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Issue 287 - 30th May

  • News Analysis

    • Structured Finance
      • Increased depth?

        Large bid-lists positive for Euro secondary liquidity

        Strong demand for a series of recent large bid-lists could signal increased depth in the European secondary ABS market. Liquidity is unlikely to extend to mezzanine positions, however. A series of large bid-lists, said to be from the legacy portfol...

    • RMBS
      • High time for hybrids

        Agency hybrid ARMs provide compelling investment case

        Investors are having to work harder to find value in the US RMBS market. CMOs are becoming steadily less attractive, but agency hybrid ARMs - relatively cheap, with superior yield - could provide a neat solution. The past couple...

    • CMBS
      • Counterparty issues

        CMBS liquidity facility disputes set to rise

        Counterparty issues in CMBS have been relatively rare in Europe. But a recent dispute over liquidity facilities could mark the beginning of a series of issues involving the obligations of SPVs in the sector. Certainly, European securitisation analy...

  • Market Reports

    • Structured Finance
      • Slow summer for Euro ABS

        It has been a fairly quiet couple of weeks for European ABS, but liquidity could suffer further as the summer progresses. Unfolding events in Greece and the implementation of the ECB's loan-level data initiative are both expected to put a dampener on...

  • News

    • Structured Finance
      • Redenomination risk analysed

        Redenomination risk should be factored into bond valuations for Greece, Ireland and Portugal at the very least, according to European asset-backed analysts at RBS. They outline in recent research a number of potential consequences of any eurozone bre...

      • SCI Start the Week - 28 May

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

        Pipeline It was another steady week for the pipeline, with seven new deals remaining on Friday. Freddie Mac is in the market with the US$1.213bn FREMF 2012-K708, its seventh K Certificate transaction of the year. It is not the only CMBS circulating,...

    • CMBS
      • BauBeCon sale sets valuation benchmark

        Deutsche Wohnen is set to acquire the BauBeCon Group for a reported €1.24bn. CMBS analysts at Barclays Capital suggest that the purchase provides insight into the achievable value for large German multifamily portfolios of not necessarily p...

  • Job Swaps

    • Structured Finance
      • Capital markets head joins

        Neil Wessan has joined CIT Group as head of capital markets, overseeing the structuring, pricing and...

    • Insurance-linked securities
      • ILS vet takes senior role

        Frederick Schlosser has joined Forum National Investments as director. He has more than 30 years of...

  • News Round-up

    • ABS
      • FUEL exchange triggered

        Moody's recent upgrade of Ford Credit to investment grade has triggered the exchange of the Ford Upg...

    • Structured Finance
    • CDO
      • Duke CDO sold

        Citi has emerged as the winning bidder for the US$1.67bn Duke High Grade Funding CDO assets auctione...

      • Failure to pay determined

        ISDA's Asia Ex-Japan Credit Derivatives Determinations Committee has resolved that a failure to pay...

      • CMBS loan events updated

        23 new loan events have been added to the SCI CMBS loan events database. These include: 24/05/2012...

      • FVMO 'rarely exercised'

        Fitch reports that special servicers rarely exercise the fair value market purchase option (FVMO). A...

      • CPPI returns

        Moody's and Real Capital Analytics (RCA) have launched the Moody's/RCA Commercial Property Price Ind...

    • Risk Management
      • Pricing service adds CMBS

        Markit has added US CMBS to its evaluated bond pricing service. CMBS prices will be supplied by Trep...

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