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Issue 323 - 13th February

  • News Analysis

    • Structured Finance

      • Undersupply and oversubscription

        Quarterly review and outlook for European ABS

        We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS, its views on activity in Q4 and expectations for Q1 in the sector. Below are SCI's questions and the responses from Bob Paterson, head of ABS syndic...

    • ABS

      • Punchy proposal

        Mixed implications for pub paper

        Punch Taverns last week announced proposed amendments to the capital structure of both its Punch A and Punch B securitisations, with mixed implications for the bonds. Elsewhere, the pub sector continues to offer good value, with managed pubco paper l...

    • CDS

      • Expropriation example

        SNS could set 'dramatic' CDS precedent

        The expropriation of subordinated bondholders at SNS Reaal has implications for the entire CDS market. The move has engendered questions about the value of sub protection and concern that CDS liquidity could be hit unless these issues are addressed. ...

  • Market Reports

    • ABS

      • Strong demand for Euro auto paper

        A flurry of European ABS activity emerged yesterday, with auto paper helping to drive the secondary market. SCI's PriceABS data shows that a number of names were covered above par during the session, with this proving true even beyond the auto space....

    • CLOs

      • Seniors scarce in US CLO secondary

        US CLO secondary supply has been strong all week, but peaked in yesterday's session. SCI's PriceABS data shows 268 CLO line items for the session, with more than half of those from US deals. Junior and mezzanine paper proved the flavour of the day,...

    • RMBS

      • Healthy mix in quieter RMBS session

        US RMBS is not the only market to have gone quiet in the wake of the heavy snow in the north-eastern US and Canada, but the sector still saw adequate supply during Monday's session. Agency activity remained moderate, while non-agency activity was mor...

  • News

    • Structured Finance

      • SCI Start the Week - 11 February

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

        Pipeline Many of the deals that entered the pipeline last week went on to price by the end of Friday, with only three remaining. These transactions were a US$585m auto ABS (Ally Master Owner Trust 2013-1), a US$604.3m consumer loans ABS (Springleaf...

    • CMBS

      • MSBAM 2013-C8 prepay assumptions eyed

        Several noteworthy price points were observed on the XA and five-year A2 tranches of the recently-priced MSBAM 2013-C8 CMBS. The unusual call protection provisions on two large loans securitised in the deal - the Boston Park Plaza and the H...

      • Increased focus on 'drop dead' provisions

        The expiration of temporary rate reductions is emerging as a key driver of re-defaults of large modified US CMBS loans. Focus on 'drop dead' provisions is increasing as a result. The recent re-defaults of the US$89.25m Denmark MHC Portfolio (securi...

  • Talking Point

    • Risk Management

      • Taking control

        Liquidity risk management practices discussed

        Representatives from Calypso Technology and Deloitte discussed Basel 3 and liquidity risk management in Asia Pacific during a live webinar, hosted by SCI in December (view the webinar here). Topics included the impact of the LCR and NSFR on banks, as...

  • Job Swaps

      • RBS settles Libor charges

        RBS and its subsidiary RBS Securities Japan will pay around US$612m in penalties and disgorgement as...

      • ABS trading exec recruited

        KNG Securities has appointed Armando La Morgia to its fixed income team, as the firm builds its pres...

    • CLOs

      • Ex-Goldman duo move on

        CVC Credit Partners has hired two former Goldman Sachs credit traders. Mark DeNatale becomes partner...

      • Neptuno CLO transferred

        BNP Paribas has replaced Bankia as investment manager on Neptuno CLO I. Moody's has determined that...

    • RMBS

      • RMBS fund debuts

        Morgan Stanley Investment Management (MSIM) has launched a global mortgage securities fund. The fund...

  • News Round-up

      • Subprime auto ABS warning

        Fitch believes that recent strength in the US subprime auto ABS market is leading to increased compe...

    • CDO

      • ABS CDO on the block

        An auction will be conducted for RFC CDO II on 1 March. The collateral will only be sold if the proc...

    • CMBS

      • Treveria work-out agreed

        CR Investment Management has been awarded the asset management mandate for the Treveria D-Silo facil...

      • Promising start for CMBX.6

        CMBX.6 index activity appears to have had a promising start, based on DTCC figures. Total CMBX volum...

      • CMBS pay-offs jump

        The percentage of US CMBS loans paying off on their balloon date has exceeded 60% for the fourth tim...


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