Secondary markets

The post-issuance trading or buying and selling of instruments, including, but not exclusively, asset-backed securities or ABS; commercial or residential mortgage-backed securities or MBS or CMBS or RMBS; collateralised debt obligations or CDOs; and collateralised loan obligations or CLOs takes place in the secondary market. Prices established in the secondary market are seen as an efficient means of deriving the value of similar products for valuation purposes.


  • Into the light?

    European CLOs continue to improve

    The European CLO market is seeking to build on its relatively stable foundations of recent months as...

    News    21 September 2020
  • SCI Start the Week - 21 September

    A review of securitisation activity over the past seven days

    REMINDER: SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualif...

    News    21 September 2020
  • Auto opportunities

    Euro residual values holding up

    The European second-hand car market has been relatively strong since lockdown ended, supporting auto...

    News    11 September 2020
  • SCI Start the Week - 7 September

    A review of securitisation activity over the past seven days

    SCI CRT Awards The submissions period for the 2020 SCI CRT Awards is now open. The qualifying perio...

    News    7 September 2020
  • Challenging times

    European CLO overlap issues addressed

    European CLOs’ overlap disadvantage versus the US has been exacerbated by the Covid crisis...

    News Analysis    2 September 2020
  • Middle ground?

    Middle market CLO credit agreements being renegotiated

    Many of the borrowers of the loans underlying US middle market CLOs are facing severe economic distr...

    News    26 August 2020
  • FDIC sued over Madden rule

    Sector developments and company hires

    FDIC sued over Madden rule The states of California, Illinois, Massachusetts, Minnesota, New Jersey...

    Market moves    25 August 2020
  • View from an investor

    SCI hears from an US MBS buyer about what he likes in the market... and next week what he doesn't

    Karlis R. Ulmanis, CFA, is a portfolio manager at DuPont Capital. In these waning days of summer, he...

    Talking Point    25 August 2020
  • SCI Start the Week - 24 August

    A review of securitisation activity over the past seven days

    Last week's stories Car capital relief JPM Chase tests the auto loan waters with new CRT deal ...

    News    24 August 2020
  • New targets

    US CLO spread and issuance targets raised as previous levels already met

    US CLO triple-A and triple-B secondary spreads are now at 150bp and 450bp, while net primary supply...

    News    20 August 2020
  • SCI Start the Week - 17 August

    A review of securitisation activity over the past seven days

    Last week's stories Collections clarity Payment arrangement ABS strengthened Problem solving ...

    News    17 August 2020
  • Repeat patterns

    CLO equity activity continues to be challenged

    The US CLO primary and secondary markets broadly appear to have bounced back from the early stages o...

    News Analysis    12 August 2020
  • SCI Start the Week - 10 August

    A review of securitisation activity over the past seven days

    Last week's stories Asset-backed attenuation Stricter underwriting in auto, credit card and home...

    News    10 August 2020
  • MM CLO test failures rise

    Sector developments and company hires

    MM CLO test failures rise The continued deterioration in credit quality of issuers due to the coron...

    Market moves    4 August 2020
  • SCI Start the Week - 3 August

    A review of securitisation activity over the past seven days

    Last week's stories Blockchain boost DLT opportunity for ABS market CMBS concerns Tailored B...

    News    3 August 2020
  • Blockchain boost

    DLT opportunity for ABS market

    Coronavirus-related concerns are boosting the use of technology within the securitisation market. Bl...

    News Analysis    30 July 2020
  • Lag lustre

    Slower recovery in CLOs provides advantages and opportunities

    Secondary CLO trading desks either side of the Atlantic are reporting greater re-engagement from the...

    News Analysis    30 July 2020
  • CLO equity defies predictions

    Sector developments and company hires

    CLO equity defies predictions US CLO equity cashflow performance is defying pessimistic predictio...

    Market moves    27 July 2020
  • SCI Start the Week - 27 July

    A review of securitisation activity over the past seven days

    Last week's stories Carrots and sticks 'Wide-ranging and ambitious' recommendations welcomed ...

    News    27 July 2020
  • Green shoots

    US middle market CLOs showing signs of recovery

    As the broader CLO market sees increasingly significant levels of new issuance, middle market CLOs a...

    News Analysis    22 July 2020
  • Support network

    US CLO prices supported by a variety of factors

    US CLO secondary market prices have come back a long way since the Covid-driven collapse in March. S...

    News Analysis    21 July 2020