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Issue 353 - 11th September

  • Market Reports

    • CDO

      • Secondary CDO supply up, talk low

        There were several US CDO tranches out for the bid in yesterday's session. SCI's PriceABS data shows a considerable list of names included on Thursday's BWICs, where price talk was consistently in the single digits. The vast majority of th...

    • RMBS

      • Strong start for secondary RMBS

        US RMBS BWIC volume reached US$1.3bn yesterday, after a particularly quiet session to end last week. Non-agency supply stood at more than US$800m, with adjustable-rate bonds dominating activity. SCI's PriceABS data lists price talk on several optio...

      • RMBS BWIC volume returns

        US non-agency RMBS secondary supply began to pick back up again yesterday. BWIC volume for the session was over US$650m, with SCI's PriceABS data listing tranches from vintages as early as 1998. IMCHE 98-1 A5 was talked in the low-pars, while anoth...

  • News

    • Structured Finance

      • SCI Start the Week - 9 September

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

        Pipeline Several deals were added to the pipeline last week, many of them ABS. Alongside the half-dozen new ABS entrants, there were also two RMBS and two CLOs. The ABS comprise: €695.6m FCT Ginkgo Compartment Loans 2013-1; US$1.28bn HAR...

    • CDO

      • First bank Trups CDO liquidated

        Tropic CDO I - a 2003-vintage deal that declared an EOD in January - last month became the first bank Trups CDO to complete a liquidation, underlining recent price rises in the sector. A slew of further Trups CDO liquidations are...

    • CLOs

      • Risk retention to spark loan tiering?

        The re-proposed US risk retention rule (SCI 29 August) favours larger CLO managers and could result in a two-tiered loan market. Issuance is also expected to drop after the regulation takes effect, potentially raising borrowing costs for below-invest...

    • CMBS

      • Office rebound boosts UK CMBS

        An inflection point appears to have been reached in the UK secondary commercial property market, with office leading the way. The upturn in sentiment could result in several positive CMBS transaction outcomes. Deutsche Bank European CMBS a...

      • REC 6 insolvency to trigger copycats?

        An insolvency event has been declared for Alburn Real Estate Capital (REC 6), after the directors of the issuer determined "it is more likely than not" that the CMBS will be unable to pay its debts as they fall due. A number of other European CMBS de...

      • Bush Terminal sees second modification

        The Bush Terminal loan - securitised in GCCFC 2007-GG11 and CGCMT 2008-C7 - has been modified again, after superstorm Sandy devastated the buildings. The loan received a US$190m/US$110m A/B split modification in April 2012 (see SC...

      • B-piece retention issues remain

        The re-proposed US risk retention rules (SCI 29 August) have been welcomed by CMBS market participants for eliminating the premium capture cash reserve account (PCCRA) provision. How risk retention for large loan and single-borrower deals should be s...

  • Job Swaps

    • Structured Finance

      • REIT names new cfo

        AG Mortgage Investment Trust has appointed Brian Sigman as cfo, replacing Frank Stadelmaier who will...

    • CDO

      • CDO-squared suit dismissed

        A federal court in New York has dismissed a Bank of America lawsuit against Bear Stearns Asset Manag...

  • News Round-up

    • CDO

      • ABS CDO auction announced

        An auction is to be conducted for Independence IV CDO on 30 September. The collateral shall only be...

      • CMBS loss severity up

        The weighted average loss severity for all loans backing US CMBS that liquidated at a loss was 41.5%...

      • CMBS pay-offs dip

        The percentage of US CMBS loans paying off on their balloon date registered 72.1% last month, accord...

      • CMBS recovery rate dips

        The recovery rate on liquidated US CMBS loans suffered somewhat of a set-back last quarter, dipping...

    • Risk Management

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