Weekly Issue Archive »

Issue 343 - 3rd July

  • News Analysis

    • Structured Finance

      • Shifting sands

        European securitisation market seeks stability

        The first half of 2013 has seen significant changes in the European ABS market's investor base, issuance patterns and regulatory landscape. The sector has gone through a number of cycles since the financial crisis, but now there are suggestions of a...

      • Casting nets

        Hunt for relative value puts range of options on the table

        European primary issuance may have been patchy this year, but liquidity in the secondary market has generally increased. The hunt for relative value has become all the more pressing as spreads have tightened. Regulatory initiatives such as Solvency...

  • Market Reports

    • ABS

      • Student list buoys ABS session

        US ABS secondary trading was dominated yesterday by a large student loan list, during what was otherwise a quiet session. BWIC volume was just under US$100m, with aircraft ABS also accounting for a modest amount of paper. The most recently issued s...

    • Structured Finance

      • Subprime survives trading drop-off

        It was a quiet start to the holiday week in the US as the market moves into the third quarter. Non-agency RMBS BWIC volumes remain muted at US$90m, with dealer offering levels largely unchanged. Subprime RMBS supply held up better than other sector...

    • CLOs

      • CLO bonds in search of buyers

        SCI's PriceABS data shows more than three times as many US CLO tranches offered on BWICs that did not trade in yesterday's session as those that did. There was comparatively less activity in European CLOs, but again more tranches in this segment did...

    • CMBS

      • Secondary CMBS market not shut yet

        The quarter began quietly enough for the US CMBS sector, although secondary activity did pick up yesterday. SCI's PriceABS data shows a number of bonds out for the bid, with several covers and some strongly divergent price talk. "The CMBS market en...

  • News

    • Structured Finance

      • SCI Start the Week - 1 July

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

        PipelineCLOs led the way last week, both in terms of new additions to the pipeline and deal prints. Six new CLOs were announced, as well as one ABS, one ILS, one RMBS and two CMBS. The CLOs comprised: €310m Ares European CLO VI; US$350m N...

    • CLOs

      • CLO BWIC participation broadening

        Recent BWIC activity suggests that real money investors upped their share of secondary US CLO buying for the third consecutive year, from 52% in 2012 to 63% year-to-date in 2013, according to JPMorgan figures. Next come hedge funds, accounting for 27...

    • CMBS

      • Revised Opera CMH proposals expected

        The Opera Finance (CMH) extraordinary resolutions, in connection with the Kennedy Wilson/Värde restructuring proposal, did not pass yesterday (see SCI's CMBS loan events database). Revised proposals are now anticipated from both the preferre...

  • Talking Point

    • CLOs

      • Benchmarking style

        CLO analytics approaches discussed

        Representatives from Moody's Analytics and ING Investment Management discussed how to leverage the latest analytics and data for CLO portfolio management, valuations and benchmarking during a live webinar, hosted by SCI in May (view the webinar here)...

  • Job Swaps

    • Structured Finance

      • ICG beefs up in the US

        Intermediate Capital Group has further expanded its North American debt platform by hiring four inve...

      • MBO for EM boutique

        Emerging markets boutique Global Evolution has completed a management buyout from Saxo Bank, after t...

  • News Round-up

    • Structured Finance

      • PFI CLOs on the cards?

        The UK government last week hosted an information session for prospective bidders to provide the sen...

    • CDO

      • ABS CDO on the block again

        The third auction of the year for Bristol CDO I is scheduled for 11 July. The auction call redemptio...

      • ABS CDO auction due

        An auction has been scheduled for Buckingham CDO on 19 July. The collateral shall only be sold if th...

      • CDO auctions scheduled

        Auctions for Belle Haven ABS CDO, Longport Funding II and Libertas Preferred Funding I are scheduled...

      • Further CDO sale due

        The second auction of the year for Trainer Wortham First Republic CBO IV has been scheduled for 23 J...

      • IRP update due

        The Commercial Real Estate Finance Council is releasing CREFC IRP version 7.0, with an effective dat...

      • CRE fund lists

        ALPS Advisors and Principal Real Estate Investors have completed an IPO on the New York Stock Exchan...

      • CMBS loan re-defaults eyed

        So far this year, 43 loans over US$20m have transferred to a special servicer, representing a steep...

      • Data centre enhanced

        Morningstar has been selected to provide financial data, technology and design for the re-launch of...


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