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Issue 293 - 11th July

  • News Analysis

    • Risk Management
      • Testing time

        The sophistication of ABS pricing and valuation vendors and end-users alike has grown significantly ...

        The securitisation market's understanding of fair value has improved dramatically since the financial crisis, driven by increased transparency and ever-more sophisticated vendor solutions. However, progress still needs to be made in some areas, inclu...

  • News

    • Structured Finance
      • SCI Start the Week - 9 July

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

        PipelineTwo transactions remained in the pipeline at the end of last week. The €226.4m Atlantes Finance No. 5 is a Portuguese consumer loan ABS and the €1.88bn FTA Pymes Santander 3 is a Spanish SME CLO. Pricings A quiet new is...

    • CDS
      • Equity tranche trades recommended

        Short-dated equity tranches have emerged as a popular way of locking in strong credit fundamentals while limiting uncertain macro risks. However, due to persistent curve steepening, trades with similar in-the-money risk profiles but longer maturities...

    • CLOs
      • Volatility 'top concern' for CLO investors

        Spread volatility has emerged as the top concern for respondents to JPMorgan's latest CLO client survey, which CDO strategists at the bank say is to be expected, given the pick-up in macro volatility. Regulatory reform dropped from this spot in prior...

    • CMBS
      • Mixed maturity outcomes anticipated

        European asset-backed analysts at RBS estimate that 31 European CMBS loans are due to mature this month, representing about €4.3bn of collateral. Given the discounted prices at which most bonds are trading, there is considerable value to be...

      • GRAND proposal wins support

        GRAND CMBS bonds reacted positively in the secondary market to the proposed restructuring terms (SCI 10 July), with class A spreads moving from the low- to mid-90s to above 97 and junior tranches rallying by more than 20 points. If accepted, the refi...

    • RMBS
      • Eminent domain initiative slammed

        San Bernardino County - along with two other cities in the area - has formed a joint powers authority, which wouldn't need permission from the respective city councils to use eminent domain rights to seize ownership of underwater...

  • Provider Profile

    • CMBS
      • High-touch provider

        Greg Winchester, md at TriMont Real Estate Advisors, answers SCI's questions

        Q: How and when did TriMont Real Estate Advisors become involved in the CMBS market? A: The company began in 1988 as Hatfield Philips, focusing on special servicing predominantly related to the thrift crisis in the US. We'd become the largest Reso...

  • Job Swaps

    • CMBS
      • UK CRE partnership formed

        Cornerstone Real Estate Advisers has appointed Laxfield Capital to originate and manage loans on its...

  • News Round-up

    • ABS
      • Turkish transactions hit

        Moody's has downgraded the ratings of 31 tranches in four Turkish future receivables transactions, w...

    • Structured Finance
      • ML3 auctions announced

        The New York Fed has announced four more asset sales from the Maiden Lane III vehicle, with bids due...

    • CDO
      • ABS CDOs on the block

        Dock Street Capital Management has been retained to act as liquidation agent for the Maxim High Grad...

      • CEEMEA index in the works

        Markit is set to launch the first credit default swap index referencing CEEMEA corporate debt &#...

      • Margin consultation begins

        The Basel Committee and IOSCO have published a consultative paper on margin requirements for non-cen...

      • CRE auctions scheduled

        Auction.com has released property-level details for three auctions scheduled for this month. Barclay...

      • CMBS pay-offs inch up

        The percentage of US CMBS loans paying off on their balloon date in June was anchored near its 12-mo...

      • GBW sale supports MFH CMBS

        A portfolio of 33,000 apartments being sold by BayernLB subsidiary GBW is expected to generate signi...

      • JHF future outlined

        A government committee on the future of the Japan Housing Finance Agency has released its final conc...

      • UKAR tender results in

        Bradford & Bingley and Northern Rock Asset Management have disclosed the results for their t...


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