Weekly Issue Archive »

Issue 286 - 23rd May

  • News Analysis

    • Risk Management

      • Building blocks

        Credit and counterparty risk management practices surveyed

        Derivatives market participants polled by SCI, in partnership with Fitch Solutions, agree that counterparty risk management has increased in importance since the financial crisis. However, sophistication levels with regard to risk management practice...

    • CMBS

      • Hitting the wall

        Mixed outcomes as Euro CMBS deals reach maturity

        Last month saw another spike in European CMBS maturities as the sector finally reached the much-discussed maturity wall. About €2.3bn matured in April with mixed results, raising concerns ahead of the next spike in a couple of months. Aro...

    • ABS

      • SLABS appeal

        Student loans attractive as uncertainty clears

        The US student loan ABS sector has its fair share of uncertainties to contend with, but the recent conclusion of S&P's FFELP review removes one of them. While political interference is harder to predict and becoming more of an issue, private...

  • Market Reports

    • CLOs

      • Active CLO market seeks stability

        The European CLO market is alive with BWICs, but buyers and sellers are struggling to meet in the middle. While mezzanine bonds - in particular - appear attractive, ongoing eurozone concerns are weighing heavily on participants' m...

  • News

    • Structured Finance

      • SCI Start the Week - 21 May

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

        Pipeline It was a fairly busy week for the pipeline, with several new deals appearing. Among them is a US$1.54bn student loan ABS from Sallie Mae (SLM Student Loan Trust 2012-4) and a €560m auto ABS (FCT Autonoria Compartment Autonoria 201...

    • CLOs

      • CLO post-reinvestment activity examined

        CLO strategists at RBS have published a report examining the post-reinvestment choices that managers made in 2011. Of the deals in the study that reinvested, most were found to have unusually lenient reinvestment language. Based on their transactio...

    • CMBS

      • Westin loan mod questioned

        The recent court-approved modification of the Westin Portfolio loan, securitised in JPMCC 2007-C1 and JPMCC 2008-C2, has taken the market by surprise. The modification - which extends the loan by 15 years and slashes its coupon to zero &...

      • GRAND restructuring imminent?

        Deutsche Annington appears to be making progress in respect of its restructuring proposal for the GRAND CMBS, with an announcement expected by the end of 3Q12. It is now almost a year since discussions with noteholders commenced (SCI 30 June 2011). ...

      • Glenborough modification questioned

        Deutsche Bank CRE debt analysts suggest that the recent modification of the Glenborough Portfolio loan, securitised in COMM 2007-FL14, may be "one of the more questionable modifications to date". They indicate that the modification affords the borrow...

  • Job Swaps

    • CMBS

      • CRE vet promoted

        American Realty Capital (ARC) has promoted Andrew Winer from svp and head of debt capital markets to...

    • RMBS

      • Citi given RMBS fine

        FINRA has fined Citigroup Global Markets US$3.5m. The fine is for providing inaccurate mortgage perf...

  • News Round-up

    • ABS

      • UK card ABS stress tested

        Fitch says UK credit card master trusts remain resilient against a hypothetical severe economic dete...

    • CDO

      • CRE CDO late-pays inch up

        The slow upward trajectory in late-pays continued this past month for US CRE CDO delinquencies, acco...

      • Putnam CDO sold

        Credit Suisse has emerged as the successful bidder for the US$690.5m Putnam Structured Products CDO...

      • Kerzner question resolved?

        Fitch has commented on the question of whether the extension of the Kerzner International Portfolio...

      • CMBS loan events updated

        41 new loan events have been added to the SCI CMBS loan events database. These include: 16/05/2012...

    • Risk Management

      • Clearing platform enhanced

        Calypso Technology has released Calypso V13. The latest version builds on the cross-asset processing...

      • MBIA probe mooted

        The Senate Insurance and Investigations & Government Operations Committees are considering c...

      • AIREM disruption due

        Principal payments for Aire Valley UK RMBS are likely to be disrupted over the next couple of months...

      • GSE buyout concerns raised

        Freddie Mac has announced US$330m of buyouts from various pools due to the resolution of certain "co...


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