Weekly Issue Archive »

Issue 369 - 15th January

  • News Analysis

    • Structured Finance

      • Bright spots

        Mixed fortunes in structured finance recruitment

        Certain areas of the structured finance recruitment sector are growing, but large parts remain muted. European activity is all but moribund, while the picture in the US is mixed. The US securitised markets show several areas of growth, not least in...

  • Market Reports

    • ABS

      • Autos boost ABS supply

        US ABS BWIC volume rose markedly yesterday to US$219m. Offering levels were down slightly for auto loan bonds, which dominated supply, with several tranches debuting in SCI's PriceABS data. Among the auto ABS tranches out for the bid that had not p...

    • CMBS

      • Good start for Euro CMBS

        The European CMBS secondary market has made a positive start to 2014. SCI's PriceABS data shows several covers from yesterday's session, while one trader predicts that increased activity should drive spreads tighter in the coming weeks. "Last week...

      • US CMBS tightens further

        US CMBS spreads continued to tighten yesterday as bid-list activity grew. BWIC volume reached around US$219m, with a large number of 2.0 and 3.0 below-investment grade bonds circulating. SCI's PriceABS data shows a range of vintages out for the bid...

  • News

    • Structured Finance

      • SCI Start the Week - 13 January

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

        Pipeline The pipeline has begun to grow again as new deals have already been announced to kick off 2014. Last week saw one ABS, one ILS, three RMBS and a CMBS added. The ABS entrant was ¥25.2bn Driver Japan Three and the ILS was US$200m V...

      • Foundation for continued growth?

        The US CLO and CMBS sectors saw impressive issuance in 2013, as the recovery in the asset classes continued apace. European volumes, meanwhile, reflect the growing diversity of jurisdictions on offer across the region's ABS market. Last ye...

    • CMBS

      • CMBX.6 lessons learnt?

        CMBX.7 is expected to launch on 27 January. While its exact composition is yet to be confirmed, the index is predicted to compare favourably to CMBX.6 in terms of credit enhancement and JC Penney exposure - although credit metrics may point...

    • RMBS

      • Light shed on IABF sale

        An Interactive Data analysis of last month's US$5.1bn IABF sale suggests that the Dutch State Treasury Agency (DSTA) divested itself of the riskier holdings first. The firm notes that while pre-BWIC dialogue and information-sharing on the sale appear...

      • Counterparty relationships under pressure

        The implementation of the US Treasury Market Practices Group's (TMPG) margin practices appears to have met its near-term goal of covering a significant amount of agency MBS trading volumes (SCI 16 April 2013). However, the broad-based implementation...

  • Job Swaps

    • CDS
    • CMBS

  • News Round-up

    • Structured Finance

      • CMBS pay-offs dip

        The percentage of US CMBS loans paying off on their balloon date hit 76.5% in December, a modest dec...

      • CMBS losses projected

        S&P has published its expected loss projections for the North American conduit-fusion CMBS t...

      • CRE expectations surveyed

        US commercial property finance professionals are increasingly focused on how high and how quickly in...

    • Insurance-linked securities

      • AlphaCat sidecar formed

        Validus Holdings has joined with other investors in capitalising its AlphaCat 2014 collateralised si...

    • RMBS

      • Risk transfer deal differs

        Fannie Mae's US$750m CAS 2014-C01 transaction is broadly similar to the CAS 2013-C01 issue, but ther...

      • IABF auction scheduled

        Six broker-dealers have been invited to submit bids for the second IABF auction, based on the streng...


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