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Issue 347 - 31st July

  • News Analysis

    • Structured Finance

      • Call to action

        Securitisation best practice gaining traction in Brazil

        Brazilian ABS issuance volume plummeted to its lowest level since 2004 last year and is yet to return. New rules passed by regulator Comissão de Valores Mobilários (CVM) are being blamed for the sector's decline, but a series of ban...

      • Cross-asset movement

        Rising rates rearrange relative value

        Rising interest rates in the wake of the Fed's tapering proposal have profoundly affected cross-asset relative value. While investors may consequently choose to move down the capital structure within CLOs, interest in CMBS is also expected to increas...

    • CLOs

      • Accelerating evolution

        CLO structural changes gather pace amid increased issuance

        The pick-up in CLO issuance has accelerated structural innovation on either side of the Atlantic. At the same time, regulatory pressures continue to shape the market. In Europe, this process began with Cairn CLO III, which hit the market i...

  • Market Reports

    • CMBS

      • Euro CMBS gaining ground

        European CMBS appears to be slowly gaining some traction after a quiet period. Trading levels are steady, with buyers starting to return to the market. "It has been a little quiet lately, but that might now be changing. We are starting to see a bit...

    • RMBS

      • Further GSE selling suspected

        A hotly anticipated US$2bn US RMBS bid-list hit the market yesterday, accounting for almost all of the non-agency secondary supply for the day. In addition, around US$138m of agency paper was out for the bid. The large BWIC is believed to be from e...

  • News

    • Structured Finance

      • SCI Start the Week - 29 July

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

        PipelineBy the end of a relatively busy week for new issuance, only four transactions remained in the pipeline on Friday - two CMBS, and RMBS and a CLO. The CMBS are US$1.69bn FREMF 2013-K30 and US$200m STWD 2013-FV1 Mortgage Trust. The RMB...

  • Job Swaps

    • Structured Finance

      • Avoca adds to its board

        Avoca Capital Holdings has named James Blyth as a non-executive director. He was formerly chairman o...

    • Insurance-linked securities

      • Nephila names new partner

        Guy Swayne has joined Nephila Capital as a partner, based in Bermuda. He will focus primarily on ris...

  • News Round-up

      • Stranded asset deals due

        New legislation in New York and Hawaii will spur new issuance of bonds backed by utility cost recove...

    • CMBS

      • CMBS liquidations jump

        Liquidated US CMBS loan volume jumped this month, with a concurrent drop in loss severity. July liqu...

      • CMBS default rate slowing

        The rate of cumulative US CMBS defaults slowed again last quarter, while the size of newly defaulted...

    • Insurance-linked securities

      • ABX recovery estimates up

        Improving collateral pool performance has led to an increase in Moody's principal recovery estimates...


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