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Issue 298 - 15th August

  • News Analysis

    • CDS

      • Back to basis

        Extreme basis opens trade opportunities

        Real money accounts have been buying into cash as a safe haven, but doing so has made the cash market excessively expensive compared to CDS. The strongly positive basis that has consequently emerged provides a plethora of opportunities for investors....

    • CMBS

      • NPL issues

        Bad debt securitisations gaining traction

        The first post-financial crisis non-performing loan CMBS - Rialto 2012-LT1 and S2H 2012-LV1 - have proved popular with investors looking for short duration, high coupon bonds. However, the growth of the sector is expected to be li...

  • Market Reports

    • CDO

      • Pre-auction CDO buzz

        BWIC supply was very strong yesterday, with SCI's PriceABS data showing a record 473 line items. The data includes several of the names slated for sale in tomorrow's Maiden Lane III auction (SCI 10 August). The New York Fed has 14 ABS CDO tranches...

    • CMBS

      • Tight CMBS market trading up

        Buyers outnumber sellers in the European CMBS secondary market at present. Given recent spread tightening, investors have started working harder for yield. "There is very good demand for CMBS senior second-pays and quality third-pays, but there are...

    • RMBS

      • Agency, non-agency take turns in spotlight

        US RMBS has been prominent on the week's early bid-lists. SCI's PriceABS data shows 119 RMBS line items for Monday, including a good number of non-agency bonds after supply had slowed last week. Both LMT 2007-5 3A4 and LMT 2007-8 2A1 were covered y...

  • News

    • Structured Finance

      • SCI Start the Week - 13 August

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

        PipelineA number of US transactions entered the pipeline last week, only to rapidly price. European deals remain thin on the ground. PricingsThe week's pricings were dominated by CLOs and auto ABS. But two RMBS, a student loan deal and a CMBS print...

    • CDO

      • CDO supply still running high

        Yesterday proved to be another busy session for BWICs. Supply has remained elevated across asset classes, with SCI's PriceABS data showing 133 CDO line items on Wednesday and 136 on Thursday. A few familiar European names were circulated, such as W...

    • CMBS

      • GIP restructuring on the cards

        Redefine International has reached an in-principle agreement to restructure and extend the £114.6m Government Income Portfolio (GIP) loan, securitised in UK CMBS Windermere XI, ahead of its October maturity. The move is viewed as positive, a...

      • Interest shortfall hits CIB4 X1 note

        For what is believed to be the first time in conduit CMBS history, a tranche at the top of the cashflow waterfall has suffered an interest shortfall. The X1 interest-only class in JPMCC 2002-CIB4 was impacted after a loss of 120% on the largest loan...

  • The Structured Credit Interview

    • ABS

      • Asian access

        Gregory Park, managing partner at Harvest Northstone Capital, answers SCI's questions

        Q: How and when did Harvest Northstone Capital become involved in the Asian structured credit market? A: Harvest Northstone Capital is a joint venture between Northstone Peak, the fund I established in 2011, and Harvest Alternative Investment Group....

  • Job Swaps

    • Structured Finance

      • TCW buyout agreed

        The Carlyle Group and the management of The TCW Group have agreed to acquire TCW from Socié...

      • Bank boosts credit team

        James Dougal and Zaman Khan are joining HSBC's European credit trading team in London. Dougal takes...

      • SEC's ABCP charge settled

        The SEC has charged Wells Fargo's brokerage firm and a former vp for selling ABCP structured with hi...

    • CDO

      • SEC CDO dispute continues

        Appointed counsel for the US District Court for the Southern District of New York has filed a brief...

    • CMBS

      • CRE lawyer snapped up

        Mark Foster has joined Sabal Financial Group as general counsel. He will be responsible for all lega...

  • News Round-up

    • CDO

      • PF CDO criteria replaced

        Fitch has withdrawn its global rating criteria for project finance (PF) CDOs, to be replaced by its...

      • ML3 auctions announced

        The New York Fed has scheduled two Maiden Lane III auctions for August, comprising 35 ABS CDO tranch...

      • GSI loan restructured

        Berwin Leighton Paisner (BLP) has disclosed that it advised Hatfield Philips International on the re...

      • US CRE prices inch up

        US commercial real estate prices, as measured by Moody's/RCA Commercial Property Price Indices (CPPI...

      • CMBS late-pays fall again

        Increased loan workouts have led to a second consecutive month of decline in US CMBS delinquencies,...

      • ResiEMEA tool extended

        Fitch has extended its European residential mortgage risk analysis tool, ResiEMEA, to cover Germany....

      • GNMA prepays to moderate?

        The August GNMA issuer report could mark a high watermark for pre-May 2009 prepayment speeds, accord...

      • RMBS criteria update hits

        Fitch has updated its criteria for estimating losses on US mortgage pools for RMBS transactions, as...

      • Goldman probe dropped

        Goldman Sachs has disclosed in its latest 10-Q filing that the SEC has dropped its investigation of...

      • Eminent domain RFC issued

        The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a notice indicating its c...


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