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Issue 315 - 12th December

  • Market Reports

    • CMBS

      • Large AM blocks covered in active session

        A number of US CMBS bonds were being shown in secondary yesterday, as traders remain busy ahead of year-end. SCI's PriceABS data shows a variety of names circulating, with large AM tranches proving particularly popular and even a 1998-vintage tranche...

  • News

    • Structured Finance

      • SCI Start the Week - 10 December

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

        Pipeline In what ended up being a busier week than the previous one, three ABS, one ILS, two RMBS, three CMBS and two CLOs entered the pipeline. The ABS comprised: €266.5m Auto ABS French Loans Master, US$600m Chase Issuance Trust 2012-8 R...

    • CDO

      • CDO trading themes emerge

        Last week saw US$3.8bn of US CLO issuance, after November posted the highest volume per month since August 2007 (US$8bn). The week witnessed heavy BWIC activity too, with US$2.5bn of CDO paper out for the bid. CDO strategists at JPMorgan point to a...

  • Job Swaps

    • CLOs

      • Alpstar Capital to resign

        Alpstar Capital has notified Alpstar CLO 1 and 2 investors that it intends to resign as collateral m...

    • Insurance-linked securities

      • ILS pro brought in

        XL Group has hired Craig Wenzel as capital markets svp. It is a new role created as part of a push b...

    • Risk Management

      • OTC data alliance created

        Xenomorph and Numerix have formed a partnership to provide a technology solution for derivatives tra...

  • News Round-up

    • Structured Finance

      • PPIF liquidations continue

        The latest PPIP report shows that all funds have ramped up distributions, with liquidations expected...

      • Asian SF outlook 'stable'

        Fitch has a stable outlook for structured finance in Asia, supported by the economic performance of...

      • CRA 3 concerns highlighted

        A recent Reed Smith memo highlights three areas of concern for the securitisation industry with CRA...

      • RFC issued on Libor

        The UK FSA has proposed new rules and regulations for financial benchmarks, following the recommenda...

    • CDO

      • ABS CDO auctions due

        Auctions have been scheduled for 31 December for two ABS CDOs - Independence IV CDO and RF...

    • CDS

      • CMBS delinquencies inch up

        The delinquency rate for US CMBS loans moved up by 2bp in November to 9.71%, according to Trepp. Loa...

      • Quincy Tower on watchlist

        Morningstar has added the US$40.8m Quincy Tower loan, securitised in GSMS 2004-GG2, to its watchlist...

      • Fiscal cliff warning

        If negotiations over the fiscal cliff are unsuccessful, the reduced spending and tax increases will...

      • Rating watches resolved

        Fitch has resolved the rating watch status of various classes in the US prime, Alt-A, subprime and r...

  • Research Notes

    • RMBS

      • The changing value of credit

        Even among all the changes in the mortgage investment market, the ability to successfully evaluate a...

        For years credit scores provided by the three major credit bureaus set the standard for evaluating creditworthiness. Lenders and investors were able to use credit scores to accurately determine the risk of default and provide risk-based pricing accor...


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