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Issue 304 - 26th September

  • News Analysis

    • CLOs
      • Heeding the call

        Investors attracted to callable CLO deals

        A swathe of legacy CLOs are approaching their post-reinvestment phase, greatly enhancing the likelihood of deals being called. The possibility of optional redemptions has significant valuation implications. CLO transactions can be called by equity...

    • RMBS
      • Too tight?

        Investors consider options as UK RMBS keeps tightening

        The UK RMBS market re-priced over the summer, tightening to ranges not seen for a long time. While some investors may consequently hunt elsewhere for yield, prime product remains attractive and could tighten even further. A year ago it seemed fanci...

  • Market Reports

    • CMBS
      • Spread divergence as supply spikes

        After a series of slower sessions, the secondary US CMBS market saw BWIC volume increase dramatically yesterday. SCI's PriceABS BWIC data shows over 150 line items for the session, with some interesting price movement evident. A US$24.41m slice of...

    • RMBS
      • Near-prime focus

        The secondary European RMBS market began the week with Dutch near prime mezzanine tranches drawing traders' attention. SCI's PriceABS BWIC data shows that two lists in the sector traded yesterday and another is expected next week. The first list wa...

      • Subprime drives secondary RMBS

        The secondary US RMBS market saw BWIC volume of US$934m yesterday, according to Interactive Data estimates. "Overall BWIC volume has surpassed the prior session, led by the increase in the supply of subprime bonds out for the bid. The sector has a...

  • News

    • Structured Finance
      • Level playing field sought

        Calls for even-handed regulatory treatment of European ABS and covered bonds have re-emerged (see also SCI 6 October 2011). Solvency II capital requirements, in particular, are seen to be punitive for ABS instruments. "Solvency II rules, as they st...

      • SCI Start the Week - 24 September

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

        PipelineA handful of transactions remained in the pipeline by the end of last week. Three of the deals were CMBS: US$448.2m FREMF 2012-KP01, US$1.14bn JPMCC 2012-C8 and US$406m MSBAM 2012-CKSV. The remainder comprised of auto-related ABS (C$398.6m NC...

  • Job Swaps

    • ABS
      • ABS syndicate strengthened

        Tristan Cheesman has joined JPMorgan's European securitised product group syndicate in London. He mo...

    • Structured Finance
      • Research trio recruited

        Janus Capital Group has enhanced the fundamental research capabilities of its fixed income investmen...

      • Regional DCM head named

        Standard Chartered has appointed Steve Perry as head of capital markets for the Middle East, North A...

      • Law firm poaches six

        K&L Gates has expanded its finance practice with the addition of four new partners in the Lo...

      • Reg cap pro hired

        Matthew Cahill is joining Sidley Austin in early November as a partner in its global finance practic...

    • CMBS
      • Clayton taps CRE vet

        James Meleones has joined Clayton Holdings as senior md of commercial real estate services. In this...

      • CRE vet recruited

        United Realty Partners has named Barry Funt as president of United Realty Capital Markets, a real es...

    • RMBS
      • NCUA targets Barcap

        The NCUA has filed suit in Federal District Court in Kansas against Barclays Capital, alleging that...

      • RMBS issuers served notice

        The holders of significant voting rights in more than US$28bn of Morgan Stanley-issued RMBS and US$4...

  • News Round-up

    • ABS
      • FFELP SLABS stress tested

        US FFELP student loan ABS ratings would remain largely intact against differing levels of stress, ac...

    • Structured Finance
    • CDO
      • CRE CDO delinquencies drop

        US CRE CDO delinquencies have dropped for the fourth straight month, falling below 12% for the first...

      • ABS CDO redemption delayed

        An auction call redemption will not occur for Capital Guardian ABS CDO I on its 3 October distributi...

      • New CDS indices launch

        The Markit iTraxx CEEMEA and Markit CDX LatAm Corporate indices - the first CDS indices re...

      • Data repository approved

        The CFTC has provisionally approved an application by DTCC Data Repository (DDR) to create and opera...

    • CLOs
      • REIT debuts CLO

        Arbor Realty Trust has privately placed a US$125m CLO, becoming the first commercial mortgage REIT t...

      • Vitus CMBS prices

        Deutsche Bank has priced its hotly anticipated Vitus CMBS. The €754m transaction, dubbed F...

      • CMBS note sales scheduled

        US$1.15bn of CMBS loans across 130 properties are slated for sale via Auction.com for the rest of th...

    • Risk Management
      • SEF aggregation analysed

        GreySpark Partners has published 'SEF Aggregation: Approaches, Pitfalls and Solutions', the final re...

      • KRM enhanced

        Kamakura Corporation has released version 8.1 of its enterprise risk management system, Kamakura Ris...

      • Reg cap tool released

        The US federal banking regulatory agencies have released a regulatory capital estimation tool to hel...

      • Euro RMBS switch touted

        European ABS analysts at JPMorgan have moved to neutral from being overweight senior UK prime RMBS,...


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