Weekly Issue Archive »

Issue 359 - 23rd October

  • News Analysis

    • Risk Management

      • SEF differentiation

        Execution protocols, product offerings discussed

        Seventeen SEFs were granted CFTC registration by the 2 October go-live date. Liquidity is eventually expected to aggregate around a handful of these platforms, while the others carve out niches in specialist product areas. Given that each SEF has its...

  • Market Reports

    • CLOs

      • Compression continues for Euro CLOs

        It has been a fairly eventful week for the European CLO market, with BWICs providing solid secondary supply. One mid-week list, in particular, captured the attention of traders. "The BWICs have been steady and there was one on Wednesday from a cont...

      • Awaited BWIC hits Euro CLO market

        As expected, the focus of the European CLO market yesterday was on a large US credit hedge fund bid-list (SCI 18 October). Mezzanine paper accounted for the bulk of the supply, with several successful covers observed, but also a few DNTs. The highe...

    • RMBS

      • ARM, subprime names circulating

        US non-agency RMBS BWIC volume picked up yesterday to reach around US$560m, with a focus on ARM and subprime bonds. Bid-side levels appear to be firming across the ARM sector, with POAs up by two points and hybrids up by a point. One noteworthy nam...

  • News

    • ABS

      • Pubco swap offer 'credit positive'

        Spirit has made an offer to tender and swap its existing A1 and A3 bonds into newly-issued A6 and A7 bonds. The tender and swap offer is for up to 50% of the A1 bonds and 70% of the A3s, with the remainder left outstanding and amortising in line with...

    • Structured Finance

      • SCI Start the Week - 21 October

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

        Pipeline More deals joined the pipeline last week, with each of the asset classes represented. Four new ABS were announced, as well as one ILS, one RMBS, one CMBS and three CLOs. The ABS entrants comprise: €20m Auto ABS German Lease Mast...

    • CMBS

      • Theatre restructurings on the cards

        The main obstacle to a restructuring of the Theatre (Hospitals) No. 1 and No. 2 CMBS appears to have been removed. A short-term extension to 15 January 2014 has been agreed to by 50.1% of the class A noteholders in both transactions, to enable ongoin...

      • Change afoot for Freddie K-series

        Losses on even the most recent Freddie Mac K-series CMBS notes are expected to be low, despite signs of weakening underwriting quality. There are also signs that issuance for the sector may have peaked in 2Q13, with higher rates and the FHFA mandate...

  • Job Swaps

  • News Round-up

    • Structured Finance

      • Credit bureau move panned

        The South African government last month approved the removal of adverse credit information from the...

      • Total return fund minted

        BlueBay Asset Management has launched the BlueBay Total Return Credit Fund. The fund provides divers...

      • Event-driven fund launches

        Channel Capital Advisors has launched a high yield catalyst fund, investing in CDS, liquid bonds and...

      • CMBS liquidations drop

        US CMBS loan liquidations totaled US$870m in September, relative to the 12-month moving average of U...

      • CMBS write-offs examined

        Trepp has published an analysis examining how much written-off US CMBS bonds received on average in...

      • Cap rate impact examined

        With the bulk of US legacy CRE loans approaching their maturity dates, liquidity, capitalisation rat...

    • Risk Management
    • RMBS

      • SAFT 2013-2 shelved

        Shellpoint Partners has scrapped its planned Shellpoint Asset Funding Trust 2013-2 RMBS in favour of...


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