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Issue 333 - 24th April

  • News Analysis

    • CMBS

      • Pre-wired flexibility

        Intu CMBS could have broader attraction

        The recent £800m Intu (SGS) Finance 2013 series 1 transaction represents a watershed in UK CMBS as it uses a complex legal structure to achieve a commercially simple end result. Indeed, it is hoped that the issue's success will tempt other r...

      • Single surge

        Single-borrower CMBS sees heavy Q1 issuance

        At around US$9bn, US single-asset/single-borrower CMBS issuance in the first quarter almost equalled the total for all of 2012. However, it remains to be seen whether that pace of issuance can be maintained and what the effect will be on the conduit...

  • Market Reports

    • Structured Finance

      • ABS mix makes for active session

        US ABS BWIC volumes reached US$181m yesterday, with auto and student loan paper accounting for most of the supply. SCI's PriceABS data also displays some credit card tranches circulating during the session. "Blocks of 2011 vintage senior auto loan...

    • RMBS

      • Increased volume as US RMBS reawakens

        The US RMBS secondary market yesterday shook off the lethargy with which it had been afflicted to spring back into action. Non-agency supply was particularly impressive, picking up after a quiet few days to reach US$662m in BWIC volume. "Secondary...

  • News

    • Structured Finance

      • ASF, SFIG go toe-to-toe

        Further details have emerged on the wave of defections from the ASF and subsequent formation of the Structured Finance Industry Group (SFIG) (SCI 15 March). The associations appear to be going toe-to-toe, but one industry insider believes that the tw...

      • SCI Start the Week - 22 April

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

        Pipeline Five new deals remain in the pipeline from last week. These include one ABS, one CLO and three CMBS. The ABS is Auto ABS FCT Compartiment 2013-1, while the CLO is €404m Grand Harbour I. The CMBS comprise US$1.46bn FREMF 2013-K26...

    • CMBS

      • Investors encouraged to make split decisions

        The preference for US CMBS bonds being rated investment grade by at least two rating agencies has created a significant pricing gap for split-rated tranches, even when the underlying collateral characteristics do not warrant it. Loss coverage ratios...

      • CMBS hedging importance underlined

        The bankruptcy of General Growth Properties (GGP) (SCI 13 May 2009) underlines the importance of investors hedging the credit risk of CMBS sponsors. Hedging the risk related to some of the recently issued US single-asset CMBS deals secured by retail...

      • Farallon pay-down welcomed

        The US$1.6bn Farallon Portfolio loan, securitised in four separate CMBS, has paid off. The pay-down has resulted in meaningful increases in credit enhancement levels for the related deals, which is expected to trigger rating agency upgrades. The Fa...

    • RMBS

      • RMBS holders consider clean-ups

        Clean-up calls are back on the agenda for seasoned senior jumbo RMBS now that the search for yield has pushed the securities above par. So far there has been significant variation between sellers as to how often they call, with several economic facto...

  • Job Swaps

      • Irish SF group launches

        The Irish Debt Securities Association (IDSA) has been established to promote Ireland as a European l...

      • Manager adds two in Europe

        CVC Credit Partners has appointed Stuart Levett as md focused on European trading activity and Julia...

    • CDS

      • US SEF lands in London

        Javelin Capital Markets has opened an office in London. The company's EMEA operation will be led by...

    • Risk Management

  • News Round-up

    • ABS

      • Reforms to hit pubco bonds

        The UK government has unveiled its proposals to regulate the tied tenanted pubco sector with a new s...

    • Structured Finance

      • FLS extension agreed

        The Bank of England and the UK Treasury have extended the Funding for Lending Scheme (FLS) by one ye...

      • UK-linked deals downgraded

        Fitch has downgraded 32 tranches and affirmed three tranches of 11 structured finance transactions t...

      • Stress index enhanced

        The Cleveland Financial Stress Index (CFSI) - a tool that allows policymakers and financia...

    • CDO

      • CRE CDO late-pays inch up

        US CRE CDO late-pays increased minimally last month to 13.2% from 13.1% in February, according to Fi...

    • CDS

      • LCDS auctions scheduled

        Auctions to settle the credit derivative trades for SuperMedia Inc and Dex Media West Inc LCDS are d...

    • Insurance-linked securities

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