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Issue 328 - 20th March

  • News Analysis

    • Structured Finance

      • New approach

        Unconstrained absolute return funds in vogue

        New approaches to credit are being explored, as the asset class seeks to remain appealing relative to the equity market. A proliferation of unconstrained absolute return credit funds is consequently expected to emerge. The 'great rotation' into equ...

      • Smart sourcing

        Non-core asset dispositions eyed

        With large US funds increasingly entering the European secondary ABS market in search of yield, European funds are having to be smarter about sourcing assets. Working with a bank seller to restructure residual positions is emerging as one important o...

  • Market Reports

    • CLOs

      • CLO subs steal the show

        A flurry of US CLO subordinate tranches were out for the bid yesterday. Several more senior tranches were also among the 125 CLO line items picked up by SCI's PriceABS data for the session, although names from the top of the capital structure were no...

    • CMBS

      • Euro CMBS market picks up

        The European secondary CMBS market still has not returned to the level of activity seen at the start of the year, but it has picked up over the last couple of weeks. Some sizable bid-lists have been circulating, with mezzanine paper continuing to att...

      • US CMBS attracts attention

        Secondary supply was light across the US markets yesterday, although a good amount of CMBS did get snapped up. Total bid-list supply was around US$172m, with a further US$31m in IOs also out for the bid. "Generic CMBS spreads are mostly wider on th...

  • News

    • Structured Finance

      • Securitisation splinter group formed

        The Structured Finance Industry Group (SFIG), a new trade industry advocacy group, has been formed in the US. Its creation comes in the wake of a major division within the ASF, which saw over 20 members resign. PNC Capital Markets' Reggie Imamura&a...

      • SCI Start the Week - 18 March

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

        PipelineAnother wave of deals began marketing last week. There were three ABS, an ILS, an RMBS and three CMBS remaining in the pipeline when the week ended. The ABS comprise student loan deals US$144.73m Alaska Student Loan Corporation Series 2013A...

    • CLOs

      • CLO market faces FDIC re-think

        Additional regulatory changes coming into force on 1 April are set to impact the CLO market. The changes concern how US CLOs and leveraged loans are treated when computing FDIC assessments against bank deposits. The changes will apply to large and...

  • Job Swaps

    • Structured Finance
    • CDO

      • DB settles over Carina CDO

        The Massachusetts Securities Division, a division of the Office of the Secretary of the Commonwealth...

    • CLOs

      • Loan specialist enlisted

        Cutwater Asset Management has appointed Alex Jackson as md and head of its bank loan group. He will...

    • CMBS

  • News Round-up

      • Straight-A winding down

        As it enters its senior year, the Straight-A Funding ABCP programme continues to provide liquidity t...

      • Basel MSFA critiqued

        The ASF has submitted a comment letter to the Basel Committee in response to its 18 December consult...

    • CMBS

      • Fair value to drive CMBS tiering?

        US CMBS price tiering could start to emerge this year, as investors begin differentiating between special servicers on a deal. CMBS analysts at Bank of America Merrill Lynch anticipate that special servicers' approach to fair value purchase options w...

      • 2013-ALTM ratings slated

        Moody's says its credit evaluation of Morgan Stanley Capital I Trust 2013-ALTM CMBS is significantly...

      • MBIA-wrapped RMBS hit

        S&P has lowered its ratings on 145 classes from 72 US RMBS that are insured by MBIA Insuranc...

      • Ally offloads MSRs

        Ally Bank is set to sell a portfolio of agency mortgage servicing rights (MSR) to Ocwen Financial Co...


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