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Issue 308 - 24th October

  • News Analysis

    • Risk Management

      • A cultural priority

        Counterparty risk management practices discussed

        Representatives from Fitch Solutions last month discussed credit and counterparty risk management practises in a live webinar, hosted by SCI (view the webinar here). Topics included data requirements and integration, as well as how CVA is being incor...

    • CMBS

      • Above and beyond

        US CMBS market exceeds early expectations

        The US CMBS market has gone from strength to strength in 2012. Spreads have rallied consistently, while loan maturity outcomes have been better than anyone predicted at the start of the year. Increased interest in CMBS over the very short term has...

    • Risk Management

      • Unaddressed questions

        OTC margin requirements under the spotlight

        Margin is the subject of much discussion across the OTC derivatives industry at present, given the aggressive competition to establish central counterparties (CCPs). However, at its broadest reach, the debate also touches on the unaddressed question...

  • Market Reports

    • CLOs

      • CLO secondary supply surges

        CLO secondary supply spiked yesterday, with 12 bid-lists reported to be circulating. That increased volume is reflected in SCI's PriceABS BWIC data, which displays 180 CLO line items for the session. A comprehensive range of names were being shown...

    • CMBS

      • US CMBS grinds tighter

        In line with the rising prices seen this week in European CMBS (SCI 17 October), the secondary market in the US has been grinding tighter all week. That trend continued yesterday, although supply was noticeably lighter. GG10 Dupers closed Tuesday's...

    • RMBS

      • Mixed picture for Euro RMBS

        Contrasting fortunes were in evidence in the European RMBS market last week. On the same day that a UK transaction achieved tight pricing in the primary market, a pair of legacy deals from the continent were declared to be in default. "The positive...

  • News

    • ABS

      • CFPB report 'mixed' for SLABS

        The Consumer Financial Protection Bureau (CFPB) has released its first annual report on private credit student loans. The agency's proposals are largely benign for the student loan ABS market, although there are some areas of concern. Citi ABS anal...

    • Structured Finance

      • SCI Start the Week - 22 October

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

        PipelineSix new deals were announced last week that still remain in the pipeline. Half of those were ABS transactions, but there was also an RMBS and two CLOs. The ABS comprised €578m Cars Alliance Auto Loans France V 2012-1, US$471m Edso...

    • CDS

      • Short sale restrictions to hurt CDS liquidity

        New EU regulations governing short selling of EU equities, sovereign bonds and sovereign CDS will come into force on 1 November (SCI passim). Recent changes to the application of the rules are expected to negatively impact liquidity across a number o...

    • CMBS

      • Mapeley swap disclosure confuses

        Confirmation that an interest rate swap remains in place for the Mapeley loan, securitised in the European Loan Conduit No. 22 CMBS, has surprised the market. The news has prompted questions about the loan's recent restructuring. European securitis...

  • Job Swaps

    • Structured Finance

      • CRE vet to lead SF team

        Fred Harmeyer has joined Cushman & Wakefield as senior md and head of capital markets for th...

    • CDO

      • ABS CDO transfer due

        ING Global Investment Strategies is set to transfer the collateral administrator agreement for the A...

    • CDS

      • CDS vet joins Phoenix

        Peter Hughes has joined Phoenix Investment Adviser in New York. He becomes senior research analyst a...

  • News Round-up

    • Structured Finance

      • Data portal launched

        Moody's Analytics has launched Moody's CreditView - Structured Finance, a solution that offers credi...

      • SIV ratings upgraded

        Moody's has upgraded the ratings of Harrier Finance Funding's Euro and US MTN and CP notes. The move...

      • ABS CDO auction due

        MJX Asset Management has been retained to act as liquidation agent for Independence III CDO. The col...

      • Muni coverage added

        Numerix has released version 2.1 of Numerix LiquidAsset, its OTC derivatives pricing service. The of...

    • CLOs

      • CLO analytics strengthened

        Codean has released Codean CLO Analytics version 3.0. The update provides amend-to-extend functional...

    • CMBS

      • Isobel CMBS slammed

        Moody's notes that it would not have assigned a Aaa rating to Isobel Finance No.1, the first non-per...

      • GIP loan restructured

        Finance documents for the £114.61m Government Income Portfolio loan, securitised in the Win...

    • NPLs
    • Risk Management

      • Libor class action filed

        A group of Alabama homeowners has filed a putative antitrust class action in federal court in New Yo...

      • ResCap trial scheduled

        A trial start date of 14 January 2013 has been set in connection with ResCap's proposed US$8.7bn set...

      • Second PPIF liquidated

        AllianceBernstein has become the second firm to liquidate its PPIP fund, following Invesco's move in...

      • LMI approach updated

        Moody's has published its updated approach for evaluating lender's mortgage insurance (LMI) for Aust...

      • MSR data service unveiled

        Kamakura Corporation has begun publishing a simple and transparent yield curve data series for the v...

      • UK NC RMBS reviewed

        Moody's has completed a performance review of the UK non-conforming (NC) RMBS sector and updated its...


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