Weekly Issue Archive »

Issue 327 - 13th March

  • News Analysis

    • CLOs

      • Euro 2.0?

        European CLO market back, but not as before

        Cairn CLO III printed last month, reopening the European CLO market after a lengthy hiatus. Further deals from Pramerica and New Amsterdam Capital Management are set to follow and could mark a shift towards a European 2.0 market. The Cairn CLO III...

  • Market Reports

    • ABS
    • CDO

      • CRE paper underpins CDO supply

        The US CDO secondary market saw a heavy influx of CRE CDO supply yesterday. But some rare collateralised fund obligation (CFO) paper out for the bid also attracted attention during the session. SCI's PriceABS data shows a number of CRE CDO names fr...

    • CLOs

      • Euro CLO mezz widens

        The European mezzanine CLO secondary market weakened somewhat to start the month. Single-As are trading at about 50DM wider, although more senior and strong equity paper remain well bid. "The most exciting development recently was this big BWIC fro...

    • RMBS

      • RMBS ticks over as secondary supply slows

        US RMBS non-agency secondary supply was notably lighter in yesterday's session. A number of names were successfully covered, however, with dealer talk showing slight movement. BWIC volume for non-agency RMBS was US$326m, according to Interactive Da...

  • News

    • ABS

      • Punch class Ms organise

        Punch Taverns has released a positive trading statement and still expects to meet guidance on full-year operating profit, achieve disposals above book value and complete a consensual restructuring by the summer. However, this may prove optimistic, as...

    • Structured Finance

      • SCI Start the Week - 11 March

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

        Pipeline Last week was the busiest the pipeline has been for a while, largely due to five new CMBS being announced. There were also four new CLOs, three ABS, two ILS and an RMBS. The CMBS were US$240m Citigroup Commercial Mortgage Trust 2013-SMP,...

    • CLOs

      • Wave of CLO 2.0 re-pricings forecast

        CLO 2.0 deals are starting to reach the end of their non-call periods and tighter loan spreads are encouraging equity holders to redeem transactions sooner than many investors seem to have anticipated. Several 2010 CLOs have already been refinanced,...

    • CMBS

      • Office bucks watchlist trend

        Knowing which criteria triggered a servicer watchlist (WL) placement can be helpful in predicting the likelihood of a CMBS loan default, according to Barclays Capital CMBS analysts. By constructing a historical time series of WL codes, they find that...

  • Job Swaps

    • ABS

      • Fitch adds sales chief

        Fitch Solutions has appointed Julian Acquari as global head of sales. He will be based in London and...

    • CDO

      • CRE CDO transfers due

        Gramercy Capitol Corp affiliate GKK Manager is set to transfer its collateral management rights and...

    • CMBS

      • US CMBS head recruited

        Arbor Commercial Mortgage has appointed Todd Hirsch as evp and head of CMBS finance and distribution...

      • FHFA files against HSBC

        The FHFA has filed a lawsuit in the New York Supreme Court against HSBC Finance Corporation and Deci...

  • News Round-up

    • Structured Finance

      • Listed fund debuts

        TwentyFour Asset Management has launched the TwentyFour Income Fund, which aims to generate a net to...

    • CDO

      • ABS CDO on the block

        An auction is being held for Independence IV CDO on 28 March. The collateral will be sold only if th...

      • CDX 20 set to roll wider

        Provisional changes to the Markit CDX IG index constituents have been published ahead of the roll to...

      • Margin warning sounded

        ISDA has published a paper entitled 'Non-Cleared OTC Derivatives: Their Importance to the Global Eco...

      • CMBS pay-offs dip

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

      • EMIR protocol launched

        ISDA has launched the March 2013 EMIR Non-Financial Counterparty (NFC) Representation Protocol and a...

      • Servicer loan sales eyed

        One lawsuit that grabbed the market's attention last week is the KIRP versus Nationstar Mortgage cas...


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