Issue Archive

  • Issue 214 - 22nd December

  • Issue 213 - 15th December

  • Issue 212 - 8th December

    • 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

  • Issue 210 - 24th November

    • 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

  • Issue 208 - 10th November

  • Issue 207 - 3rd November

  • Issue 206 - 27th October

  • Issue 205 - 20th October

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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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