Weekly Issue Archive »

Issue 332 - 17th April

• Market Reports

  • CDO

    • Trups to the fore of CDO supply

      The number of CDO tranches circulating on BWICs jumped yesterday, with SCI's PriceABS data picking up a slew of Trups bonds. Among that contingent were a dozen PRETSL tranches, with other more rarely sighted names also appearing. A healthy supply o...

  • CMBS

    • Secondary CMBS reacts to primary pricing

      US CMBS new issue spreads have widened in recent weeks with growing investor concern about high premium prices and early returns of principal. Legacy super seniors reset yesterday, however, tightening by 1bp to 2bp. "This week investors learned tha...

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• News

  • ABS

    • Spread volatility presents ABS opportunities

      Spread volatility in US consumer ABS has increased markedly since the financial crisis. This trend is set to hold true for the foreseeable future and could bring with it relative value opportunities for investors to exploit. ABS analysts at Wells F...

  • Structured Finance

    • SCI Start the Week - 15 April

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

      Pipeline The number of deals entering the pipeline was fairly steady last week, with eight deals remaining there at Friday's close. These included two ABS, one ILS, one RMBS, three CMBS and a CLO. The ABS comprised €569.5m Monviso 2013 a...

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• Job Swaps

  • ABS

    • Consumer finance platform expanded

      Finacity Corporation has hired Paul Jenison to lead its efforts to facilitate the securitisation and...

  • Structured Finance

    • Guilty plea for ex-Credit Suisse md

      Former Credit Suisse md and global head of structured credit Kareem Serageldin has pled guilty to co...

  • • SIV fraud trial due next month

      On 13 May the US District Court for the Southern District of New York is scheduled to start jury sel...

  • • Law firm continues SF expansion

      Reed Smith has added another partner to its structured finance practice with the appointment of Clau...

  • CDS

    • Ambac, IRS settlement agreed

      Ambac Financial Group has reached an agreement with the US Internal Revenue Service that will bring...

  • CMBS

    • Trio recruited for CMBS lending platform

      Arbor Commercial Mortgage has added three new svps to its CMBS and syndication platform. Barbara Duk...

  • • Pair promoted to CMBS co-heads

      RBS Securities has named Todd Jaeger and Jeff Wilson as co-heads of CMBS trading for the Americas. T...

  • Insurance-linked securities

    • Asset manager makes ILS foray

      Schroders has purchased 30% of the share capital of Secquaero Advisors, an ILS investment management...

  • • Reinsurer builds capital markets team

      Aspen Reinsurance has appointed Brian Tobben as md of its newly-created Aspen Capital Markets divisi...

  • RMBS

    • Gleacher shuts down RMBS group

      After spending the second half of 2012 repeatedly strengthening its MBS and rates division (SCI pass...

  • • Management outsourcing proposal put forward

      Annaly Capital Management is seeking shareholder approval to enter into a management agreement with...

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• News Round-up

  • ABS

    • Residual SLABS prepped

      Sallie Mae is in the market with the first residual student loan ABS in over a decade. Dubbed SLM St...

  • • High ratings stability seen in SME ABS

      EMEA SME ABS ratings stability has been high over the past five years, according to Moody's. As of O...

  • Structured Finance

    • Macro weakness skews rating transitions

      By end-2012, only 1.37% by original issuance volume of European structured finance notes outstanding...

  • • RFC issued on benchmark principles

      IOSCO has published a consultation paper, entitled 'Principles for Financial Benchmarks', which seek...

  • • APAC outlook remains stable

      Fitch reports that the Asia Pacific structured finance transactions it rates were mostly affirmed in...

  • • Call for project finance to diversify

      In just two years, shadow banking finance for infrastructure projects has risen from virtually zero...

  • • NAIC changes to hit Alt-A, subprime

      The NAIC recently proposed changes to its modelling process for insurance company holdings of RMBS a...

  • • Debut SFIG conference announced

      The Structured Finance Industry Group (SFIG) is set to hold its first annual industry conference in...

  • • RFC issued on TR principles

      The Committee on Payment and Settlement Systems and IOSCO have published for public comment a consul...

  • • Sovereign ratings cap mulled

      S&P is reviewing the methodology it applies when assigning structured finance ratings above...

  • CDO

    • Coronado buy-back announced

      Barclays Capital has commenced a tender offer to purchase for cash all of the outstanding class A-1,...

  • CDS

    • Stable quarter for western CDS spreads

      Western European CDS spreads have experienced a relatively stable quarter, despite the insolvency of...

  • • Temporary swap reporting relief granted

      The CFTC's Division of Market Oversight has issued a no-action letter providing swap counterparties...

  • • Credit spread futures prepped

      S&P Dow Jones Indices has launched three new credit spread indices based upon the S&...

  • • In defence of sovereign CDS

      Credit default swaps on government debt are effective tools for investors to hedge risks and can enh...

  • CLOs

    • Upgrade potential for CLO constituents

      S&P has incorporated the top 250 corporate obligations held in rated US cashflow CLOs in its...

  • • Apollo Euro CLO prints

      Apollo Global Management has priced ALME Loan Funding 2013-1, its €334m debut European CLO...

  • • Euro CLO equity returns examined

      The average European CLO equity cashflow return recovered to 10.5% in 2012 from 8.5% in 2011, accord...

  • CMBS

    • Stuy Town settlement approved

      The US$68.7m Stuyvesant Town-Peter Cooper Village settlement (SCI 3 December 2012) was approved by t...

  • • CMBS late-pays inch up

      CMBS late-pays rose by 2bp in March to 7.63% from 7.61% a month earlier, according to Fitch's latest...

  • • Cherryland reversal 'credit positive'

      The Michigan Court of Appeals last week upheld the constitutionality of the Nonrecourse Mortgage Loa...

  • • Euro CMBS yet to benefit legacy loans

      The recent resumption of European CMBS new issuance is yet to benefit the vast majority of legacy lo...

  • • MLTV reaches 'inflection point'

      An analysis of a new database of conduit and large loans included in US CMBS shows that the metrics...

  • Insurance-linked securities

    • Insurer mints sidecar

      ACE has established a US$95m sidecar, Altair Re, to provide additional collateralised capacity for i...

  • Risk Management

    • Data repository service offered

      Traiana has rolled out its swap data repository service for OTC derivatives. Dubbed Harmony TR Conne...

  • RMBS

    • HARP gets extension

      The Home Affordable Refinance Program (HARP) has been extended by two years to 31 December 2015. The...

  • • TMPG updates margining recommendations

      The US Treasury Market Practices Group (TMPG) has updated its recommendation regarding the margining...

  • • Short sales dampening loss severities

      US RMBS loss severities are expected to continue their slow decline this year due in part to the inc...

  • • Spanish mortgage arrears hit highs

      Fitch reports that the Spanish mortgage market is deteriorating across many performance measures. Ac...

  • • Mixed servicer performance in Q4

      Total US residential mortgage servicer cure and cash-flowing rate performance was mixed in the fourt...

  • • Cash RMBS index launched

      Markit has unveiled the Markit iBoxx US Non-Agency RMBS indices, a family of cash bond indices based...

  • • Further French house price declines forecast

      Overvaluations, a lack of liquidity and political efforts to boost housing availability are likely t...

  • • EU ruling 'credit neutral' for Spanish RMBS

      The EU Court of Justice last month ruled that the current Spanish mortgage foreclosure process is no...

  • • ResCap creditors seeking suit

      Unsecured creditors of ResCap are seeking permission from the bankruptcy court to sue Ally on the ba...

  • • Russian property valuation warning

      The Russian Federal Antimonopoly Service (FAS) has begun requiring the country's largest refinancing...

  • • New measures to tackle Irish arrears

      Ireland's Department of Finance (DoF) and the Central Bank of Ireland have announced new measures to...

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