Issue Archive
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Issue 214 - 22nd December
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Granite perks up Euro RMBS
It has been another quiet week in the European RMBS market, as most participants prepare for end-of-...
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Issue 213 - 15th December
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CDS tail scenarios touted for 2011
Credit derivative strategists at Morgan Stanley suggest that the beginnings of a transformation in d...
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Issue 212 - 8th December
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Tough call
Asset overhang weighs on European sentiment
Volatility created by ongoing sovereign debt issues is making it tough to call spread trends in the...
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Issue 211 - 1st December
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New assets for ILS
A new asset class is being brought to the insurance-linked securities (ILS) market - medic...
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Issue 210 - 24th November
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African focus
Alfons Ideler, director and head of structured finance at Global Credit Ratings (GCR), answers SCI's questions
Q: How and when did GCR become involved in structured finance? A: GCR first became active within st...
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Issue 209 - 17th November
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Mezz appeal emerges in Euro CLOs
A spike in secondary mezzanine and equity flows is driving interest in the European CLO market this...
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Issue 208 - 10th November
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CMBS interest shortfalls likely containable
Interest shortfalls are on the rise in US CMBS, but are expected to generally be contained at the BB...
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Issue 207 - 3rd November
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Latest Vita issued
Swiss Re has printed the latest iterations of its Vita mortality catastrophe bonds (see SCI 13 Octob...
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Issue 206 - 27th October
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Put-back potential boosts US RMBS
Highly priced assets, together with the current focus on the mortgage foreclosure scandal are drivin...
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Issue 205 - 20th October
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Price talk
Structured finance and derivatives valuation issues discussed
The 2010 SCI Guide to Pricing and Valuation. As with the highly popular 2009 Guide, the 2010 edition...
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Issue 204 - 13th October
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Minimal distress
European distressed debt market finally set for activity
One of the most interesting effects of the global economic crisis has been that the European distres...
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Issue 203 - 6th October
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Changing masters
Holmes restructuring to set precedent?
Just days after rumours began circulating that Northern Rock Asset Management's (NRAM) Granite maste...
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Issue 202 - 29th September
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Taking cover
Investors seek ways to hedge against tail risk
With uncertainty continuing to dog the markets, more and more investors are looking to protect thems...
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Issue 201 - 22nd September
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Premium concerns
Should seasoned ABS deals be priced differently?
The fact that some US auto loan ABS paper is currently trading at premium dollar prices has sparked...
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Issue 200 - 15th September
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Artificial constraints
Distressed CRE prices pushing beyond fundamental value
An artificially constrained supply of US distressed commercial real estate is driving asset prices u...
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Issue 199 - 8th September
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Pushing the envelope
Wake-up call for CDO equity investors
The failure to replace the collateral manager on Flatiron CLO 2003-1 and 2004-1 last month (see last...
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Issue 198 - 1st September
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Help wanted
ABS recruitment begins to pick up as market returns
After a couple of difficult years in structured finance, 2010 has hinted at a return to normality as...
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Issue 197- August 18th
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Structured credit boost
BDCs could help kick-start the CLO market
Business development companies (BDCs) could be set to become the new source of the structured credit...
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Issue196 - August 4th
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CMBS strangle
Private equity adds to servicing logjam
Private equity firms' chokehold on CMBS special servicing is getting stronger. LNR Property Corp's r...
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Issue 195 - July 28th
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Reform repercussions
Dodd-Frank arbitrage pondered as SEC blinks first
The Dodd-Frank Act, which effectively repeals Rule 436(g) of the Securities Act, has many ABS practi...
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Issue 194 - July 21st
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Auction fears
NextStudent liquidation likely to come up short
The first-ever liquidation of a student loan ABS is due today, 21 July. However, holders of...
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Issue 193 - July 14th
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Delaying disaster?
Euro CMBS turns to extensions in face of due debt
The slumbering European CMBS market is waking up to a nightmare scenario, with tens of billions of e...
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Issue 192 - July 7th
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Short sale flurry
More selling to hurt bank junior RMBS holdings
The holders of subordinate or junior bonds - large banks for the most part - hav...
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Issue 191 - June 30th
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Trups warfare
Bank issuers face stiff buyback opposition from investors
Banks are locked in conflict with investors in CDOs that pool their Trups as they seek to buy the se...
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Issue 190 - June 23rd
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Synthetic interest
TRS indices billed as alternative to TBAs
With To Be Announced (TBA) prices still relatively high, many MBS investors are looking for alternat...
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Issue 189 - June 16th
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Sense and sensitivity
CDS market trends indentified
It remains possible to pin down the micro themes month to month in the CDS market, but volatility in...
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Issue 188 - June 9th
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Clearing consensus
Pricing and liquidity concerns remain
Market consensus finally appears to be forming around CDS central clearing, despite the lack of regu...
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Issue 187 - June 2nd
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Fair value concerns
FASB proposal to weigh on banks amid volatile markets
The Financial Accounting Standards Board's (FASB) exposure draft that would require banks to mark fi...
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Issue 186 - May 26th
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Gaining traction
Specialty finance firms eye ABS return
Specialty finance firms like Consumer Portfolio Services (CPS) are among a group of niche companies...
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Issue 185 - May 19th
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Options open
Volatility hedges return to popularity
Amid the climb to recovery away from the credit crisis, CDS index option plays are proving increasin...
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Issue 184 - May 12th
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Power shift
Senior CLO investors seek more control
A power shift appears to be taking place within the CLO investor space. Whereas equity investors hav...
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Issue 183 - May 5th
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On the move
CDPCs make strides for the long haul
While most CDPCs are not writing new CDS, they are not standing still either: most have entered new...
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Issue 182 - April 28th
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Cross-border barriers
Australia appeals to Europe over ABS retention rules
The hard-line approach being taken by European regulators with regards to the 5% ABS issuer retentio...
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Issue 181 - April 21st
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WBS revival
Whole business securitisation interest stirs
Banks are in early talks to bring whole business securitisations back into the public's eye, accordi...
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Issue 180 - April 14th
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Lack of consistency
Managers and investors moving beyond the ratings issue
Consistency between CDO rating methodology changes appears not to have transpired, with the market l...
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Issue 179 - April 7th
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Questions of principal
Could US forbearance initiatives be replicated in European MBS?
The non-agency mortgage principal forbearance initiatives currently underway in the US are being see...
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Issue 178 - March 31st
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Decisive action
Market weighs consequences of Ambac restructuring
ISDA has declared a bankruptcy credit event on Ambac Assurance Corporation (AAC) following a move by...
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Issue 177 - March 24th
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Residual value
Non-performing CLO equity in demand
CLO equity is in demand: fund managers are recording substantial increases in equity valuations, whi...
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Issue 176 - March 17th
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A new approach
Banks pin hopes on multi-borrower CMBS revival
Despite the few single-borrower CMBS offerings that graced the US market last November and December...
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Issue 175 - March 10th
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Uncertain future
New Basel 2 rules to thwart CSO return?
FTDs, TRS, index tranches and leveraged baskets of names without tranching are all seeing renewed in...
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Issue 174 - March 3rd
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Primary focus
European ABS market activity in the week to 2 March
The European ABS market has remained quiet over the past week as investors continue to play a waitin...
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Issue 173 - February 24th
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Problem assets?
Bank Trups CDO demand wanes as defaults escalate
Defaults and deferrals in US bank Trups CDOs are escalating rapidly, with the cumulative combined de...
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Issue 172 - February 17th
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Repurchase reaction
Investors respond to GSE delinquent loan buybacks
Fannie Mae and Freddie Mac's decision to repurchase billions of dollars of 120 day-plus delinquent l...
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Issue 171 - February 10th
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New strategies
Dislocation funds repositioned for next wave of opportunity
Two structured credit fund managers - Highland Capital Management and Declaration Manageme...
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Issue 170 - February 3rd
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Uncertain outcome
Dante ruling sparks fresh unease in ABS market
Securitisation market professionals are considering the possible ramifications of a US bankruptcy co...
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Issue 169 - January 27th
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Chasing the tail
'Stressed' mezz CSO supply to pick up
With the sub-investment grade mezzanine CSO universe exhibiting substantially better valuations sinc...
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Issue 168 - January 20th
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Prepayment boost?
Granite pool behaviour supportive of buoyant market
Granite RMBS triple-A noteholders were pleasantly surprised last week when they received double thei...
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Issue 167 - January 13th
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Strong opening
Euro ABS spreads driven tighter
The European secondary ABS market witnessed a strong start to 2010, with continued tightening in spr...
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