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Issue 331 - 10th April

  • News Analysis

    • RMBS

      • Put-back progress

        RMBS repurchase cases move through courts

        Lawsuits resulting from RMBS representation and warranty breaches are taking longer to progress through the courts than was originally anticipated, although greater clarity on the outcomes is emerging. As well as the Countrywide and ResCap settlement...

    • Structured Finance

      • Ratings differentiation

        Call for improved assessment of derivatives risk

        'Too big to fail' is emerging as a mainstream concern and with it come calls for the assessment of derivatives risk to be improved. For securitisation investors, better differentiation of risk in credit ratings is being put forward as one solution. ...

  • Market Reports

    • CLOs

      • Primary issuance hotly anticipated

        With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the CLO space. A few ABS bid-lists have kept the market ticking over and have been well received, but it is the anticipated forthcoming CLO primary issuan...

    • CMBS

      • US CMBS picks up pace

        US CMBS secondary supply yesterday more than doubled the levels observed on Monday. Total BWIC volume stood at US$233m, with SCI's PriceABS data showing a slew of 2004-2006 vintage paper, as well as more recent Freddie Mac tranches. "Generic CMBS s...

    • RMBS

      • RMBS volume creeps up

        SCI's PriceABS data shows an increase in US RMBS secondary activity for yesterday's session. Subprime supply was particularly prevalent, with a slew of senior and mezzanine tranches out for the bid. "Overall BWIC volume has slightly picked up from...

  • News

    • Structured Finance

      • SCI Start the Week - 8 April

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

        PipelineThe second quarter kicked off with a healthy number of new deals being announced. Of those transactions, one ABS, an ILS, two RMBS and three CMBS remained in the pipeline by the end of last week. The ABS was Sfr200m Swiss Credit Card Issuan...

    • CLOs

      • Lack of collateral concerns CLO investors

        Limited collateral and a lack of arbitrage emerged as the two stand-out concerns for respondents to JPMorgan's Q2 CLO client survey. Overall, US CLO 2.0 triple-A spreads are anticipated to move below 100bp by year-end, with European spreads also expe...

    • CMBS

      • Special servicer changes examined

        As US CMBS write-downs increase, shifting control higher up the structure, the number of special servicer changes is rising. The way distressed loans are handled will, in turn, change - impacting bond cashflows at both ends of the capital s...

    • RMBS

      • Freddie to issue modified pools

        Freddie Mac intends to start issuing pools of modified loans, which could offer a distinct investment opportunity. At the same time, the FHFA has announced a significant revision to the current modification process, which is set to increase the numbe...

      • Servicer advances begin rebound

        Servicer advance rates have reversed the downward trend that began in early 2009. As well as a potential increase in voluntary prepayment rates and lower realised loss severities, a positive effect on servicer advance rates on delinquent loans can th...

  • Job Swaps

    • Structured Finance
    • RMBS

      • NCUA settles with BofA

        The NCUA last week announced a settlement with Bank of America for US$165m for losses related to pur...

  • News Round-up

    • Structured Finance

      • BoJ boost for CLOs, MBS

        The stronger-than-expected quantitative easing announced last week by the Bank of Japan is likely to...

      • Ratings tie-up announced

        Moody's credit ratings are now available to institutional investors via Morningstar UK's suite of da...

    • CDS

      • SNS Bank results in

        The final results for the SNS Bank CDS auction have been published. The auction was undertaken acros...

      • Athilon upgraded

        S&P has raised the issuer credit rating (ICR) on the Athilon CDPC to triple-B plus from doub...

    • CLOs

      • Dryden Euro CLO nears

        Further details have emerged on Pramerica Investment Management's forthcoming European CLO ̵...

    • CMBS

      • CPPI inches up

        The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index incre...

      • CMBS pay-offs inch lower

        The percentage of US CMBS loans paying off on their balloon date registered 56.6%, according to the...

      • CMBS loss severity dips

        The number of US CMBS loans disposed with a loss in March was flat, while resolution volume fell by...

    • Insurance-linked securities
    • Risk Management

      • Call for IM rethink

        ISDA notes in a recent derivatiViews publication that the thrust of the Basel Committee/IOSCO's seco...

      • Reporting tie-up agreed

        Sapient Global Markets is to offer its Compliance Management and Reporting System (CMRS) to customer...

    • RMBS

      • AOFM ends RMBS investment

        The Australian Office of Financial Management (AOFM) has announced that it will not make any new inv...

      • Sequester focus for ERFs

        Fitch has published the 1Q13 US economic risk factors (ERFs) applied in its residential mortgage loa...


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