Weekly Issue Archive »

Issue 326 - 6th March

  • News Analysis

    • Risk Management

      • Clearing countdown

        US credit derivatives participants prepare for mandatory clearing

        Mandatory swap clearing in the US for four categories of CDX and iTraxx CDS will begin next week. Even with that deadline looming large, a significant number of managers are understood to remain unready for the changes. Over 200 funds are anticipat...

  • Market Reports

    • ABS

      • Euro uncertainty buoys secondary ABS

        The double blow of Moody's UK downgrade and inconclusive Italian election has had a mixed impact on the European secondary ABS markets. While some sectors have softened, one trader reports that activity over the last week has actually noticeably incr...

      • SLABS activity picks up

        After a slow start to the week, limited US secondary ABS supply is emerging. In particular, SCI's Pr...

    • CMBS

      • Early vintages abound in CMBS session

        Together with the more common vintages of 2005-2007, the US CMBS secondary market was yesterday awash with older-vintage paper. SCI's PriceABS data shows that tranches from a number of deals issued at the end of the last century were out for the bid,...

      • Junior paper joins CMBS jamboree

        The US CMBS secondary market saw around US$350m of BWIC volume yesterday. A greater variety of paper across the breadth of the capital structure was circulating than in the previous session. For example, a US$12.218m slice of BAYC 2005-2A A1 tranch...

  • News

    • ABS

      • SLABS one-stop-shop debuts

        SecondMarket - which has traditionally specialised in facilitating student-loan backed auction-rate securities (ARS) - has launched a new suite of products and services for student loan issuers. The new platform is expected to res...

    • Structured Finance

      • SCI Start the Week - 4 March

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

        PipelineOnly three new deals entered the pipeline last week. They were: a UK CMBS called Intu (SGS) Finance series 1; a US$1.2bn CMBS called WFRBS 2013-C12; and a A$500m Australian RMBS called Triton Trust No.2 Bond Series 2013-1. PricingsNew issue...

      • ML-style GSE unwind advocated

        The FHFA has called for a new securitisation infrastructure in which Freddie Mac and Fannie Mae's presence is contracted (SCI 5 March). The Bipartisan Policy Center also published a report last month calling for the elimination of the GSEs over a fiv...

    • CLOs

      • CLO excess spread under pressure

        The surge of repricings in the US leveraged loan market since the beginning of the year has the potential to result in a meaningful deterioration of excess spread in CLOs, according to CLO strategists at Morgan Stanley. They note that CLO managers ma...

  • The Structured Credit Interview

    • Structured Finance

      • Intermediation advantage

        Andrea Podesta, head of fixed income, and Armando La Morgia, head of structured finance at KNG Secur...

        Q: How and when did KNG Securities become involved in the structured finance markets? AP: The KNG Securities model is based on generating cross-regional liquidity in the context of dislocated markets. We're currently moving onto phase two of our dev...

  • Job Swaps

    • CDO

      • NRAM files over ABS CDO

        Northern Rock (Asset Management) last week filed a lawsuit in the Supreme Court of the State of New...

    • CLOs

      • CAI CLOs spun off

        Citigroup Alternative Investments (CAI) has transferred the collateral management agreements for the...

  • News Round-up

    • Structured Finance

      • MBIA ratings hit

        S&P has lowered its financial strength rating on MBIA Insurance Corp to triple-C from single...

    • CDO

      • Dante legal battle ends

        Investors last week received monies from the redemption of nine of the outstanding Lehman Brothers D...

      • ABS CDO on the block

        An auction is to be held for Duke Funding VIII on 21 March. The collateral will only be sold if the...

    • CMBS

      • EHA CMBS on review

        Moody's has placed on review for downgrade the ratings of 28 classes of notes in 14 CMBS secured by...

      • Intu CMBS unveiled

        Further details have emerged on the Intu Properties CMBS/corporate securitisation hybrid that will r...

    • Insurance-linked securities

      • Call for RFQ rule overhaul

        SIFMA, ISDA and the Managed Funds Association (MFA) have released a summary of results from a member...

      • Risk factor module offered

        Xenomorph has released a new risk factor management module for its TimeScape platform. The enhanceme...

      • Fed settlement made public

        Bank of America last week made public a July 2012 settlement agreement with the New York Fed, in whi...

      • GSE scorecard released

        The FHFA has released its 2013 Conservatorship Scorecard for Fannie Mae and Freddie Mac. The Scoreca...


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