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Issue 278 - 28th March

  • News Analysis

    • CLOs
      • Issuing impetus

        Bumper CLO issuance spurring return to market heights, tights

        February saw the largest monthly volume of new CLO issuance since the financial crisis. With plenty of deals remaining in the pipeline, the ability of the market to continue absorbing the supply, as well as the impact of primary issuance on secondary...

  • Market Reports

    • CMBS
      • All CMBS systems go

        US CMBS is continuing to perform strongly. The primary market is enjoying a flurry of issuance, while spreads in the secondary market remain relatively tight. "The market has been pretty active. There have been a couple of deals pricing this week a...

    • RMBS
      • US RMBS volatility subsides

        The volatility seen in US RMBS last week appears to have calmed down for the start of this one. However, supply in both agency and non-agency paper remains robust. "Agency MBS widened at the end of the week as investors took profits and there was h...

  • News

    • Structured Finance
      • Bottleneck breakers

        As banks come under severe pressure and pull out of many areas of the securitisation market, the opportunity set for non-bank finance companies is growing. At the same time, sophisticated investors are seeking liability-driven investments with stable...

      • SCI Start the Week - 26 March

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

        PipelineThe largest deal to enter the pipeline last week was FREMF 2012-K501, a US$1.1bn CMBS from Freddie Mac. It was joined by a US$377.5m equipment lease ABS (Great America Leasing Receivables Funding Series 2012-1) and a US$38.1m tobacco settleme...

    • CDS
      • Greek saga highlights CDS shortcomings

        As the dust settles on Monday's Greek CDS auction (SCI 19 March), market participants seem happy to move on from a saga that has dominated headlines for so long. But the overall process has highlighted shortcomings in sovereign CDS - partic...

    • CMBS
      • Opera Uni proposal put forth

        Further details have emerged on the plan put forward by Eurohypo and Uni-Invest Holdings - the special servicer and sponsor respectively - for Opera Finance (Uni-Invest), which defaulted last month (SCI passim). Noteholders will h...

    • RMBS
      • Unusual RMBS-backed bond issued

        A unit of Prudential Financial has issued an unconventional bond that is backed by a pool of legacy RMBS, but where the firm guarantees principal and interest payments. Fitting into neither RMBS nor covered bond categories, Prudential Covered Trust 2...

      • Home prices set to bottom earlier

        Mortgage strategists at Bank of America Merrill Lynch estimate that - aside from seasonal swings - the bottom of the cycle in US home prices should be reached this quarter. They expect roughly flat home prices this year and next,...

  • Job Swaps

    • CLOs
      • New role for ex-MS ceo

        John Mack has joined Kohlberg Kravis Roberts & Co as senior advisor. He was most recently ch...

    • CMBS
      • New role for CRE vet

        David Eyzenberg has joined Avison Young in New York as principal. He joins the CRE firm's capital ma...

      • CMBS vet moves up a rung

        Michael Mazzei has joined Ladder Capital as president. Greta Guggenheim, company co-founder and curr...

    • Risk Management
  • News Round-up

      • Private SLABS at risk

        The New York Fed recently reported that as many as 27% of all US student loan borrowers are more tha...

      • NY seminar draws near

        Today is the last day for buy-side market participants to register for a complementary pass to SCI's...

    • CDO
      • ABS CDOs transferred

        Ischus Capital Management has been appointed successor collateral manager for GSC ABS CDO 2006-4u. T...

      • ABS CDO auction scheduled

        Dock Street Capital Management has been retained to act as liquidation agent for Trinity CDO. Collat...

      • CRE CDO EOD waived

        A majority of the controlling class of Gramercy Real Estate CDO 2007-1 has waived the EOD that occur...

      • Elpida Memory CDS settled

        The final price for Elpida Memory CDS was determined to be 21 during this morning's auction. 13 deal...

    • CMBS
      • Maturing CRE volume jumps

        Trepp has updated its US commercial mortgage maturities outlook with 4Q11 data. The firm now estimat...


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