Issue 354 - 18th September
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News Analysis
- RMBS
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Delivering unification?
Common TBA proposal could ease GSE transition
The concept of a unified conventional TBA deliverable for the GSEs has gained traction recently. Such a move could mark a first step towards unifying the GSEs themselves, which is one of many GSE reform options under discussion. Freddie Mac's secur...
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- Insurance-linked securities
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Diversification play
Cat bond-lites, new exposures gain traction
Catastrophe bond-lite structures appear to be gaining traction as a way of reducing transaction costs. At the same time, demand for exposure to new perils and jurisdictions is rising as investors seek increased diversification. Investors are callin...
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- RMBS
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Market Reports
- ABS
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Mix of paper in busy ABS session
A US$110m bid-list of dealer floorplan bonds boosted auto ABS secondary supply yesterday. Credit card and utility ABS paper was also represented, as BWIC volume for the sector reached US$285m. SCI's PriceABS data shows that the majority of the auto...
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- Structured Finance
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Week starts with WBS flurry
A number of UK whole business securitisation bonds were out for the bid yesterday. Some noteworthy credit tenant-linked CMBS were also seen in secondary, with SCI's PriceABS service recording covers ranging from 113 to 280 for the names. Among the...
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- CLOs
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Back to business for Euro CLOs
Secondary markets surged yesterday and the European CLO sector was no exception. Activity is picking up as the market moves into autumn, with a significant list circulating yesterday and another one planned for the start of next week. "An ABS CDO B...
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- ABS
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News
- Structured Finance
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SCI Start the Week - 16 September
A look at the major activity in structured finance over the past seven days
Pipeline Deals entered and left the pipeline in quick succession last week, with many new arrivals printing before the weekend. Several transactions remained as well, including five new ABS, two RMBS, five CMBS and three CLOs. The ABS comprised: U...
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- CLOs
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Loan financing shortfall possible
JPMorgan CDO analysts estimate that US$304bn US and €81bn European CLOs remain outstanding, representing a global CLO market of US$416bn. They forecast that by 2016 or 2017 the CLO 1.0 market could shrink by half to around US$72bn, with tri...
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- RMBS
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Co-op redemption concerns emerge
The fortunes of the Co-operative Bank's outstanding Leek and Silk Road deals are more closely tied to the originator's financial health than most UK RMBS, due to noteholder put options inserted after the lender failed to call the transactions (SCI 14...
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- Structured Finance
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Provider Profile
- CMBS
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Intermediary initiative
Nassar Hussain, managing partner at Brookland Partners, answers SCI's questions
Q: How and when did Brookland Partners become involved in the CMBS market? A: Brookland Partners has been lead financial adviser on over 25 CMBS transactions totalling in excess of €22bn since our launch in 2009. We act as financial advise...
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- CMBS
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Job Swaps
- ABS
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Trade finance leader brought in
JPMorgan has appointed Kah Chye Tan as md and global head of trade finance securitisation, based in...
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- Structured Finance
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Bank boosts SF efforts
United Bank & Trust has promoted Jeff Billig to structured finance evp. He was previously sv...
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CDO issuers file suit
A number of CDO issuers - including Phoenix Light SF, Blue Heron Funding and Kleros Prefer...
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Lincoln adds CDS, fixed income pair
Lincoln Financial Group has added Andrew Yorks and Scott Pelkola to its team in newly-created positi...
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Australian legal team poached
Squire Sanders has hired a team of lawyers in Sydney from DibbsBarker, to be led by Tom Lennox, who...
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Asia hedge fund appoints ceo
Greg Donohugh has joined Double Haven Capital in Hong Kong as ceo and will lead strategy and capital...
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- CLOs
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Polygon appoints business head
Polygon Global Partners has added Douglas Ross to its team in New York. He joins as North America he...
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Hedge fund adds CLO pro
Joe Matteo has joined Credit Value Partners in New York. The CLO specialist was previously at Par-Fo...
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- CMBS
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Real estate group builds sales team
Carlton Group has formed an international investment sales team to provide investment sales services...
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- RMBS
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NCUA's misrepresentation suit to proceed
The Kansas District Court last week allowed the NCUA to proceed with its claims against a number of...
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RMBS reshuffle targets trading focus
Amherst Securities is changing its focus to concentrate more on facilitating day-to-day trading. To...
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- ABS
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News Round-up
- ABS
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FFELP SLABS value touted
FFELP student loan ABS spreads have generally lagged the tightening witnessed in other US consumer A...
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Punch restructuring progressing?
Punch Taverns has disclosed that it is continuing its engagement with stakeholders, which now includ...
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New law set to unlock Russian ABS
The Russian government is reviewing a proposed legislative change that would allow banks to securiti...
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Private student loan defaults drop
Moody's reports that its private student loan default rate index dropped to 3.6% in 2Q13, the first...
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Timeshare delinquencies hit post-2007 lows
Quarterly US timeshare ABS delinquencies have fallen to the lowest level since 2007, according to Fi...
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FADE issuance limit upped
Fitch has confirmed that Fondo de Titulizacion del Deficit del Sistema Electrico's (FADE) ratings &a...
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Fixed-, floating-rate income compared
US fixed-rate ABS should provide significantly more income than floating-rate bonds, unless the Fed...
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ABCP issuance drops on RPI offload
EMEA ABCP issuance fell by 16% to US$72bn in 2Q13, after levelling out in the previous quarter, Mood...
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- Structured Finance
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FAB vehicle debuts
Spanish bad bank SAREB last month completed its first sale of an REO portfolio, dubbed project Bull....
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Swap risk remedies discussed
Providing collateral with significant cushion remains an important remedy to counterparty ineligibil...
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NCR proposals 'credit positive'
The French government is proposing to create a National Credit Registry (NCR) that captures individu...
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Market value criteria updated
S&P has published its revised methodology and assumptions for rating market value securities...
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- CDO
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Trups defaults, deferrals remain stable
The number of combined defaults and deferrals for US bank Trups CDOs remained stable at 27.7% at the...
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ABS CDO on the block
An auction is slated for RFC CDO I on 30 September. The collateral will only be sold if the proceeds...
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- CDS
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Acquisition weighs on Neiman CDS
Credit default swaps (CDS) on The Neiman Marcus Group have widened by 80% over the past month, signi...
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High CDS liquidity reported for Nokia
The credit default swap (CDS) market seems to be reacting favourably to Microsoft's plans to acquire...
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Verizon CDS hit three-year wides
Verizon Communications' proposed deal with Vodafone Group has sent the company's credit default swap...
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- CMBS
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Apartment prices take off
Apartments in New York and San Francisco are the hottest property sector in major markets, each havi...
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Further dip forecast for CMBS late-pays
US CMBS late-pays fell by 10bp in August to 6.68% from 6.78% a month earlier, according to Fitch's l...
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Innkeepers paid down
September remittances indicate that the US$656m Innkeepers portfolio - securitised in LBUB...
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- Insurance-linked securities
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Insurance private debt strategy offered
Twelve Capital has launched an insurance private debt strategy, which aims to provide small and medi...
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- Risk Management
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Economic capital solution strengthened
Moody's Analytics has released RiskFrontier 3.4, the latest version of its portfolio management and...
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EU repository registration delayed
ESMA has updated its EMIR implementation timetable. The key change relates to the registration of th...
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Model integration issues persist
Principia Partners has released the findings of a survey focusing on ABS, MBS and CDO investors' use...
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- RMBS
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Dutch NHI plan weighed
The Dutch government is set to purchase - via the National Mortgage Institute (NHI) &#...
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Mexican reform 'credit negative' for RMBS
The Mexican Congress is expected to pass a new fiscal reform bill that could take effect next year....
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Richmond continues with MRP plan
Richmond, California city council yesterday voted 4-3 to continue exploring Mortgage Resolution Part...
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Richmond lawsuit 'not ripe'
Wells Fargo and Deutsche Bank's lawsuit, on behalf of bondholders affected by Richmond's eminent dom...
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- ABS
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