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Issue 307 - 17th October

  • News Analysis

    • ABS

      • Upping sticks

        Agency MBS crowding to boost esoteric ABS

        The New York Fed's announcement last month that Operation Twist will target solely agency MBS took many by surprise (SCI 14 September). While the ramifications for the RMBS market are fairly obvious, the knock-on effects for less frequented asset cla...

    • CMBS

      • Full circle

        Agency CMBS could provide template for issuance

        The recently-priced Florentia agency CMBS has several striking features. It is being seen as a positive return to the early days of the European market and could provide a blueprint for future issuance. "Some of the first CMBS deals in Europe &...

  • Market Reports

    • CMBS

      • Busy session seen in US CMBS

        It was a jam-packed session for US CMBS yesterday. Fixed rate and 2.0 bonds were circulating alongside very large chunks of recent-issue paper, with agency tranches even making an appearance, according to SCI's PriceABS BWIC data. Interactive Data...

      • EMEA CMBS on the rise

        SCI's PriceABS BWIC data indicates that senior European CMBS spreads have increased slightly over the past month or so. Levels for the benchmark GRND1 C tranche appear to have remained stable, however. A couple of UK names - MALL...

    • RMBS

      • Secondary RMBS supply rockets

        US non-agency RMBS supply spiked yesterday. SCI's PriceABS BWIC data shows over 100 RMBS line items for the session, with volume reported to have comfortably exceeded US$1bn. Interactive Data figures put total non-agency supply at US$1.166bn for ye...

      • RMBS dominates light session

        Supply across the US secondary market was quiet yesterday to start the week. However, a steady offering of non-agency paper was seen, with RMBS names accounting for almost half the line items displayed in SCI's PriceABS BWIC data from the session. ...

  • News

    • Structured Finance

      • SCI Start the Week - 15 October

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

        Pipeline Two ABS entered the pipeline last week, with one RMBS, one CMBS and one CLO joining them. The ABS were student loan deals: US$344.6m EdLinc Student Loan Funding Trust 2012-1 and US$686.6m NorthStar Student Loan Trust I 2012-1. The RMBS wa...

    • CMBS

      • Servicer risk mitigation matters

        Litigation activity involving borrowers in US CMBS is maintaining a steady level, despite the number of loans in special servicing fluctuating recently. The allegations being made are also broadly the same as they were in the past, according to Maria...

  • Job Swaps

    • Structured Finance

      • Credit analyst added

        Ryan Staszewski has joined Threadneedle as a corporate credit analyst within the investment grade te...

    • CDO

      • FINRA's CDO charge settled

        FINRA has fined Guggenheim Securities US$800,000 for failing to supervise two CDO traders who engage...

      • REIT co-founder steps up

        Annaly Capital Management has appointed Wellington Denahan-Norris as co-ceo. She co-founded Annaly a...

  • News Round-up

    • Structured Finance

      • ABS gets CPO exemption

        The CFTC Division of Swap Dealer and Intermediary Oversight last week issued interpretative guidance...

      • APAC ratings remain stable

        Fitch reports that ratings of structured finance (SF) tranches in Asia Pacific were generally stable...

      • South African ratings hit

        Moody's has downgraded to A1 the ratings of 56 securities across 17 South African RMBS and ABS, prom...

      • Shadow banking examined

        A flight to shadow banking activities to secure liquidity that is imposed on firms by regulators is...

      • CMBS late-pays declining

        US CMBS delinquencies declined for the fourth straight month, according to Fitch's latest index resu...

      • JPMorgan CMBS slammed

        Moody's has released an unsolicited comment on JPMCC 2012-C8, JPMorgan and CIBC's CMBS that priced o...

    • Risk Management

      • OTC seminar draws near

        A handful of complementary buy-side passes to SCI's 3rd Annual OTC Derivatives Seminar are still ava...

      • Aussie RMBS reviewed

        S&P has affirmed its ratings on 692 Australian prime RMBS tranches and raised its ratings on...

      • Paragon to tap mezz demand

        Paragon is set to publicly place double-A and single-A rated notes in addition to the senior tranche...


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