Weekly Issue Archive »

Issue 367 - 18th December

  • News Analysis

    • Structured Finance

      • Diversification boost

        Euro periphery to mitigate negative net issuance?

        The European securitisation market is set to end 2013 on a positive footing, boosted by a growing diversity of new issuance. However, while the re-marketing of retained transactions is expected to further augment the peripheral paper on offer next ye...

  • Market Reports

    • ABS

      • Autos fuel ABS activity

        European ABS secondary activity was dominated by auto tranches yesterday. SCI's PriceABS data shows a strong range of auto names out for the bid, as well as a couple of credit card tranches, with the majority covered at or around par. Among these w...

    • RMBS

      • RMBS supply spikes

        US non-agency RMBS volume yesterday was up day-over-day, boosted strongly by the liquidation of the US$5.1bn ING bid-list (SCI 10 December). The Dutch government is understood to have sold the assets to five dealers. As expected, most of the supply...

  • News

    • Structured Finance

      • SCI Start the Week - 16 December

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

        PipelineThe pipeline has not dried up just yet as new deals were still being announced last week. As well as one new ABS, two ILS, one RMBS, six CMBS and three CLOs were announced. The ABS was A$500m Crusade ABS Series 2013-1 Trust, while the ILS w...

    • CDS

      • Idiosyncratic risk to boost CDS volume

        The credit derivatives market is entering 2014 amid a regulation-induced transformation. While capital rules and collateral remain challenges to market efficiency, Morgan Stanley credit derivative strategists anticipate that the transparency and pote...

    • RMBS

      • Further large-lot sales expected

        January is anticipated to be an attractive time to bring a large portfolio sale to market, with many investors likely having excess cash to put to work. Of the few large RMBS holdings left that could come to market, the remainder of the ING IABF asse...

      • GSE portfolio execution closer?

        Fannie Mae and Freddie Mac have released updated loan-level pricing adjustment (LLPA) matrices, effective from 1 April. After adjusting for the removal of the adverse market delivery charge (AMDC), it appears that nearly all mortgages will see their...

  • Talking Point

    • CLOs

      • Pricing change

        CLO pricing methodologies and differences discussed

        Representatives from Bloomberg, CIFC and Kanerai discussed CLO pricing methodologies, as well as differences between legacy and 2.0 deals during a live webinar hosted by SCI in October (view the webinar here). Topics included changes in the underlyin...

  • Job Swaps

      • Blackstone names new cfo

        Blackstone Mortgage Trust has appointed Paul Quinlan as cfo, replacing Geoffrey Jervis who is leavin...

      • SIFMA names new ceo

        SIFMA has appointed Kenneth Bentsen as president and ceo. He was formerly SIFMA's president. Befor...

    • CDO

      • SEC CDO charges settled

        The US SEC has charged Merrill Lynch with making faulty disclosures about collateral selection for t...

    • Insurance-linked securities

      • SAC Re sale agreed

        Hamilton Insurance Group has entered into a definitive agreement to acquire SAC Capital Advisor's he...

  • News Round-up

      • Tax lien RFC issued

        Moody's is seeking comments on a new methodology that covers its approach to rating tax lien ABS. If...

      • SFR risks analysed

        Morningstar has published a report detailing six areas that it recommends investors pay close attent...

      • CRA debuts SF approach

        Scope has published its first methodology guidelines for rating and monitoring structured finance pr...

    • CDS
    • CLOs

      • Euro VFNs re-emerge

        PineBridge Investments has closed its €335m Euro-Galaxy III CLO, which features a variable...

    • CMBS

      • CMBS refi wave decoded

        Trepp estimates that US$1.4trn in US commercial mortgages will mature between 2014 and 2017, with CM...

      • Sponsor indicted for fraud

        The sponsor of and property manager for one of the loans backing the WFRBS 2013-C18 CMBS currently i...

      • Weaker credit warning

        Fitch says it recently provided preliminary feedback on several US CMBS that included a higher perce...

    • Insurance-linked securities
    • Risk Management

      • MAC contracts get CUSIPs

        SIFMA's Asset Management Group and ISDA, working in collaboration with CUSIP Global Services, have d...


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