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Issue 363 - 20th November

  • News Analysis

    • Structured Finance

      • Maintaining momentum

        Borrowers benefit from increasing high-yield bond, loan and direct lending opportunities

        Over the past 12 months leveraged borrowers in search of finance have found a positive environment in which the high-yield bond market has had a bumper year, leveraged loan origination has been rising and the direct lending market continues to be att...

    • CMBS

      • Creative structuring

        Semi-corporate, conduit-style CMBS diverging

        The European commercial real estate debt market has this year been characterised by its creativity. A divergence is emerging between semi-corporate and conduit-style CMBS transactions, however. The European CMBS market has seen 11 deals so far this...

    • Structured Finance

      • Invitation to begin

        First deal heralds arrival of SFR securitisation

        The arrival of Invitation Homes 2013-SFR1 - the first-ever single-family rental (SFR) securitisation (SCI 1 November) - has finally provided the spark for the long-mooted REO-to-rental asset class in the US. Further issuances are...

  • Market Reports

    • ABS

      • Cards, autos lead ABS charge

        US ABS BWIC volume picked up considerably yesterday to reach around US$200m. Much of that supply was driven by credit card bonds, but some auto names were also out for the bid. SCI's PriceABS data recorded covers for both CHAIT 2012-A4 A4 and DCENT...

      • Autos dominate varied ABS session

        US ABS BWIC volumes came close to US$150m yesterday, with auto paper leading the charge. Several credit card, equipment, student loan and container bonds were also out for the bid. Auto paper constituted the bulk of supply. The session saw a number...

    • CMBS

      • Secondary CMBS stuck in neutral?

        The US secondary CMBS market appeared to be stuck in neutral for a third straight day yesterday, with spreads largely remaining unchanged. Volumes failed to breach the US$200m level for the fourth day in a row, with about US$170m out for the bid, up...

    • RMBS

      • Slow session for non-agency RMBS

        The US RMBS secondary market was dominated by agency paper yesterday, with non-agency BWIC supply remaining light. SCI's PriceABS data reveals a range of non-agency names out for the bid, although several were recorded as DNTs. Non-agency supply wa...

  • News

    • ABS

      • Value seen in Unique juniors

        Enterprise Inns disclosed in its full-year 2013 results that it placed a £97m convertible bond, the proceeds of which were used to cancel £70m of its forward start bank facility. The issuance has been welcomed for creating subordina...

    • Structured Finance

      • SCI Start the Week - 18 November

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

        Pipeline The number of deals joining the pipeline declined a little last week. However, there were still five new ABS, one ILS, one RMBS, three CMBS and three CLOs which were added and yet to price at the weekend. The ABS were: €696m Car...

    • CDS

      • Updated definitions set for review

        ISDA is preparing to release a pre-publication draft of the 2013 ISDA Credit Derivatives Definitions at the end of this week. This will mark the first time that the association has circulated detailed implementation language for the proposals. A de...

    • CMBS

      • Unusual mod raises recovery uncertainty

        CWCapital last week released the modification template for the US$678m Skyline portfolio (see SCI's CMBS loan events database). The unusual treatment of a loan provided by Vornado Realty Trust under the modification introduces a level of uncertainty...

    • RMBS

      • JPM settlement is RMBS positive

        JPMorgan has agreed to make a payment of US$4.5bn to the 330 non-agency RMBS trusts issued by JPMorgan, Bear Stearns and Chase to settle mortgage repurchase and servicing claims (SCI 18 November). The settlement appears positive for senior mezzanine...

      • GSE reduction targets met?

        The retained portfolios of Fannie Mae and Freddie Mac stand at well below their US$552.5bn limit for year-end 2013. The GSEs are also believed to have already achieved their 2013 targets for reducing their non-agency mortgage-related assets. Per th...

  • Job Swaps

      • Asset-based vet appointed

        BM Structured Finance has appointed Simon Belton as director of broking in London. He has over 25 ye...

    • Structured Finance

      • Credit pro joins info firm

        Algomi is growing its European credit capabilities with the appointment of Stefano Vaccino as sales...

    • CDO

      • Synthetic CDO transferred

        Swiss Re Portfolio Advisors Corporation has assigned its rights and obligations as manager to Ghisal...

    • Insurance-linked securities

  • News Round-up

    • Structured Finance

      • Italian CMBS marketing

        Goldman Sachs is in the market with Gallerie 2013, a €363m Italian CMBS. The transaction s...

    • Risk Management

      • SIDCO rules finalised

        The CFTC has finalised rules to establish additional standards for systemically important derivative...

      • CVA enhancement rolled out

        SuperDerivatives has expanded its eValueX, CorporeX and SDX services with the ability to perform cre...


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