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Issue 312 - 21st November

  • News Analysis

    • CDS

      • Naked mistake?

        Contentious EU ban raises questions for CDS market

        The EU's ban on speculative positions in sovereign CDS came into effect this month. While regulators believe the ban can shield Europe from unscrupulous investors, there are doubts about its efficacy and concerns about unintended consequences. Euro...

  • Market Reports

    • CMBS

      • US CMBS secondary supply up

        It was a busy session yesterday for US CMBS, with volume up by almost 50% over the previous day. SCI's PriceABS data shows over 150 CMBS line items, with 2012 paper particularly prevalent in the mix of securities out for the bid. The largest slice...

      • AJ surge for US CMBS

        US CMBS secondary supply is surging ahead of the Thanksgiving holiday. SCI's PriceABS data shows 248 CMBS line items for yesterday's session, with an abundance of AJ tranches out for the bid. Interactive Data notes that GG10 dupers were quoted at s...

    • RMBS

      • Euro RMBS hits highs

        Activity in the European RMBS secondary market has been particularly strong over the last couple of days. Granite triple-B spreads - now at 82 - are at their best levels since the crisis. They began the year in the very-low 50s (S...

      • RMBS in solid start to short week

        The US RMBS secondary market was dominated yesterday by non-agency subprime activity, where the focus was on an all-or-none BWIC with a mix of mezzanine and senior paper from various vintages. Overall dealer offering levels held steady as the holiday...

  • News

    • ABS

      • Pubco's bonds look attractive

        Enterprise Inns' full-year results show improved like-for-like net income and decreased debt net of cash. The group has purchased and cancelled £65m of the fixed rate Unique securitisation notes, but Spirit bonds may still offer superior val...

    • Structured Finance

      • SCI Start the Week - 19 November

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

        Pipeline It was another reasonably active week for the pipeline. Four new ABS deals, one ILS, one RMBS, two CMBS and two CDOs were added last week. The ABS were all European auto deals. The largest was €952.5m Private Driver 2012-3, whic...

    • CMBS

      • LPA breaches eyed

        The difficulty and expense of proving CMBS loan purchase agreement breaches has historically limited the number of rep and warranty settlements in the space. However, loss expectations in certain instances could mean that the economics of litigation...

    • RMBS

      • MBIA wraps at risk?

        Bank of America last week announced that it had made a tender offer to purchase at par any and all of MBIA Inc's outstanding senior notes due 2034. The move is seen as a clear negative for MBIA-wrapped non-agency RMBS. The tender offer follows MBIA...

  • Job Swaps

    • Structured Finance

      • PCS label up and running

        The Prime Collateralised Securities (PCS) initiative (SCI passim) has officially opened for...

    • CDO

      • ABS CDO transfer mooted

        PIMCO is proposing to transfer its asset management responsibilities for Pacific Coast CDO to Cairn...

  • News Round-up

    • ABS

      • ALS equity transferred

        AerCap Ireland, the servicer on Aircraft Lease Securitisation (ALS), has sold its equity interest in...

      • Annington tap possible

        Terra Firma is set to acquire Annington Homes from Nomura for £1bn of new equity, as well a...

      • NRSRO findings disclosed

        The US SEC has issued its second annual staff report on the findings of examinations of credit ratin...

    • CLOs

      • Euro CLOs stress tested

        Fitch-rated European triple-A CLO tranches can withstand significant stress driven by the knock-on e...

      • CLO maturity wall reducing

        Codean has updated its study of the maturity profile of leveraged loans held by US and European CLOs...

      • Sunset Place on watchlist

        Morningstar has added the US$75.9m Shops at Sunset Place loan, securitised in JPMC 2010-C2, to its w...

    • Risk Management
    • RMBS

      • LMI sensitivity decreasing

        The sensitivity of Australian triple-A rated prime RMBS to lenders' mortgage insurance (LMI) provide...

      • Ocwen ranking on watch

        S&P has placed its 'above average' rankings on Ocwen Loan Servicing on credit watch negative...

      • Dutch RMBS restructured

        NIBC is set to restructure the Sound I RMBS by extending its first optional redemption date (FORD) b...


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