Weekly Issue Archive »

Issue 320 - 23rd January

• News Analysis

  • Insurance-linked securities

    • Year of the cat?

      ILS issuance and innovation to increase

      Vitality Re IV - the first catastrophe bond of 2013 - priced last week as the insurance-linked securities market got up and running. Supply this year is expected to reach new heights, while further innovation and diversification a...

  • Structured Finance

    • Adding value

      Noteholder disputes, counterparty downgrades and pricing for amendments discussed

      Representatives from leading corporate trust service providers met with SCI in December to discuss trustee independence and the flexibility of corporate trust services. Noteholder disputes, counterparty downgrades and pricing for restructurings and a...

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• Market Reports

  • CMBS

    • WINDM X boost for Euro CMBS

      Windermere X prices received a boost yesterday, following positive developments in connection with the Thunderbird and Tour Esplanade loans securitised in the deal. Senior European CMBS prices were also generally higher, according to SCI's P...

  • • AMs, AJs dominate varied CMBS session

      US CMBS secondary volume was up yesterday. AM and AJ tranches dominated the session, although there was a mix right down the stack to E and F classes. SCI's PriceABS data displays 91 US CMBS line items from the session, with vintages from 2004 to 2...

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• News

  • Structured Finance

    • SCI Start the Week - 21 January

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

      Pipeline Last week ABS was in the minority for once in terms of new additions to the pipeline. A single ABS - an auto deal - was joined by two RMBS, two CMBS and a CLO. The ABS was Volkswagen's €952.5m Driver Ten auto...

  • CMBS

    • GRAND progress beats expectations

      Deutsche Annington has agreed partial refinancing transactions of €785m for the GRAND CMBS. Net of costs and other cash usage, this represents 71.5% of the principal amount needed to comply with the restructuring conditions for 2013, accord...

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• Job Swaps

  • Structured Finance

    • Sukuk group names chairman

      Giambattista Atzeni has been named as chairman of the Gulf Bond and Sukuk Association's (GBSA) steer...

  • • Structured credit vet signed up

      Steve Baker has joined Apollo Global Management in London. He was most recently at the UK FSA, condu...

  • • Asset manager adds Germany chief

      BlueBay Asset Management has appointed Steven Bayly as head of sales for Germany. His primary focus...

  • • Continuum, Grosvenor tie-up announced

      Continuum Investment Management and Grosvenor Capital Management have formed a strategic partnership...

  • • Private debt fund launched

      Tikehau Investment Management has launched its first private debt fund accessible to retail clients....

  • CDO

    • ABS CDO transfer on the cards

      PIMCO is set to transfer its collateral management responsibilities for Crystal Cove CDO to Vertical...

  • CLOs

    • Permacap completes fund raise

      Greenwich Loan Income Fund has placed 11,917,000 new ordinary shares at a price of 50p per share to...

  • CMBS

    • Hatfield ceo moves on

      Clarence Dixon has become the latest in a string of high-profile departures from Hatfield Philips. H...

  • Risk Management

    • Collateral alliance established

      Five central securities depositories - the ASX, Cetip, Clearstream, Iberclear and Strate &...

  • RMBS

    • More foreclosure settlements reached

      Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board...

  • • False ratings claims case settled

      Egan-Jones Ratings Company (EJR) and its president Sean Egan have agreed to settle charges which wer...

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• News Round-up

  • ABS

    • Aircraft ABS eyed for yield

      Aircraft ABS prices rallied during the third and fourth quarter, as investors sought to add risk, es...

  • • Future of ABCP to be determined

      US ABCP outstandings are likely to remain flat or modestly decline, according to S&P, until...

  • • Tobacco bonds on review

      Moody's has placed under review with direction uncertain a number of term tobacco settlement revenue...

  • • Fall in bankruptcies bodes well for performance

      Personal bankruptcies in the US fell by over 14% last year, exceeding Fitch's forecast of 11%. This...

  • Structured Finance

    • Russia primed for covered bond expansion

      The covered bond market in Russia is expected to expand rapidly as the instrument proves to be an ef...

  • • CRA work plan released

      The European Securities and Markets Authority (ESMA) has published its '2013 CRA Supervision and Pol...

  • • Regulatory change could spur Aussie issuance

      Regulatory changes could have a significant impact on Australian structured finance issuance in 2013...

  • • LEI implementation awaited

      Fitch Solutions says that the introduction of global legal entity identifiers (LEIs) in March 2013 &...

  • • Assured wraps targeted

      Moody's has downgraded the ratings of 225 classes of US structured finance securities wrapped by Ass...

  • • Spanish counterparty review completed

      Fitch has affirmed 32 tranches, upgraded four tranches, revised the rating watch on four tranches to...

  • • CRE CDO late-pays end 2012 up

      Though a decline since the previous month, US CRE CDO late-pays finished the year higher than at yea...

  • • CRA 3 approved

      New credit rating agency rules - CRA 3 - have been approved by the European Parl...

  • • Assured IFS ratings hit

      Moody's has downgraded the insurance financial strength (IFS) rating of: Assured Guaranty Municipal...

  • CDS

    • Edison auction results in

      The final price for Edison Mission Energy CDS was determined to be 48.5. At an auction held yesterda...

  • • LCDS auction due

      An auction to settle the credit derivative trades for Pages Jaunes Hold Co (Mediannuaire) LCDS is to...

  • • Europe leads sovereign CDS rally

      Global sovereign CDS prices tightened by 16% in 4Q12 overall, as fears of a euro exit were allayed,...

  • CLOs

    • Euro SME CLOs on review

      S&P has placed or kept on credit watch negative its ratings on 100 tranches in 33 European S...

  • CMBS

    • CMBS pay-offs analysed

      About 72% of the universe of US conduit CMBS loans that were due to pay off in 2012 and were still o...

  • Risk Management

    • SDR 'bundling' concerns raised

      The DTCC has filed a comment letter with the CFTC expressing concern over the lack of clarity as par...

  • • Data coverage expanded

      The Fitch Research product now includes proprietary market-based data and fundamental financials for...

  • • Due diligence enhancements introduced

      Principia has released system enhancements aimed at addressing the US Market Risk Final Rule securit...

  • RMBS

    • 'No major suprises' in servicing rules

      The CFPB has issued its final mortgage servicing rules, which the majority of servicers must adhere...

  • • Clarity on downpayments required

      Fitch says that the recent qualified mortgage (QM) announcement (SCI 11 January) is a positive step...

  • • Rental 'equity' structures critiqued

      A legal structure that potential issuers have proposed for transactions backed by cashflows from sin...

  • • TBA liquidity underlined

      The presence of the to-be-announced (TBA) market provides greater liquidity to agency MBS, according...

  • • Volume of aged loans in foreclosure falls

      The number of aged loans in foreclosure fell for most servicers of US RMBS in 3Q12. This is a promis...

  • • 'Higher-priced' mortgage appraisal rules set

      The US Fed, CFPB, FDIC, FHFA, NCUA and OCC have released the final rule that establishes new apprais...

  • • Mortgage market index debuts

      Fitch has begun publishing a new quarterly mortgage market index, which measures the percentage of l...

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