Issue Archive
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Issue 316 - 19th December
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Rally drivers
US ABS recovery subject to potential shocks
The US ABS market rallied strongly in 2012, with CLO and CMBS issuance volumes in particular surpris...
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Issue 315 - 12th December
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Large AM blocks covered in active session
A number of US CMBS bonds were being shown in secondary yesterday, as traders remain busy ahead of y...
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Issue 314 - 5th December
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Slight widening seen in US CMBS
US CMBS secondary spreads were quoted yesterday at swaps plus 175bp/174bp, just a little wider than...
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Issue 313 - 28th November
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Euro ABS holding steady
The first transaction with a Prime Collateralised Securities stamp (SCI 15 November) priced yesterda...
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Issue 312 - 21st November
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Euro RMBS hits highs
Activity in the European RMBS secondary market has been particularly strong over the last couple of...
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Issue 311 - 14th November
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US CMBS slips wider
The US CMBS secondary market moved a little wider in yesterday's session, although the trend for the...
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Issue 310 - 7th November
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Putting money to work
Quarterly review and outlook for European ABS
We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS...
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Issue 309 - 31st October
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Non-agency RMBS holding steady
Activity in US RMBS has been slightly subdued over the last few days, given the focus on IMN's ABS E...
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Issue 308 - 24th October
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US CMBS grinds tighter
In line with the rising prices seen this week in European CMBS (SCI 17 October), the secondary marke...
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Issue 307 - 17th October
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Upping sticks
Agency MBS crowding to boost esoteric ABS
The New York Fed's announcement last month that Operation Twist will target solely agency MBS took m...
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Issue 306 - 10th October
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RBS debuts legacy loan deal
Further details have emerged on Isobel Finance No.1, the £463.22m CMBS that RBS preplaced l...
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Issue 305 - 3rd October
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G-fee hike to slow NY prepays
The FHFA is seeking to increase GSE guarantee fees for single-family mortgages that they acquire in...
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Issue 304 - 26th September
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Subprime drives secondary RMBS
The secondary US RMBS market saw BWIC volume of US$934m yesterday, according to Interactive Data est...
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Issue 303 - 19th September
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CMBS spreads grind tighter
US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's...
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Issue 302 - 12th September
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Valuation skew
GN/FN relative value opportunities weighed
Policymaker intervention continues to skew US agency RMBS values. Given the difficulty of quantifyin...
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Issue 301 - 5th September
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'Foreclose and file' tactics exposed
A bankruptcy auction of the remaining MSR Resorts properties, currently scheduled for 25 October, is...
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Issue 300 - 29th August
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Spike surprise
Good news amid difficult CMBS maturity outcomes
Maturity spikes have been coming like clockwork for European CMBS and last month saw the latest iter...
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Issue 299 - 22nd August
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Conflict of interest?
Rating agency reform proposals scrutinised
Credit rating agency reform is still being determined on either side of the Atlantic. Concerns that...
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Issue 298 - 15th August
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Back to basis
Extreme basis opens trade opportunities
Real money accounts have been buying into cash as a safe haven, but doing so has made the cash marke...
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Issue 297 - 8th August
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Cat bond crazy
Resurgent ILS market in rude health
It has been a year of impressive issuance so far in the insurance-linked securities market, with the...
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Issue 296 - 1st August
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New CMBS trade
US CMBS spreads ground tighter yesterday, ending a three-day period of widening. The benchmark GSMS...
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Issue 295 - 25th July
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Identifying asymmetries
Charlotte Valeur Adu, chair of Brevan Howard Credit Catalysts Limited, answers SCI's questions
Q: When and why did Brevan Howard launch a listed credit fund? A: The Brevan Howard Credit Catalyst...
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Issue 294 - 18th July
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Restive market seeks 'game changer'
It has been a quiet spell for the European RMBS market. Demand seems to be outstripping supply, but...
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Issue 293 - 11th July
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Mixed maturity outcomes anticipated
European asset-backed analysts at RBS estimate that 31 European CMBS loans are due to mature this mo...
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Issue 292 - 4th July
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SCI Start the Week - 2 July
A look at the major activity in structured finance over the past seven days
Pipeline Three transactions remained in the pipeline at the end of last week. They comprised a stud...
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Issue 291 - 27th June
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CMBS SSFA calculations recommended
Different interpretations of simplified supervisory formula approach (SSFA) inputs under the Fed's m...
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Issue 290 - 20th June
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Diversification benefits
John Wells, chairman at Leadenhall Capital Partners, answers SCI's questions
Q: How and when did Leadenhall Capital Partners become involved in the insurance-linked securities (...
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Issue 289 - 13th June
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Dealing with data
The operational challenges facing investors in an increasingly data-rich world
For years, structured credit and ABS investors have struggled to get access to comprehensive data fo...
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Issue 287 - 30th May
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Increased depth?
Large bid-lists positive for Euro secondary liquidity
Strong demand for a series of recent large bid-lists could signal increased depth in the European se...
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Issue 286 - 23rd May
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Building blocks
Credit and counterparty risk management practices surveyed
Derivatives market participants polled by SCI, in partnership with Fitch Solutions, agree that count...
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Issue 285 - 16th May
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BWIC service launched
SCI has today launched a BWIC service covering auctions in Europe and the US for the four main struc...
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Issue 284 - 9th May
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Credit-picking strategies recommended
The current environment makes for a good credit-picker's market, according to credit derivative stra...
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Issue 283 - 2nd May
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Comeback kid
CDOs broadening investor base for infrastructure assets
CDO technology appears to be making a comeback in the infrastructure sector. The vehicles are helpin...
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Issue 282 - 25th April
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Recovery trades sought
ABS CDO appetite surges ahead of expected supply
The New York Fed has initiated a competitive bid process in response to several reverse inquiries fo...
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Issue 281 - 18th April
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Cards on the table
Quarterly review and outlook for consumer/credit card ABS
We asked the winners of SCI's 2011 arranger awards for the consumer/credit card ABS sectors either s...
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Issue 280 - 11th April
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Maturity spike for Euro CMBS
April is set to be another important month for European CMBS. There are 16 transactions subject to l...
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Issue 279 - 4th April
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BWIC boredom as CLO market stutters
Excitement generated by the take-off of significant European CLO BWIC activity last month has turned...
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Issue 278 - 28th March
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Bottleneck breakers
As banks come under severe pressure and pull out of many areas of the securitisation market, the opp...
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Issue 277 - 21st March
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Recourse wrangling
A recent Michigan Court of Appeals decision over the Cherryland Center loan securitised in GMACC 200...
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Issue 276 - 14th March
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Capex concerns
UK water companies to return to securitisation
The UK Environment Agency has put the South East of England on drought status, with reservoir levels...
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Issue 275 - 7th March
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Yield boost
CMBS extension trades gaining traction
US special servicer activity has risen over the past two months, resulting in approximately US$3.7bn...
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Issue 274 - 29th February
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GSE strategic plan disappoints
FHFA acting director Edward DeMarco yesterday sent Congress a strategic plan for the next phase of t...
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Issue 273 - 22nd February
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BoE RMBS loan tapes analysed
UK RMBS issuers began providing loan-level data and cashflow models to investors - as requ...
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Issue 272 - 15th February
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Sovereign concerns
Sovereign default and re-denomination risk remain
European structured finance trading and issuance trends have been impacted by wider concerns stemmin...
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Issue 271 - 8th February
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Alliance SAFD-PJ plan surprises to the upside
The latest documents released as part of PJ Alliance's bankruptcy filing reveal a new reorganisation...
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Issue 270 - 1st February
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CDS saviour?
CAC proposal could eliminate need to sidestep CDS trigger
Serious questions are being raised about the future of CDS, following a recent credit event (see box...
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Issue 269 - 25th January
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Increasing visibility
Corporate trust service providers explore post-crisis landscape
Representatives from leading corporate trust service providers met with SCI late last year to discus...
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Issue 268 - 18th January
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Euro RMBS outshines CLOs, CMBS
Activity in the European securitisation market has been mixed so far this year. RMBS has made a prom...
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Issue 267 - 11th January
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Douro tender offers surprise
Banco BPI has surprised the market by launching a fixed price tender offer for ten bonds, accounting...
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Issue 266 - 4th January
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Blown off-course
Sovereign crisis, regulatory pressures weighing on Euro ABS
The European securitisation market began 2011 on a reasonably positive footing, with strong issuance...
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