Weekly Issue Archive »

Issue 348 - 7th August

• News Analysis

  • Structured Finance

    • Counterparty conundrums

      Investors, issuers adapting to swap-related dilemmas

      Given the difficulty of replacing counterparties and expense of posting collateral for cashflow securitisations, high volumes of swap-related rating agency confirmations look set to continue, potentially eroding investor protections in their wake. At...

  • RMBS

    • STACR stacks up

      Risk-sharing programme to aid RMBS price discovery

      Freddie Mac upsized and priced its inaugural risk-sharing transaction last week (SCI 17 July). The structure was welcomed for protecting taxpayers from certain risks by transferring them to the private market, as well as for providing the GSEs with a...

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• News

  • Structured Finance

    • SCI Start the Week - 5 August

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

      Pipeline Three CMBS remained in the pipeline at the end of last week. The transactions comprised: US$1.79bn JPMBB 2013-C14, US$1.1bn WFRBS 2013-C15 and US$150m Wireless Capital Partners. Pricings A diverse range of deals priced last week, as inve...

  • CMBS

    • XA tiering opportunities touted

      Generic CMBS 3.0 XA tranche prices have widened by 75bp from their early-May tights of swaps plus 110bp, underperforming corresponding 10-year dupers that have sold off by only about 25bp. While remaining positive on these triple-A rated senior IOs,...

  • RMBS

    • Sustainable future for BTR investing

      Mortgage strategists at Morgan Stanley believe that the burgeoning buy-to-rent (BTR) business is sustainable and has a long runway for growth. Institutional players are buying assets below replacement cost and realising material home price appreciati...

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• Job Swaps

  • ABS

    • Securitisation chief named

      Mark Pain has joined Santander Consumer Finance UK as head of securitisation, responsible for its on...

  • Structured Finance

    • Due diligence firm adds in management

      Rockstead has recruited Jane Bebb as operations manager, heading up a team of analysts and auditors....

  • • Aussie advisory felled by lawsuits

      Australian advisory firm Oakvale Capital entered voluntary administration at the end of July after 2...

  • • Ares unveils strategic partnership

      Ares Management and Alleghany Corporation have announced a new strategic partnership. Under the agre...

  • • Pending civil charges disclosed

      Bank of America has disclosed in an SEC quarterly filing that the US Department of Justice and other...

  • • Asset manager beefs up

      Douglas Charleston joined TwentyFour Asset Management last month as a portfolio manager. He has seve...

  • CDO

    • Tourre found liable in Abacus case

      Ex-Goldman Sachs executive Fabrice Tourre has been found liable in the US District Court for the Sou...

  • • ABS CDO transferred

      Vertical Capital has replaced Strategos Capital Management as collateral manager on Kleros Preferred...

  • • UBS settles over ACA 07-2

      The US SEC has charged UBS Securities with violating securities laws while structuring and marketing...

  • CDS

    • Index trading chief added

      Citi has recruited John Mann as head of credit index trading, based in New York. He was previously a...

  • CMBS

    • MS beefs up CMBS research

      Richard Hill has joined Morgan Stanley's US securitised products group to lead CMBS and CRE debt res...

  • Risk Management

    • DTCC leadership changes announced

      The DTCC has made a number of executive management appointments, effective from 1 September. Alexa...

  • RMBS

    • MBS portfolio manager named

      Cerberus Capital Management has appointed Daniel Choquette as a mortgage portfolio manager in its MB...

  • • BofA charged with fraud

      The US SEC has charged Bank of America and two subsidiaries with defrauding investors in an RMBS by...

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• News Round-up

  • ABS

    • Abenomics strategy outlined

      The impact of the Japanese government's revitalisation strategy on consumer loan ABS in the country...

  • • Drop in bankruptcies buoys consumer ABS

      US personal bankruptcy filings are poised to drop for a third consecutive year in 2013 and may in fa...

  • • Timeshare relative value touted

      Investors seeking incremental yield in ABS typically move down in credit or expand into non-benchmar...

  • • Auto ABS underwriting eyed

      US prime auto ABS continue to be originated at a strong clip. But unique elements are being introduc...

  • Structured Finance

    • Currency swap criteria updated

      Fitch has updated its criteria for rating currency swap obligations of an SPV in structured finance...

  • CDO

    • ABS CDO auctions announced

      Public sales have been scheduled for next week for two ABS CDOs - Jupiter High-Grade CDO I...

  • CDS

    • Telecom Italia spreads surge

      Credit default swap spreads on Telecom Italia (TI) are widening as Italy's largest phone company bat...

  • • Cengage results in

      The final price of Cengage Learning Acquisitions Inc LCDS was determined to be 74 during yesterday's...

  • • Cengage auction due

      An auction to settle the credit derivative trades for CENGAGE LEARNING ACQUISITIONS INC LCDS is to b...

  • • Client clearing due for European roll-out

      ICE Clear Europe is set to introduce client clearing for European credit default swaps after receivi...

  • CLOs

    • Survey blasts CLO retention rules

      The Loan Syndications and Trading Association has submitted a comment letter to the Fed, the OCC, th...

  • • Euro CLO supply 'exceeding expectations'

      European CLO issuance this year has already exceeded the majority of observers' expectations, S&...

  • • GSO/Blackstone retains top spot in CLOs

      Moody's has updated its CLO manager league tables, as of 30 June. The data are for only CLOs that th...

  • • CLO risk-retention features highlighted

      Moody's discusses in its latest CLO Interest publication a number of novel features contained in KKR...

  • CMBS

    • Multifamily bridge programme launched

      Walker & Dunlop has launched a large loan bridge programme, through which it will originate...

  • • CMBS pay-offs hit five-year high

      The percentage of US CMBS loans paying off on their balloon date registered 74.1% last month, the hi...

  • • AS tranches 'thinning'

      As US CMBS triple-A credit enhancement increases due to a combination of increased leverage and conc...

  • • Bifurcated AJ prices observed

      US CMBS AJ prices appear to be bifurcating in the wake of recent principal write-downs hitting two o...

  • • CMBS 2.0 term defaults 'unlikely'

      US CMBS 2.0 term defaults are unlikely as long as the economy continues to strengthen, according to...

  • • CMBS delinquencies nudge 2010 lows

      For the third time in the last four months, the Trepp CMBS delinquency rate fell significantly. The...

  • • Watchlist criteria released

      CREFC Europe has released Watchlist Criteria for Europe, which forms part of the European Investor R...

  • • TRIPRA impact analysed

      Fitch has released a report discussing some potential economic and credit rating effects for the pro...

  • Insurance-linked securities

    • New cat bond sponsors, peril welcomed

      S&P has rated US$3.55bn of natural peril catastrophe bonds so far this year, compared to US$...

  • • Reset boosts cat bond's rating

      S&P has raised its rating on Munich Re's Queen Street V Re to double-B minus from single-B p...

  • Risk Management

    • ICE unveils SEF plans

      IntercontinentalExchange is set to launch a swap execution facility (SEF) - dubbed ICE Swa...

  • • FVA methodology unveiled

      Numerix has unveiled a new methodology for calculating funding value adjustment (FVA) for vanilla an...

  • • Margin calculator integrated

      Bloomberg has become the first financial information platform to integrate LCH.Clearnet's margin cal...

  • • Swaps trade workflow questioned

      Even as the CFTC's swap execution facility (SEF) rules go into effect on 2 October, execution models...

  • RMBS

    • Foreclosure timelines to continue lengthening

      RMBS investors face increased carrying costs because most servicers' completed foreclosure timelines...

  • • Wave of Irish restructurings forecast

      Fitch expects long-term restructurings of Irish mortgages to become more prevalent now that a cohesi...

  • • Aussie swap risk highlighted

      Moody's notes in its latest Structured Thinking Asia Pacific publication that a number of Australian...

  • • Ginnie launches loan-level initiative

      Ginnie Mae has begun releasing loan-level data for newly issued single-family MBS on a daily basis....

  • • Fannie risk-sharing deal on the cards

      National Mortgage Insurance Corporation has agreed to insure approximately US$5bn in residential mor...

  • • Lower advances weigh on GMAC bonds

      Ocwen's acquisition of the servicing portfolio of GMAC Mortgage is said to be credit negative for re...

  • • Price indexation lifts Aussie WALTV

      Fitch has introduced property price indexation to its Australian RMBS criteria, assessing indexed pr...

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