Weekly Issue Archive »

Issue 358 - 16th October

  • Market Reports

    • ABS

      • ABS activity accelerates post-conference

        Yesterday's US ABS BWIC volume was almost double the previous session's, surpassing US$100m. SCI's PriceABS data shows that the surge in secondary supply was supported by a slew of student loan bonds. The student loan ABS paper out for the bid yest...

    • RMBS

      • Greek flavour to RMBS secondary

        The periphery continues to outperform in secondary European RMBS. Among the bonds circulating on BWICs yesterday were a number of Greek tranches, where price talk is trending upwards. Among these bonds was the ESTIA 2 A tranche, which was talked at...

  • News

    • Structured Finance

      • SCI Start the Week - 14 October

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

        Pipeline The number of deals joining the pipeline was fairly consistent last week. Three new ABS were announced, as well as two RMBS, one CMBS and one CLO. The ABS were €481.2m FTA Santander Consumer Spain Auto 2013-1, US$200m NAVMT 2013...

    • CDS

      • Convexity packages gaining traction

        The cash-CDS basis has drifted steadily more negative over the last two months, driven largely by underperformance in the bond market. Against this backdrop, convexity packages appear to be gaining traction. "We see a tactical opportunity to own th...

    • CMBS

      • EMC 3 to set precedent?

        An event of default has been declared for Victoria Funding (EMC III), in what is believed to be the first instance of balance sheet insolvency for a European CMBS. The move could set a precedent that expedites the resolution of a number of other tran...

    • RMBS

      • Tighter pricing expected for CAS

        Structural differences between Fannie Mae's upcoming CAS 2013-C01 and Freddie Mac's STACR deal should lead to tighter pricing on the former transaction. Based on a Deutsche Bank analysis, the Fannie senior mezzanine class could price 25bp-50bp inside...

      • Record year for clean-up calls?

        The number of US non-agency RMBS clean-up calls has doubled since the start of summer (SCI 4 June), putting 2013 on course to see more deals called than in any year since 2005. However, shifting economic conditions may put the brakes on call activity...

  • Talking Point

    • RMBS

      • Exploring the whole loan alternative

        As rating agencies continue to alter the status of tranches of RMBS transactions, investors who have...

        With the financial services sector continuing to rebuild following the financial crisis, investment funds are on the hunt for the highest yield opportunities to ensure investor satisfaction. This remains a core challenge, however, across most investm...

  • Job Swaps

      • New CREFC chief arrives

        Peter Cosmetatos has now become ceo at CREFC Europe, after his appointment was announced earlier thi...

      • SWS adds CMBS pro

        Kurt Kaline has joined Southwest Securities' taxable fixed income division. He joins as svp for CMBS...

  • News Round-up

    • ABS

      • Card MPRs hit record high

        US credit card ABS monthly payment rates (MPRs) for September set a record high, reaching 26.27% in...

      • SF definition updated

        Moody's has updated its definition of the types of securities it considers to be structured finance...

    • CDO

      • ABS CDO on the block

        An auction has been scheduled to occur on 23 October for Birch Real Estate CDO I. The collateral wil...

    • CDS

      • Codere results in

        The final price of CODERE Fin LUXEMBOURG SA CDS was determined to be 54.5 at yesterday's auction. Tw...

    • CMBS

      • Special servicer replaced

        The controlling party of Titan Europe 2007-2 has replaced Capita Asset Services with Mount Street Lo...

      • EMEA CMBS RFC issued

        Moody's has issued a request for comment on changes to its approach to rating EMEA CMBS transactions...

    • Insurance-linked securities

      • IRS impact anticipated

        In light of the ongoing US government shut-down, Kroll Bond Rating Agency says it has reached out to...

      • US RMBS criteria updated

        Fitch has published an annual update to its US RMBS criteria. While the framework of the methodology...

      • UROPA 2007-1 redenominated

        The UROPA Securities 2007-1 class A4B tranche has been redenominated from euro to sterling, with the...


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