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Issue 256 - 19th October

  • News Analysis

    • RMBS

      • Technically driven

        PrimeX, ABX comparisons overdone

        PrimeX prices have experienced a sharp decline - of between 6%-10%, depending on the index - since the beginning of October. However, parallels drawn between this sell-off and the collapse of the ABX/subprime market in 2007 appear...

  • Market Reports

    • ABS

      • Improving tone

        The European primary ABS sector has seen far more activity than in secondary, but positive developments in the broader markets are encouraging. Although confidence remains fragile, one trader reports that the news this week has given the ABS market a...

    • CLOs

      • Bids wanted

        The European CLO market continues to see pockets of activity without quite building any momentum. BWICs are still struggling to trade as investors remain cautious, although senior paper is seeing increased activity. Many bonds on BWICs are still fa...

  • News

    • ABS

      • SCI Start the Week - 17 October

        A look at the major activity in structured finance over the past seven days

        PipelineFurther details of Credit Suisse Asset Management's latest CLO - the US$365.5m Atrium VII - emerged last week. Also entering the pipeline were the US$136.6m LEAF Receivables Funding 7 series 2011-2 equipment ABS and the US...

    • CMBS

      • Refinancing risk re-examined

        The readjustment of CMBS issuance expectations on the back of both economic and deal structure issues has led to concerns over refinancing risk. However, US CMBS strategists at RBS suggest that these concerns may be overplayed. "The recent decline...

  • The Structured Credit Interview

    • CLOs

      • 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: BlueMountain Capital Management was founded in 2003 with a focus on the credit derivatives and correlation markets. By 2005, the firm had expanded into cash lo...

  • Job Swaps

    • ABS

      • SF partner recruited

        SJ Berwin has appointed Andrew Bliss as a partner in its finance team in London. He joins from Sidle...

    • CDS

      • OTC clearing pro hired

        CME Group has appointed William Knottenbelt to lead its EMEA regions, effective in mid-November. He...

      • SSgA beefs up in credit

        State Street Global Advisors (SSgA) has appointed Catherine Powers as md and head of fixed income al...

    • RMBS

  • News Round-up

      • Auction due for hybrid CDO

        VCAP Securities has been retained to act as liquidation agent for Dalton CDO. Public sales of the co...

      • Fulham CDO unwound

        KBC has confirmed that it unwound the Fulham CDO at the end of last month and investors were paid ba...

      • ABS CDO RFC issued

        S&P is requesting comments on its proposed update to the criteria for rating cashflow and sy...

    • CMBS

      • DQT rises 35bp

        The delinquency rate on loans in US CMBS conduit/fusion transactions rose by 35bp in September to 9....

      • CMBS pay-offs jump sharply

        The percentage of CRE loans paying off on their balloon date posted their highest reading since Dece...

  • Research Notes

    • ABS

      • Tax efficiency matters

        Petrina Smyth, partner in the tax group, and Noeleen Ruddy, senior counsel in the structured product...

        Ireland has become a leading jurisdiction for the establishment of vehicles to participate in US-originated life settlement transactions. As life settlements have become an increasingly attractive alternative asset class, sponsors have utilised two t...


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