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Issue 366 - 11th December

  • News Analysis

    • CMBS

      • CMBS unresolved

        Euro CMBS questions unanswered as maturities loom

        S&P announced this week that over €10bn of loans backing European CMBS transactions that it rates could need refinancing next year (SCI 3 December). About €3bn of the €13bn of loans scheduled to mature in 2014 ha...

  • Market Reports

    • Structured Finance

      • Euro ABS market still active

        The European ABS and RMBS secondary markets continue to witness strong BWIC supply. SCI's PriceABS data shows a number of covers from yesterday's session, while one trader reports that next week is also expected to be busy. "There have been a lot o...

    • CLOs

      • Euro bank boosts CLO supply

        A plethora of 2005-, 2006- and 2007-vintage bonds circulated in the US CLO secondary market yesterday. Supply was boosted by a bid-list with over 80 cash CLO/CDO items totalling over US$800m in original face value, which is understood to have come fr...

    • CMBS

      • US CMBS inches wider

        US CMBS spreads inched wider yesterday as bid-list supply came in at around US$200m. SCI's PriceABS data recorded several covers from the session, with a range of vintages from 2004 to 2013 represented. Several odd-lots circulated during the sessio...

  • News

    • ABS

      • Even keel for ECP

        The ABCP market has this year seen a rebalancing of issuance towards the ECP sector, which now accounts for roughly 50% of volume. With outstandings expected to increase slightly in 2014, the market appears to have successfully returned to its core f...

    • Structured Finance

      • SCI Start the Week - 9 December

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

        PipelineOver twice as many deals joined the pipeline last week as had done in the week before, although the pace remains slower than it was pre-Thanksgiving. In total, five new ABS, one ILS, two RMBS, five CMBS and two CLOs were announced. The ABS...

      • Top trades touted

        Morgan Stanley suggests in its global securitised products outlook for 2014 that the market is on the verge of a major transition from being liquidity-driven to being growth-dependent. While the returns are more modest in this scenario than they have...

      • Volcker Rule concerns linger

        The US Fed, the FDIC, the OCC, the CFTC and the SEC have issued final rules to implement section 619 of the Dodd-Frank Act, known as the Volcker Rule. While changes from the original proposal have broadly been welcomed by the securitisation industry,...

    • CMBS

      • CMBS surprises in store?

        Deutsche Bank CRE debt research analysts forecast that five scenarios could surprise the US CMBS market next year. These predictions are set against a backdrop of increased investor focus and improving performance across the sector, albeit with poten...

    • RMBS

      • Further g-fee hike confirmed

        The FHFA has directed Freddie Mac and Fannie Mae to raise guarantee fees as part of its ongoing drive to shrink the role of the GSEs in the market. The changes will move the effective annual g-fee for 30-year mortgages to around 62bp and decrease the...

  • Job Swaps

    • Structured Finance
    • CMBS

      • ResCap objections resolved

        Residential Capital expects to exit bankruptcy by 24 December, having resolved bondholder objections...

  • News Round-up

      • Negative outlook for WBS

        Fitch says its outlook for UK pub and healthcare whole business securitisations is predominantly neg...

    • Structured Finance

      • OGX price settled

        The final price of OGX PETROLEO E GAS PARTICIPACOES SA CDS was determined to be 9 at yesterday's auc...

      • CRE CDOs tipped for growth

        US CMBS financing will expand on 2013 levels, according to Fitch's 2014 Outlook report for the secto...

      • CMBS loss severities dip

        The weighted average loss severity for all loans backing US CMBS that liquidated at a loss was 41% i...

    • Risk Management

      • SIMM proposed

        ISDA has proposed a standard initial margin model (SIMM) to facilitate the introduction of final BCB...

      • SEF connectivity offered

        Calypso Technology has extended its OTC clearing solution to support swap execution facility (SEF) c...

      • Newark eyes eminent domain

        Newark City Council has formally voted to start legal research towards using eminent domain to seize...

      • RMBS call dates extended

        The Langton Securities series 2010-1, 2010-2 and 2011-2 RMBS have been restructured. The restructuri...

      • Tunisian RMBS downgraded

        Moody's has downgraded the global scale ratings of the senior FCC BIAT-CREDIMMO 1 and FCC BIAT-CREDI...

      • IABF unwind to begin

        The Dutch government intends to start a competitive auction process to sell the non-agency RMBS unde...


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