Issue Archive
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Issue 265 - 21st December
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Innkeepers portfolio modified
The modification and assumption of the Innkeepers portfolio securitised in LBUBS 2007-C6 and LBUBS 2...
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Issue 264 - 14th December
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Euro star
RMBS performs well in tough European climate
RMBS has been a particular highlight of the European securitisation market this year. Performance ha...
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Issue 263 - 7th December
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Opera Uni firesale anticipated
The auction process for Uni-Invest Holdings, which had progressed to the second phase of due diligen...
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Issue 262 - 30th November
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Consolidation call
Credit hedge fund M&A set to increase
Consolidation activity among credit hedge funds is expected to increase going into next year. Regula...
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Issue 261 - 23rd November
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CMBS conduit issuance estimated
A new report from Deutsche Bank CRE debt analysts examines the CMBS loans that are maturing next yea...
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Issue 260 - 16th November
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Profit potential
More pubcos may sell assets to buy back debt
In a move that is hoped will improve returns on capital employed, Punch is disposing of pubs and usi...
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Issue 259 - 9th November
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Hedge fund boosts US CMBS liquidity
It was a good week for US CMBS as market sentiment grew more positive and spreads tightened. A new i...
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Issue 258 - 2nd November
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US CMBS bounces back
The US CMBS market has been significantly buoyed by the latest eurozone debt talks. Spreads have tig...
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Issue 257 - 26th October
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CMBS bid lists wear thin
BWICs have saturated the European secondary CMBS market and already weak dealer bids are getting wea...
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Issue 256 - 19th October
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Capital structure plays
Charles Kobayashi, portfolio manager at BlueMountain Capital Management, answers SCI's questions
Q: How and when did BlueMountain Capital Management become involved in CLO management? A: BlueMount...
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Issue 255 - 12th October
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Call to action
Solvency II impact underestimated?
Many market participants appear to underestimate the potential impact of Solvency II on European ABS...
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Issue 254 - 5th October
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Illiquidity option
Contingent capital alternatives touted
Banks will need to raise an estimated US$900bn in extra capital to meet the liquidity requirements o...
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Issue 253 - 28th September
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GSE g-fee hike anticipated
FHFA director Edward DeMarco's speech to the American Mortgage Conference this week has been describ...
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Issue 252 - 21st September
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Caveat emptor?
Jurisdiction may play key role in RMBS fraud case volume
Regulators and investors in both the US and the UK remain focused on the fraudulent misrepresentatio...
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Issue 251 - 14th September
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Tackling the overhang
The risk of accelerated de-leveraging among peripheral European banks has emerged amid the current m...
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Issue 250 - 7th September
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Agency advantage
FOMC announcement boosts agency MBS appeal
The FOMC's recent announcement that it will be keeping the Fed funds rate low until at least mid-201...
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Issue 249 - 31st August
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Come-back conditions
CMBS loan assumptions make a return post-crisis
CMBS loan assumptions are making a strong come-back in the US this year, after a hiatus in 2008-2009...
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Issue 248 - 24th August
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DBUBS braves seasonal slow-down
The latest US CMBS to price is evidence that despite the current market environment there is still i...
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Issue 247 - 17th August
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Perfect storm
Spread volatility stalls US CMBS recovery
US CMBS spreads have now given back all of the gains accumulated over the last year, widening by alm...
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Issue 246 - 10th August
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Alignment of interest
Deer Park Road Corp founder Michael Craig-Scheckman and md Will Bashan answer SCI's questions
Q: How and when did Deer Park Road become involved in structured finance? M: I founded Deer Park Ro...
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Issue 245 - 3rd August
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GS MST 2011-GC4 pulled due to CMBS review
Goldman Sachs and Citi have been forced to withdraw their GS Mortgage Securities Trust 2011-GC4 CMBS...
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Issue 244 - 27th July
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Lengthy lull
Recruitment slowdown to stretch beyond summer
The year started well for the structured finance job market, but activity dropped away a few months...
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Issue 243 - 20th July
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US CLO investors return
The US CLO market has been kept busy by a string of BWICs, with softness in the market drawing inves...
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Issue 242 - 13th July
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Countrywide settlement sets 'a low bar'
The 'class warfare' predicted to occur following Bank of America's reps and warranties settlement wi...
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Issue 241 - 6th July
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Forming consensus
GRAND restructuring process underway
Two conference calls held last week kick-started the restructuring process for GRAND - at...
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Issue 240 - 29th June
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Motoring on
New issue diversification reflects growing confidence
The European auto ABS sector has made great strides over the last year, driven by strong performance...
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Issue 239 - 22nd June
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Fund's CMBS strategy pays off
Real Estate Credit Investments (RECI) - the permacap vehicle formerly known as Queens Walk...
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Issue 238 - 15th June
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Seeing the wood and the trees
Douglas Long, evp business strategy at software provider Principia, discusses how addressing investor due diligence requirements today demands operational control across the entire credit investment business
Ask what is meant by 'investor due diligence' and you'll likely get a host of different answers. The...
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Issue 237 - 8th June
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New issue boost for Euro ABS
The primary European ABS market has seen a busy start to the week, with new issuance continuing to d...
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Issue 236 - 1st June
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Euro ABS firms up
The European ABS market has picked up after a slow start to the week. Investor attention is focused...
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Issue 235 - 25th May
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New issue CLO equity returns: the impact of declining loan spreads
Andrew Jacobs, associate director at Moody's Analytics, finds that declining loan spreads can impact CLO equity returns in a variety of ways
Relative to historical levels, recent new issue CLO deals have featured high subordination, high tra...
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Issue 234 - 18th May
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RMS call surprises Euro RMBS market
The European RMBS secondary market has picked up considerably over the last week, with a surge of bi...
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Issue 233 - 11th May
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Euro ABS market bounces back
The European ABS market has bounced back to life this week as bid-list volumes increase and the new...
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Issue 232 - 4th May
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Unique CMBS auction approaches
One of the largest ever US CMBS note auctions is due - via the auction.com platform &#...
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Issue 231 - 27th April
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Idiosyncratic risk trades touted
Idiosyncratic risk is emerging once again in iTraxx portfolios, driving a divergence in performance...
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Issue 230 - 20th April
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Euro ABS on a tightening trend
European secondary ABS spreads are tightening off the back of swelling new issue supply. At the same...
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Issue 229 - 13th April
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Sluggish start for US CMBS
The quarter-end lull in secondary US CMBS has continued this week, with a handful of bid-lists tradi...
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Issue 228 - 6th April
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Euro CLO market softens
Softening in the European CLO market continues, with participants predicting another quiet week ahea...
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Issue 227 - 30th March
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Euro RMBS bouncing back
The European RMBS market appears to be recovering from last week's dip. In particular, market partic...
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Issue 226 - 23rd March
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Focus on flexibility
Gerrard Mahony, business development manager at Riskart, answers SCI's questions
Q: How and when did Riskart become involved in the CDS market? A: Riskart is a highly focused Itali...
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Issue 225 - 16th March
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PECO ramifications
Eurosail ruling impact awaited
Judgement has now been handed down on the Eurosail-UK 2007-3BL - a Lehman-originated RMBS...
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Issue 224 - 9th March
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Foreclosure complexity highlighted
A bill passed last week in the Arizona Senate that voids foreclosures without full title history has...
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Issue 223 - 2nd March
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Equity appetite driving CLO bid-lists
Bid-list activity is once again dominating investor attention in the US CLO market. In particular, d...
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Issue 222 - 23rd February
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Euro CMBS pipeline building
A handful of new European CMBS are set to launch in the coming months, each sized at £300m-...
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Issue 221 - 16th February
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Supply shortage drives Euro CLOs
Prices are continuing to climb in the European CLO market as a shortage of underlying supply drives...
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Issue 220 - 9th February
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Euro CLO market takes stock
Several large CLO bid-lists set new highs across the capital structure last week. Now, the European...
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Issue 219 - 2nd February
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US CLO prices ramping up
Bid-lists continue to dominate activity in the US CLO market. At the same time, aggressive investor...
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Issue 218 - 26th January
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Trouble brewing
Pub securitisations under threat
Two recent developments illustrate the difficulties of the past and foreseeable future for the UK pu...
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Issue 217 - 19th January
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Liquid credit fund prepped
Credit hedge fund manager Christofferson Robb & Co (CRC) is rolling out a new offering. The...
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Issue 216 - 12th January
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Euro ABS gathers momentum
European ABS activity is beginning to pick up again after its year-end wind-down. Despite the spread...
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Issue 215 - 5th January
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European evolution
2011 to be evolutionary, not revolutionary for European ABS
Next year is expected to be a good one for European ABS, albeit somewhat unspectacular. The strong p...
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