Weekly Issue Archive »

Issue 243 - 20th July

  • News Analysis

    • RMBS

      • Shock tactics

        Senior RMBS tranches to withstand interest rate rises

        European interest rates are set to come off the lowest levels seen in over a decade, sparking concern about the impact on the RMBS market. But a new study shows that transactions are generally well structured and senior tranches shouldn't necessarily...

    • CLOs

      • Regulatory divergence

        US CLO issuance accelerates as European market hesitates

        A lack of regulatory convergence is creating an uneven playing field for issuers of US and European CLOs. While the US primary CLO market continues to gain momentum, European issuance remains moribund. June was the most active month since the globa...

    • CMBS

      • Embracing change

        DECO paves way for European CMBS revival

        The successful launch of DECO 2011-CSPK is expected to mark the start of a revival in European CMBS, with at least four more deals slated for this year. Officially closed at the beginning of July, it is the first publicly-marketed, de-linked European...

      • New options?

        CRE loan refinancing opportunities scrutinised

        Recent restructurings of a number of CRE loans (SCI passim) alongside the launch of the first post-crisis CMBS would suggest that the European refinancing environment is improving - at least where prime assets are concerned. However, market...

    • ABS

      • Counterparty risk

        Market concerned criteria changes devalue ratings

        Yesterday (18 July) marked the deadline for transactions to comply with S&P's changed counterparty criteria. Consequences for CMBS have been particularly acute, with a raft of deals downgraded, and there is concern in the market that these ra...

  • Market Reports

    • CLOs

      • US CLO investors return

        The US CLO market has been kept busy by a string of BWICs, with softness in the market drawing investors back in. Additionally, a rare upsizing of a deal has occurred, while one upbeat CLO trader also describes liquidations coming back into 'active m...

      • Equity sellers surprise CLO market

        While mezz trading has slipped away, the European CLO market has seen a wave of equity sales this week, with mixed trading levels. The reasons behind the spike in activity remain unclear and it has left several traders slightly bemused. One trader...

  • News

    • CMBS

      • CMBS A/B splits, assumptions increasing

        US CMBS loan modification activity continues apace. However, modifications are becoming more sophisticated, with A-note/B-note splits and assumptions gaining in popularity. Only about 47% of loans modified in the first half of 2011 had their maturi...

  • Provider Profile

    • CDS

      • Roadmap for adoption

        Paul Middleton and Simon Rees-Goddard, vps at Sapient Global Markets, answer SCI's questions

        Q: How did Sapient Global Markets become involved in the structured credit market? SRG: Sapient Global Markets has been working with institutions involved in structured credit for over 20 years. Our unique perspective - born from being clo...

  • Job Swaps

      • SF lawyer moves on

        Todd Miller has joined Greenberg Traurig as shareholder in its Orlando office, expanding the firm's...

    • CDO

      • ABS CDO transferred

        Cutwater Asset Management is set to replace Western Asset Management Company (WAMCO) as collateral m...

    • CDS

      • CDS risk manager added

        Pierre Bourlatchka has been appointed a director at Kinetic Partners and will join the risk manageme...

      • CypressTree CLO offloaded

        Acis Capital Management has been appointed successor collateral manager on Hewett's Island CLO I-R....

    • RMBS

      • WesCorp suit filed

        The NCUA has filed another suit in California against RBS Securities, alleging violations of federal...

  • News Round-up

      • Portuguese ABS ratings hit

        Moody's has downgraded the ratings of 18 tranches of 13 Portuguese ABS and 95 tranches of 29 RMBS tr...

      • Cat bond duo prepped

        Two new cat bonds hit the market last week. Munich Re is marketing the third in its Queen Street ser...

    • CDO

      • CRE CDO hits the market

        Deutsche Bank has arranged the first CRE CDO to hit the market post-crisis. The US$670.5m transactio...


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