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Issue 305 - 3rd October

  • Market Reports

    • ABS
    • CLOs
      • Sub paper sparks feeding frenzy

        Yesterday's session saw a spike in CLO supply, with equity paper in hot demand. Tiering among subordinated notes is in evidence, as SCI's PriceABS BWIC data shows a wide range of covers and talk. The highest cover of the session was at 176.27 for W...

    • RMBS
      • Healthy start for RMBS

        October kicked off with some decent secondary activity for US RMBS, particularly for non-agency paper. Offering levels are higher than they were over the summer, but remain in line with those seen in the last couple of months. SCI's PriceABS BWIC d...

  • News

    • Structured Finance
      • SCI Start the Week - 1 October

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

        Pipeline A few new deals joined the pipeline last week. CLOs make up the majority, but ABS, ILS and CMBS are also represented. The CLOs include Benefit Street Partners CLO I, ING IM CLO 2012-3 and OZLM Funding II. The ABS is a lease deal (S...

      • EWSM prepared for lift-off

        The European Wholesale Securities Market (EWSM) is expected to start listing debt and structured finance securities imminently. The joint venture between the Irish Stock Exchange (ISE) and Malta Stock Exchange (MSE) is awaiting designation as a recog...

    • CDO
      • Further Lehman CDO judgements possible

        The Federal Court in Australia has ruled in favour of three councils in a class action brought against Lehman Brothers Australia. The findings could pave the way for the judgement to be extended to other organisations that either sold or distributed...

    • CMBS
      • Rent regulation complicating workouts

        Several large rent-regulated US multifamily CMBS loans could see long resolution processes and uncertain workout outcomes, according to CMBS strategists at Citi. Limited disclosure on specific rent regulation complicates valuing and projecting financ...

      • Enforcement opportunities highlighted

        A divergence between the relatively few strong European CMBS transactions and the larger number of deals backed by weaker loans has emerged in recent weeks, driven by weakness in the commercial property market and the lack of available financing. Eur...

    • RMBS
      • G-fee hike to slow NY prepays

        The FHFA is seeking to increase GSE guarantee fees for single-family mortgages that they acquire in five states - Illinois, Connecticut, Florida, New Jersey and New York. Such state level pricing not only marks a change from the desire to s...

      • Unusual exchange offer unveiled

        Banco Santander Totta has announced an unusual exchange offer for investors in three senior tranches of its RMBS, as part of a liability management exercise. The lender is proposing to switch holders of the HIPOT 1 A, 4 A and 5 A2 bonds into a Santan...

  • Job Swaps

    • Structured Finance
      • REIT adds jumbo specialist

        Dan Koch has joined Two Harbors Investment Corp as md. He was previously responsible for sourcing ju...

  • News Round-up

    • Structured Finance
    • CDS
      • Margin re-think required

        ISDA has released a comment letter in response to the BCBS-IOSCO Consultative Document 'Margin Requi...

      • EMIR standards released

        The European Securities and Markets Authority (ESMA) has published its technical standards on the Re...

      • SDR reporting strengthened

        OpenLink Financial is set to expand its suite of Dodd-Frank regulatory compliance solutions with the...

    • CMBS
      • LORDS 1 concerns raised

        New information published on the London & Regional Debt Securitisation 1 (LORDS 1) CMBS sugg...

      • Pearsanta claim struck out

        The proceedings in the High Court of England initiated by Pearsanta, the junior lender in the Alburn...

    • Risk Management
      • FGIC rehab plan filed

        FGIC's court-appointed rehabilitator, the New York state insurance regulator, last week filed a prop...


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