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Issue 313 - 28th November

  • News Analysis

    • CMBS
      • Auction planning

        Participants urged to be aware of CMBS note sale costs

        Increasing adoption of US CMBS note auctions is significant for both noteholders and borrowers. Losses can be considerable and the tax implications for borrowers are not widely understood. Note auctions have become more widely used this year for US...

  • Market Reports

    • ABS
      • Euro ABS holding steady

        The first transaction with a Prime Collateralised Securities stamp (SCI 15 November) priced yesterday, with little fanfare. The deal comes amid a variety of new issuance and strong secondary market activity. "There has been a bit of variety among E...

    • CMBS
      • TMAN bucks flat market trend

        The European CMBS market may be starting to wind down for the year, but the last week has still seen a fair level of activity. TMAN 7 remains among the most liquid deals, despite insolvency proceedings being opened for the Brahms loan and standstill...

    • RMBS
      • Liquidation boosts RMBS supply

        Tuesday proved a busy session for the secondary US RMBS sector. Non-agency BWIC volume was up by 40% on Monday's levels to an estimated US$687m, with SCI's PriceABS data showing subprime talk edging higher. "Subprime maintains its position as the m...

  • News

    • Structured Finance
      • SCI Start the Week - 26 November

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

        Pipeline With Thanksgiving shortening last week in the US, there was a slight drop in the number of deals joining the pipeline. The week saw two ABS, three CMBS and one CLO added. The ABS were: FCT FAST, a €1.15bn factoring receivables s...

    • RMBS
      • Clarity increasing on RMBS settlements

        Mortgage litigation settlements have accelerated in recent months. Increasing clarity around potential outcomes is consequently expected to help in restarting the non-agency RMBS market. The most common types of lawsuits relate to claims of breache...

      • Basis switch increases Dutch appeal

        Dutch RMBS currently offers particularly cheap exposure to core Europe. The traditional Dutch/UK prime RMBS basis has completely reversed from the beginning of the year, with front-pay bonds and longer-dated back-pays especially attractive. "While...

  • Job Swaps

  • News Round-up

      • MBIA-wrapped deals hit

        Moody's has downgraded the ratings of 179 classes of US structured finance securities wrapped by MBI...

    • CDO
      • CRE CDO delinquencies up

        US CRE CDO delinquencies registered their first increase since June of this year, according to Fitch...

    • CDS
      • IM concerns highlighted

        ISDA has published an analysis of initial margin (IM) requirements for non-centrally cleared OTC der...

    • CLOs
      • Cov-lite comeback analysed

        US covenant-lite loans have made a significant comeback in the leveraged finance market, reflecting...

      • New CLO managers reviewed

        Moody's reports in its latest CLO Interest publication that it has assigned ratings to nine CLOs fro...

      • Sell-off seen in CMBX

        After fluctuating widely in early October, the CMBX index has sold off as poor corporate earnings an...

      • B-piece growth predicted

        S&P suggests that the number of active B-piece buyers should not constrain US CMBS issuance...

    • Risk Management
    • RMBS
      • Italian RMBS reviewed

        Moody's has downgraded three senior notes and 10 junior notes across seven Italian RMBS, further to...

      • Spanish RMBS hit

        Moody's has taken rating actions on 156 Spanish RMBS, affecting approximately €62.5bn of d...

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