses realised by Ocwen on loans previously serviced by Homeward Residential (AHM) came as a surprise to many...

        5 July 2013

  • News

  • Market Reports

  • Talking Point

      • Benchmarking style

        CLO analytics approaches discussed

        Representatives from Moody's Analytics and ING Investment Management discussed how to leverage the latest analytics and...

        3 July 2013

  • Market Reports

  • News

  • Market Reports

  • News

      • SCI Start the Week - 1 July

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

        PipelineCLOs led the way last week, both in terms of new additions to the pipeline and deal prints. Six new CLOs were an...

        1 July 2013

  • Market Reports

  • News Analysis

      • Casting nets

        Hunt for relative value puts range of options on the table

        European primary issuance may have been patchy this year, but liquidity in the secondary market has generally increased....

        28 June 2013

  • News

  • Market Reports

  • News Analysis

      • Shifting sands

        European securitisation market seeks stability

        The first half of 2013 has seen significant changes in the European ABS market's investor base, issuance patterns and re...

        27 June 2013

  • Market Reports

  • Market Reports

  • News

      • SCI Start the Week - 24 June

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

        PipelineA variety of deals were announced last week. Four ABS, two ILS, one WBS, one RMBS, one CMBS and one CLO joined t...

        24 June 2013

  • News

      • MSR sale velocity examined

        Ocwen intends to purchase US$78bn in unpaid principal balance of OneWest Bank mortgage servicing rights and related serv...

        20 June 2013

  • News

      • Credit index futures debut

        The first of ICE's planned credit index futures contracts - the Markit CDX Investment Grade When Issued Future...

        19 June 2013

        CDS

  • News Analysis

      • Moving on?

        The re-emergence of the European CLO market has many positive aspects, but corporate trust service p...

        The evolving European securitisation market has seen several changes since the crisis, with many positive developments,...

        18 June 2013

  • News

      • SCI Start the Week - 17 June

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

        Pipeline Many of the deals which joined the pipeline last week priced soon afterwards but a handful still remained when...

        17 June 2013

  • Market Reports

  • Research Notes

  • News

  • News Analysis

      • Emerging market

        Russian RMBS, ABS issuance gathering pace

        Russian RMBS issuance volume is expected to reach RUB50bn-RUB60bn this year, versus a total of RUB37bn in 2012, boosted...

        13 June 2013

  • Market Reports

  • Market Reports

      • Secondary split seen in RMBS

        The US RMBS secondary market has had a mixed start to the week, with agency supply up but non-agency BWIC volume markedl...

        11 June 2013

  • News

      • GRAND redemption nears

        GRAND sponsor Deutsche Annington (DAIG) intends to list on the Frankfurt Stock Exchange. As it seeks to rebalance its fu...

        11 June 2013

  • News

      • SCI Start the Week - 10 June

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

        PipelineNew deals continued to join the pipeline last week, with three ABS, two RMBS and two CMBS announced. The ABS wer...

        10 June 2013

  • Provider Profile

      • Linking-in credit

        Mike Manning, DealVector co-founder and ceo, and Dave Jefferds, co-founder and coo, answer SCI's que...

        Q: How and when did DealVector become involved in the structured finance markets? MM: The system has been live for tw...

        6 June 2013

  • News

  • Market Reports

  • News

      • Clean-up calls gather pace

        The recovery in US home prices has prompted a modest pick-up in RMBS clean-up calls. Coupled with rising asset prices fr...

        4 June 2013

  • Provider Profile

      • Leveraging value-at-risk

        Richard Green, director at Venn Partners, answers SCI's questions

        Q: How and when did Venn Partners become involved in the securitisation market? A: Venn Partners was established in 2...

        4 June 2013

  • News

      • SCI Start the Week - 3 June

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

        Pipeline It has been another busy week for the pipeline, with ABS, RMBS, CMBS and CLO transactions all being announced....

        3 June 2013

  • News

  • Research Notes

  • Market Reports

  • News

  • Market Reports

  • News

  • News

  • News

  • News

  • News Analysis

      • RMBS alpha

        Hedge fund appetite hinges on security selection

        Relative value opportunities in legacy US non-agency RMBS remain for credit hedge funds, despite significant price appre...

        24 May 2013

  • Market Reports

      • Ups and downs for US RMBS

        The primary focus in the US RMBS market yesterday was on the possible tapering of QE, given Fed chairman Ben Bernanke's...

        23 May 2013

  • News

  • News Analysis

      • CLO shake-out

        Mezz trending tighter post-FDIC rule-change

        Last month's change in FDIC assessments (SCI 19 March) appears to be encouraging more asset managers to enter the US CLO...

        23 May 2013

  • Talking Point

      • Zombie deals: the living dead of structured credit

        Dave Jefferds, co-founder and COO of DealVector, examines how noteholder communication could help he...

        Five long years ago, the global financial crisis hit. Many deals imploded almost immediately, like ABS deals that blew t...

        22 May 2013

        CDO

  • News

      • SCI Start the Week - 20 May

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

        Pipeline A broad range of transactions remained in the pipeline at the end of last week. These deals comprise four ABS,...

        20 May 2013

  • News Analysis

      • Asian liberalisation?

        Signs of CDS gaining ground as Asian markets open up

        The OTC derivatives market in Asia continues to be fragmented and largely weighted towards FX and interest rate swaps. H...

        20 May 2013

        CDS

  • Market Reports

  • News

  • Research Notes

  • News Analysis

      • SEF certainty

        CFTC clears up CDS concerns

        A perceived regulatory preference for CDS futures over swaps has caused serious consternation in the market. However, th...

        17 May 2013

  • News Analysis

      • Differences of opinion

        RMBS rep and warranties scrutinised

        Year-to-date US non-agency RMBS issuance stands at US$7.7bn, with volumes forecast to reach US$20bn by year-end, well in...

        17 May 2013

  • News

  • News Analysis

      • American influence

        European CLO market moving towards US model

        Recent developments in the European CLO market suggest that it is moving closer to a US-style model. After Cairn CLO III...

        15 May 2013

  • News

  • News

      • SCI Start the Week - 13 May

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

        Pipeline Two ABS, one ILS, one RMBS, one CMBS and four CLOs entered the pipeline last week. Of those deals, only the RM...

        13 May 2013

  • Market Reports

  • News

  • Market Reports

  • News Analysis

      • Aussie boom

        Offshore interest returns as Australian RMBS picks up

        The Australian RMBS market is resurgent, with volumes already on course to surpass last year's. New issuance opportuniti...

        9 May 2013

  • Market Reports

  • News

  • News

  • Research Notes

  • Market Reports

  • Market Reports

  • News

  • News Analysis

      • Stepping up

        First-time CLO managers' to-do list discussed

        As the US CLO sector continues to recover, more players are expected to enter the market. Prospective first-time manager...

        30 April 2013

  • News

      • SCI Start the Week - 29 April

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

        PipelineThree new ILS deals joined the pipeline last week, as well as a further four ABS and two RMBS. All three catastr...

        29 April 2013

  • News

  • Market Reports

  • News Analysis

      • Issuance awaited

        UK RMBS spreads tighten as investors lack options

        No prime UK RMBS has been issued this year and that lack of issuance is helping to drive secondary spreads in the sector...

        26 April 2013

  • News

  • Market Reports

  • News

  • News

  • News

      • SCI Start the Week - 22 April

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

        Pipeline Five new deals remain in the pipeline from last week. These include one ABS, one CLO and three CMBS. The ABS...

        22 April 2013

  • Market Reports

  • News

  • News Analysis

      • Single surge

        Single-borrower CMBS sees heavy Q1 issuance

        At around US$9bn, US single-asset/single-borrower CMBS issuance in the first quarter almost equalled the total for all o...

        19 April 2013

  • News

  • News

      • Farallon pay-down welcomed

        The US$1.6bn Farallon Portfolio loan, securitised in four separate CMBS, has paid off. The pay-down has resulted in mean...

        18 April 2013

  • News Analysis

      • Pre-wired flexibility

        Intu CMBS could have broader attraction

        The recent £800m Intu (SGS) Finance 2013 series 1 transaction represents a watershed in UK CMBS as it uses a co...

        18 April 2013

  • News

  • News

      • SCI Start the Week - 15 April

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

        Pipeline The number of deals entering the pipeline was fairly steady last week, with eight deals remaining there at Fri...

        15 April 2013

  • Market Reports

  • Market Reports

  • Market Reports

      • US CMBS picks up pace

        US CMBS secondary supply yesterday more than doubled the levels observed on Monday. Total BWIC volume stood at US$233m,...

        10 April 2013

  • News Analysis

      • Ratings differentiation

        Call for improved assessment of derivatives risk

        'Too big to fail' is emerging as a mainstream concern and with it come calls for the assessment of derivatives risk to b...

        10 April 2013

  • News

  • Market Reports

  • News

  • News

      • SCI Start the Week - 8 April

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

        PipelineThe second quarter kicked off with a healthy number of new deals being announced. Of those transactions, one ABS...

        8 April 2013

  • Market Reports

      • RMBS volume creeps up

        SCI's PriceABS data shows an increase in US RMBS secondary activity for yesterday's session. Subprime supply was particu...

        5 April 2013

  • News

  • News

  • News Analysis

      • Put-back progress

        RMBS repurchase cases move through courts

        Lawsuits resulting from RMBS representation and warranty breaches are taking longer to progress through the courts than...

        4 April 2013

  • Market Reports

  • News

  • Market Reports

  • Market Reports

  • The Structured Credit Interview

      • Holistic remedy

        Jacob Lyons, md at CR Investment Management, answers SCI's questions

        Q: How and when did CR Investment Management become involved in the CMBS market? A: At the core of CR Investment Manage...

        26 March 2013

  • News Analysis

      • Clearing is coming

        European credit derivatives participants prepare for EMIR

        Mandatory central clearing has already begun in the US and is now being rolled out in Europe (SCI passim). The changes u...

        25 March 2013

        CDS

  • News

      • SCI Start the Week - 25 March

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

        PipelineIt was another busy week for new deal announcements as the end of Q1 approaches. There were two newly-announced...

        25 March 2013

  • News Analysis

      • Single-name shut-out?

        CVA charge adds pressure to move to CDS indices

        Single-name CDS liquidity has been falling for the last few years as trading concentrates on an ever-smaller universe. T...

        22 March 2013

  • Market Reports

  • Market Reports

  • Market Reports

      • CLO subs steal the show

        A flurry of US CLO subordinate tranches were out for the bid yesterday. Several more senior tranches were also among the...

        20 March 2013

  • Market Reports

      • US CMBS attracts attention

        Secondary supply was light across the US markets yesterday, although a good amount of CMBS did get snapped up. Total bid...

        19 March 2013

  • News

  • News

      • SCI Start the Week - 18 March

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

        PipelineAnother wave of deals began marketing last week. There were three ABS, an ILS, an RMBS and three CMBS remaining...

        18 March 2013

  • News Analysis

      • Smart sourcing

        Non-core asset dispositions eyed

        With large US funds increasingly entering the European secondary ABS market in search of yield, European funds are havin...

        18 March 2013

  • Market Reports

      • Euro CMBS market picks up

        The European secondary CMBS market still has not returned to the level of activity seen at the start of the year, but it...

        15 March 2013

  • News

  • News Analysis

      • New approach

        Unconstrained absolute return funds in vogue

        New approaches to credit are being explored, as the asset class seeks to remain appealing relative to the equity market....

        15 March 2013

  • News Round-up

  • Market Reports

  • News

      • Office bucks watchlist trend

        Knowing which criteria triggered a servicer watchlist (WL) placement can be helpful in predicting the likelihood of a CM...

        12 March 2013

  • News

      • Punch class Ms organise

        Punch Taverns has released a positive trading statement and still expects to meet guidance on full-year operating profit...

        12 March 2013

        ABS

  • News Analysis

      • Euro 2.0?

        European CLO market back, but not as before

        Cairn CLO III printed last month, reopening the European CLO market after a lengthy hiatus. Further deals from Pramerica...

        12 March 2013

  • News

      • SCI Start the Week - 11 March

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

        Pipeline Last week was the busiest the pipeline has been for a while, largely due to five new CMBS being announced. The...

        11 March 2013

  • Market Reports

  • News

  • Market Reports

      • Euro CLO mezz widens

        The European mezzanine CLO secondary market weakened somewhat to start the month. Single-As are trading at about 50DM wi...

        7 March 2013

  • News

  • Market Reports

  • News

  • News

      • SLABS one-stop-shop debuts

        SecondMarket - which has traditionally specialised in facilitating student-loan backed auction-rate securities...

        5 March 2013

        ABS

  • News

      • SCI Start the Week - 4 March

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

        PipelineOnly three new deals entered the pipeline last week. They were: a UK CMBS called Intu (SGS) Finance series 1; a...

        4 March 2013

  • News Analysis

      • Clearing countdown

        US credit derivatives participants prepare for mandatory clearing

        Mandatory swap clearing in the US for four categories of CDX and iTraxx CDS will begin next week. Even with that deadlin...

        4 March 2013

  • Market Reports

  • The Structured Credit Interview

      • Intermediation advantage

        Andrea Podesta, head of fixed income, and Armando La Morgia, head of structured finance at KNG Secur...

        Q: How and when did KNG Securities become involved in the structured finance markets? AP: The KNG Securities model is b...

        28 February 2013

  • Market Reports

  • Market Reports

  • News

      • SCI Start the Week - 25 February

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

        PipelineMany deals joined the pipeline last week, with a good number remaining even after several priced before Friday's...

        25 February 2013

  • Market Reports

  • News Analysis

      • Uploading answers

        Originators get to grips with ED requirements, liabilities

        The ECB deadline for submitting loan-level deal data to the European DataWarehouse is the end of March. However, concern...

        22 February 2013

  • Market Reports

      • CLO pricing disparity emerges

        The number of CDO bid-lists circulating in secondary reached double figures yesterday and even more are expected to hit...

        21 February 2013

  • Market Reports

  • Market Reports

  • News

  • News Analysis

      • Viable exit

        Private label refi initiatives gaining traction

        Providing performing borrowers in non-agency RMBS pools with a viable exit from their high-interest mortgages is attract...

        20 February 2013

  • News Analysis

      • Equity equations

        US CLO 1.0 versus 2.0 equity relative value explored

        There are several considerations for CLO equity investors looking for relative value in CLO 1.0 and 2.0 deals. While the...

        20 February 2013

  • News Analysis

      • Action consequences

        Increased focus on rating agency performance

        Competing rating agencies could gain market share due to the US Department of Justice's civil lawsuit against S&...

        19 February 2013

  • News Analysis

      • Turning the corner?

        Growing optimism in European CMBS market

        It has been a tough couple of years for European CMBS, but there are signs that the environment may be changing. Primary...

        18 February 2013

  • News

      • SCI Start the Week - 18 February

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

        Pipeline Last week was a quiet one for the pipeline, with ABS dominating proceedings. Among the five newly announced de...

        18 February 2013

  • News

      • REIT demand returns

        Higher MBS yields and rising stock prices have changed the investment landscape for US mortgage REITs from announcing sh...

        15 February 2013

  • Market Reports

      • CMBS creeping tighter again

        The US CMBS secondary market continues to tighten as supply recovers from the low levels seen at the start of the week....

        14 February 2013

  • News Analysis

      • Wake-up call

        Change in transparency, buying behaviour needed

        The recent indictment of former Jefferies trader Jesse Litvak for misrepresenting RMBS prices has served as a wake-up ca...

        14 February 2013

  • News

  • Market Reports

  • News Analysis

      • Expropriation example

        SNS could set 'dramatic' CDS precedent

        The expropriation of subordinated bondholders at SNS Reaal has implications for the entire CDS market. The move has enge...

        12 February 2013

        CDS

  • News Analysis

      • Punchy proposal

        Mixed implications for pub paper

        Punch Taverns last week announced proposed amendments to the capital structure of both its Punch A and Punch B securitis...

        11 February 2013

        ABS

  • News

      • SCI Start the Week - 11 February

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

        Pipeline Many of the deals that entered the pipeline last week went on to price by the end of Friday, with only three r...

        11 February 2013

  • Market Reports

  • Talking Point

      • Taking control

        Liquidity risk management practices discussed

        Representatives from Calypso Technology and Deloitte discussed Basel 3 and liquidity risk management in Asia Pacific dur...

        8 February 2013

  • News Analysis

  • News

  • Market Reports

  • News Analysis

      • GRAND template

        Fourth outcome to CMBS loan resolutions emerging

        The restructuring of the €4.33bn German Residential Asset Note Distributor (GRAND) transaction, the largest CM...

        6 February 2013

  • Market Reports

  • News

  • Market Reports

  • News

      • SCI Start the Week - 4 February

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

        Pipeline A relatively quiet week for the pipeline was dominated by CMBS, with three new deals marketing. A floorplan au...

        4 February 2013

  • News

      • Bruntwood offer welcomed

        The Bruntwood Group is proposing to restructure its UK CMBS, Bruntwood Alpha. The pro-activity of the sponsor has been w...

        1 February 2013

  • News Analysis

      • Waiting for a spark

        Structured finance recruitment prospects limited without macro change

        The new year has dawned with the structured finance recruitment outlook as uncertain as it was for much of 2012. The env...

        31 January 2013

  • News Analysis

      • Rallying call

        Price correction warning for non-agency RMBS

        The US non-agency RMBS market rallied significantly in 2012, providing double-digit returns for many. However, as invest...

        30 January 2013

  • News

  • Market Reports

  • News

  • News

      • SCI Start the Week - 28 January

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

        PipelineIn a week dominated by new issuance, only three deals joined the pipeline and remained there by the week's end....

        28 January 2013

  • News Analysis

      • Secured future?

        Euro ABS, covered bond convergence contemplated

        A growing number of banks are combining their European ABS and covered bonds research under the umbrella term of 'secure...

        28 January 2013

  • Market Reports

  • News

  • The Structured Credit Interview

      • The big picture

        Christopher Long, president at Palmer Square Capital Management, answers SCI's questions

        Q: How and when did Palmer Square Capital Management become involved in the structured finance markets? A: Palmer Squar...

        24 January 2013

  • Market Reports

  • News Analysis

      • Adding value

        Noteholder disputes, counterparty downgrades and pricing for amendments discussed

        Representatives from leading corporate trust service providers met with SCI in December to discuss trustee independence...

        23 January 2013

  • News Analysis

  • News

      • SCI Start the Week - 21 January

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

        Pipeline Last week ABS was in the minority for once in terms of new additions to the pipeline. A single ABS -...

        21 January 2013

  • News

  • Market Reports

      • WINDM X boost for Euro CMBS

        Windermere X prices received a boost yesterday, following positive developments in connection with the Thunderb...

        17 January 2013

  • Market Reports

      • Subprime spike for RMBS

        While the US ABS and CMBS secondary markets are in hiatus, RMBS supply actually rose yesterday, thanks to a spike in sub...

        16 January 2013

  • News

  • Market Reports

      • Low DMs for Euro CLOs

        The European secondary CLO sector was quick to spring to life at the start of the year, but now appears to have...

        15 January 2013

  • News

  • News

      • SCI Start the Week - 14 January

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

        PipelineNew deals have begun to be announced for the first part of the year, with seven transactions joining the pipelin...

        14 January 2013

  • News

  • Market Reports

  • News

      • B-note bother forecast

        Further details have emerged on the resolution of the 110 East 42nd Street loan, securitised in WBCMT 2007-C33, which ha...

        10 January 2013

  • Market Reports

      • Time out for US CMBS rally?

        US CMBS secondary spreads slowed their march into tighter territory yesterday, with some tranches even widening slightly...

        9 January 2013

  • Market Reports

  • News Analysis

      • MSR issue

        BofA agreement sparks prepay concern

        Bank of America has reached a US$10.3bn settlement to resolve outstanding repurchase agreements on residential loans sol...

        8 January 2013

  • News

  • Market Reports

      • Autos, cards lead ABS charge

        US auto and credit card ABS paper was being shown on Friday as the secondary market began to open up. SCI's PriceABS dat...

        7 January 2013

        ABS

  • News

  • News

      • Titan property sales positive

        The multifamily properties securing Titan Europe 2006-2's Petrus loan have been sold. The buyer and sales price have not...

        4 January 2013

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