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Issue 357 - 9th October

• Market Reports

  • CMBS

    • US shutdown slows Euro CMBS

      The European CMBS secondary market has been dominated by talk this week, with trading activity easing off slightly. Market sentiment is positive but no significant changes are expected until the US debt ceiling dilemma is resolved. "It has been qui...

  • • CMBS spreads flat, supply up

      Generic US CMBS spreads were unchanged yesterday. BWIC supply remained restricted due to IMN's ABS East conference but did increase to over US$150m, with SCI's PriceABS data showing a number of covers from the session. For example, BACM 2006-6 A3 w...

  • RMBS

    • RMBS BWIC supply picks back up

      US non-agency RMBS secondary market activity was solid yesterday, with US$556m of bonds offered on bid-lists. Non-agency BWIC volume was up considerably from Tuesday's levels, with subprime paper leading the charge, although agency supply was light. ...

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• News

  • Structured Finance

    • SCI Start the Week - 7 October

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

      PipelineMany deals joined the pipeline last week only to price soon afterwards. By the end of Friday, only two new ABS, one RMBS, one CMBS and two CLOs remained. The ABS were Eagle Credit Card Trust Series 2013-1 and €732m Red & B...

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• Job Swaps

  • ABS

    • Further fines for Catalyst leadership

      The UK FCA has fined two more Catalyst Investment Group executives after previously fining former co...

  • Structured Finance

    • Merger to create full service boutique

      The Seaport Group and Global Hunter Securities plan to merge their firms to create a full service gl...

  • • Securitisation group expands

      Clayton Holdings has promoted Dan Pinero to director of securitisation for operations and Joe Ozment...

  • • Asian credit sales head appointed

      Jimmy Ye has joined Société Générale in Hong Kong as head of cre...

  • • Neutral fixed income market prepped

      SunGard and DelphX are teaming up to provide Financial Information eXchange (FIX) connectivity throu...

  • • French credit sales chief selected

      Christian Chardot has joined RBC as head of credit sales, France. He is based in London and joins fr...

  • • London legal partners appointed

      Mayer Brown has added two securitisation partners to its banking and finance group in London. Richar...

  • • Firm censured for ABS sales

      The UK FCA has censured Catalyst Investment Group for misleading investors while selling bonds betwe...

  • • Chenavari launches listed company

      Chenavari Capital Solutions has closed an IPO for an aggregate of 130,300,000 ordinary shares, raisi...

  • CDO

    • CDO sale on the cards?

      Another auction has been scheduled for Trainer Wortham First Republic CBO IV, which was previously o...

  • CLOs

    • CLO strategic partnership formed

      Sound Harbor Partners and Macquarie Credit Investment Management have formed a strategic partnership...

  • • Investment manager targets Dexia

      New York Life Investments is set to acquire full ownership of Dexia Asset Management for €...

  • CMBS

    • Law firm adds CMBS pros

      Winston & Strawn has added Christine Spletzer and Bola Oloko to its capital markets real est...

  • Insurance-linked securities

    • ILS manager adds research director

      Jennifer Norris has joined Elementum Advisors as director of research in Chicago. She was previously...

  • • Collateralised reinsurance firm formed

      Montpelier Re Holdings has filed a registration statement with the US SEC relating to the proposed I...

  • • Software firm buys ILS market access

      SS&C Technologies Holdings has bought Prime Management Limited, a fund administrator and ser...

  • Risk Management

    • NewOak partners with risk specialists

      NewOak Advisors has formed a strategic alliance with Smith Regulatory Strategies (SRS). The alliance...

  • RMBS

    • Common GSE platform progresses

      A year after the FHFA released a white paper on a proposed framework for a common securitisation pla...

  • • Collaboration produces OAS model

      Deutsche Bank has partnered with Bloomberg to launch a new option-adjusted spread (OAS) model. Toget...

  • • Servicing standards lawsuit filed

      New York Attorney General Eric Schneiderman has filed a lawsuit against Wells Fargo so that the bank...

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• News Round-up

  • ABS

    • P2P ABS debuts

      National Alliance Capital Markets and Waterford Capital have completed what is believed to be the fi...

  • • Aircraft ABS issuance weighed

      Fitch expects recent positive trends in aircraft leasing to pave the way for increased new operating...

  • Structured Finance

    • 2.0 structuring tool launched

      Lewtan has launched a structuring tool geared towards the 'securitisation 2.0' environment. Dubbed A...

  • • RBA updates securitisation reporting templates

      The Reserve Bank of Australia (RBA) has released for consultation draft reporting templates for CMBS...

  • CDS

    • Codere auction scheduled

      The auction to settle the credit derivative trades for CODERE FINANCE (LUXEMBOURG) S.A. CDS is to be...

  • • SEF licensing agreements signed

      Markit has licensed its Markit CDX North America IG, Markit CDX North America HY and Markit iTraxx E...

  • • European client clearing launched

      ICE Clear Europe has introduced client clearing for European credit default swaps, with five clients...

  • CLOs

    • CLO manager concentration highlighted

      The ten largest CLO managers manage over 50% of US CLOs and 30% of European CLOs, Moody's notes in i...

  • • PFI CLO restructured

      NIBC Bank has restructured its project finance CLO, Adriana Infrastructure CLO 2008-I, and placed th...

  • • CLO manager handbook released

      Fitch has published the first edition of its US CLO Asset Manager Handbook, which contains profile r...

  • CMBS

    • Bulk of EMEA CMBS loans coming due

      EMEA CMBS servicers are set for a busy month, according to Fitch. Of the 37 loans which the agency r...

  • • Japanese CMBS, autos improve

      Japanese CMBS and auto loan ABS performance continued to improve in July and August, according to Mo...

  • • Conduit balloon payoffs highest in years

      The percentage of US CMBS conduit loans paying off on their balloon date reached 74.5% by balance in...

  • • High Q4 default probability predicted

      Moody's expects European CMBS loan repayment rates for loans maturing in 4Q13 to be no better than t...

  • • Retail property prices outperforming

      Retail properties continue to be the best performing US core commercial real estate sector, with pri...

  • Risk Management

    • Customised stress-test options offered

      Moody's Analytics has added customisation options to its Portfolio Analyzer (PA) suite of stress-tes...

  • • Validation tool enhanced

      Interactive Data has released a new set of transparency and workflow enhancements to its Vantage sol...

  • RMBS

    • ESAIL 2007-5 restructuring proposed

      Meetings for all Eurosail UK 2007-5NP noteholders have been scheduled for 31 October to consider an...

  • • Colorado storms affect RMBS bonds

      Severe storms, flooding, landslides and mudslides in nine Colorado counties adjudged by the Federal...

  • • Modification performance analysed

      At least 31% of the US mortgage loans that were seriously delinquent in December 2008 have been modi...

  • • LMI sensitivity examined

      Moody's says that most Australian RMBS transactions with lenders' mortgage insurance (LMI) insuring...

  • • Extraordinary expenses impact ratings

      How US RMBS transactions account for extraordinary expenses has implications for both potential cred...

  • • Fannie debuts risk transfer deal

      Fannie Mae is in the market with its inaugural risk transfer transaction. Dubbed Connecticut Avenue...

  • • Clydesdale redress 'credit neutral'

      The UK Financial Conduct Authority's recent judgment against Clydesdale Bank is anticipated to be cr...

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