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Issue 318 - 9th January

  • News Analysis

    • RMBS

      • MSR issue

        BofA agreement sparks prepay concern

        Bank of America has reached a US$10.3bn settlement to resolve outstanding repurchase agreements on residential loans sold to Fannie Mae. The bank also announced that it intends to sell around US$306bn of MSRs from its servicing portfolio, raising fea...

  • Market Reports

    • ABS

      • Autos, cards lead ABS charge

        US auto and credit card ABS paper was being shown on Friday as the secondary market began to open up. SCI's PriceABS data shows 21 ABS line items from the session. "Secondary market activity has picked up as the week comes to a close, while the pri...

      • Time out for US CMBS rally?

        US CMBS secondary spreads slowed their march into tighter territory yesterday, with some tranches even widening slightly. BWIC volume for the sector stood at around the US$300m mark, with SCI's PriceABS data showing 111 CMBS line items. "For each o...

    • RMBS

      • BofA effect seen in secondary RMBS

        US RMBS secondary supply remains moderate so far this year. Around US$434m of BWIC volume was seen yesterday across agency and non-agency, with SCI's PriceABS data showing 97 RMBS line items from the session. "Overall BWIC volume is slowly returnin...

  • News

    • CMBS

      • Titan property sales positive

        The multifamily properties securing Titan Europe 2006-2's Petrus loan have been sold. The buyer and sales price have not been disclosed, but the price is understood to be in excess of the amounts outstanding under the loan and is a better-than-expect...

      • Trading pick-up predicted for CMBX 6

        Markit CMBX Series 6 is due to launch on 25 January (SCI 8 August 2012), featuring a new sub-index. Given increased demand for a transparent hedging tool referencing newer CMBS issuance, the index is expected to be actively used by both issuers and i...

    • RMBS

      • Cliff bill briefly buoys market

        US agency MBS outperformed both Treasuries and swaps after Congress passed a bill last week to avert the so-called 'fiscal cliff'. However, suggestions that the Federal Reserve may stop buying assets by end-2013 then spooked the market and swiftly un...

  • Job Swaps

      • JPM vet moves on

        James Staley is joining BlueMountain Capital Management from JPMorgan, where he spent more than 34 y...

    • Insurance-linked securities

      • ILW pro recruited

        JLT Reinsurance Brokers has appointed Paul Thyer as partner. He becomes a member of the firm's Londo...

  • News Round-up

    • Structured Finance

      • LCR amendments endorsed

        The Basel Committee has endorsed a package of amendments to the formulation of the Liquidity Coverag...

      • DPC criteria updated

        Fitch has updated its rating criteria for derivative product companies (DPCs). The agency confirms t...

      • LCR move welcomed

        The inclusion of RMBS in the Basel 3 Liquidity Coverage Ratio (SCI 7 January) has been welcomed as a...

      • QRM rules awaited

        Final clarity as to what constitutes a qualified mortgage and the likelihood of increased issuance w...

    • CDS

      • Edison auction scheduled

        An auction to settle the credit derivative trades for Edison Mission Energy CDS is to be held on 16...

      • IRET Portfolio watchlisted

        Morningstar has added the US$123m IRET Portfolio loan, securitised in the CGCMT 2006-C5 CMBS, to its...

      • CMBS pay-offs dip

        Trepp reports that last month 54.5% of CMBS loans reaching their balloon date paid off, compared to...

    • Insurance-linked securities

      • Innovative sidecar debuts

        Argo Group International has formed Harambee Re 2013-1, its debut sidecar transaction. Unlike other...

      • Home prices overvalued?

        Fitch believes that recent home price growth in the US is being driven more by technical factors tha...


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