Weekly Issue Archive »

Issue 334 - 1st May

  • News Analysis

    • RMBS

      • Issuance awaited

        UK RMBS spreads tighten as investors lack options

        No prime UK RMBS has been issued this year and that lack of issuance is helping to drive secondary spreads in the sector ever tighter. Issuance is expected to resume over the summer, but investors receiving redemption proceeds in the meantime face a...

    • CLOs

      • Stepping up

        First-time CLO managers' to-do list discussed

        As the US CLO sector continues to recover, more players are expected to enter the market. Prospective first-time managers may not be aware of the extent of the additional documentation and management burden, however, compared to managing a private eq...

  • Market Reports

    • ABS

      • Recent vintages seen in ABS session

        US ABS BWIC volumes totalled around US$93m yesterday, with secondary flows remaining light in the run-up to month-end. SCI's PriceABS data shows a number of recently issued bonds among those out for the bid. The most recently issued deal to see a t...

    • CMBS

      • CMBS investors broadening horizons

        It has been a quieter week for European CMBS. Primary issuance still seems a fair distance away and secondary volumes have been down, although investors appear to be becoming more flexible in the paper they will buy. "It has been quite a funny week...

  • News

    • Structured Finance

      • SCI Start the Week - 29 April

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

        PipelineThree new ILS deals joined the pipeline last week, as well as a further four ABS and two RMBS. All three catastrophe bonds reference US hurricane risk as the main peril and the proposed paper totals US$550m. Those ILS deals comprise: US$150...

    • CMBS

      • Special servicing loan outcomes examined

        Most resolved US CMBS loans remain outstanding, while REO loans account for an increasing proportion of those still in special servicing. There is also mixed evidence as to the effect on recoveries of keeping loans in special servicing for protracted...

      • CMBS loan resolution timelines diverge

        The length of time between a US CMBS loan transferring to special servicing and ultimately being resolved depends largely on the workout strategy being pursued. The average time to modification has decreased recently, although the time to liquidation...

      • TITN 2007-CT1 note EOD likely?

        Comprising 33 loans, down to 18 currently, Cornerstone Titan 2007-1 has the largest loan count among European conduit CMBS. The majority of the remaining loans is already in special servicing and the transaction is expected to be backed by a fully no...

  • Job Swaps

    • Structured Finance

      • SIV suit settled

        Moody's, Morgan Stanley and S&P have settled out of court with Abu Dhabi Commercial Bank (AD...

    • Insurance-linked securities

      • Bermuda cat firm adds PM

        Bermuda-based Pillar Capital Holdings has added Jeff Franklin as svp and portfolio manager. He repor...

      • GC adds reinsurance pro

        Guy Carpenter has appointed Stephen Mathews as md of GC Securities. He is based in New York and repo...

  • News Round-up

    • CDO

      • Fifth Libertas auction due

        An auction for Libertas Preferred Funding I is set to take place on 21 May. An auction has been held...

      • Second auction due for CBO

        An auction has been scheduled for the Trainer Wortham First Republic CBO III on 15 May. This is the...

    • CDS

      • LCDS auction results in

        The final results of the Dex Media West and SuperMedia LCDS auctions are 79 and 74.625 respectively....

      • Bankia credit event called

        ISDA's EMEA Determinations Committee has agreed that a restructuring credit event occurred in connec...

      • CMBS note sales due

        Around 20 CMBS loans, totalling US$161m in outstanding balance, are due to be put up for bid on Auct...

      • Reporting tool enhanced

        Sapient Global Markets' Compliance Management and Reporting System (CMRS) now has the ability to fac...

      • PE data standard unveiled

        A number of major private equity firms have formed a new global industry alliance called the AltExch...

      • RALI note sales cancelled

        Nationstar has cancelled the sale of bulk notes in RALI RMBS trusts conducted via Auction.com and do...


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