Weekly Issue Archive »

Issue 309 - 31st October

  • Market Reports

    • CMBS

      • Positives seen in Euro CMBS

        The secondary European CMBS market has remained fairly active over the last week, albeit with a slight drop in selling from earlier in the month. Recent developments in respect of the GRAND restructuring proposal and the latest flurry of loan maturit...

    • RMBS

      • Non-agency RMBS holding steady

        Activity in US RMBS has been slightly subdued over the last few days, given the focus on IMN's ABS East conference. Yesterday saw fixed-rate bonds in vogue in the non-agency secondary market, with SCI's PriceABS BWIC data indicating that prices were...

  • News

    • Structured Finance

      • SCI Start the Week - 29 October

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

        Pipeline Last week was fairly busy for the pipeline, although ABS was in the minority, with only one new deal announced. An RMBS, two CMBS and four CLOs also hit the market. The ABS deal was Silverleaf Finance XV series 2012-D, a US$191.258m times...

    • CLOs

      • Euro CLO resiliency underlined

        European CLO tranches have lagged the strong rally in the broader credit markets over the past few months, due to perceived heightened asset default risks. However, a recent RBS study finds that legacy deals appear adequately structured to withstand...

      • Evolving CLO appetite observed

        The CLO investor base continues to evolve, with diversification seen across real money, banks and hedge funds. A recent JPMorgan analysis confirms that investor interest in the asset class is increasing post-QE3 and ECB actions, as tail risks decline...

    • CMBS

      • CMBS prepay potential examined

        With continued improvements in US commercial real estate liquidity and price transparency, not only will many more problem CMBS loans begin to be resolved, but several other dynamics could also be set in motion. AM and cuspier AJ tranches are expecte...

      • Auction results spell losses for CB13

        Two auctions were concluded on Auction.com yesterday for 12 of 16 properties collateralising the US$180.9m DRA-CRT Portfolio I loan, securitised in JPMCC 2005-CB13 (see also SCI's loan events database). The outcome indicates that the trust will see h...

      • Special servicing trends underlined

        LNR Partners remains the largest US CMBS special servicer by outstanding balance, but its impact in terms of year-to-date loan liquidations has been even greater than is suggested by its market share. LNR also accounts for the largest average liquida...

    • RMBS

      • Servicing performance compared

        In light of yesterday's ResCap MSR auction, MBS analysts at Bank of America Merrill Lynch have analysed the collateral performance of the securitised portfolio, as well as other non-agency servicing pools that have been transferred previously. Non-ba...

  • Provider Profile

    • Structured Finance

      • Multi-disciplinary approach

        Hansol Kim, md in FTI Consulting's structured finance practice, answers SCI's questions

        Q: How and when did FTI Consulting become involved in the securitisation market? A: FTI is a multi-disciplinary consulting firm that is well known in the restructuring world, which falls under our corporate finance group. But we also have robust and...

  • Job Swaps

    • CDO

      • ABS CDO manager replaced

        Ramius Structured Credit Group has replaced NIBC Credit Management as collateral manager for Belle H...

  • News Round-up

    • CLOs

      • A-to-E success highlighted

        An estimated US$67bn of CLO amend-to-extends (A-to-Es) were completed by end-3Q12 in the US, compare...

      • NorthStar CMBS slammed

        Fitch has released an unsolicited comment on NorthStar 2012-1 Mortgage Trust, the first US CMBS back...

      • Schron note sale scheduled

        An estimated US$500m of CMBS loans will be up for bid on Auction.com in November, spread across four...

    • NPLs

      • Sareb framework unveiled

        Further details have emerged about Sareb, Spain's bad bank (SCI 18 October). The vehicle will purcha...

      • CCS expansion plan sealed

        ISDA has announced its support of the Clearing Connectivity Standard (CCS) by working with Sapient G...

      • CVA engine extended

        Pricing Partners has extended its CVA engine to provide regulatory CVA VaR on all derivatives produc...

      • Re-REMIC ratings hit

        S&P has initiated 2,847 credit watch placements on 205 US RMBS re-REMIC transactions, with a...


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