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Issue 273 - 22nd February

  • News Analysis

    • Structured Finance
      • From top to bottom

        Attractive opportunities seen across asset classes

        A more 'risk-on' attitude has been evident across the securitisation markets recently, despite the sector facing many of the same headwinds this year as in 2011. While the sovereign debt crisis might mean that certain jurisdictions are off-limits for...

  • Market Reports

    • CMBS
      • CMBS rally stalls

        The strong rally in the US CMBS market has eased off over the last two weeks. Trading is currently concentrated around AM and AJ tranches, with activity expected to pick up again in the near future. "The CMBS market has changed a lot over the last...

  • News

    • Structured Finance
      • SCI Start the Week - 20 February

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

        PipelineIt has been another busy week for the pipeline, with six new deals remaining on Friday. Two auto ABS (R$930m Driver Brasil One FIDC and €92.3m TruckLease Compartment No 2), two cell tower CMBS (US$107m GTP Cellular Sites series 2012...

    • CLOs
      • CLO resiliency keeps equity attractive

        RBS analysts have run a series of scenarios to investigate the impact of another credit cycle similar to the one seen in 2008-2011. They find CLOs to be highly resilient during periods of high defaults and advocate investing as far down the capital s...

    • CMBS
      • CMBS ETF launched

        Blackrock's iShares has launched an exchange-traded fund referencing the Barclays Capital US CMBS (ERISA Only) Index. Should the product grow significantly from its initial size of US$7.4m, it could prove a useful addition to the array of trading ins...

    • RMBS
      • BoE RMBS loan tapes analysed

        UK RMBS issuers began providing loan-level data and cashflow models to investors - as required by the Bank of England (SCI 31 October 2011) - in November. JPMorgan ABS strategists have analysed the loan tapes, with the aim of prov...

  • Talking Point

    • RMBS
      • Balancing act

        Relative merits of covered bonds versus RMBS discussed

        Interest in covered bonds continues to grow, partly due to favourable regulatory treatment. However, panellists at a recent covered bond seminar hosted by S&P highlighted the potential dangers of over-promoting the instruments at the expense...

  • Job Swaps

    • Structured Finance
      • Bank boosts SF team

        Neil Kindness has joined Aldermore's structured finance team as associate director. He now reports t...

      • MBS team boosted

        The PrinceRidge Group has made two additions to its RMBS division. Kate Lee joins from BNP Paribas a...

  • News Round-up

      • Lebanese auto deals closed

        BSEC - Bemo Securitisation recently closed two Lebanese securitisations. The transactions will finan...

      • ABSXchange strengthened

        S&P Capital IQ has made various enhancements to its ABSXchange structured finance analytics...

      • State Street preps SEF

        State Street Corporation has launched a swap execution facility (SEF), dubbed SwapEx. The firm says...

    • CLOs
      • Loan extension 'test' due

        UPC's request for lenders to respond to its proposed TLS debt maturity extension ends today. The mov...

      • CMBS LFM risk identified

        European asset-backed analysts at RBS have identified another European CMBS that is at risk of not p...

      • DQT dips by 2bp

        The delinquency rate on loans included in US CMBS conduit/fusion transactions slipped by 2bp in Janu...

    • RMBS
      • Langton restructured

        The Langton UK RMBS master trust has been restructured. Under the restructuring, Santander has: repu...

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