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Issue 346 - 24th July

  • News Analysis

    • Structured Finance

      • Rebuilding Basel

        'Sweeping' capital requirement changes under consideration

        The Basel Committee sought and received feedback on a consultative paper launched late last year (SCI 19 December 2012). Market participants voiced concerns over the proposals and they are now expected to be amended in advance of a second consultatio...

  • Market Reports

    • CMBS

      • Multifamily list dominates CMBS session

        US CMBS BWIC volume more than doubled yesterday to US$857m. Spreads tightened slightly and SCI's PriceABS data shows a number of senior bonds which attracted covers during the session. GG10 Dupers were quoted yesterday at plus 163/160, having close...

      • CMBS supply up, spreads stagnant

        US CMBS secondary supply picked up from less than US$100m on Monday to almost US$500m yesterday. However, spreads flat-lined as economic data weighed on investors' minds. "The day started out promisingly, with morning deal sheets pointing to tighte...

    • RMBS

      • No Monday blues for US RMBS

        US RMBS secondary supply started the week strongly, with BWIC volume on Monday of US$387 for agency RMBS and US$410m for non-agency. SCI's PriceABS data captured many non-agency names that were out for the bid in the week's first session, including a...

  • News

    • Structured Finance

      • SCI Start the Week - 22 July

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

        Pipeline After only seeing a single deal in the previous week, ABS returned to the pipeline last week. Three new ABS deals were announced, together with two ILS, three RMBS, one CMBS and four CLOs. The ABS comprised: US$267.4m AEPOH 2013-1; US$173...

    • RMBS

      • Watt appointment could bring opportunity

        US Representative Mel Watt is strongly tipped to become the next FHFA director. His successful nomination could escalate RMBS policy concerns, although an over-reaction would present a strong buying opportunity. The Senate banking committee could c...

  • Talking Point

    • CDO

      • Confidence boost

        Will bespoke single tranches make a comeback, asks Anu Munshi, partner at B&B Structured Finance

        Last month, JPMorgan and Morgan Stanley scrapped plans to launch a synthetic CDO. Apparently there wasn't enough interest from investors in the senior most tranche. But if investors were interested in the mezzanine and junior tranches, JPMorgan or...

  • Job Swaps

      • Asset manager boosts team

        Stenham Asset Management has appointed Damian Brannan as md, allowing cio Kevin Arenson to focus exc...

    • CMBS

      • CMBS production head named

        Greystone has appointed Robert Russell as head of CMBS production and md for the firm's Fannie Mae a...

    • Insurance-linked securities

      • Risk modeller names coo

        AIR Worldwide has appointed Bill Churney as coo. He will take responsibility for all product managem...

      • UBS settles FHFA claim

        UBS has reached an agreement in principle with the FHFA to settle claims relating to US RMBS offerin...

  • News Round-up

    • CDS

      • EMIR protocol released

        ISDA has launched a new protocol and reporting guidance note. The ISDA 2013 EMIR Portfolio Reconcili...

    • CMBS

      • CTL criteria updated

        S&P has updated its methodology and assumptions for rating credit-tenant lease (CTL) transac...

      • Reporting tool released

        Torstone Technology has released a new Inferno module that consolidates OTC derivative trades from m...

      • AVA QIS underway

        The EBA has launched a quantitative impact study (QIS) to assess the capital impact of its proposals...

    • RMBS

      • RFC issued on Russian MBS

        Moody's has published a request for comment on the impact of legislative amendments on Russian onsho...

      • RMBS 2.0 set to broaden?

        The clarification of Basel 3 risk weightings associated with US residential mortgages is expected to...


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