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Issue 297 - 8th August

  • News Analysis

    • Insurance-linked securities
      • Cat bond crazy

        Resurgent ILS market in rude health

        It has been a year of impressive issuance so far in the insurance-linked securities market, with the first five months of 2012 the most active start of any year on record. New issuers and investors are entering the sector and innovative sidecar struc...

    • Risk Management
      • Risk transfer

        Counterparty risk securitisations gaining traction

        Index-linked contingent CDS contracts have yet to gain traction, despite the introduction of standardised terms earlier in the year. Instead, counterparty risk securitisations appear to be making a come-back ahead of the implementation of Basel 3. ...

  • Market Reports

    • CLOs
      • Mixed messages for Euro CLOs

        The European CLO market appears to be slightly subdued, following a couple of days of strongly contrasting BWIC activity. After beginning the month slightly weakly, the market tightened remarkably on Thursday. "This week the market has not been ver...

    • CMBS
      • CMBS supply running steady

        Generic US CMBS spreads were mostly unchanged yesterday, but AM tranches did grind about 5bp tighter. Interactive Data figures place BWIC volume for the session at US$418m, with around a quarter of the paper focused in 2006/2007 vintage AJs. Trading...

  • News

    • Structured Finance
      • SCI Start the Week - 6 August

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

        Pipeline A good number of deals joined the pipeline last week with two ABS, one RMBS and one CMBS remaining on Friday. The ABS comprised a music royalties deal (US$300m SESAC series 2012-1) and a student loan transaction (US$402m North Carolina Stat...

    • CDO
      • 'Healthy' secondary CDO activity seen

        In an attempt to enhance transparency in the secondary CDO market, CDO analysts at JPMorgan have released an analysis of TRACE data from inception (11 May 2011) to 17 July. They observe that bid/offer spreads for US CLO triple-A and mezzanine tranche...

    • CMBS
      • Titan Europe MOU signed

        Transaction notices published last week for the Titan Europe 2006-1, 2006-2, 2006-3 and 2006-5 CMBS shed some light on how parties to the transactions expect the cash management agreements to operate going forward (SCI 25 May). The cash manager, serv...

  • Job Swaps

    • Structured Finance
      • CLO analyst moves on

        Justin Pauley has joined Brigade Capital Management as an investment analyst. He was most recently a...

      • BNY builds RMBS group

        BNY Mellon Capital Markets has recruited an eight-person RMBS team from Ally Securities. The team wi...

  • News Round-up

    • Structured Finance
      • Junior SIV ratings hit

        S&P has lowered its credit ratings on all of Mazarin Funding's junior senior notes. These ra...

    • CDO
      • Duke auction set

        An auction of Duke Funding High Grade I CDO collateral has been scheduled for 22 August. The portfol...

      • Mezz ABS CDO supply due

        The latest Maiden Lane III sale - which saw US$4.45bn of current face across nine high gra...

    • CLOs
      • Middle-market CLOs touted

        A recent Wells Fargo study suggests that on average middle-market CLO senior notes have amortised by...

    • CMBS
      • CRE loan ratings sought

        Fitch notes in its latest quarterly EMEA Structured Finance Snapshot publication that insurance comp...

      • CMBX.6 prepped

        Markit is believed to be readying CMBX.6, which will reference post-crisis CMBS transactions. The ne...

      • CMBS payoff rate drops

        The percentage of US CMBS loans paying off on their balloon date hit a 12-month low last month, acco...

    • RMBS
      • Irish RMBS hit

        Fitch has downgraded 10 tranches from six Irish RMBS transactions and affirmed a further 29 tranches...

      • Secondary RMBS levels up

        US non-agency RMBS bid-list activity was yesterday slightly down on the prior session, but still rem...

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