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Issue 223 - 2nd March

  • News Analysis

    • CDS

      • Electronic surge

        Banks rushing to provide CDS trading access ahead of regulations

        Barclays Capital, UBS and Credit Suisse have in recent months all launched electronic trading for CDS on Bloomberg (SCI passim). While some market participants believe this is an inevitable development in response to upcoming regulations, not everybo...

    • Regulation

      • Classification costs

        European securitisation market adjusts to Article 122a

        The full impact of Article 122a of the European Capital Requirements Directive (CRD) on the securitisation market remains unclear, given the dearth of CLO issuance. But the new rules certainly appear to have banks scrambling to classify their exposur...

    • RMBS

      • Rethink required

        Pressure mounts for RMBS remittance overhaul

        Investors and analysts alike are struggling to make sense of increasingly indecipherable RMBS remittances. However, pressure is growing for reporting structures to be completely overhauled. RMBS remittance reports should clarify a deal's cashflows...

  • Market Reports

    • CLOs

      • Equity appetite driving CLO bid-lists

        Bid-list activity is once again dominating investor attention in the US CLO market. In particular, demand for equity continues to drive prices higher at the bottom of the capital structure. "We've seen a very strong market in terms of bid-lists; in...

      • Euro CLO sector takes a breather

        A pause in the European CLO market today has brought to a halt a vibrant period of activity. However, the break in action raises questions of investor commitment, as traders foresee a volatile period ahead. "It's been a strong market of late, with...

    • RMBS

      • Strong start for Euro RMBS

        The European RMBS market has had an active start to the week, with a flow of bid-lists and non-conforming offers. Additionally, Granite paper has rallied due to a lack of new issue supply. "So far, this week has been really busy for us. We've trade...

  • News

    • CMBS

      • QMH exemplifies creditor activism

        The Queens Moat House (QMH) loan - which backs the Fleet Street 1 transaction - repaid in full on the 23 February maturity date, following the collapse of loan extension negotiations. ABS analysts at RBS suggest that the...

  • Job Swaps

    • ABS

      • ABS trading co-head named

        RBS has promoted Adam Siegel to co-head of US ABS/MBS/CMBS trading for the Americas. He will report...

      • CDO counsel named

        Dechert has appointed Lawrence Berkovich as counsel in its finance and real estate group. Based in t...

      • CRE joint venture formed

        Jefferies Group, the Government of Singapore Investment Corporation (GIC) and LoanCore have formed J...

  • News Round-up

      • Auto loan ABS losses spike

        US prime auto loan ABS losses rose by 12% last month, although seasonal factors are likely to drive...

      • UK bond fund launched

        PIMCO has launched its Select UK Income Bond Fund, available via its UCITS III platform. The fund wi...

      • Cajun Global WBS closes

        Church's Chicken has closed the first whole business securitisation in the restaurant sector since 2...

      • Irish RMBS restructured

        Irish Life & Permanent has restructured Fastnet Securities 3, an Irish RMBS. Under the restr...


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