Issue Archive
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Issue 166 - December 23rd
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Macroeconomic impact
Flat volumes but improved sentiment for US ABS in 2010
US non-mortgage ABS volumes are expected to remain flat next year, with macroeconomic factors influe...
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Issue 165 - December 16th
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Gathering momentum
US CMBS in demand, multi-borrower deal under construction
Strong investor demand for the third new-issue CMBS in the US bodes well for the future of the asset...
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Issue 164 - December 9th
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Rating concerns
Conventional approach criticised
Investor concerns continue to be raised over the credit ratings process and there are calls for fund...
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Issue 163 - December 2nd
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Navigating the crisis
Permacaps modify strategies to weather the storm
Modifying investment strategies to adapt to the new financial landscape has proved successful for a...
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Issue 162 - November 25th
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Cash versus synthetic
CLO-LCDX relative value analysed
As cash CLOs continue their tightening trend in the secondary market - particularly in sen...
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Issue 161 - November 18th
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Compensation review
Structured credit and ABS bonuses on the rise
New research suggests that bankers' bonuses will be up this year by an average of 35% to 40% globall...
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Issue 160 - November 11th
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Primary considerations
Equity economics continue to hinder CLO re-emergence
Speculation is intensifying as to an imminent reopening of the primary CLO sector. Some observers be...
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Issue 159 - November 4th
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Ratings debate
Non-rated structured finance issuance to gain traction?
The issuance of structured finance securities without credit ratings is tipped to become more preval...
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Issue 158 - October 28th
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New issues
TALF CMBS threatened by thawing of unsecured debt markets
The renewed attractiveness of the unsecured debt market may pose a threat to the success of TALF new...
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Issue 157 - October 21st
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No respite
Pressure still increasing for CLO managers to consolidate
Optimism in the structured credit market has not alleviated the strain on CLO managers, many of whic...
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Issue 156 - October 14th
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Capturing market share
Deleveraging poses challenges for changing credit insurance model
The traditional credit insurance model is changing, with both CDPCs and monolines pursuing new ways...
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Issue 155 - October 7th
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Timing issue
Rising prices and deteriorating fundamentals overshadow PPIF launches
Five out of the nine managers mandated under the PPIP closed their public-private investment funds (...
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Issue 154 - September 30th
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Damp squib?
SIV liquidates quietly, but secondary CDO market continues to improve
The initial buzz surrounding the announcement of the Victoria Finance liquidation (see SCI issue 152...
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Issue 153 - September 23rd
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Good with the bad
European CMBS performance reflects deal difficulties
European CMBS performance continues to reflect the stress of soft occupational markets, limited fina...
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Issue 152 - September 16th
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GSEs face the music
Fannie and Freddie restructuring debate heats up
Just over a year has passed since Freddie Mac and Fannie Mae were taken into conservatorship, follow...
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Issue 151 - September 9th
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Testing the water
VW to market auto ABS to European investors
Volkswagen Financial Services, a mainstay of the European ABS industry, is expected to reopen the lo...
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Issue 150 - September 2nd
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Looking up
Recruitment prospects improve as banks return to hiring mode
Recruitment prospects for those with structured credit and ABS expertise are beginning to improve. A...
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Issue 149 - August 19th
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Ambac takes action
Monoline litigation cases to gather pace?
Ambac has commenced legal action against Citigroup and Credit Suisse Alternative Capital (CSAC) in t...
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Issue 148 - August 5th
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CLO evolution
European repack market gains momentum
The development of a repackaged CLO market in Europe is gathering pace. Following a number of recent...
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Issue 147 - July 29th
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REIT revival
New vehicles to provide sustainable MBS investment source?
The return of mortgage REITs to Wall Street is providing a fresh source of investment capital for le...
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Issue 146 - July 22nd
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Directional bets
Macro uncertainty brings tranche opportunities
Concerns over the sustainability of an economic recovery are causing uncertainty in financial market...
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Issue 145 - July 15th
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Rebalancing the books
Renewed focus on portfolio restructuring activity
Regulatory capital trades have been a feature of the market since the late 1990s. But accounting rec...
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Issue 144 - July 8th
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Correlation return?
Emergence of macro players and new risks could revitalise correlation
Correlation market liquidity is suffering from the lack of a structured bid. However, the emergence...
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Issue 143 - July 1st
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Limited mezz opportunity?
Investors seek hedge fund-style returns
The latest European ABS fund to hit the market is to target mezzanine paper, as investors increasing...
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Issue 142 - June 24th
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MBS therapy
CMBS and RMBS re-REMIC issuance surges
There has been a significant rise in the number of re-REMICs coming to market in the US over the pas...
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Issue 141 - June 17th
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What lies beneath
Is the mezz CLO rally more than just positive technicals?
Mezzanine CLO tranches last week saw unprecedented upward price momentum, suggesting that positive t...
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Issue 140 - June 10th
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New look
Second-generation ABS opportunity funds gain traction
A handful of established managers have set out plans to start investing in European ABS in recent we...
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Issue 139 - June 3rd
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Asian opportunities
Inefficiencies of Asian distressed debt offer risk and rewards
With more than US$2trn in supply, Asia is fast becoming the largest distressed assets market in the...
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Issue 138 - May 27th
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Superseding the SIV
New, enhanced structured finance vehicles discussed
A number of potential sponsors are discussing how best to supersede the SIV structure to fit the new...
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Issue 137 - May 20th
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Double-A focus
CLO trading activity moves down capital structure
CLOs still lag the broader rally seen in other structured finance securities, but more competitive p...
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Issue 136 - May 13th
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CMBS catastrophe?
Industry braces for potential ramifications of GGP bankruptcy filing
The ruling on a unique bankruptcy case that has the potential to change the face of the CMBS industr...
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Issue 135 - May 6th
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CMBS included
But hung commercial real estate loan problem remains
The US Federal Reserve announced on Friday that, starting in June, qualifying new issue CMBS will be...
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Issue 134 - April 29th
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Hot property
Investors move along the curve as ABS spreads race in
Tightening spreads in US consumer ABS are forcing a number of accounts to move along the curve in or...
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Issue 133 - April 22nd
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Guaranteed success?
UK budget puts RMBS on the agenda
A government guarantee for UK RMBS was formally announced in today's budget by Chancellor Alistair D...
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Issue 132 - April 15th
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Restructuring reassessed
Remains a critical issue in European CDS standardisation efforts
ISDA's big bang was successfully implemented last week, with 2023 parties adhering to the protocol g...
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Issue 131 - April 8th
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Exclusion zone
Challenges remain for CDS clearing for the buy-side
Market participants were last week asked by the New York Fed to broaden the remit of CDS central cou...
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Issue 130 - April 1st
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Recovery revisited
Call for increased transparency around CDS recovery rates
With the string of single-digit recoveries hitting the market in the wake of Lehman Brothers' defaul...
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Issue 129 - March 25th
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Fit for purpose?
Bonus row raises questions over correlation model viability
The furore surrounding retention bonuses paid to AIG Financial Products staff has drawn attention to...
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Issue 128 - March 18th
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Unsustainable dislocation
Likelihood of bank restructuring grows
Rising implied correlation and widening financial spreads suggest that a second wave of the financia...
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Issue 127 - March 11th
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Secondary reboot
Participants look to restart market in coming months
The market appears to be finally converging around the need to reboot secondary ABS trading. Liquidi...
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Issue 126 - March 4th
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Documentation dilemma
Noteholders left out of the loop as CDO managers look to amend deals
The number of collateral managers and trustees seeking rating affirmations on CLOs and CDOs that the...
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Issue 125 - February 25th
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Contingency plans
CCDS trading platform prepares for launch
A new trading platform - Novarum Global Trading - is being prepared, offering co...
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Issue 124 - February 18th
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Time to unite?
Consolidation talk renewed as management fees come under pressure
CLO manager consolidation is once again a hot topic as the current environment makes it increasingly...
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Issue 123 - February 11th
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Litigation boom?
'Bad bank' could become catalyst for CDO suits
The number of structured credit-related litigation filings has increased considerably since the begi...
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Issue 122 - February 4th
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Tactical timing
Viability of agency-broker model increases
The buzz around secondary market ABS trading has continued since the start of the year and new real...
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Issue 121 - January 28th
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Clipped wings?
Good bank/bad bank model inches closer
The good bank/bad bank model, whereby the 'bad' assets of a financial institution are split off and...
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Issue 120 - January 21st
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Contract quandaries
Mod-R issue splits traders
A proposal to drop modified-restructuring (Mod-R) as a credit event for single name CDS has divided...
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Issue 119 - January 14th
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Investment prospects
Japan prepares for increased CDO issuance, while investors in Asia take a cautious view
Japanese synthetic CDO issuance is predicted to rise in 2009, with the potential to return to levels...
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Issue 118 - January 7th
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Alternative investment?
Transition emerges between playing direction as a trade versus picking exposure as an investment
With investment grade index tranches currently offering limited relative value, investors are increa...
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