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Issue 306 - 10th October

  • Market Reports

    • CMBS

      • CMBS tightening continues

        Yesterday's session saw further tightening for US CMBS spreads. Secondary activity was solid, with SCI's PriceABS BWIC data showing over 160 CMBS line items. Interactive Data puts CMBS BWIC volume for the session at US$365m. GG10 Dupers were being...

    • RMBS

      • Rising prices seen in UK prime

        A slew of UK RMBS paper hit the secondary market yesterday, with a mixed bag of names out for the bid. Vintage prime senior bonds appear to be on a rising trend from summer levels, according to SCI's PriceABS BWIC data. The increases are&a...

  • News

    • Structured Finance

      • SCI Start the Week - 8 October

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

        Pipeline Four deals remained in the pipeline by the end of last week. They comprised two auto ABS (ZAR2bn Commissioner Street No.5 TopDrive Funding series 2012 and US$527m Porsche Innovative Lease Owner Trust 2012-1), one student loans ABS (US$518.7...

    • CLOs

      • CLO fees, performance examined

        Moody's Analytics has published the second study of a two-part series on US CLO management fees (see also SCI 7 September), which analyses correlations between fee structure and deal performance. It finds that senior fees in 2012 transactions have re...

    • CMBS

      • RBS debuts legacy loan deal

        Further details have emerged on Isobel Finance No.1, the £463.22m CMBS that RBS preplaced last week. The transaction represents the first use of CMBS technology in Europe post-financial crisis to partially fund the purchase of legacy commerc...

    • RMBS

      • Homeward impact likely to be muted

        Ocwen Financial has acquired Homeward Residential (formerly known as American Home Mortgage) for US$750m. The acquisition will increase Ocwen's portfolio by approximately 60%, but is expected to have a muted impact on non-agency RMBS investors. Wit...

  • Job Swaps

    • Structured Finance

      • NewOak names new coo

        Donald McGuire has joined NewOak as coo and head of investment banking. McGuire was most recently ma...

      • Harrier assets transferred

        The assets and obligations of the Harrier Finance Funding SIV have been assigned from West LB/Portig...

      • Lehman settlement agreed

        The SIPC trustee for Lehman Brothers Inc (LBI) and the joint administrator of Lehman Brothers Intern...

      • Aviation, SF partner added

        Stephenson Harwood has appointed Saugata Mukherjee as a partner in its aviation and structured finan...

      • Fixed income vet moves on

        Scott Buchta has joined the fixed income team at Brean Capital in Chicago. He becomes head of fixed...

    • CDO

      • RBC enters CDO space

        Allen Fu has joined RBC Capital Markets in New York. He becomes head of CDO trading, opening up a ne...

    • RMBS

  • News Round-up

    • Structured Finance

      • CRE compendium launched

        CRE Finance Council and Morningstar have launched the CREFC Compendium of Statistics. The Compendium...

      • CMBS pay-offs peak

        The percentage of US CMBS loans paying off on their balloon date hit the highest level since Decembe...

    • Risk Management

      • JSCC debuts IRS clearing

        The Japan Securities Clearing Corporation (JSCC) has become the first clearing organisation in the A...

      • Pre-2005 RMBS reviewed

        Fitch has downgraded 6% of the US prime RMBS tranches it rates, following a review of the sector. Ad...


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