Weekly Issue Archive »

Issue 324 - 20th February

  • News Analysis

    • Structured Finance

      • Wake-up call

        Change in transparency, buying behaviour needed

        The recent indictment of former Jefferies trader Jesse Litvak for misrepresenting RMBS prices has served as a wake-up call for the industry (SCI 29 January). Pressure has increased on sellers of complex securities to provide a basis for prices, while...

    • CMBS

      • Turning the corner?

        Growing optimism in European CMBS market

        It has been a tough couple of years for European CMBS, but there are signs that the environment may be changing. Primary issuance is likely to pick up this year, while the rate of enforcements is expected to shrink as borrowers become more engaged an...

    • Structured Finance

      • Action consequences

        Increased focus on rating agency performance

        Competing rating agencies could gain market share due to the US Department of Justice's civil lawsuit against S&P (SCI 6 February). But it is also hoped that ratings standards and ratings transparency will improve as a result. Speculation i...

    • CLOs

      • Equity equations

        US CLO 1.0 versus 2.0 equity relative value explored

        There are several considerations for CLO equity investors looking for relative value in CLO 1.0 and 2.0 deals. While the new issue market provides ease of entry, the legacy space can offer impressive spreads. "New issue CLOs generally have cleaner...

    • RMBS

      • Viable exit

        Private label refi initiatives gaining traction

        Providing performing borrowers in non-agency RMBS pools with a viable exit from their high-interest mortgages is attracting increasing attention among US policymakers. A couple of options are emerging, but a legislative approach - whereby m...

  • Market Reports

    • CLOs

      • Cairn CLOs stir European market

        The European CLO market is picking up after a quiet start to the week. Participants have been kept occupied by both primary and secondary activity, with Cairn CLOs in particular capturing the market's attention. "The US holiday made for a quiet sta...

    • CMBS

      • CMBS creeping tighter again

        The US CMBS secondary market continues to tighten as supply recovers from the low levels seen at the start of the week. SCI's PriceABS data shows 91 unique line items from 34 tranches for yesterday's session, with a variety of talk and covers. GG10...

  • News

    • Structured Finance

      • SCI Start the Week - 18 February

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

        Pipeline Last week was a quiet one for the pipeline, with ABS dominating proceedings. Among the five newly announced deals, three were auto ABS. Those auto deals were E-Carat Compartment No.5, €718.5m VCL 17 and US$350m World Omni Master...

    • RMBS

      • Re-mods lengthening RMBS cashflows

        Overall modification rates for US non-agency RMBS were significantly lower in 2012 than they were two years before, but borrowers that have been previously modified account for an increasing share of those mods. The higher share of re-modifications i...

      • REIT demand returns

        Higher MBS yields and rising stock prices have changed the investment landscape for US mortgage REITs from announcing share buybacks just a few months ago to raising new equity for MBS purchases. Indeed, mortgage REITs have announced US$1.7bn in new...

  • Job Swaps

    • CLOs
    • Insurance-linked securities
    • RMBS

      • RMBS trader moves on

        David Lehman has joined Hudson Advisors in New York. He is vp, with responsibility for re-performing...

      • New role for legal vet

        Joel Katz has joined Cantor Fitzgerald as md. In his new role he covers banks in Cantor's DCM mortga...

  • News Round-up

    • ABS

      • Innovative WBS marketing

        Arqiva Financing, a £750m UK whole business securitisation originated by the Arqiva group,...

    • Structured Finance

      • FASB boon for DVA

        FASB has issued for public comment a proposal to improve financial reporting by providing a comprehe...

      • Cover pool criteria hit

        The ECB's change to its repo eligibility criteria for covered bonds is credit negative for programme...

    • CDO

      • ABS CDO auction due

        Dock Street Capital Management has been retained to act as liquidation agent for Davis Square Fundin...

      • CRE CDO late-pays fall

        Following a sharp spike late last year, US CRE CDO late-pays fell for a second straight month to 12....

      • Naked CDS ban scrutinised

        New Imperial College research presented at the latest 'Peregrine Perspectives' discussion series sug...

      • Cairn CLO readied

        Further details have emerged on the €300.5m Cairn CLO III (SCI 25 January). Revised guidan...

    • CMBS

      • CRE prices on the up

        US commercial real estate prices increased by 8.1% on a composite basis during 2012, according to th...

    • Risk Management

      • CTD functionality offered

        Numerix has launched new functionality for cheapest-to-deliver (CTD) curve construction and the anal...


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