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News Analysis
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Recruitment shift
SF hiring zoning in on peripheral space
The recruitment outlook in structured finance remains subdued as regulation maintains its stranglehold in Europe and the...
23 December 2015
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News
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US, Euro CLO BWIC activity up
CLO BWIC volumes grew significantly in the US this year, while also rising modestly in Europe. US CLO BWIC volume for 20...
23 December 2015
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News Analysis
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Alarm bells
Fund liquidations bring echoes of 2007
With year-end rapidly approaching, high yield credit was thrown into a loop by a quick-fire succession of announcements...
23 December 2015
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News Analysis
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Student movement
SLABS market diverging with innovation, uncertainty
The US student loan ABS sector remains mired in uncertainty surrounding potential downgrades that could be inflicted on...
22 December 2015
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News
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SCI Start the Week - 21 December
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline grew very quiet last week. The only deal to be added without disappearing before Friday's close w...
21 December 2015
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News
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FHFA scorecard heralds change
The FHFA has released its 2016 scorecard for the GSEs and Common Securitization Solutions (CSS). Highlights include the...
18 December 2015
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News Analysis
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Black whole
Whole business securitisation treatment unclear
The path to eligibility remains unclear for whole business bonds when it comes to the securitisation criteria under Solv...
18 December 2015
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News Analysis
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Liquid launch
Agency RMBS favoured ahead of Fed lift-off
A 25bp increase in the Fed funds target rate is widely expected to be announced later today. The pace of future interest...
16 December 2015
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News
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Market supports benchmark change
A majority of US ABS and CMBS market participants would support switching the pricing benchmark from the swaps curve to...
15 December 2015
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Talking Point
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Right to sue
Macfarlanes partner Lois Horne and solicitor Alexa Segal examine the lessons to be learned from the ...
The Court of Appeal has overturned a decision at first instance that a valuer, Colliers, was liable for a negligent valu...
15 December 2015
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News
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Capital preservation sought
Assenagon Asset Management has launched a new fund that aims to make active and flexible use of opportunities within a d...
15 December 2015
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News
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SCI Start the Week - 14 December
A look at the major activity in structured finance over the past seven days
Pipeline The pace of pipeline additions slowed last week. The final count consisted of two ABS, an ILS, an RMBS, a CMBS...
14 December 2015
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News Analysis
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Friend request
CLO managers look for allies as deadline looms
None of January's US CLOs were risk retention-compliant at issuance, but change has swept the market as 20% of those iss...
11 December 2015
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News
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Remits ramp up
November saw a spike in US CMBS 2.0 remittance activity. Highlights include foreclosure of an 'oil boom' loan and a coup...
10 December 2015
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News
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Marketplace lending set for lift-off
Marketplace lending is primed for further expansion globally in 2016, in terms of both volume and loan type. Mo...
9 December 2015
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News Analysis
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Space for rent
Multi-borrower SFR segment set for growth
Of the 26 single-family rental securitisations issued since the market's inception - totalling US$14bn ...
9 December 2015
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News
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Final 2015 CMBS auctions announced
The volume of US CMBS loans out for auction has decreased slightly this month, to US$190m. The deals with the highest ex...
8 December 2015
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News
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SCI Start the Week - 7 December
A look at the major activity in structured finance over the past seven days
Pipeline Several deals joined the pipeline in the first week of December. The final count consisted of seven ABS, two I...
7 December 2015
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News
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Fund lists ahead of ABS
Funding Circle has listed its SME Income Fund on the London Stock Exchange after successfully raising the required targe...
3 December 2015
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News Analysis
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Recycling risk?
STS synthetic exclusion scrutinised
The European Commission's Capital Markets Union proposals for reviving Europe's securitisation market sparked the most d...
3 December 2015 Free
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News
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SEF collusion case filed
A class action lawsuit was filed last week that accuses 10 banks and two trading platforms of colluding to halt competit...
2 December 2015
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News
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ABS to boost SMEs
The British Business Bank (BBB) is considering securitisation as part of its wider remit to increase funding to UK SMEs....
1 December 2015
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News Analysis
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Growing trade
Receivables ABS opportunities emerging
A number of UK government legislative initiatives are expected to help breathe life into small businesses. This, in turn...
30 November 2015
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News
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SCI Start the Week - 30 November
A look at the major activity in structured finance over the past seven days
Pipeline The pace of pipeline additions slowed last week due to Thanksgiving. The final count consisted of three ABS, o...
30 November 2015
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Talking Point
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Proof of concept
Risk transfer regulatory, structuring considerations discussed
Representatives from Reed Smith and StormHarbour Securities recently provided an introduction to capital relief trades,...
30 November 2015
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News Analysis
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Utility factor
PREPA deal presents opportunities, risks
Puerto Rico Electric Power Authority (PREPA) plans to exchange newly issued utility cost recovery charge (UCRC) ABS bond...
26 November 2015
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News
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SCI Start the Week - 23 November
A look at the major activity in structured finance over the past seven days
Pipeline Last week it was RMBS and CMBS which dominated the pipeline's additions. In contrast to the week before, there...
23 November 2015
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News Analysis
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Fighting Irish
RMBS fundamentals trending up
The performance of Irish RMBS continues to improve against the backdrop of a stable economy. A potential slowdown in the...
23 November 2015
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News Analysis
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New wave
Next CMBS modification wave 'unlike predecessors'
US CMBS maturity modifications have been modest this year, but the pace is set to pick up in 2016. Moreover, not only th...
20 November 2015
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News Analysis
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Carve out?
CMU CLO treatment weighed
The European Council has published its first compromise proposal in respect of the Securitisation Regulation forming par...
20 November 2015
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News Analysis
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Purchase progress?
ABSPP prospects assessed one year on
The ECB's ABSPP entered into force on 19 November 2014 (SCI passim) and has dominated European ABS proceedings since. A...
18 November 2015
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News Analysis
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Titan up
Quelle case reverses course
The English Court of Appeal overturned a landmark decision earlier this month when it reversed a UK High Court ruling th...
17 November 2015
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News
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SCI Start the Week - 16 November
A look at the major activity in structured finance over the past seven days
Pipeline Last week's pipeline additions were skewed to ABS and CMBS. There were nine of the former and four of the latt...
16 November 2015
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News
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PCC unveiled for ILS push
The Government of Gibraltar has announced legislation that provides a new form of protective cell company (PCC), designe...
13 November 2015
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News
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Divergent HQS approach highlighted
The Basel Committee yesterday released a consultative document on capital treatment for 'simple, transparent and compara...
11 November 2015
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News
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CMBS borrower bunching considered
Blackstone is the ultimate borrower for a full third of floating rate European CMBS issuance from 2014 and 2015. When ad...
10 November 2015
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News
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SCI Start the Week - 9 November
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline continued to grow last week as a raft of new deals were announced. In total there were seven ABS...
9 November 2015
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News Analysis
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Grey area
Granite casting shadow on European sentiment
UKAR's sale of the Granite portfolio remains the hot topic in the European RMBS market, with uncertainty over its resolu...
4 November 2015
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News Analysis
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Cautious acceptance
UK marketplace securitisation perspectives assessed
Funding Circle is tipped to become the first marketplace lender to securitise in the UK, paving the way for other platfo...
4 November 2015
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News
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Regulation threatens market viability
Banks' market making ability in securitised products is set to be severely affected by the Basel Committee's proposed Fu...
3 November 2015
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News
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SCI Start the Week - 2 November
A look at the major activity in structured finance over the past seven days
Pipeline The number of deals joining the pipeline and staying there grew again last week. In total there were eight new...
2 November 2015
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News
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Drug store deal CMBS impact weighed
Walgreens Boots Alliance is set to acquire Rite Aid for US$17.2bn, in a move which will impact almost US$10bn of CMBS co...
30 October 2015
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News
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CMBS loan repeat use to grow
Over US$17bn of loans from prior securitisations has returned to US CMBS in the form of acquisition and refinan...
29 October 2015
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News
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Pubco performance 'under-appreciated'
While S&P has affirmed Punch Taverns' ratings and revised its liquidity outlook from less than adequate up to ad...
28 October 2015
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News
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Navient lays out FFELP recommendations
Navient has released repayment data on FFELP student loans, as well as a comment letter to Moody's regarding its ratings...
27 October 2015
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News
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Concerns rise for recent CMBS
October remittance indicates that US$2.3bn of US CMBS 2.0 loans were newly watchlisted, including a concerning number of...
27 October 2015
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News
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SCI Start the Week - 26 October
A look at the major activity in structured finance over the past seven days
Pipeline It was an active week for the pipeline, with many deals coming and going. At the week's end four new ABS, thre...
26 October 2015
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News
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ABS disclosure rules released
The National Association of Financial Market Institutional Investors (NAFMII) has published a new set of rules on the is...
22 October 2015
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News
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HAMP payment ramp begins
In the more than six years that HAMP has been in effect, there have been eight million modifications. As a growing numbe...
22 October 2015
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News
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Surprise StuyTown deal agreed
The Stuyvesant Town/Peter Cooper Village apartment complex has been sold for US$5.3bn, despite an appraisal as recently...
21 October 2015
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News Analysis
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Moving pieces
CMBS spread widening spurs B-piece reassessment
Widening US CMBS spreads have accompanied looming risk retention requirements in reshaping the investment landscape for...
20 October 2015
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News
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SCI Start the Week - 19 October
A look at the major activity in structured finance over the past seven days
Pipeline Activity picked up last week as several deals joined the pipeline. These deals consisted of eight ABS, four RM...
19 October 2015
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News
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'Swapless' Belgian RMBS prepped
Belfius Bank is marketing Penates 5, the first Belgian RMBS to be publicly placed since the financial crisis. The struct...
16 October 2015
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News
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'Unique' SFR parity feature debuts
Colony American Finance's (CAF) latest deal is the first single-family rental (SFR) transaction to include a parity feat...
15 October 2015
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News
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International ABS issuance surging
The international ABS markets have seen the highest issuance volumes in the first three quarters of this year t...
12 October 2015
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The Structured Credit Interview
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Cross-asset conviction
Renaud Champion, head of credit strategies for La Française Global Investment Solutions, answer...
Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation mark...
12 October 2015
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News Analysis
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Missing link?
Blockchain set to revolutionise derivatives market
New technology could make the derivatives market not only more transparent, but also cheaper. Market participants believ...
12 October 2015
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News
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SCI Start the Week - 12 October
A look at the major activity in structured finance over the past seven days
PipelineABS accounted for the majority of transactions joining the pipeline last week, including a number of esoteric de...
12 October 2015
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News
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CMBS ruling logic questioned
A legal ruling has had to fill in the gaps in documentation for yet another pre-crisis transaction - Gemini (E...
8 October 2015
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News Analysis
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Under pressure?
Credit deterioration affecting 2.0 CLOs
The percentage of US CLO 2.0 loans trading below 90 continues to rise, reaching a year-to-date peak of more than 8% last...
7 October 2015
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News
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SCI Start the Week - 5 October
A look at the major activity in structured finance over the past seven days
Pipeline The number of deals joining the pipeline picked up again last week, with CMBS leading the way. There were four...
5 October 2015
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News Analysis
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Growing pipeline
European supply surge whetting investor appetite?
A heavy European securitisation pipeline is pushing spreads wider, enticing investors to pick up cheap paper. Neverthele...
5 October 2015
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News Analysis
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Capital clarity
CMU securitisation package receives market approval
The release of the European Commission's Capital Market Union (CMU) action plan has been hailed for reducing capital req...
2 October 2015
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News
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Underwriting push-back?
Concerns over the US$115m Prudential Plaza loan are believed to be behind COMM 2015-CCRE26 pricing this week at a signif...
2 October 2015
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News
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FFELP reform to affect payments
The CFPB, US Department of Education and Department of the Treasury have issued a joint statement on student loan servic...
1 October 2015
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News Analysis
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Derivatives development
Marketplace lending structured products weighed
Efforts to create US marketplace loan derivatives are gaining traction, as investors seek hedges for their long position...
1 October 2015 Free
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News
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First significant Freddie K loss
A US$5.3m loan securitised in FREMF 2011-K12 has been liquidated at a loss severity of 55%. It is the first Freddie K lo...
30 September 2015
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News
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Crowdfunded properties transfer to special
September remits show that three CMBS 2.0 loans totalling US$71m sponsored by the same borrower - Colony Hills...
30 September 2015
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News
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Fund liquidity proposals weighed
Last week, the US SEC voted to propose tighter liquidity rules for open-end funds, including mutual funds and ETFs. Whil...
29 September 2015
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News
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CMBS bulk sale planned
CWCapital Asset Management is marketing US$2.12bn of distressed CRE loans and properties, most of which are from the com...
29 September 2015
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News
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New index rules roll
The Markit CDX High Yield index rolls from Series 24 to 25 today (28 September), marking the implementation of new compo...
28 September 2015
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News
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SCI Start the Week - 28 September
A look at the major activity in structured finance over the past seven days
Pipeline The pace of deals joining the pipeline continued to slow last week. In all, there were three new ABS as well a...
28 September 2015
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News
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Euro market looks liquid
European ABS BWIC activity was high over the summer, while the traded percentage also surprised to the upside. From this...
24 September 2015
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News Analysis
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New frontiers?
Deal innovations break new ground for RMBS
Recent US RMBS transactions have increased expectations about the dawn of a 3.0 market. However, while their innovations...
24 September 2015
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News
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VW 'rule breach' impact weighed
The US Environmental Protection Agency's issuance of a notice of violation of the Clean Air Act (CAA) to Volkswagen has...
23 September 2015
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News
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Bs lose out in hope note refi
The One & Two Prudential Plaza loan has been refinanced in such a way as to avoid paying proceeds to the modifie...
23 September 2015
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News
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Mezz purchases on the cards
The ECB has clarified its intention to buy mezzanine tranches of European securitisations with a third-party guarantee u...
23 September 2015
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News
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Ford debuts Reg AB 2 compliance
Ford Motor Credit last week priced the first Reg AB 2-compliant ABS - the US$1.05bn Ford Credit Auto Owner Tru...
21 September 2015
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News
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SCI Start the Week - 21 September
A look at the major activity in structured finance over the past seven days
Pipeline Fewer deals joined the pipeline last week. At the final count there were three new ABS, two RMBS, four CMBS an...
21 September 2015
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News
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iTraxx S24 skew projected
Markit iTraxx indices roll to Series 24 on 21 September. The new series is expected to trade wider than Series 23, albei...
17 September 2015
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News
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PACE ABS supported?
DBRS expects the PACE market to grow rapidly once certain regulatory overhangs are fully addressed, citing rated ABS iss...
16 September 2015
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News
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PACE ABS supported?
DBRS expects the PACE market to grow rapidly once certain regulatory overhangs are fully addressed, citing rated ABS iss...
16 September 2015
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News
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Liquidations lead to CMBS losses
September remittance shows seven liquidated loans for JPMCC 2006-LDP7. The loans had US$133.7m in total balance and were...
16 September 2015
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News
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Swaps collusion settlement reached
A dozen banks have agreed to pay a US$1.87bn settlement to investors in a case accusing them of rigging the CDS...
15 September 2015
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News
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NAIC MBS assumptions 'mixed'
The NAIC's structured securities group (SSG) last week released recommendations for macroeconomic assumptions, scenarios...
15 September 2015
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News
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CDS trading platform mooted
ICE is said to be exploring the launch of an anonymous single name CDS trading platform as part of industry eff...
15 September 2015
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News
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Mixed outlooks for Dutch CMBS
Recoveries from remaining Dutch CMBS 1.0 loans are expected to be limited. Dutch 2.0 loans are expected to perf...
15 September 2015
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News
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SCI Start the Week - 14 September
A look at the major activity in structured finance over the past seven days
Pipeline It was another active week for the pipeline, with four new ABS and six CMBS added. There were also four RMBS a...
14 September 2015
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News
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CMBS loans enter special servicing
The US$61.8m Phoenix Airport Marriott loan has returned to special servicing, having previously gone into special servic...
11 September 2015
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News
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Equity gap
CLO equity approaches diverging
A two-tier system is emerging within US CLO equity as large investors competitively expand their mandate while smaller p...
10 September 2015
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News
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SCI Start the Week - 7 September
A look at the major activity in structured finance over the past seven days
Pipeline Last week six ABS, five RMBS, one CMBS and two CLOs were added to the pipeline. The CMBS was Taurus 2015-3 EU...
7 September 2015
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News
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CLO slice financing considered
Although the US CLO market has now surpassed its pre-crisis size, the number of managers issuing CLOs has decreased. Wit...
2 September 2015
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News Analysis
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Retail therapy
Store closures spur CMBS reassessment
US CMBS players are keeping a cautious eye on struggling retailers with exposure to the asset class. Against this backdr...
2 September 2015
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Talking Point
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A bright future for securitisation
James McEvoy, head of structured finance at Alter Domus, applauds regulatory recognition of the bene...
An increasing appreciation of how securitisation can help fund the real economy seems to be finally gaining traction, af...
2 September 2015
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News
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Liquidity, collateral quality compared
JPMorgan ABS analysts have reviewed liquidity and collateral quality, based on TRACE data from 1 June to 29 August, in t...
1 September 2015
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News
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CLO drilling exposure weighed
Moody's has placed 11 offshore drilling companies under review for downgrade, five of which have loans held in outstandi...
1 September 2015
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News
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CLO 1.0 potential scouted
The US CLO 1.0 market may now be well onto the home straight, but that does not mean there is not still value to be foun...
1 September 2015
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News
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A&P sell-off underway
A&P is set to auction its remaining 153 stores in October after the bankrupt grocer received bids for 118 of its...
28 August 2015
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News
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ECB 'behind OWIC increase'
OWICs have been circulating in the European ABS secondary market in growing numbers. While their source has not been con...
28 August 2015
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News
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Term default risk 'not a concern'
Morgan Stanley's latest review of CMBS 2.0 remittance reports shows a wide variety of activity. This month the first-eve...
28 August 2015
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News
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Reinvestment extensions to pick up?
A total of 24 US CLOs have been refinanced so far this year (see SCI's new issuance database), representing a tranche ba...
26 August 2015
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News
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FHFA plots GSE paths
The FHFA has adopted a final rule to establish single-family and multifamily housing goals for Fannie Mae and Freddie Ma...
26 August 2015
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News
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Gagfah opportunity identified
Price tiering for Gagfah CMBS has emerged over the summer, although not in the way that might be expected. These price m...
26 August 2015
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News
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US CMBS realise losses
August remittance data shows a mixed picture for US CMBS. A couple of prominent loans have moved into special servicing,...
25 August 2015
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News Analysis
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Time to review
Asset reviewer relevant beyond mandated role
Public securitisations in the US will soon require an asset reviewer - as mandated by Reg AB 2 (SCI passim) &a...
25 August 2015
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News
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Short loan MBS debuts
Amicus has issued what is believed to be the first UK MBS to be backed entirely by short-term property loans. T...
24 August 2015
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News
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SCI Start the Week - 24 August
A look at the major activity in structured finance over the past seven days
Pipeline Primary market activity was limited last week, with three new ABS and a single CLO added to the pipeline. The...
24 August 2015
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News Analysis
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Capital plan
Definitional issues weigh on HQS progress
The European Commission is set to unveil proposals to reduce capital charges on high quality securitisations (HQS) next...
21 August 2015
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News Analysis
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Transforming risk
CRT securitisation innovation continues
The differing approaches of the GSEs to credit risk transfer have resulted in a number of innovations in the RMBS market...
20 August 2015
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News
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ILS underwriting scrutinised
The reinsurance sector is adapting to the influx of alternative capital by providing innovative solutions and lower pric...
19 August 2015
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News
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'High severities' for distressed CMBS
The volume of distressed US CMBS loans up for auction in August and September is down slightly from previous months. Bar...
18 August 2015
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News
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SCI Start the Week - 17 August
A look at the major activity in structured finance over the past seven days
Pipeline There were fewer additions to the pipeline last week than there had been the week before. The final count cons...
17 August 2015
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News Analysis
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Capacity gains
ILW supply and demand picking up
The ILS secondary market continues to see price volatility in non-peak risks, but certain peak catastrophe zones are wit...
13 August 2015
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News
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Greater supply, risks widen spreads
New issue spreads for RMBS and CMBS deals are widening on either side of the Atlantic as supply remains higher than dema...
12 August 2015
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News Analysis
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FFELP fix?
Market dialogue, transparency set to avert SLABS crisis
Market participants appear confident that a fix for a significant portion of the US$36.8bn of FFELP student loan ABS bon...
12 August 2015
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News
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Liquidations allow GG5 repayments
All outstanding cumulative interest shortfalls for GCCFC 2005-GG5's AJ to E tranches have been repaid in full, following...
12 August 2015
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News
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Equity exits spark concerns
Investors have been left in doubt over the potential impact of two BDCs shifting their focus away from US CLO equity, ac...
12 August 2015
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News
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Oil exposure affects CLOs
The percentage of US CLO 2.0 loans trading below 90 has increased above 6% for the first time since the start of the yea...
11 August 2015
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News
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OC degradation analysed
The average par NAVs and overcollateralisation (OC) cushions in US balance sheet CLOs fell in almost half of the quarter...
10 August 2015
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News
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SCI Start the Week - 10 August
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline activity picked up again last week, with significant ABS additions. There were also four new RMBS,...
10 August 2015
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News Analysis
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Small strides
Non-bank lending key to SME securitisation?
SMEs continue to be billed as the backbone of the European economy, as a number of initiatives seek to remedy the lack o...
7 August 2015
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News
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Paying up for quality
Sourcing seasoned US CMBS triple-B minus bonds remains challenging, but Deutsche Bank CRE debt research analysts suggest...
6 August 2015
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News
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Basis 'favours CDX hedging'
The recent sharp divergence in the performance of cash and synthetic products has taken the cash-CDS basis on either sid...
6 August 2015
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Talking Point
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Demonstrating prudence
Prudent valuation practices discussed
Representatives from PricewaterhouseCoopers and Prytania Solutions recently discussed how IPV and prudent valuation prac...
4 August 2015 Free
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News
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Ruling requires servicer replacement rethink
A recent UK legal ruling contradicts what had appeared to be an established precedent for European CMBS special servicer...
4 August 2015
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News
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Enhanced CAS data scrutinised
Fannie Mae has begun providing an enhanced monthly single-family loan performance dataset, offering greater transparency...
4 August 2015
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Provider Profile
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Alpha alternative
Indus Valley Partners co-founder Bijesh Amin answers SCI's questions
Q: How and when did Indus Valley Partners become involved in the securitisation market? A: I co-founded Indus Valley...
3 August 2015
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News
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SCI Start the Week - 3 August
A look at the major activity in structured finance over the past seven days
Pipeline The pace of deals joining the pipeline slowed last week. At the final count there were 11 additions. The fiv...
3 August 2015
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News
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Auto issuers cleaning up
US auto ABS issuers are calling more deals on time, with 18 out of 22 issuers demonstrating a perfect call record betwee...
31 July 2015
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News
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IDR data points to payment
Navient has released historical income-driven repayment (IDR) data for some of its FFELP student loan ABS pools currentl...
30 July 2015
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News Analysis
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RMBS exit?
Mortgage portfolio sales driving European supply
An estimated €99bn of assets remains earmarked for sale by European bad banks, dominated by NAMA, SAREB and UK...
30 July 2015
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Talking Point
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Europe emerging
European CLO, loan markets discussed
Representatives from Thomson Reuters, Credit Suisse, CVC Capital Partners and Goldman Sachs discussed the European CLO a...
28 July 2015 Free
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News
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Hiking cycle history considered
As the likely Fed rate hike date draws nearer, Barclays ABS analysts have examined the performance of securitised produc...
28 July 2015
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News
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SCI Start the Week - 27 July
A look at the major activity in structured finance over the past seven days
Pipeline The pace of pipeline additions was steady last week, although there was more variety in the names. The week's...
27 July 2015
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News
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Volcker deadline drives BWICs
The first half of 2015 saw US$18.5bn of US CLO bonds on BWIC, US$11bn of which occurred in Q2, according to Citi figures...
27 July 2015
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News Analysis
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Expanding brand
CRE appetite spurs European CMBS variety
European CMBS primary issuance remains slow in relative terms, but the sector continues to innovate. Regulatory pressure...
24 July 2015
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News
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No-action impact gauged
Prior to publication of the US SEC's no-action letter (SCI 21 July), an estimated US$261bn of US CLOs had to refinance b...
24 July 2015
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News Analysis
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Sterling effort
European CLOs testing creative palette
European CLOs remain an attractive option for yield-hungry investors, but a shortage in quality collateral persists. As...
23 July 2015
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News
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Crossover tranchelet trades touted
Investors are increasingly looking to trade slices of the 0%-10% equity tranche of the on-the-run iTraxx Crossover S22 p...
21 July 2015
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News
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SCI Start the Week - 20 July
A look at the major activity in structured finance over the past seven days
PipelinePipeline activity continued to normalise last week. There were eight ABS, five RMBS and five CMBS additions. T...
20 July 2015
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News
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FFELP repacks put forward
The FFELP student loan ABS sector could yet fend off downgrades if refinancing solutions come forward, according to Citi...
17 July 2015
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News
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CRT, NPLs 'both attractive'
Macro developments over the last few weeks have pushed residential credit wider, with CRT spreads at the LCF level now a...
14 July 2015
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News
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RMBS settlement resolutions 'years away'
Several recent legal developments could affect cashflow distributions from ongoing settlements and lawsuits. Morgan Stan...
14 July 2015
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News
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SCI Start the Week - 13 July
A look at the major activity in structured finance over the past seven days
Pipeline A number of deals joined the pipeline last week. These were largely ABS and CLOs, although activity remains qu...
13 July 2015
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News
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Further ABSPP purchases detailed
The ECB this week provided an updated breakdown of its ABSPP holdings. As of the end of last month, t...
10 July 2015
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News
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Greek RMBS prisoner to politics
As well as the obvious implications of any exit from the euro, Greek RMBS could also be affected by another political de...
9 July 2015
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News
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SCI Start the Week - 6 July
A look at the major activity in structured finance over the past seven days
Pricings While there were no additions to the pipeline last week, new issuance was dominated by CLOs, with seven deals...
6 July 2015
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News
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Below-appraisal bids win
Over US$500m in allocated loan balance from 34 properties securing 13 US CMBS was disposed of last week via Auction.com....
30 June 2015
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News
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QS recommendations weighed
The EBA has adequately addressed most of the valid concerns raised by parties interested in the prudentially sound reviv...
29 June 2015
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News
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SCI Start the Week - 29 June
A look at the major activity in structured finance over the past seven days
Pipeline CMBS entrants dominated the pipeline last week, closely followed by ABS transactions, which included a couple...
29 June 2015
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News
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CMBS 2.0/3.0 financials analysed
A Morgan Stanley review of the US CMBS 2.0 loans that have reported 2014 year-end financials suggests that the majority...
26 June 2015
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News Analysis
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Opportunity knocks
ECB presence expanding ABS investor mandates
The ECB's ABSPP was a hot topic at IMN's 2015 Global ABS Conference, as it continues to exert downward pressure on Europ...
24 June 2015
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News
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SCI Start the Week - 22 June
A look at the major activity in structured finance over the past seven days
Pipeline Ten new transactions entered the pipeline last week, with each asset class represented. Three CMBS and three R...
22 June 2015
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News
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STC clarification underway
Plans are underway for European policymakers to homogenise the various European securitisation acronyms to the simple, t...
19 June 2015
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News Analysis
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Setting priorities
Structured finance recruitment takes backseat to regulatory push
The recruitment outlook for the structured finance sector continues to suffer from regulatory uncertainty. This state of...
19 June 2015
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News Analysis
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Diverse distinction
Aircraft ABS strengths, weaknesses weighed
The US$1.21bn ECAF I deal, which priced this week, is notable for being the first on-the-run aircraft ABS to print since...
19 June 2015
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News Analysis
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Revival instincts
Push to reinvigorate CDS market gaining traction
Credit derivatives notional amounts fell to US$16trn at end-December from US$19trn at end-June 2014 and a peak of US$58t...
17 June 2015
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News Analysis
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New dawn
Trustees continue to address ongoing issues in the European securitisation market, but also see new ...
The European securitisation market continues to develop and the trustee's role is evolving as it does so. While certain...
16 June 2015
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News
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Successful ED project 'requires support'
While the European DataWarehouse (ED) has continued to make strides over the last 12 months, data shortcomings in the ma...
16 June 2015
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News
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SCI Start the Week - 15 June
A look at the major activity in structured finance over the past seven days
Pipeline It was another busy week for the pipeline. There were nine new ABS added - including yet another Chi...
15 June 2015
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Talking Point
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Liquidity squeeze
Osmo Timonen, an expert in bank regulation at management and technology consultancy BearingPoint, di...
Since 2012, the Basel Committee on Banking Supervision has been working on a major overhaul of market risk capital requi...
15 June 2015
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News Analysis
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Trigger effect
Call for consistency in UK non-conforming RMBS definitions
Improving performance in UK non-conforming RMBS is strengthening mezzanine bondholder positions as an increasing number...
11 June 2015
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News Analysis
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Lift off?
Institutional investors boost marketplace lending securitisation
The marketplace lending securitisation sector appears set for take-off, fuelled by the proliferation of online lending p...
10 June 2015 Free
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News Analysis
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Post-auction headache
HUD NPL post-sale changes increase complexity
The US Department of Housing and Urban Development (HUD) has been an increasingly significant source of NPL supply, but...
9 June 2015
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News Analysis
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Special offer
Investors set to gain from Australian triple-A auctions
The first of the Australian Office of Financial Management's (AOFM) planned series of RMBS auctions is expected this mon...
9 June 2015
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News
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SCI Start the Week - 8 June
A look at the major activity in structured finance over the past seven days
Pipeline Another Chinese deal joined the pipeline last week. It was one of six newly announced ABS, while there was als...
8 June 2015
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News
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CLO compression trades touted
US CLO triple-A tranches are lagging the spread compression in the CLO credit curve as the loan market increasi...
4 June 2015
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News
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Split liability for WaMu claim
The judge overseeing the Washington Mutual rep and warranty case yesterday ruled that JPMorgan will be liable only to th...
4 June 2015
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News Analysis
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Rewriting the rules
Spanish law change boosts securitisation
Spanish legislators have adopted a new securitisation law, bringing the market more in line with the rest of Europe (SCI...
3 June 2015
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News
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ABSPP purchases revealed
The ECB yesterday (1 June) published for the first time a detailed breakdown of the ABS holdings under the ABSPP, showin...
2 June 2015
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News
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TRACE reporting underway
Yesterday (1 June) marked the first day of ABS transaction data reporting via TRACE, which saw 213 trades with total vol...
2 June 2015
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News Analysis
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At a crossroads
Auto ABS reaching an inflection point?
The US auto ABS market appears to be approaching an inflection point in fundamentals, with prime auto losses beginning t...
1 June 2015
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News
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SCI Start the Week - 1 June
A look at the major activity in structured finance over the past seven days
Pipeline Several deals joined the pipeline during the holiday-shortened week, including a Chinese auto loan ABS. In tot...
1 June 2015
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News
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SFR market moves east
While the single-family rental securitisation market continues to grow, the profile of the underlying properties is chan...
29 May 2015
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News Analysis
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Expanding horizons
China seeking fresh growth opportunities
The Chinese securitisation market continues to show promising signs of growth. The authorities are now exploring new way...
27 May 2015
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News
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SCI Start the Week - 18 May
A look at the major activity in structured finance over the past seven days
Pipeline It was another active week for the pipeline. At the final count there were 13 new ABS, one ILS, three RMBS, fi...
18 May 2015
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News Analysis
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Finding solutions
Slowing SLABS payments prompts intervention
Slower borrower pay-downs have increased the risk of default for a number of FFELP student loan ABS transactions. Bonds...
18 May 2015
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News Analysis
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Old haunts
'Grexit' concerns leave RMBS in doubt
The spectre of redenomination risk has reappeared in the European RMBS market with the possibility of a Greek exit from...
15 May 2015
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News
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Libor floor trade mooted
CLO equity investors can sell long-dated Libor floors matching those embedded in CLO asset portfolios to monetise the ti...
14 May 2015
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News
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Pulled CMBS may need rethink
RBS has postponed the sale of its £141m Antares 2015-1 CMBS, which was being publically marketed last month. Wh...
13 May 2015
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News
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CMBS warehousing times eyed
The average time taken from origination for US CMBS loans to be placed in conduit deals appears to be lengthening. The t...
12 May 2015
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News
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SCI Start the Week - 11 May
A look at the major activity in structured finance over the past seven days
Pipeline Additions to the pipeline last week were mainly new ABS deals. As well as six of those there was a single ILS,...
11 May 2015
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News Analysis
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Idiosyncratic risk?
US CMBS 2.0/3.0 loan troubles scrutinised
The US$96.4m Ty Warner Hotels & Resorts Portfolio loan, securitised in MSC 2012-C4, has become the latest high-p...
8 May 2015
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News
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German CMBS value examined
Price rallies for Gagfah's three outstanding multifamily CMBS ended in March as both Gagfah and Deutsche Annington, with...
7 May 2015
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News
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Sharp rise in CMBS early prepays
While US CMBS 2.0 loans have increasingly paid off with yield maintenance or been defeased, the pace has picked up even...
5 May 2015
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News
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DOT rule to dent railcar ABS?
The US Department of Transportation last week issued its final rule for tank car safety improvements. The more stringent...
5 May 2015
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News Analysis
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Calling it
Euro CLO calls up sharply
More European CLOs have been called already this year than in any previous full year. This is due to several factors, ju...
30 April 2015
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News
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CLO refis racking up
US CLOs are being refinanced in ever greater numbers as the risk retention deadline draws nearer. While regulatory compl...
29 April 2015
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Provider Profile
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Embedding liquidity
eBond Advisors co-founder and managing partner Richard MacWilliams and ceo Bryan Jennings answer SCI...
Q: How and when did eBond Advisors become involved in the derivatives markets? RM: Mac McQuown and I founded eBond Ad...
28 April 2015
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News Analysis
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Rock out?
Granite buyer could take RMBS exit
The UK government's desire to sell the mortgage loans it acquired bailing out Northern Rock - which are securi...
28 April 2015
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News
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Euribor goes below zero
Last week, three-month Euribor entered negative territory for the first time. As one-month Euribor was already negative,...
27 April 2015
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News
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SLABS EOD likelihood gauged
Approximately US$7bn FFELP student loan ABS bonds tracked by JPMorgan ABS strategists have a legal final maturity date t...
27 April 2015
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News
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SCI Start the Week - 27 April
A look at the major activity in structured finance over the past seven days
Pipeline A modest number of deals remained in the pipeline at the end of last week. The new entrants consisted of two A...
27 April 2015
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News
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Shifting investor base drives supply
Post-crisis record highs were set in both the US CLO secondary and primary markets in March. US$15bn of new issuance pri...
24 April 2015
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News Analysis
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Sprawling landscape
SFR securitisation expands with multi-borrower option
B2R Finance and FirstKey Lending this month became the first sponsors to launch multi-borrower single family rental (SFR...
23 April 2015
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News Analysis
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Stepping out
European CMBS breaks new ground
New European CMBS deals are increasingly deviating from the cookie-cutter mould established in the market's post-crisis...
23 April 2015
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News
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Recoveries change RMBS landscape
Investors can find value in non-investment grade senior and mezzanine Spanish RMBS bonds, particularly as recoveries swi...
21 April 2015
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News
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Risk retention views polled
Among respondents to JPMorgan's 2Q15 CLO client survey, it is generally felt that only a minority of CLO managers have a...
21 April 2015
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News Analysis
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Two-tone CMBS
SASB popularity grows as conduit concerns continue
With around US$14bn of new issuance hitting the market last quarter, the single-asset/single-borrower (SASB) sector appe...
20 April 2015
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News
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SCI Start the Week - 20 April
A look at the major activity in structured finance over the past seven days
Pipeline The number of deals joining the pipeline was steady last week, with more RMBS than the week before and less em...
20 April 2015
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News
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LLPA changes unveiled
The US FHFA has announced the results of its comprehensive review of guarantee fees charged by Fannie Mae and Freddie Ma...
20 April 2015
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News
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ABSPP rethink proposed
While the ECB's ABSPP has brought benefits to the market, it has also underwhelmed. Increasing transparency could do mor...
16 April 2015
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News Analysis
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Growing appetite
US managers targeting CLO-hungry Europeans
US CLO managers are tapping strong demand from European investors for CRR-compliant paper. The originator route appears...
15 April 2015
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News
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SCI Start the Week - 13 April
A look at the major activity in structured finance over the past seven days
PipelineSeveral deals were added to the pipeline last week as the market started up again after the Easter break. These...
13 April 2015
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News
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CMBS market cuts froth
Despite accelerating last month, US CMBS 2.0 B-piece BWIC volumes remain significantly lower than they were this time la...
8 April 2015
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News
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Bouncing back
The US CLO equity market is rebounding from a spate of volatility. Regulatory changes are squeezing out short-term playe...
7 April 2015
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News Analysis
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Broadening the field
Diverse issuance signals deepening primary market
The European securitisation market has witnessed an influx of diverse primary issuance in recent weeks. Supply has bumpe...
1 April 2015
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News
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Reinvestment opportunities limited
The rest of 2015 will see almost €20bn repaid to European RMBS investors, with around 75% coming from UK prime...
31 March 2015
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News
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SCI Start the Week - 30 March
A look at the major activity in structured finance over the past seven days
PipelineThe pace of deals joining the pipeline slowed slightly last week. At the final count there was one new ABS, two...
30 March 2015
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News
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Euro investors weigh UK opportunities
European investors are increasingly looking beyond euro-denominated assets in the search for yield. UK pound-denominated...
26 March 2015
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News
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Credit card issuance starts slowly
US credit card ABS supply so far this year is half what it was at the same time in 2014, but this is anomalous for US AB...
26 March 2015
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News
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SCI Start the Week - 23 March
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline saw a variety of deals added last week, including four ILS. There were also five ABS, three RMBS...
23 March 2015
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News
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Granite call more likely?
UK Chancellor George Osborne announced in last week's Budget that the UK government would look to sell £13bn of...
23 March 2015
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News
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First Irish CMBS since crisis
Deutsche Bank is in the market with the first Irish CMBS to be issued since the financial crisis began. €174.9...
23 March 2015
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News Analysis
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Rolling the dice
Corporate bond reinvented?
A new financial innovation is causing a buzz in the credit derivatives markets by isolating credit risk while providing...
17 March 2015
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News
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SLABS forbearance eyed
The Obama Administration last week released a Presidential Memorandum directing the US Department of Education and other...
17 March 2015
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News
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SCI Start the Week - 16 March
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline saw a mix of new entrants last week. Of the newly-announced deals, six ABS, four CMBS, three RMBS...
16 March 2015
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News Analysis
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Waive, goodbye
Penalty waiver leads to rapid pay-off
The Pickwick Plaza loan securitised in GCCFC 2007-GG9 has paid off early, a month after it was modified to waive prepaym...
13 March 2015
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News
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SOTUS boost for Euro CLOs
US regulators last month added new guidance to their list of frequently asked questions (FAQs) on the Volcker Rule that...
13 March 2015
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News Analysis
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Entrants encouraged
More managers could benefit European CLO market
The European CLO market is smaller than its US counterpart, but arguably provides greater scope for a good manager to ou...
13 March 2015
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News Analysis
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Ready for take-off
Aircraft ABS building momentum
After a flurry of deals at the end of last year and another one issued last month, aircraft ABS appears to be shrugging...
12 March 2015
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News Analysis
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Green power
Renewables securitisation gaining traction
A number of initiatives in the US harness securitisation technology to facilitate the growth of the green energy market....
12 March 2015
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News
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MMF restructuring impact eyed
Federated recently became the second major fund sponsor after Fidelity to announce changes to its money market funds (MM...
11 March 2015
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News Analysis
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Rising tide
Cat bond trading eyed ahead of hurricane season
The ILS market benefitted from a relatively strong January, driven by customary early-year adjustments to investor portf...
11 March 2015
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News
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SCI Start the Week - 9 March
A look at the major activity in structured finance over the past seven days
Pipeline Deals stayed in the pipeline a little longer last week. At Friday's end there were 10 new ABS as well as an IL...
9 March 2015
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News
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CMBS workout pattern shifts
European CMBS loans worth more than €5bn have exited special servicing since January 2014, while new additions...
6 March 2015
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News
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Duration changes weighed
US CLO structures that experiment with duration parameters are emerging ahead of the risk retention effective date. A re...
6 March 2015
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News
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Countrywide appeal approved
The Appellate Division of the New York Supreme Court yesterday approved the Countrywide trustee's proposed US$8.5bn rep...
6 March 2015
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News
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Stricter eligibility causes casualties
The ECB has removed 11 Spanish bonds from its repo-eligible ABS bond list due to non-compliant payment waterfalls follow...
6 March 2015
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News
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Refinancing target missed
The second refinancing instalment of the restructured Dutch CMBS transaction Leo-Mesdag, due last month, was missed. Whi...
5 March 2015
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News
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Ratings-driven tiering continues
The pricing of two US CMBS on the same day last month indicates continued investor sensitivity to which rating agencies...
5 March 2015
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News
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Repo eligibility tightening?
The ECB last month published new guidelines on the implementation of the Eurosystem monetary policy, effective from 1 Ma...
4 March 2015
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News
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SCI Start the Week - 2 March
A look at the major activity in structured finance over the past seven days
Pipeline Many of last week's pipeline additions priced briskly, leaving only a short list of new additions at the week'...
2 March 2015
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News
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CMBS 2.0/3.0 watchlistings eyed
February US CMBS remittance data indicates a significant up-tick in the number of post-crisis loans that were watchliste...
26 February 2015
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News Analysis
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Game changer
Resolution regulation to transform covered bond approach?
Scope Ratings has dubbed the implementation of the European Resolution and Recovery Directive and similar regimes in oth...
24 February 2015
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News
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CMBS sub debt proliferating
Subordinated commercial real estate loans have emerged as a compelling alternative for investors seeking higher yields w...
23 February 2015
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News
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SCI Start the Week - 23 February
A look at the major activity in structured finance over the past seven days
PipelineSeveral new deals have been announced in the wake of the recent conference. Last week there were 10 ABS transact...
23 February 2015
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News
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UKNC opportunity eyed
The latest Eurosail restructuring and remarketing of debt tranches provides investors with an interesting route into UK...
23 February 2015
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News Analysis
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Competing pressures
Future of GSE g-fees weighed
The US FHFA is set to conclude a review of GSE guarantee fees by quarter-end. Execution levels on Freddie Mac's most rec...
19 February 2015
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News Analysis
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Poor vintage?
Caution urged on recent Australian mortgages
Australian RMBS issuance has increased, but so too have concerns regarding the underlying loans. House prices continue t...
18 February 2015
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News Analysis
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Great divide
ABS eligibility gap sparking investor rotation
The ECB ABSPP-inspired rally has resulted in significant spread tiering between eligible and ineligible European ABS bon...
18 February 2015
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News
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Renewal risk highlighted
American Express is set to end its US co-brand relationship with Costco Wholesale Corporation on 31 March 2016. AMXCA ch...
16 February 2015
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News
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SCI Start the Week - 16 February
A look at the major activity in structured finance over the past seven days
Pipeline It was an understandably quiet week for the pipeline as market participants attended the annual industry confe...
16 February 2015
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News
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Short-duration trades touted
Around €4.4bn of EMEA CMBS loans are scheduled to mature in 2015, with about half of them expected to repay at...
12 February 2015
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News
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CLO demand capacity gauged
Amid slower origination levels and a fading legacy CLO bid, CDO strategists at JPMorgan have updated their CLO reinvestm...
12 February 2015
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News Analysis
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Staying afloat
Rising pressures test servicer resilience
Recent regulatory and investor pressure on Ocwen has highlighted the operational weaknesses of some US RMBS servicers. I...
11 February 2015
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News
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Retail hits
The US CMBS market was last week hit by a double-whammy of negative news, as RadioShack filed for bankruptcy and Staples...
11 February 2015
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News
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To BWIC, or not to BWIC
A large, diverse block of European bonds came out for the bid last week, but in an untraditional way. The bonds were off...
10 February 2015
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News
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BDC equity purchasing eyed
BDCs owned almost US$3bn of CLO equity at end-3Q14, approximately US$2.5bn of which is owned by just five vehicles, acco...
9 February 2015
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News Analysis
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Unexpected issuers
Non-bank lender ABS activity on the rise
The fact that OneMain Financial and Prosper - via BlackRock - have got deals away so early in the ye...
9 February 2015
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News
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SCI Start the Week - 9 February
A look at the major activity in structured finance over the past seven days
PipelineA variety of deals joined the pipeline last week, with proposed issuance from the US, UK, Europe, Australia and...
9 February 2015
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News
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Quality considerations
Concentration risk has resurfaced in the legacy European CLO space, following a recent spate of optional redemption noti...
6 February 2015
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News
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Rating requirements pose questions
The US SEC's decision to bar S&P from rating new issue conduit CMBS until next year (SCI 22 January) presents a...
5 February 2015
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News
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CLO pricing to reflect sector views?
Energy-related credits continue to diverge from loan index returns, in conjunction with the drop in oil prices. With inc...
5 February 2015
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News Analysis
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Floodgates open
Quelle case sparks further negligent valuation claims
The recent landmark Titan Europe 2006-3 ruling affirmed that an issuer can have a legal basis for a negligence claim aga...
4 February 2015
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News
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SCI Start the Week - 2 February
A look at the major activity in structured finance over the past seven days
PipelineA mixed bag of transactions entered the pipeline last week, with all asset classes represented. ABS accounted fo...
2 February 2015
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Market Reports
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Mixed signals in CMBS
The unexpectedly wide pricing of Taurus 2015-1 IT has raised some concerns in the European CMBS market. However, seconda...
30 January 2015
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Market Reports
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Auto ABS names abound
SCI's PriceABS data captured 26 unique US ABS tranches yesterday as bid-list supply surged, after weather concerns had c...
29 January 2015
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News Analysis
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Different strokes
HQS consultations reflect divergent approach
The HQS consultations being undertaken by the EBA and the Basel Committee/IOSCO joint taskforce appear to reflect the di...
29 January 2015
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Market Reports
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CLO space stays active
The storm battering the north-eastern US put a freeze on most secondary market activity yesterday, although a number of...
28 January 2015
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News Analysis
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Made to measure
Tranche investment patterns changing
The end of 2014 was also something of an end of an era for the credit derivatives markets, as the CDX IG9 index reached...
27 January 2015
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News
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HSART EODs eyed
BlueMountain Capital Management has notified the trustee of HLSS Servicer Advance Receivables Trust that three EODs have...
26 January 2015
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News
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SCI Start the Week - 26 January
A look at the major activity in structured finance over the past seven days
Pipeline A number of the deals which joined the pipeline last week then went on to price before the weekend. At the fin...
26 January 2015
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Market Reports
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Euro ABS up and running
The European ABS market has begun to pick up steam over the last week and will be further boosted by yesterday's highly...
23 January 2015
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News
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Ratings probe settled
The US SEC, in conjunction with the New York and Massachusetts Attorneys General, has fined S&P US$77m and banne...
22 January 2015
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News Analysis
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Follow by example
Italy in the NPL spotlight
Italian NPL disposals have been disappointing so far, despite significant growth of the assets within the country's bank...
21 January 2015
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Market Reports
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ABS BWICs bounce back
US ABS bid-list activity was up yesterday as traders returned to their desks, with student loan and auto ABS paper drivi...
21 January 2015
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News
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SCI Start the Week - 19 January
A look at the major activity in structured finance over the past seven days
Pipeline Last week saw a greater variety of deals join the pipeline than had done in the week before. There were nine A...
19 January 2015
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News Analysis
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Transparency boost
Regulatory capital trades expected to flourish
Increased transparency regarding regulatory treatment appears to have brought stability to the European regulatory capit...
19 January 2015
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Market Reports
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Unusual list dominates RMBS session
Friday's US non-agency RMBS session was dominated by a large pre-announced US$891m legacy BWIC which was being presented...
19 January 2015
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News
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Socially secured
An innovative real asset transaction backed by German care homes is currently in the private placement phase. Dubbed Ger...
16 January 2015
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Market Reports
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CMBS supply rises, spreads widen
US CMBS BWIC volume hit US$400m yesterday in a busy session as spreads widened out. SCI's PriceABS data picked up more t...
15 January 2015
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News
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New Volcker fix progresses
Bill H.R. 37- Promoting Job Creation and Reducing Small Business Burdens Act yesterday passed the House by a v...
15 January 2015
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News
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Store closures prompt performance concerns
JC Penney and Macy's have disclosed that they will respectively close 39 and 14 stores this year, including 15...
13 January 2015
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Market Reports
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Non-agency supply rises
US non-agency RMBS BWIC activity was up to over US$150m yesterday. SCI's PriceABS data captured more than 70 unique line...
13 January 2015
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News
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SCI Start the Week - 12 January
A look at the major activity in structured finance over the past seven days
Pipeline A number of US ABS deals have been announced for the start of the year. An ILS and an RMBS have also joined th...
12 January 2015
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Market Reports
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Secondary ABS starts year strongly
The US ABS secondary market is back up and running this week as BWIC volume yesterday reached more than US$150m. Supply...
8 January 2015
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News
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FHA MIPs moved down
The FHA's mortgage insurance premiums (MIPs) are being lowered by 50bp. This brings policy risk back into the picture fo...
8 January 2015
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News Analysis
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Seeking knowledge
FIA survey to unlock CCP transparency?
Central counterparty transparency has come under the spotlight in recent months. A new survey of CCP risks could help fo...
8 January 2015
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