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  • News Analysis

      • Hiring logjam?

        Waiting game leaves recruitment on hold

        Recruitment in the structured finance space remains somewhat stagnant. While market players await regulatory clarity in...

        24 December 2014

  • Talking Point

      • Call for clarity

        Transparency at the forefront of CRA debate

        Panellists at SCI's recent London conference discussed the implications of credit rating agency (CRA) regulation in Euro...

        23 December 2014

  • News

      • Ocwen settles NY charges

        Ocwen Financial has reached a settlement with the NYDFS to address its violations of a consent order issued by the regul...

        23 December 2014

  • News Analysis

      • Is this it?

        First ABSPP purchases underwhelm market

        Purchase volumes in the first few weeks of the ECB's ABSPP have disappointed market participants. The utility of the pur...

        19 December 2014

  • Market Reports

      • US RMBS remains active

        Monday's quiet US non-agency RMBS session threatened to set the tone for a slow week, but bid-list activity picked up sh...

        17 December 2014

  • News Analysis

      • China rising

        Regulators fuel Chinese issuance boom

        Chinese securitisation issuance has rocketed this year as regulatory restrictions have been relaxed. A diversification o...

        16 December 2014

  • News

      • SCI Start the Week - 15 December

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

        Pipeline The pace of deals joining the pipeline noticeably slowed last week. At the final count there was one new ABS a...

        15 December 2014

  • News Analysis

      • CLO squeeze

        Risk retention puts manager consolidation in the spotlight

        CLO manager consolidation is expected to re-emerge as risk retention requirements bed down in the US. However, the proce...

        12 December 2014

  • Market Reports

  • Market Reports

      • RMBS supply on the rise

        US non-agency RMBS bid-list supply picked up strongly yesterday to more than US$800m. Subprime and Alt-A collateral led...

        10 December 2014

  • News

  • Market Reports

      • CMBS supply steps up

        After quiet sessions in the middle (SCI 4 December) and end of last week, US CMBS bid-list volume was over US$200m yeste...

        9 December 2014

  • Talking Point

      • Reg AB 2 in review

        Shelf-eligibility and data disclosure discussed

        Representatives from Lewtan and Dentons recently discussed the considerations for implementing Regulation AB 2 in a live...

        9 December 2014     Free

  • News

  • News

      • SCI Start the Week - 8 December

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

        Pipeline There was a steady flow of deals into the pipeline last week as five ABS, five RMBS and five CMBS were announc...

        8 December 2014

  • Market Reports

      • Post-crisis names dominate

        US CMBS bid-list volume fell to around US$44m yesterday, with generic spreads remaining mostly unchanged during the sess...

        4 December 2014

  • News Analysis

      • Stable investment

        Low-risk option attracting investors

        The overlap between stable value (SV) funds and securitisation is increasing, given that high grade ABS offers the benef...

        4 December 2014

  • Market Reports

      • US RMBS back to BWICs

        The US non-agency RMBS secondary market returned to life on Tuesday after a stretch of inactivity which had begun before...

        3 December 2014

  • News Analysis

  • Market Reports

  • News

      • SCI Start the Week - 1 December

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

        Pipeline The number of deals joining the pipeline last week was down on the week before as Thanksgiving arrived. The on...

        1 December 2014

  • Talking Point

      • At the edge

        Peripheral RMBS prospects examined

        Representatives from Bloomberg, Prytania Group and DBRS discussed peripheral European RMBS in a live webinar hosted by S...

        27 November 2014     Free

  • Market Reports

  • News Analysis

      • Cautious optimism

        Fed's presence to remain after MBS purchase halt

        With the end of QE3, the US Fed has ceded the spotlight in agency MBS purchases, while staying committed to the sector t...

        26 November 2014

  • Provider Profile

      • New broom

        Mount Street managing partner and ceo Ravi Joseph and director Jonathan Banks answer SCI's questions

        Q: How and when did Mount Street become involved in the securitisation market? RJ: Mount Street is an amalgam of a co...

        24 November 2014

  • News

      • SCI Start the Week - 24 November

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

        Pipeline A lot of deals joined the pipeline in the last full week before Thanksgiving. Unlike previous weeks it was not...

        24 November 2014

  • News

  • Talking Point

      • Can't test our way to trust

        Mike Manning, co-founder and ceo of DealVector, argues that alignment of interest is the key to RMBS...

        We may be working on the wrong issues. And when you're in a hole, stop digging. Those were two thoughts I took from SF...

        21 November 2014

  • Market Reports

      • RMBS supply stays high

        US non-agency RMBS BWIC supply remained elevated on Wednesday at more than US$1bn. Yesterday's session came hot on the h...

        20 November 2014

  • News Analysis

      • Limited expectations

        Slow growth expected for non-QM, non-agency RMBS

        US non-agency RMBS issuance remains subdued, despite something of a pick-up in the second half of the year. Greater regu...

        20 November 2014

  • News Analysis

      • AQR spur

        Stress-test boost for non-core asset disposals

        European CRE loan sales are set to rise steadily in light of the ECB's recent asset quality review (AQR) and stress test...

        19 November 2014

  • News

      • Unique exchange odds increase

        Enterprise Inns' latest results show income growth across the portfolio. With portfolio performance stabilised, the like...

        18 November 2014

        ABS

  • Market Reports

      • Large lists lift Euro CMBS

        European CMBS secondary supply is being boosted by sizeable bid-lists, with paper trading today and set to trade tomorro...

        18 November 2014

  • News

      • SCI Start the Week - 17 November

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

        Pipeline A lot of deals joined the pipeline last week, with a strong line-up of ABS leading the way. There were 11 ABS,...

        17 November 2014

  • Market Reports

      • Quiet CLO market looks ahead

        The European CLO market has remained quiet over the last week. A sizable list due to trade on Wednesday could liven it u...

        17 November 2014

  • Market Reports

      • AON lists boost NA

        US non-agency RMBS secondary supply climbed yesterday as BWIC volume approached US$800m. Several lists were presented al...

        14 November 2014

  • Market Reports

      • CMBS supply up, spreads wider

        US CMBS spreads widened out a little yesterday as BWIC supply picked up from the quiet start to the week. SCI's PriceABS...

        13 November 2014

  • News

  • News Analysis

      • Critical mass

        RPL securitisations gaining traction?

        Increasing supply, combined with the high yields on offer is pushing US re-performing loans (RPLs) closer to becoming a...

        11 November 2014

  • News Analysis

      • Embracing change

        Investor base limiting European CMBS growth

        European CMBS investors have this year embraced a wider variety of property types and jurisdictions, as well as greater...

        11 November 2014

  • Talking Point

  • News

      • SCI Start the Week - 10 November

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

        Pipeline Another fifteen deals joined the pipeline last week. They consisted of four ABS, one ILS, six RMBS, two CMBS a...

        10 November 2014

  • Market Reports

  • News Analysis

      • Evolution theory

        SFR securitisation to remain a viable asset class?

        The single-family rental securitisation market has seen six different sponsors issue 11 transactions for a total of US$6...

        6 November 2014

  • News Analysis

      • Warehouse financing

        RMBS alternative lays foundation for more

        Jerrold Holdings has closed a restructuring of the £557.7m Charles Street Conduit Asset Backed Securitisation 1...

        5 November 2014

  • Market Reports

      • Big BWIC boosts US RMBS

        A US$941m US non-agency RMBS bid-list traded yesterday, bringing total BWIC volume to around US$1.5bn. Execution appears...

        5 November 2014

  • Market Reports

      • CMBS steady to start week

        It was a quiet start to the week for most markets, although US CMBS BWIC volume once more pushed US$150m. A US$120m list...

        4 November 2014

  • News

      • SCI Start the Week - 3 November

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

        Pipeline The number of deals joining the pipeline increased markedly last week. Remaining at the end of Friday were sev...

        3 November 2014

  • Market Reports

      • ABS activity ticks over

        US ABS secondary volume was down from the prior session, but still managed to reach around US$160m yesterday. Student lo...

        31 October 2014

        ABS

  • Market Reports

      • CMBS A4s dominate

        CMBS was the only sector to see much secondary supply yesterday stateside, with many participants focused on the US$4.6b...

        28 October 2014

  • News

      • SCI Start the Week - 27 October

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

        PipelineA mix of transactions remained in the pipeline at the end of last week. The US$250m Navistar Financial Dealer No...

        27 October 2014

  • Market Reports

      • Euro CLO market looks forward

        A disconnect between bids and offers in the European CLO market has impacted secondary trading. A strong lineup of bid-l...

        23 October 2014

  • News

      • Backdating impact eyed

        The New York Department of Financial Services (NY DFS) has alleged that Ocwen backdated thousands of letters to borrower...

        23 October 2014

  • Market Reports

      • Non-agency activity rises

        US non-agency RMBS bid-list volume climbed yesterday to around US$430m, largely driven by a spike in subprime supply. SC...

        22 October 2014

  • News Analysis

      • Rating restrictions

        Sovereign caps impact investor options

        Recent rating agency criteria changes have re-focused attention on the European peripheral ABS markets. While all invest...

        22 October 2014

  • Market Reports

      • Monday sees ABS mix on BWICs

        US ABS secondary market supply yesterday was fairly evenly split between auto, credit card and student loan ABS. SCI's P...

        21 October 2014

        ABS

  • News

      • Put-back clarity offered

        In prepared remarks delivered at the annual MBA convention, FHFA director Mel Watt last week announced several key chang...

        21 October 2014

  • News

  • News

      • SCI Start the Week - 20 October

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

        Pipeline Last week a variety of new deals joined the pipeline. There were six ABS added, along with two RMBS, four CMBS...

        20 October 2014

  • News

  • News Analysis

      • Improved outcomes

        New CDS definitions redress imbalance

        Implementation of the ISDA 2014 Credit Derivatives Definitions appears to have gone smoothly last week, despite the last...

        17 October 2014

        CDS

  • Market Reports

      • Large RMBS tranches DNT

        US non-agency RMBS liquidity took a dip yesterday as a busy day of bid-lists yielded a high number of DNTs. Over US$1bn...

        16 October 2014

  • News

      • Punch ratings disappoint

        Fitch, Moody's and S&P last week published their new ratings for the restructured Punch A and Punch B whole busi...

        14 October 2014

        ABS

  • News

      • SCI Start the Week - 13 October

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

        Pipeline Several deals joined the pipeline last week. These included seven ABS, two RMBS, three CMBS and six CLOs. Th...

        13 October 2014

  • News

  • Market Reports

      • CMBS supply stays steady

        US CMBS BWIC volume climbed a little yesterday to just over US$320m. CMBS 2.0 and 3.0 double-As widened slightly, with o...

        9 October 2014

  • Market Reports

      • RMBS activity ratchets up

        US non-agency RMBS BWIC volume approached US$600m yesterday, with another large bid-list of around US$1bn due to trade t...

        8 October 2014

  • News Analysis

      • Only loans

        Loan-only CLOs defy convention

        This summer's €525m Harvest CLO IX and €415m Avoca CLO XII were each backed by loan-only portfolios....

        8 October 2014

  • Market Reports

      • Peripheral RMBS push resumes

        Heightened activity in the European secondary RMBS market continued as the week began. Italian and Spanish names continu...

        7 October 2014

  • News

      • SCI Start the Week - 6 October

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

        PipelineA large number of deals joined the pipeline last week. At the last count there were seven ABS, four RMBS, seven...

        6 October 2014

  • Market Reports

  • News Analysis

      • Flexible approach

        Lack of ABSPP detail disappoints

        The lack of detail in yesterday's ECB announcement is being seen as a reflection of the complexity of its ABS purchase p...

        3 October 2014

  • News

      • SCI Start the Week - 29 September

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

        PipelineThe pace of deals joining the pipeline slowed last week. Two new ABS were announced, as well as one RMBS, one CM...

        29 September 2014

  • Market Reports

      • Busy session for Euro RMBS

        Yesterday proved to be a busy session for secondary European RMBS. SCI's PriceABS data captured a long list of bonds out...

        26 September 2014

  • News Analysis

      • Transparency conundrum

        IPV best practices surveyed

        The majority of independent price verification (IPV) and valuation professionals polled by SCI, in partnership with Fitc...

        25 September 2014

  • Market Reports

  • News

      • More to CMBS losses than LTV

        Out of 220 loans securitised in European CMBS with an initial LTV below 62%, only one loan experienced a loss, according...

        24 September 2014

  • News

      • Sears closures affect CMBS

        Barclays Capital analysts have identified seven CMBS loans with exposure to the recent closure of various Sears and Kmar...

        23 September 2014

  • News

      • SCI Start the Week - 22 September

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

        Pipeline Two ABS, two RMBS, two CMBS and six CLOs entered the pipeline last week. The ABS comprised FCT Ginkgo Compartm...

        22 September 2014

  • Market Reports

      • Euro 'chips off the table'

        Both the primary and secondary European markets have been busy recently as the market continues to benefit from the ECB...

        19 September 2014

        ABS

  • Market Reports

      • Bid-lists bring ABS variety

        It was a busy session in US ABS yesterday, with SCI's PriceABS data capturing a range of aircraft, auto, credit card and...

        18 September 2014

        ABS

  • News

      • Dutch bonds remain attractive

        DSB Bank's Chapel and Monastery securitisations remain attractive following an update on their performance, say Morgan S...

        18 September 2014

  • News Analysis

      • Regulatory requirement

        Call for scrutiny under risk retention originator route

        European CLO and RMBS issuers are increasingly adopting the originator route under the Capital Requirements Regulation t...

        18 September 2014

  • News Analysis

      • Deeper data

        Aligning loan-level disclosure requirements

        The US SEC last month approved the final Regulation AB 2 rules, significantly changing asset-level data disclosure requi...

        18 September 2014

  • Market Reports

      • Large lists lift non-agencies

        US non-agency RMBS secondary activity was up sharply yesterday, as BWIC volume comfortably exceeded US$1bn. Much of the...

        17 September 2014

  • News Analysis

      • Better off single?

        Unified GSE security could provide PLS boost

        FHFA director Mel Watt last week reaffirmed the agency's intention to create a single TBA market for GSE securities. Alt...

        17 September 2014

  • The Structured Credit Interview

      • Value add

        Rajat Rohailla, executive director at Molton Street Capital, answers SCI's questions

        Q: How and when did Molton Street become involved in the structured finance markets? A: We are a young firm, but all of...

        17 September 2014

  • News

  • Market Reports

      • Euro CLOs enjoy ECB boost

        The 'ECB effect' is pulling European CLO spreads tighter, with BWICs last week trading very well. Further bid-lists are...

        16 September 2014

  • News

      • SCI Start the Week - 15 September

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

        Pipeline A raft of US CMBS deals joined the pipeline last week, accounting for over half of all newly-announced transac...

        15 September 2014

  • News

  • News

  • Market Reports

      • ABS secondary supply up

        US ABS bid-list volume was up from the prior session to reach around US$270m yesterday. Much of the supply came from stu...

        10 September 2014

        ABS

  • News Analysis

      • Caution ahead?

        Intermediate direction of US CMBS spreads unclear

        US CMBS credit metrics continue to slip, but are seemingly yet to give investors pause. Nevertheless, while the positive...

        10 September 2014

  • News

      • Hope note recoveries examined

        As the use of hope note CMBS modification wanes in the US, more information is becoming available on their performance i...

        9 September 2014

  • News

      • SCI Start the Week - 8 September

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

        PipelineThe first week of September saw the pace of deals joining the pipeline quicken. The week's additions consisted o...

        8 September 2014

  • Market Reports

      • Weaker bounce for CMBS

        The European CMBS market remains fairly quiet, despite the better than expected announcement from the ECB yesterday (SCI...

        5 September 2014

  • News

  • Market Reports

  • News

  • Market Reports

  • News

  • News

  • News

      • SCI Start the Week - 1 September

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

        PipelineAugust ended with a quiet week, as just three new deals joined the pipeline. These consisted of two ABS and one...

        1 September 2014

  • News

      • Countrywide valuations eyed

        The Countrywide shelf could face the brunt of increased principal modification rates, if Bank of America pursues a strat...

        29 August 2014

  • Market Reports

      • Mixed CMBS supply seen

        At around US$72m, US CMBS BWIC volume remained light yesterday ahead of the Labor Day holiday, although up from the prev...

        29 August 2014

  • News

  • News

  • News

  • Market Reports

      • Auto ABS widening underlined

        US ABS bid-list supply rose to around US$95m yesterday, with a block of auto floorplan bonds making up about half of the...

        21 August 2014

        ABS

  • News

      • Call likelihood gauged

        US RMBS clean-up call activity picked up in 2Q14, with 10 deals called during the period versus six in the previous quar...

        20 August 2014

  • News

      • Call for Fed MBS exclusion

        The US fixed income indices commonly used by money managers exclude Fed Treasury holdings when calculating their composi...

        20 August 2014

  • News Analysis

      • Watching waterfalls

        Call for increased derivatives disclosure in securitisations

        A first step towards creating a safe and transparent ABS market in Europe, in line with recent ECB rhetoric, could be gr...

        20 August 2014

  • News

  • News

      • SCI Start the Week - 18 August

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

        PipelineOnly a handful of deals joined the pipeline last week amid the summer lull. Of these transactions, two were CMBS...

        18 August 2014

  • News Analysis

      • Backing away

        Canadian government reducing RMBS role

        Private RMBS has traditionally only constituted a small part of Canadian residential mortgage funding. However, with the...

        14 August 2014

  • Market Reports

  • News

      • Rates impact weighed

        With FN 4.5s prices nearing their all-time highs, the US agency RMBS sector appears to be at a tipping point from a rate...

        12 August 2014

  • Market Reports

  • News

  • News

      • SCI Start the Week - 11 August

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

        PipelineThe pace of deals joining the pipeline slowed down last week. There were four ABS, two RMBS and four CMBS added....

        11 August 2014

  • Market Reports

      • CMBS supply stays high

        US CMBS bid-list supply remained strong yesterday at around US$478m, with generic spreads wider across most vintages and...

        8 August 2014

  • News Analysis

      • Conflict of interest

        Litigation activity turning towards trustees

        The focus of US financial crisis-related litigation activity is turning towards the trustee community. The fundamental i...

        8 August 2014

  • News Analysis

      • Re-REMIC return?

        Demand for round-lots driving re-REMIC up-tick

        US re-REMIC volumes picked up considerably over the first half of the year and activity in the sector looks set to conti...

        7 August 2014

  • Market Reports

  • News

  • News

  • News Analysis

      • Credit benefits

        Reach for yield outweighs macroeconomic concerns

        The US credit markets enjoyed a positive first half, with some sectors seeing returns in the high single-digits due to c...

        5 August 2014

  • News

      • SCI Start the Week - 4 August

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

        Pipeline It was another busy week for deals joining the pipeline. Seven ABS, four RMBS, six CMBS and three CLOs remaine...

        4 August 2014

  • News

      • Punch B upside expected

        With the ABI special committee now supporting the latest Punch restructuring proposal (SCI 22 July), it now appears like...

        1 August 2014

        ABS

  • Market Reports

      • US ABS activity picks up

        After a slow start to the week, yesterday's session brought an increase in US ABS secondary market activity. BWIC volume...

        31 July 2014

        ABS

  • Market Reports

      • Strong secondary CLO supply

        The US CLO secondary market was busy yesterday, with SCI's PriceABS data capturing 62 unique US CLO tranches on bid-list...

        30 July 2014

  • News

      • Experts endorse settlement

        Independent experts consulted by RMBS trustees on the adequacy of JPMorgan's proposed settlement have made their recomme...

        29 July 2014

  • Provider Profile

      • European alternative

        Stefan Bund, group md and head of asset-based finance at Scope Ratings, answers SCI's questions

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

        29 July 2014

  • News

  • News

      • SCI Start the Week - 28 July

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

        Pipeline A mixed bag of transactions joined the pipeline last week. Four ABS, three RMBS, one CMBS and three CLOs remai...

        28 July 2014

  • News Analysis

      • Risky sharing?

        GSE deals may underpay for risks involved

        Fannie Mae printed its US$2.05bn CAS Series 2014-C03 deal earlier this month, with structural innovations that may incre...

        28 July 2014

  • News

  • News

  • Market Reports

  • News

      • Loan TRS 'welcome' addition

        Total return swaps (TRS) on investment grade and high yield credit indices in Europe and the US have seen moderate succe...

        23 July 2014

  • News

  • News

  • News

      • SCI Start the Week - 21 July

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

        PipelineMany of the deals that joined the pipeline last week were quick to price. However, three ABS, an RMBS, five CMBS...

        21 July 2014

  • News

      • TMAN 7 D bonds overvalued?

        Pricing on the TMAN 7 class D bonds does not reflect the risks involved, say Deutsche Bank CMBS analysts. An update call...

        18 July 2014

  • Market Reports

      • US RMBS supply stays steady

        US non-agency RMBS secondary market activity remained moderate yesterday as supply was driven mainly by subprime floater...

        18 July 2014

  • Market Reports

      • US CMBS abuzz with bid-lists

        There was heavy BWIC volume in the US CMBS market yesterday. Bid-lists totalling over US$500m were circulating, with SCI...

        17 July 2014

  • News

      • ESAIL picks highlighted

        2007-vintage Eurosail RMBS continue to attract headlines due to their unhedged FX exposure and associated restructuring...

        16 July 2014

  • News

  • Market Reports

  • News Analysis

      • Accelerated evolution

        Rapid pace of change as CLO market grows

        US CLO issuance has reached record pace this year, as innovations driven by both regulatory demands and investor behavio...

        15 July 2014

  • News

      • SCI Start the Week - 14 July

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

        Pipeline Several deals were added to the pipeline last week, including a large number of CLOs. As well as four ABS, thr...

        14 July 2014

  • Market Reports

  • Market Reports

      • Secondary ABS supply picks up

        US ABS bid-list volume was up yesterday to more than US$230m, with SCI's PriceABS data revealing several student loan tr...

        10 July 2014

        ABS

  • Market Reports

  • News

  • News

      • SCI Start the Week - 7 July

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

        PipelineSeveral deals joined the pipeline last week as the market prepared for the US Independence Day holiday. The new...

        7 July 2014

  • News

  • News

  • Market Reports

      • Steady secondary CLO supply

        It was another fairly busy session for the US CLO secondary market yesterday. SCI's PriceABS data captured 26 unique US...

        2 July 2014

  • Market Reports

      • Slow start for US ABS

        US ABS bid-list activity was very low to start the holiday-shortened week. SCI's PriceABS data picked up student loan pa...

        1 July 2014

        ABS

  • News

      • SCI Start the Week - 30 June

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

        Pipeline After a fairly even distribution of new deals added to the pipeline two weeks ago, last week was dominated by...

        30 June 2014

  • News

  • Market Reports

  • Market Reports

      • Autos fuel ABS activity

        US ABS secondary market activity remained moderate in yesterday's session, with BWIC volume of a little over US$200m. SC...

        25 June 2014

        ABS

  • Market Reports

  • News Analysis

  • News

      • SCI Start the Week - 23 June

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

        Pipeline Additions to the pipeline last week were fairly even distributed between ABS, RMBS, CMBS and CLOs. There were...

        23 June 2014

  • Market Reports

      • Strong showing seen for CDOs

        SCI's PriceABS data captured 765 CLO and 93 CDO line items this week, with 156 and 44 respectively recorded yesterday, s...

        20 June 2014

        CDO

  • News Analysis

      • Tough times

        Recruitment quiet as markets squeezed

        The tone in structured finance recruitment on each side of the Atlantic is cautious at best. While hiring continues in b...

        20 June 2014

  • News Analysis

      • Lack of trust?

        Aussie regulator not rushing master trusts

        Australian securitisation activity is on the rise but is not being helped by the attitude of the market's regulator. APR...

        19 June 2014

  • Market Reports

      • Bid-list boosts RMBS supply

        US non-agency RMBS volume picked up yesterday to reach around US$788m, ahead of a US$647m bid-list scheduled to trade to...

        18 June 2014

  • News

      • Tranche market transitioning

        The European credit index tranche market is transitioning from being dominated by legacy positions towards a regime base...

        18 June 2014

        CDS

  • News

  • News Analysis

      • Growth pains

        European CLO market constraints examined

        European CLO issuance volume is expected to reach €10bn-€15bn across 30 transactions this year. Risk...

        18 June 2014

  • News

  • News Analysis

      • Compression trades

        European ABS relative value discussed

        Spread compression has made identifying relative value in the European ABS market more difficult. However, panellists pa...

        17 June 2014

  • Market Reports

  • News

      • SCI Start the Week - 16 June

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

        Pipeline Conferences in Europe and the US limited pipeline activity last week, although seven CLOs were announced. Two...

        16 June 2014

  • News

  • News

  • Market Reports

      • Large RMBS lists lined up

        A large US$1bn US non-agency RMBS bid-list was announced yesterday and due to trade today. The list contains 24 line ite...

        11 June 2014

  • News Analysis

      • Starting gun

        New front emerges in Trups CDO enforcement

        American Bancorp was last month forced into involuntary bankruptcy, marking the first case where Trups CDO holders worke...

        11 June 2014

        CDO

  • News Analysis

      • Discount bargains

        Early CLO refinancings provide investor opportunities

        New US CLO structures with senior tranches offered at both par and at a discount are creating opportunities for investor...

        11 June 2014

  • Talking Point

      • Bondholder communications reviewed

        The ICMSA discusses how the trustee community has worked to address concerns around bondholder meeti...

        A lively discussion between investors and trustees at the 2010 Global ABS conference was a catalyst for the ICMSA1 to re...

        10 June 2014

  • News

  • News

      • SCI Start the Week - 9 June

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

        PipelineMany more deals joined the pipeline last week than had been added in the week before. They consisted of four ABS...

        9 June 2014

  • Market Reports

      • US CMBS market rallies

        The US CMBS market rallied yesterday as spreads tightened. Trepp reports that secondary volumes reached the highest leve...

        6 June 2014

  • News

  • Market Reports

      • Autos augment ABS mix

        US ABS secondary market activity picked up yesterday as BWIC volume reached around US$172m. SCI's PriceABS data captured...

        5 June 2014

        ABS

  • News

  • Market Reports

      • Euro CMBS coming alive?

        The European CMBS secondary market has been subdued recently, although BWICs have been announced for both today and tomo...

        4 June 2014

  • News

  • Market Reports

      • Strong start for CLOs

        The week started with limited activity in the US ABS or MBS markets but an active session for the CLO secondary market....

        3 June 2014

  • News

      • SCI Start the Week - 2 June

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

        PipelineBank holidays on either side of the Atlantic contributed to a relatively quiet week. Four ABS, four RMBS and fou...

        2 June 2014

  • Market Reports

      • RMBS secondary supply jumps

        US non-agency RMBS BWIC volume picked up yesterday to reach around US$410m. A variety of bonds were out for the bid, inc...

        29 May 2014

  • News

  • News

  • News

      • Revolving auto deal debuts

        Ford Credit has priced a unique prime auto loan ABS that brings some welcome diversification to the sector. The US$1.08b...

        22 May 2014

        ABS

  • News

      • LEMES 2006-1 offer enhanced

        IEF, the sponsor of Dutch CMBS Leo-Mesdag, has offered noteholders an enhanced restructuring proposal. The new proposal...

        22 May 2014

  • Market Reports

      • US ABS activity picks up

        US ABS BWIC volume approached US$180m yesterday on the back of a couple of quieter sessions. SCI's PriceABS data shows a...

        21 May 2014

        ABS

  • Market Reports

      • RMBS gears up for busy week

        The US non-agency RMBS secondary market made a solid start to the week as BWIC volume approached US$450m yesterday. Acti...

        20 May 2014

  • News

      • CLO hedging discussed

        FX risk is an established consideration for the CLO market - especially for European CLOs. JPMorgan CDO analys...

        20 May 2014

  • News

      • SCI Start the Week - 19 May

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

        PipelineSeventeen deals remained in the pipeline by the end of last week. They consisted of five ABS, three ILS, three R...

        19 May 2014

  • News Analysis

      • Turning tide?

        ECB attitude shift provides securitisation lift

        The re-emergence of the European securitisation market has been helped by initiatives like the European DataWarehouse (S...

        16 May 2014

  • News

      • Rates encourage CMBS prepays

        US CMBS loans have experienced an increase in the number of early prepayments with defeasance or yield maintenance recen...

        15 May 2014

  • Market Reports

  • News

  • News

  • Market Reports

      • Bid-list boost for US RMBS

        US non-agency RMBS BWIC volume reached US$716m in yesterday's session as supply was up across all product types. Most of...

        14 May 2014

  • News Analysis

      • Switch sense

        Non-conforming pay-down triggers anticipated

        UK non-conforming RMBS continues to outperform US subprime RMBS and several deals are now approaching their pay-down swi...

        13 May 2014

  • Market Reports

  • News

      • SCI Start the Week - 12 May

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

        Pipeline Just nine new deals were added to the pipeline last week. These consisted of three ABS, an ILS, two RMBS, a CM...

        12 May 2014

  • Market Reports

  • News

  • News

      • XA spread compression over?

        The strength of US CMBS XA tranche BWIC execution last month caught the market by surprise, leading to a sharp rally in...

        8 May 2014

  • News

  • Market Reports

  • News

  • Market Reports

      • RMBS supply ticks up

        US non-agency RMBS bid-list volume was moderate again yesterday at a little under US$500m. Supply was dominated by adjus...

        7 May 2014

  • Market Reports

      • CMBS spreads stay steady

        US CMBS BWIC supply was over US$200m yesterday as spreads stayed mostly unchanged. CMBS 2.0 and 3.0 single-A rated secur...

        2 May 2014

  • News Analysis

      • Capital idea

        Housing finance solution debated

        A US senate markup hearing took place this week for the Crapo-Johnson bill (SCI 12 March), although it was recessed with...

        2 May 2014

  • Market Reports

      • Euro eyes on French RMBS

        The European RMBS market is currently abuzz with interest in an upcoming French deal. Meanwhile, secondary market spread...

        1 May 2014

  • News

  • News

  • News

      • Value seen in Italian RMBS

        A number of Italian RMBS that were previously retained by their originators have been remarketed and publicly placed in...

        30 April 2014

  • Market Reports

  • News

  • Market Reports

      • US ABS supply inches higher

        US ABS BWIC volume was subdued yesterday, just creeping above US$50m. SCI's PriceABS data shows supply dominated by auto...

        29 April 2014

        ABS

  • News

      • Landmark CMBS ruling issued

        A judgement has been delivered on directions sought by US Bank as trustee with respect to the Titan Europe 2007-1 (NHP)...

        29 April 2014

  • News

      • SCI Start the Week - 28 April

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

        Pipeline Several new deals joined the pipeline last week once Easter had passed. Among them were an ABS and two ILS, as...

        28 April 2014

  • News Analysis

      • Colour-blind conundrum

        RMBS valuations complicated by lack of bid-list activity

        US RMBS secondary market supply has dried up over the last several weeks in a way that ABS and CMBS volumes have not. Th...

        25 April 2014

  • News

  • Market Reports

      • New paper in secondary CMBS

        US CMBS secondary market spreads were generally unchanged yesterday, although legacy conduit fixed AMs and AJs did tight...

        24 April 2014

  • Market Reports

      • RMBS BWIC volumes creep up

        The US non-agency RMBS secondary market remains subdued, with a little under US$400m of P&I bonds on BWICs yeste...

        23 April 2014

  • Market Reports

  • Market Reports

  • News

      • New benchmark needed?

        Meaningful shifts in cashflow, structure and collateral performance for GSMS 2007-GG10 may mean that consideration of ot...

        17 April 2014

  • News Analysis

      • Second wave?

        NPL securitisation opportunity may be ending

        As legacy non-agency RMBS yields have largely dried up, investors have had to look elsewhere. Attractive absolute return...

        16 April 2014

  • Talking Point

      • Credit picking

        CLO investing in an evolving regulatory environment discussed

        Representatives from Thomson Reuters, Prudential Fixed Income and Guggenheim Securities discussed the CLO investment lan...

        16 April 2014

  • News

  • Market Reports

      • US ABS activity accelerates

        SCI's PriceABS data shows a mix of auto and railcar bonds circulating on bid-lists yesterday as US ABS secondary market...

        16 April 2014

        ABS

  • News

  • News

  • Market Reports

  • Talking Point

      • Decisive action

        Katie Skeels, associate at Hogan Lovells, examines current trends and solutions in cross-border disp...

        Hogan Lovells recently published a report - entitled 'Global Currents - Trends in Complex Cross-Bord...

        15 April 2014

  • News

      • SCI Start the Week - 14 April

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

        Pipeline A number of new deals were announced last week. In total, eight ABS, three ILS, three RMBS and six CLOs were a...

        14 April 2014

  • Market Reports

      • US RMBS stays subdued

        The US RMBS secondary market was quiet once again yesterday as bid-list volume dipped to around US$335m. SCI's PriceABS...

        11 April 2014

  • News

      • CRE CDO embraces flexibility

        H/2 Asset Funding 2014-1, which closed last month, could represent a watershed for the CREL CDO market. The transaction...

        11 April 2014

        CDO

  • Market Reports

  • Market Reports

      • CMBS market awaits A1A list

        US CMBS BWIC volume reached US$287m yesterday, with activity skewed towards AM and AJ bonds. Supply is set to jump today...

        9 April 2014

  • News

  • News Analysis

      • Scrutinising servicing

        Mortgage servicers in the cross hairs

        Investors and regulators have both started to fix mortgage servicers in their sights. A fresh wave of litigation could f...

        8 April 2014

  • News

      • SCI Start the Week - 7 April

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

        Pipeline There were 11 new additions to the pipeline last week that had not priced by Friday. They consisted of six ABS...

        7 April 2014

  • Market Reports

      • US RMBS supply rises

        US non-agency RMBS secondary market activity continued to build yesterday. BWIC volume reached around US$850m and SCI's...

        4 April 2014

  • News

      • Euro CMBS losses as expected

        European CMBS has performed better than its reputation might suggest. The principal loss rate to date is an estimated 0....

        3 April 2014

  • Market Reports

      • Spring in the step

        The European RMBS market has been consistently busy in recent weeks. This healthy level of activity has fuelled a rally...

        3 April 2014

  • News Analysis

      • Esoteric knowledge

        Investors drawn to developing non-traditional ABS market

        US esoteric ABS is attracting greater attention as investors seek yield. Several potential growth areas are emerging, wi...

        3 April 2014

        ABS

  • News

  • Market Reports

      • CMBS supply returns strongly

        After anaemic secondary supply to start the week, US CMBS BWIC volume shot up yesterday to about US$500m. More than half...

        2 April 2014

  • News

  • Market Reports

  • News Analysis

  • News

      • SCI Start the Week - 31 March

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

        PipelineIt was back to normal for the pipeline last week as ABS additions once again led the way. Nine new ABS were anno...

        31 March 2014

  • Market Reports

  • Market Reports

      • AON list boosts CMBS supply

        US CMBS BWIC volume climbed to around US$700m yesterday, significantly boosted by one large list of 2005 and 2006 duper...

        26 March 2014

  • News

  • News

  • Talking Point

  • News

      • iTraxx changes implemented

        The Markit iTraxx Crossover index expanded to 60 names in the roll to Series 21, reflecting the expanding high yield mar...

        24 March 2014

        CDS

  • News

      • SCI Start the Week - 24 March

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

        Pipeline In a departure from the typical weekly pattern, additions to the pipeline last week were dominated by RMBS nam...

        24 March 2014

  • Market Reports

      • Continued stability in CMBS

        The recent stability in the US CMBS secondary market continued yesterday with BWIC volume steady at around US$380m. Gene...

        21 March 2014

  • Market Reports

  • News

  • Talking Point

      • Delivering transparency

        While the financial services industry has to date focused on accountability and credit ratings eleme...

        News that the US SEC postponed a vote in early February regarding the adoption of rules revising the disclosure, reporti...

        20 March 2014

  • Market Reports

  • Market Reports

  • News

      • CLO fix passes HFSC vote

        The US House Financial Services Committee on Friday passed Representative Andy Barr's H.R. 4167 bill (SCI 13 March) on a...

        17 March 2014

  • News

      • SCI Start the Week - 17 March

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

        Pipeline A number of transactions entered the pipeline last week and were swiftly priced. Five ABS deals remained by Fr...

        17 March 2014

  • Market Reports

  • News

  • Market Reports

      • US RMBS gathering steam

        US non-agency RMBS supply picked up yesterday as BWIC volume reached around US$664m. That level is set to rise with Fred...

        12 March 2014

  • News

      • Housing reform to progress?

        US Senate Banking Committee chairman Tim Johnson and ranking member Mike Crapo have reached an agreement on a housing fi...

        12 March 2014

  • Market Reports

  • News

  • News

      • SCI Start the Week - 10 March

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

        Pipeline After a busy couple of weeks, the pace of deals joining the pipeline increased even further last week. Eight n...

        10 March 2014

  • Market Reports

  • News Analysis

      • From strength-to-strength

        Peer-to-peer securitisation has room to grow

        The peer-to-peer securitisation market may be in its infancy, but a handful of deals have already been completed. While...

        7 March 2014

  • News

  • Market Reports

      • US RMBS BWICs back in bulk

        US non agency RMBS bid-list volumes picked up considerably yesterday to reach almost US$850m for the session. Activity w...

        6 March 2014

  • News

  • News

      • GSEs to turn to NPL sales?

        The GSEs have published their annual financial reports for last year, confirming that RMBS and CMBS disposals slowed dow...

        5 March 2014

  • News Analysis

      • Wake-up call

        Euro CLO idiosyncratic risks emerging

        Vivarte's decision to suspend payments on its debt (SCI 18 February) has served as a wake-up call regarding tail risk in...

        5 March 2014

  • Market Reports

      • CMBS spreads sneak tighter

        US CMBS BWIC volume was steady yesterday at around US$233m as spreads tightened. A considerable chunk of that supply was...

        5 March 2014

  • News

      • Titan NHP sale makes sense

        The noteholder dispute over Mount Street's replacement of Capita as the special servicer for Titan Europe 2007-1 (NHP) (...

        4 March 2014

  • News Analysis

  • News

      • SCI Start the Week - 3 March

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

        Pipeline There was no slowing down in activity last week as another 13 deals joined the pipeline. They consisted of fou...

        3 March 2014

  • News

  • Market Reports

      • Novel BWIC for Euro CLOs

        Yesterday proved to be a busy session for the European CLO secondary market. Amidst the strong supply was what is believ...

        27 February 2014

  • News

  • News

  • Market Reports

  • News

      • SCI Start the Week - 24 February

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

        PipelineA steady flow of new deals joined the pipeline last week. As well as three ABS and two ILS, three RMBS and three...

        24 February 2014

  • Market Reports

      • All about autos for US ABS

        US ABS secondary supply was mainly concentrated in auto loan bonds yesterday. BWIC volume was slightly lower than the pr...

        21 February 2014

        ABS

  • News

  • Market Reports

      • RMBS market moves higher

        US non-agency RMBS BWIC activity picked up strongly yesterday to reach almost US$900m. Subprime paper was prevalent on b...

        20 February 2014

  • News Analysis

      • Supply squeeze

        Spread compression to drive non-core issuance

        A supply squeeze in European ABS is driving spread compression across asset classes and between senior and junior tranch...

        19 February 2014

  • Market Reports

      • Euro CLO equity in demand

        European CLO investors are becoming increasingly competitive in their search for yield. Equity pieces are particularly w...

        19 February 2014

  • News

      • SCI Start the Week - 17 February

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

        Pipeline Last week saw a healthy mix of deals added to the pipeline. Three new ABS, two ILS, an RMBS, two CMBS and two...

        17 February 2014

  • News

  • News

      • Euro CLO collateral evolves

        Last year saw 21 European CLOs price and several of those deals have now passed their effective dates. Compared to legac...

        14 February 2014

  • News Analysis

      • Best practices

        Noteholder communications, technology and clearing systems discussed

        Participants in SCI's latest corporate trust roundtable met in December to discuss post-closing best practices and noteh...

        13 February 2014

  • Talking Point

      • A merry-go-round of reform

        Anu Munshi, managing partner at B&B Structured Finance, assesses the current regulatory environm...

        Anyone trying to keep track of bank regulations should be excused for clutching their head, screaming or both. The dizzy...

        13 February 2014

  • Market Reports

      • Cards lead ABS rebound

        US ABS BWIC volume surged to US$241m yesterday, up from just US$77m the day before. Supply was skewed towards credit car...

        13 February 2014

        ABS

  • News

  • News

  • Market Reports

      • Legacy lists lead CMBS supply

        Generic US CMBS spreads were unchanged yesterday as BWIC volume climbed to US$260m. SCI's PriceABS data shows supply con...

        12 February 2014

  • Market Reports

      • Quieter start for US RMBS

        Bid-list activity eased off in the US RMBS market yesterday, with total non-agency BWIC volume of around US$240m. Dealer...

        11 February 2014

  • News Analysis

      • Impatiently waiting

        CLO market seeking Volcker compliance

        US CLO volume totalled US$2.5bn last month, markedly down from the US$9.8bn reached in January 2013. Uncertainty about t...

        11 February 2014

  • News

      • SCI Start the Week - 10 February

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

        Pipeline The pace of deals joining the pipeline continued to quicken last week. At the close of Friday, four new ABS, o...

        10 February 2014

  • Market Reports

      • Lack of supply hits Euro CMBS

        Activity has slowed in the European secondary CMBS market as paper has become harder to come by. While demand remains st...

        7 February 2014

  • News Analysis

      • Status quo?

        Credit derivative reforms only a 'partial solution'

        The adoption of central clearing and trade repositories has increased transparency and liquidity across the credit deriv...

        7 February 2014

        CDS

  • Market Reports

      • CMBS BWIC volume builds

        BWIC volume continued to grow in the US CMBS market yesterday, reaching around US$450m for the session. SCI's PriceABS d...

        6 February 2014

  • News

  • News Analysis

      • Liquidation benefit?

        Bulk sales key to CMBS delinquency rate and investor fortunes

        The US CMBS delinquency rate has been falling month after month since last summer. The recent CWCapital REO auction and...

        6 February 2014

  • Market Reports

      • ABS supply picks up

        US ABS BWIC volume picked up yesterday to around US$184m, with supply mainly driven by auto names. However, SCI's PriceA...

        5 February 2014

        ABS

  • News

  • Market Reports

      • Stronger start for US RMBS

        It was a promising start to the week for US RMBS, as non-agency BWIC volume picked up to reach US$477m. SCI's PriceABS d...

        4 February 2014

  • News

      • SCI Start the Week - 3 February

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

        PipelineThe pipeline was busy with deals passing through last week. Three new ABS, three RMBS and two CLOs remained in t...

        3 February 2014

  • News Analysis

      • Tapered to fit?

        Reduced agency MBS purchases still swamp supply

        This month marks the start of a new phase for the agency RMBS market as the New York Fed further reduces its asset purch...

        3 February 2014

  • News Analysis

      • Reducing variation

        Valuation standards on the cards

        The International Valuation Standards Council (IVSC) is establishing a cross-industry taskforce to develop principles of...

        3 February 2014

  • Market Reports

      • CLO supply keeps coming

        It was another busy session in the CLO secondary market yesterday. Supply was dominated by 1.0 mezzanine paper, apparent...

        30 January 2014

  • News

  • Market Reports

  • News

  • News

  • Market Reports

      • ABS supply hits highs

        US ABS BWIC volume reached a monthly high yesterday as traders returned to their desks after the ABS Vegas conference. B...

        28 January 2014

        ABS

  • News

      • SCI Start the Week - 27 January

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

        Pipeline As market participants decamped to Las Vegas last week, only five new deals were added to the pipeline. The tr...

        27 January 2014

  • News

  • Market Reports

  • News

  • News

      • GNMA prepayments examined

        Ginnie Mae loan-level disclosures indicate that FHA-to-conventional refinances are a meaningful contributor to GNMA prep...

        23 January 2014

  • News

  • News

      • SCI Start the Week - 20 January

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

        PipelineAdditions to the pipeline last week were focused on CMBS and CLOs. In ABS, the €440m E-Carat Compartme...

        20 January 2014

  • Market Reports

      • Surprise rally for Euro CLOs

        The European CLO secondary market has kicked off the year with a major rally, with prices significantly higher than they...

        17 January 2014

  • News

      • CLO cushions being squeezed

        US CLO 2.0 deals now account for around half of the outstanding market. OC cushions among those transactions have been d...

        16 January 2014

  • Market Reports

      • Autos boost ABS supply

        US ABS BWIC volume rose markedly yesterday to US$219m. Offering levels were down slightly for auto loan bonds, which dom...

        15 January 2014

        ABS

  • News Analysis

      • Bright spots

        Mixed fortunes in structured finance recruitment

        Certain areas of the structured finance recruitment sector are growing, but large parts remain muted. European activity...

        15 January 2014

  • News

  • News

  • News

      • SCI Start the Week - 13 January

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

        Pipeline The pipeline has begun to grow again as new deals have already been announced to kick off 2014. Last week saw...

        13 January 2014

  • Market Reports

      • US CMBS tightens further

        US CMBS spreads continued to tighten yesterday as bid-list activity grew. BWIC volume reached around US$219m, with a lar...

        10 January 2014

  • News

      • Light shed on IABF sale

        An Interactive Data analysis of last month's US$5.1bn IABF sale suggests that the Dutch State Treasury Agency (DSTA) div...

        10 January 2014

  • News

      • CMBX.6 lessons learnt?

        CMBX.7 is expected to launch on 27 January. While its exact composition is yet to be confirmed, the index is predicted t...

        9 January 2014

  • Market Reports

      • Good start for Euro CMBS

        The European CMBS secondary market has made a positive start to 2014. SCI's PriceABS data shows several covers from yest...

        9 January 2014

  • Market Reports

      • RMBS BWICs make return

        After US ABS BWIC volumes picked up on Monday, it was the turn of non-agency RMBS supply to rise yesterday. Bid-list vol...

        8 January 2014

  • News

      • FHFA set for new course?

        The swearing in of Mel Watt as FHFA director on Monday (6 January) marked the official end to the DeMarco era. While the...

        8 January 2014

  • Talking Point

      • European NPLs and the advantages of securitisation

        Dennis Buckley, director at Credit Mediation Limited, discusses alternative securitised NPL structur...

        Estimates from reports compiled by PwC and EY put the current volume of non-performing loans (NPLs) made by banks within...

        7 January 2014

  • News

  • Market Reports

      • ABS bid-lists reappearing

        Auto and credit card bonds dominated supply in the US ABS secondary market yesterday, as BWIC volume begins to pick up f...

        7 January 2014

        ABS

  • News

      • CLO investors seek evolution

        Further structural evolution remains a priority for the US CLO market, with respondents to JPMorgan's Q1 client survey h...

        7 January 2014

  • News

      • SLM servicing disruptions eyed

        As Sallie Mae transitions certain assets and functions under its reorganisation (SCI 30 May 2013), both newly created en...

        6 January 2014

        ABS

  • News

  • News

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