Issue Archive

• Issue 418 - 24th December

  • Is this it?

    First ABSPP purchases underwhelm market

    Purchase volumes in the first few weeks of the ECB's ABSPP have disappointed market participants. Th...

    Full Contents

  ---

• Issue 417 - 17th December

  • Secondary ABS supply accelerates

    US ABS bid-list activity yesterday rebounded from the prior session to reach total volume of around...

    Full Contents

  ---

• Issue 416 - 10th December

  • Stable investment

    Low-risk option attracting investors

    The overlap between stable value (SV) funds and securitisation is increasing, given that high grade...

    Full Contents

  ---

• Issue 415 - 3rd December

  • At the edge

    Peripheral RMBS prospects examined

    Representatives from Bloomberg, Prytania Group and DBRS discussed peripheral European RMBS in a live...

    Full Contents

  ---

• Issue 414 - 26th November

  • Limited expectations

    Slow growth expected for non-QM, non-agency RMBS

    US non-agency RMBS issuance remains subdued, despite something of a pick-up in the second half of th...

    Full Contents

  ---

• Issue 413 - 19th November

  • CMBS supply up, spreads wider

    US CMBS spreads widened out a little yesterday as BWIC supply picked up from the quiet start to the...

    Full Contents

  ---

• Issue 412 - 12th November

  • Evolution theory

    SFR securitisation to remain a viable asset class?

    The single-family rental securitisation market has seen six different sponsors issue 11 transactions...

    Full Contents

  ---

• Issue 411 - 5th November

  • ABS activity ticks over

    US ABS secondary volume was down from the prior session, but still managed to reach around US$160m y...

    Full Contents

  ---

• Issue 410 - 29th October

  • Backdating impact eyed

    The New York Department of Financial Services (NY DFS) has alleged that Ocwen backdated thousands of...

    Full Contents

  ---

• Issue 409 - 22nd October

  • Large RMBS tranches DNT

    US non-agency RMBS liquidity took a dip yesterday as a busy day of bid-lists yielded a high number o...

    Full Contents

  ---

• Issue 408 - 15th October

  • CMBS supply stays steady

    US CMBS BWIC volume climbed a little yesterday to just over US$320m. CMBS 2.0 and 3.0 double-As wide...

    Full Contents

  ---

• Issue 407 - 8th October

  • Flexible approach

    Lack of ABSPP detail disappoints

    The lack of detail in yesterday's ECB announcement is being seen as a reflection of the complexity o...

    Full Contents

  ---

• Issue 406 - 1st October

  • Transparency conundrum

    IPV best practices surveyed

    The majority of independent price verification (IPV) and valuation professionals polled by SCI, in p...

    Full Contents

  ---

• Issue 405 - 24th September

  • Deeper data

    Aligning loan-level disclosure requirements

    The US SEC last month approved the final Regulation AB 2 rules, significantly changing asset-level d...

    Full Contents

  ---

• Issue 404 - 17th September

  • ABSPP challenges outlined

    The ECB will likely allocate national targets for ABS purchases based on its capital key percentages...

    Full Contents

  ---

• Issue 403 - 10th September

  • Non-conforming optionality supported

    Five UK non-conforming RMBS have cured their pro-rata triggers since May, taking the total number of...

    Full Contents

  ---

• Issue 402 - 3rd September

  • Reg AB, NRSRO rules finalised

    The US SEC yesterday unanimously adopted final rules under Regulation AB 2 that substantially revise...

    Full Contents

  ---

• Issue 401 - 27th August

  • Auto ABS widening underlined

    US ABS bid-list supply rose to around US$95m yesterday, with a block of auto floorplan bonds making...

    Full Contents

  ---

• Issue 400 - 20th August

  • Backing away

    Canadian government reducing RMBS role

    Private RMBS has traditionally only constituted a small part of Canadian residential mortgage fundin...

    Full Contents

  ---

• Issue 399 - 13th August

  • Re-REMIC return?

    Demand for round-lots driving re-REMIC up-tick

    US re-REMIC volumes picked up considerably over the first half of the year and activity in the secto...

    Full Contents

  ---

• Issue 398 - 6th August

  • US ABS activity picks up

    After a slow start to the week, yesterday's session brought an increase in US ABS secondary market a...

    Full Contents

  ---

• Issue 397 - 30th July

  • Non-core sales bring CMBS boost

    The recapitalisation of European CRE lenders through non-performing or non-core CRE loan sales shoul...

    Full Contents

  ---

• Issue 396 - 23rd July

  • US CMBS abuzz with bid-lists

    There was heavy BWIC volume in the US CMBS market yesterday. Bid-lists totalling over US$500m were c...

    Full Contents

  ---

• Issue 395 - 16th July

  • Secondary ABS supply picks up

    US ABS bid-list volume was up yesterday to more than US$230m, with SCI's PriceABS data revealing sev...

    Full Contents

  ---

• Issue 394 - 9th July

  • Pricing in prepayment protection

    Tightening loan margins and note spreads have increased the likelihood of European CMBS 2.0 prepayme...

    Full Contents

  ---

• Issue 393 - 2nd July

  • US RMBS secondary activity stable

    US non-agency RMBS BWIC volume hit US$566m yesterday, slightly lower than the total for the prior se...

    Full Contents

  ---

• Issue 392 - 25th June

  • Lack of trust?

    Aussie regulator not rushing master trusts

    Australian securitisation activity is on the rise but is not being helped by the attitude of the mar...

    Full Contents

  ---

• Issue 391 - 18th June

  • Underwriting concerns ABS investors

    Underwriting standards continue to trouble ABS investors, according to a JPMorgan client survey. Sur...

    Full Contents

  ---

• Issue 390 - 11th June

  • Remarketing feature to replace calls?

    Credit Foncier de France's €907m CFHL-1 2014 prime RMBS - which closed last mont...

    Full Contents

  ---

• Issue 389 - 4th June

  • RMBS secondary supply jumps

    US non-agency RMBS BWIC volume picked up yesterday to reach around US$410m. A variety of bonds were...

    Full Contents

  ---

• Issue 388 - 28th May

  • LEMES 2006-1 offer enhanced

    IEF, the sponsor of Dutch CMBS Leo-Mesdag, has offered noteholders an enhanced restructuring proposa...

    Full Contents

  ---

• Issue 387 - 21st May

  • CMBS payments imply unique structure

    The most recent payment report for European CMBS Infinity Soprano shows that the transaction amortis...

    Full Contents

  ---

• Issue 386 - 14th May

  • Additional settlement proceeds projected

    US RMBS investors could receive an estimated US$11.5bn-US$24.2bn in additional proceeds, if other re...

    Full Contents

  ---

• Issue 385 - 7th May

  • Euro eyes on French RMBS

    The European RMBS market is currently abuzz with interest in an upcoming French deal. Meanwhile, sec...

    Full Contents

  ---

• Issue 384 - 30th April

  • New paper in secondary CMBS

    US CMBS secondary market spreads were generally unchanged yesterday, although legacy conduit fixed A...

    Full Contents

  ---

• Issue 383 - 23rd April

  • New benchmark needed?

    Meaningful shifts in cashflow, structure and collateral performance for GSMS 2007-GG10 may mean that...

    Full Contents

  ---

• Issue 382 - 16th April

  • CLO market gauges Vivarte impact

    The European CLO market continues to feel the effects of the recent Vivarte default (SCI 18 March) a...

    Full Contents

  ---

• Issue 381 - 9th April

  • Esoteric knowledge

    Investors drawn to developing non-traditional ABS market

    US esoteric ABS is attracting greater attention as investors seek yield. Several potential growth ar...

    Full Contents

  ---

• Issue 380 - 2nd April

  • 2005-vintage paper propels RMBS

    US non-agency RMBS secondary market activity picked up yesterday as bid-list supply increased to aro...

    Full Contents

  ---

• Issue 379 - 26th March

  • Delivering transparency

    While the financial services industry has to date focused on accountability and credit ratings elements under Dodd Frank, it is critical that the SEC continues to push initiatives to restore investor confidence, explains Sapient Global Markets vp – business development David K. Donovan

    News that the US SEC postponed a vote in early February regarding the adoption of rules revising the...

    Full Contents

  ---

• Issue 378 - 19th March

  • GG10 resolutions support spreads

    GSMS 2007-GG10 AM spreads moved tighter yesterday, following the resolution of US$583m of specially-...

    Full Contents

  ---

• Issue 377 - 12th March

  • Euro CLO equity performance positive

    European CLO equity cashflows have lagged their US cousins for several reasons, but their prospects...

    Full Contents

  ---

• Issue 376 - 5th March

  • Novel BWIC for Euro CLOs

    Yesterday proved to be a busy session for the European CLO secondary market. Amidst the strong suppl...

    Full Contents

  ---

• Issue 375 - 26th February

  • RMBS market moves higher

    US non-agency RMBS BWIC activity picked up strongly yesterday to reach almost US$900m. Subprime pape...

    Full Contents

  ---

• Issue 374 - 19th February

  • Best practices

    Noteholder communications, technology and clearing systems discussed

    Participants in SCI's latest corporate trust roundtable met in December to discuss post-closing best...

    Full Contents

  ---

• Issue 373 - 12th February

  • Liquidation benefit?

    Bulk sales key to CMBS delinquency rate and investor fortunes

    The US CMBS delinquency rate has been falling month after month since last summer. The recent CWCapi...

    Full Contents

  ---

• Issue 372 - 5th February

  • Prior delinquents provide opportunities

    As part of a move to reduce its retained portfolios, Freddie Mac last year began securitisation prog...

    Full Contents

  ---

• Issue 371 - 29th January

  • GNMA prepayments examined

    Ginnie Mae loan-level disclosures indicate that FHA-to-conventional refinances are a meaningful cont...

    Full Contents

  ---

• Issue 370 - 22nd January

  • CLO cushions being squeezed

    US CLO 2.0 deals now account for around half of the outstanding market. OC cushions among those tran...

    Full Contents

  ---

• Issue 369 - 15th January

  • Good start for Euro CMBS

    The European CMBS secondary market has made a positive start to 2014. SCI's PriceABS data shows seve...

    Full Contents

  ---

• Issue 368 - 8th January

  • Taper talk becomes reality

    The New York Fed is to begin tapering its asset purchases with an initial US$10bn reduction in the m...

    Full Contents

  ---