Weekly Issue Archive »

Issue 276 - 14th March

  • News Analysis

    • ABS

      • Capex concerns

        UK water companies to return to securitisation

        The UK Environment Agency has put the South East of England on drought status, with reservoir levels in the region already 20% lower than normal. To help fund additional capital expenditure - both to mitigate the impact of the drought and t...

    • CMBS

      • Multi variety

        Diverse German multifamily CMBS outcomes expected

        The German multifamily sector accounts for about 20% of all securitised assets in European CMBS. Deal performance in the sector has been mixed, with noteholders frequently facing extensions and sometimes losses. Geography is a highly significant fa...

    • RMBS

      • Forbearance fears

        European principal forgiveness schemes unnerve investors

        Ireland and Spain are set to introduce new debt forgiveness legislation in the coming months that will not only impact their domestic mortgage markets, but may also have ramifications for the associated RMBS. Investors are keeping a close eye on deve...

  • Market Reports

    • RMBS

      • Dealers drive RMBS prices up

        European primary RMBS issuance may have been limited lately, but spreads in the secondary market have tightened considerably. Dealers have been driving secondary prices up and one trader believes that spreads may tighten even further. The trader is...

  • News

    • Structured Finance

      • SCI Start the Week - 12 March

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

        Pipeline Last week saw four new deals enter the pipeline and remain there on Friday. Banco Santander is in the market with Santander Empresas 11, a €3.392bn SME CDO. The transaction was joined by a US$195m drug royalties CDO from DRI (Drug...

    • CDS

      • 'Few major surprises' expected in iTraxx roll

        The iTraxx family of credit indices is set to roll on 20 March. While new rules introduced by Markit are unlikely to create any major surprises, constituent changes are expected to drive the Main and HiVol tighter and the Crossover index slightly wid...

    • CMBS

      • Stale CMBS loans to improve

        The balance of stale US CMBS loans - loans in special servicing for longer than 24 months - has tripled over the past year. However, a new report from US CMBS & CRE analysts at Wells Fargo Securities suggests that the tren...

      • GRAND plan nears

        Substantial progress has been made in discussions between Deutsche Annington (DAIG) and the ad hoc noteholder group over restructuring the GRAND CMBS (SCI passim). A plan to extend the transaction through a solvent scheme of arrangement is "near fina...

      • Lease rollover risk scrutinised

        Near-term lease expiries appear to be a manageable risk for many of the five-year US CMBS loans maturing this year, according to CMBS strategists at Citi. However, lease expirations ramp up dramatically from 2015, with office expirations for example...

    • RMBS

      • LCR uncertainty removed?

        A new marked-up version of CRD IV has sparked hopes that high quality RMBS will be included as an eligible asset under the liquidity coverage ratio (LCR) after all. A version of the draft directive published in late January contained language that, w...

      • AG settlement impact illuminated

        Further details have emerged on the US$25bn servicer settlements that the US federal government and attorneys general agreed with Ally, Bank of America, Citibank, JPMorgan and Wells Fargo (SCI 15 February). The largest impact is expected to be on dea...

  • Job Swaps

    • ABS

      • ILS team, funds acquired

        LGT Group is buying Clariden Leu's ILS business. A team of 10 specialists and the Clariden Leu (CH)...

  • News Round-up

    • ABS

      • East Lane Re V upsizes

        The fifth catastrophe bond from Chubb's East Lane programme has closed with its junior tranche upsiz...

      • Typhoon cat bond launches

        A new Japanese wind and storm catastrophe bond is being marketed by Swiss Re Capital Markets ...

      • TARP wind-down continues

        The US Treasury has agreed to sell 206,896,552 shares of its AIG common stock at US$29 per share, wi...

      • Portuguese deals hit

        S&P has taken credit rating actions on various Portuguese RMBS and ABS transactions. The mov...

    • CDO

      • EM CDO criteria reviewed

        S&P has published an advance notice of proposed criteria change in relation to a comprehensi...

      • Greek CDS trigger expected

        ISDA's EMEA Determinations Committee is meeting at 1pm GMT today to determine whether a credit event...

      • LSOC benefits outlined

        The CFTC has issued under the Dodd-Frank Act its final rules requiring FCMs and derivatives clearing...

      • CMBS loan payoffs bounce

        The percentage of US CMBS loans paying off on their balloon date posted their second highest reading...

      • ML II assets revealed

        Empirasign has filed a successful Freedom of Information Act request and obtained the contents of th...


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