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Issue 285 - 16th May

  • News Analysis

    • Structured Finance
      • Safe-haven status

        Euro ABS bolstered by UK building societies

        The European securitisation sector is proving largely immune to volatility in broader risk markets, with senior vanilla spreads tightening over the past month to finish some 15bp-20bp inside of end-Q1 levels. Sterling-denominated RMBS accounts for ne...

  • News

    • Structured Finance
      • BWIC service launched

        SCI has today launched a BWIC service covering auctions in Europe and the US for the four main structured finance asset classes - ABS, CDOs/CLOs, CMBS and RMBS. The platform has been updated on a daily basis with BWIC prices/covers repres...

      • SCI Start the Week - 14 May

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

        PipelineThree new deals entered the pipeline last week and remained there on Friday. Leading the way was a US$1bn CMBS originated and arranged by Goldman Sachs, Citigroup and Jefferies (GSMS 2012-GCJ7), which was joined by a US$150m DPR ABS from Banr...

    • RMBS
      • Rescap MSR sale welcomed

        Rescap's Chapter 11 filing (SCI 14 May) is being seen as an overall positive for holders of MBS issued by Rescap entities. MBS analysts at Barclays Capital note that the sale of the Rescap mortgage servicing rights to Fortress means bondholders are h...

      • Negative equity impact underlined

        US house prices are expected to remain around current levels for the remainder of this year and begin rising slowly during 2013 and 2014. However, credit risk will remain elevated even for seasoned loans, with borrower equity the key determinant in t...

      • Aire Valley breaches NAT

        Bradford & Bingley's Aire Valley UK RMBS master trust has breached its non-asset trigger, after the collateral balance fell below the £10.7bn minimum. Secondary market liquidity for the paper is consequently expected to rise...

  • Job Swaps

      • Credit analyst moves on

        Guillaume Langellier has joined Friends Life as ABS credit analyst. He is responsible for buy-side c...

    • Structured Finance
    • CDO
      • SF lawyer jumps ship

        Barbara Goodstein has joined Mayer Brown in New York as banking and finance partner. She was previou...

      • Carador PM replaced

        GSO Capital Partners International has appointed Mark Moffat as the new portfolio manager for its li...

      • CRE debt firm formed

        The investment team behind the European Real Estate Debt Fund and Duet Real Estate Finance ̵...

  • News Round-up

      • Third LTRO anticipated

        European investors are anticipating the possibility of another long-term refinancing operation (LTRO...

    • CDO
      • TRIAXX CDOs sold

        The New York Fed has sold the entirety of the TRIAXX CDO holdings from its Maiden Lane III portfolio...

      • CRE CDO next on the block

        The New York Fed plans to auction its holdings of the Putnam CDO from the Maiden Lane III portfolio...

    • CDS
      • Rescap credit event called

        ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit ev...

      • CDS gap out on 'unrest'

        Unrest among North American banks and European sovereigns have driven global credit default swap (CD...

      • Clearing service expands

        LCH.Clearnet has launched an international CDSClear service, an extension to the established domesti...

      • CDS redesign proposed

        In a recent research paper, Darrell Duffie and Mohit Thukral - respectively finance profes...

    • CMBS
      • Lakeside Mall on watchlist

        Morningstar has added the US$168m Lakeside Mall to its watchlist for a decline in occupancy. The sen...

      • CMBS loan events updated

        19 new loan events have been added to the SCI CMBS loan events database. These include: 09/05/2012...

      • CMBS late-pays inch higher

        US CMBS delinquencies rose for the second straight month while the volume of REO assets continued to...

      • CMBS loan pay-offs tick up

        The percentage of US CMBS loans paying off on their balloon date reverted to the 12-month average, a...

      • CMBS note auctions due

        Auction.com has released details of two large note and REO sales scheduled for this month. MBS analy...

    • NPLs
    • RMBS

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