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Issue 360 - 30th October

  • News Analysis

    • Structured Finance

      • Local heroes

        Private placements revitalising Asian securitisation

        A pair of innovative structured financings closed this month that demonstrate the growing appetite for privately-placed local currency bonds among Asian investors. The deals are expected to help revitalise the securitisation market in the region. T...

  • Market Reports

    • ABS

      • Action seen in secondary US ABS

        US ABS secondary supply remained moderate yesterday, with BWIC volume reaching US$180m. The focus was on student loan and credit card paper, including five block-sized bonds from the CHAIT shelf out for the bid. Among those bonds, SCI's PriceABS da...

      • Autos lead ABS volumes higher

        US ABS BWIC volume rose yesterday to over US$60m. Much of the supply came from auto names, but credit card bonds and a pair of whole business tranches were out for the bid as well. SCI's PriceABS data displays tranches from five auto deals issued i...

    • CMBS

      • Spread tightening boosts AMs, AJs

        US CMBS spreads narrowed last week, with the GSMS 2007-GG10 A4 bond ending Friday at 164bp over swaps. The big gainers were AM and AJ tranches, with plenty of covers for both types of bonds observed yesterday, as spreads continue to grind tighter. ...

  • News

    • Structured Finance

      • LCR impact weighed

        The Federal Reserve has proposed a rule that would for the first time in the US create a standardised minimum liquidity requirement for large and internationally active banking organisations and systemically important non-bank financial companies. Th...

      • SCI Start the Week - 28 October

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

        Pipeline Last week was slightly quieter in terms of new deals joining the pipeline. Six new ABS deals were announced, as well as one RMBS and one CLO. The ABS consisted of: Driver UK Master Compartment 2; US$280m Global Container Assets 2013; US$4...

    • CLOs

      • Single-B benefits bring buyers

        CLO single-B tranche supply has totalled US$731m so far in 2013. The nascent market segment offers attractive yields while retaining more protection than equity. JPMorgan CLO strategists note that 68 single-B tranches have been issued year-to-date,...

    • CMBS

      • PROUL 1 basis highlighted

        The sale of three assets from the LCP Proudreed CMBS portfolio will result in a £9.17m partial prepayment of the transaction at the November IPD (see SCI's loan events database). This is the latest development in a series of recent actions t...

  • Job Swaps

    • Structured Finance
    • CDO

      • New manager appointed

        Cairn Capital North America has been appointed successor collateral manager for Neptune CDO 2004-1....

    • Risk Management
    • RMBS

      • BofA liable for 'hustle'

        A federal jury in New York has found Bank of America's Countrywide unit liable for civil fraud in th...

      • FHFA suits progress

        The US District Court for the Southern District of New York last week denied a motion by several ban...

  • News Round-up

    • CDO

      • CDO auctions due

        Auctions have been scheduled for the Crystal Cove CDO and Margate Funding I deals on 18 and 19 Novem...

      • Trups CDO on the block

        An auction has been scheduled for the Libertas Preferred Funding I CDO on 20 November. The collatera...

      • ABS CDO on the block

        An auction for the Trainer Wortham First Republic CBO III transaction is scheduled for 14 November....

      • PF CDO approach outlined

        Moody's has published its approach to rating CDOs backed by project finance and infrastructure asset...

      • JCP CDS hit record wides

        Significant widening in JC Penney's five-year credit default swap (CDS) spreads underscores continue...

      • Richmond ruling appealed

        Trustees for investors including BlackRock, PIMCO and DoubleLine Capital are appealing US District J...


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