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Issue 301 - 5th September

  • Market Reports

    • ABS
      • Auto paper fuels secondary activity

        European auto ABS proved the flavour of the day yesterday as a succession of bonds achieved covers over 100 in the secondary market, encouraging US traders to also start showing auto paper. SCI's PriceABS BWIC data captured a mix of new and familiar...

    • CDO
      • Euro CDOs circulate

        On thin volumes due to Labor Day in the US, over half of the BWIC line items captured by SCI's Price...

    • RMBS
      • RMBS secondary activity restarts

        The US non-agency RMBS market picked up yesterday as traders returned to their desks, although SCI's PriceABS BWIC data shows that activity was light by recent standards. PriceABS shows 71 RMBS line items for Tuesday's session, with offering levels g...

  • News

    • Structured Finance
      • SCI Start the Week - 3 September

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

        Pipeline The pipeline saw limited activity last week, with three new deals announced. These deals were a A$750m Australian RMBS (Apollo Series 2012-1 Trust), a French consumer loan ABS (FCT COPERNIC Compartment COPERNIC 2012-1) and a UK auto loan de...

    • CMBS
      • 'Foreclose and file' tactics exposed

        A bankruptcy auction of the remaining MSR Resorts properties, currently scheduled for 25 October, is expected to pay off the entire outstanding CMBS debt. The case highlights what happens when a mezzanine lender succeeds to foreclose and file, and is...

      • Technical rating action panned

        In a move that has been described as nonsense given the deal's low LTV and material outperformance, Fitch has placed the triple-A ratings of the Annington Finance No. 4 class A notes on rating watch negative. The agency says it is concerned about the...

  • The Structured Credit Interview

    • Structured Finance
      • Bridging the debt gap

        Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions

        Q: How is Narrow Road Capital involved in structured credit in Australia? A: Narrow Road Capital is an Australian high yield and distressed debt asset management business, targeting investments primarily in loans, bonds, structured credit and listed...

  • Job Swaps

    • Structured Finance
    • CDO
      • New CDO manager sought

        Blackrock has been removed as collateral manager of Toro ABS CDO II. Under the transaction's collate...

    • CLOs
      • CLO managers replaced

        Two European CLOs - Axius European CLO and Neptuno CLO III - have had changes ma...

    • CMBS
      • CMBS structurer comes back

        Raul Orozco has rejoined Citi as vp in New York, four years after his first stint with the bank. He...

  • News Round-up

    • Structured Finance
    • CDO
      • ABS CDO auction due

        An auction has been scheduled for Capital Guardian ABS CDO I on 19 September. The collateral will on...

      • CMBS delinquency rate dips

        The US CMBS delinquency rate fell by 21bp to 10.13% in August, Trepp reports. This decrease occurred...

    • Risk Management
      • MarketMap enhanced

        SunGard has released a new version of its MarketMap market data terminal application. The service pr...

      • G-fee hike due

        The FHFA has directed Fannie Mae and Freddie Mac to raise guarantee fees on single-family mortgages...

      • RMBS review completed

        S&P has announced a number of rating actions resulting from the implementation of its update...

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