Issue 365 - 4th December
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News Analysis
- Structured Finance
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Driving disintermediation
Credit availability facing further headwinds?
Global regulatory initiatives are fostering bank disintermediation in the securitisation market. But creeping oversight of the shadow banking system could also further reduce the availability of credit. The recession has played out unequally, accor...
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- Structured Finance
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Market Reports
- CLOs
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CLO attention turns to triple-Bs
Thanksgiving has all but shut down secondary market activity on both sides of the Atlantic, but European CDO trading appeared to already be winding down. One bright spot is emerging in the form of CLO triple-B paper, however. "The number of BWICs h...
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- RMBS
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Subprime starts RMBS reawakening
Secondary market activity was sluggish across the board to start the week as traders returned to their desks. US non-agency RMBS was one of the more active markets, with around US$225m in BWIC volume and a range of names captured by SCI's PriceABS da...
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- CLOs
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News
- Structured Finance
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SCI Start the Week - 2 December
A look at the major activity in structured finance over the past seven days
Pipeline The market finally took a breather last week as Thanksgiving arrived. The number of deals joining the pipeline was markedly lower, amounting to three ABS, one RMBS and one CLO. The ABS entering the pipeline comprised Atlantes Finance 6, &...
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- Structured Finance
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Job Swaps
- ABS
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New home for Euro ABS trader
Daniel Turner has joined Ellington Management Group as md in London. He takes responsibility for Eur...
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- CLOs
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Credit platform coming together
Covenant Credit Partners, the credit investment platform set up by Livermore Investments Group, has...
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- CMBS
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Real estate group targets MENA
Carlton Group has hired Edwin McClendon to lead its new Middle East and North Africa unit. He is bas...
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- RMBS
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Freddie settles BAML claim
Freddie Mac has entered into a settlement agreement with Bank of America concerning the GSE's claims...
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- ABS
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News Round-up
- ABS
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Stable outlook for global ABCP
ABCP market participants remain focused on evolving regulatory requirements, meaning that growth in...
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Timeshare delinquencies up on seasonality
Total US timeshare ABS delinquencies for 3Q13 were 3.14%, up slightly from 3.05% in 2Q13, according...
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- Structured Finance
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Economic improvement to boost esoteric ABS
The improving US and global economies will generally boost collateral performance of US commercial a...
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BRRD to have neutral counterparty impact
Fitch does not expect its counterparty criteria for structured finance (SF) and covered bonds (CVB)...
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Stable outlook for APAC ratings, performance
Fitch expects both the ratings and asset sector performance of Asia-Pacific (APAC) structured financ...
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Statistics portal launched
IOSCO has launched a statistics web portal that provides the public with a global overview of specif...
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APAC CPT covered bonds mulled
Fitch believes that conditional pass-through (CPT) covered bond programmes could become a feature of...
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BofE signals support for securitisation
The Bank of England's Financial Policy Committee (FPC) signalled its support of the securitisation m...
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Euro ABS fund launched
SCIO Capital has launched the Partners Fund II, with initial commitments from European pension funds...
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CRA supervisory colleges inaugurated
The supervisory colleges for S&P, Moody's and Fitch held their inaugural meetings on 5-6 Nov...
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- CDO
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CDO trio on the block
Auctions for three CDOs - Trainer Wortham First Republic CBO V, Kleros Preferred Funding a...
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- CMBS
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Refi challenge forecast for 2014
Over €10bn of outstanding loans backing the European CMBS that S&P rates could be...
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CMBS criteria updated
Moody's has updated its approach for rating EMEA CMBS, following a request for comments period (SCI...
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CMBS liquidations return to form
After two months of relatively low US CMBS liquidation volume, November brought a return to average...
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High DSCRs to support CMBS
Moody's expects the credit quality of loans backing US conduit CMBS to decline in 2014. However, hig...
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Pulled loans augur bondholder risk
The removal of loans from two recent US CMBS could be an early warning sign of risk for bondholders,...
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Resolutions drive delinquency decline
The Trepp US CMBS delinquency rate continued its impressive turnaround in November, which marked the...
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- Insurance-linked securities
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Aspen forms sidecar
Aspen Reinsurance's capital markets division has established Silverton Re, a Bermuda domiciled speci...
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- RMBS
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Spanish severities highest in tourist belt
Moody's loss severity calculations on repossessed Spanish properties show highest loss severities on...
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Dutch IO exposure to decline
The exposure of the Dutch RMBS market to full interest-only (IO) loans is moderate, Moody's says. Mo...
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Distressed exchange for ESAIL juniors
Fitch has downgraded the single-C rated B1c, C1c and D1c classes of Eurosail-UK 2007-5NP to D, follo...
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Recourse rankings implemented
Moody's reports that the European housing market remains full recourse in nature in that, following...
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- ABS
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