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Issue 371 - 29th January

  • Market Reports

    • ABS

      • ABS supply hits highs

        US ABS BWIC volume reached a monthly high yesterday as traders returned to their desks after the ABS Vegas conference. Bid-list volume approached US$500m, driven by high auto supply and a variety of student loan tranches. SCI's PriceABS data yester...

    • CMBS

      • Spreads steady as CMBS supply rises

        Generic US CMBS spreads were unchanged yesterday as bid-list volume continued to climb, reaching almost US$246m for the day. Secondary supply came from various vintages, with SCI's PriceABS data capturing tranches from 2005 to 2013. Among the 2005-...

      • CMBS secondary bucks quiet trend

        US CMBS BWIC volume picked up considerably yesterday to about US$200m. Generic GG10 spreads remained largely unchanged, however, at swaps plus 165/163. SCI's PriceABS data shows a number of bonds from various collateral and vintages out for the bid...

  • News

    • Structured Finance

      • SCI Start the Week - 27 January

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

        Pipeline As market participants decamped to Las Vegas last week, only five new deals were added to the pipeline. The transactions consisted of two ABS, an RMBS and two CMBS. The ABS entering the pipeline were the £164m whole-business Arqi...

    • CMBS

      • Change in strategy for INFIN SOPR?

        Following a failure to pay, credit events have been called for the EHE Pool 1A and 2B reference obligations, representing almost 70% of the pool backing the Infinity 2007-1 Soprano CMBS (see SCI's CMBS loan events database). A work-out of the transac...

      • Servicer replacement to spark investor activism?

        Last week saw a first for European CMBS, when Hatfield Philips International was replaced with Mount Street as the primary servicer on all loans in Windermere XIV (see SCI's CMBS loan events database). The move is expected to spark increasing investo...

      • CMBS 2.0 prepayments on the rise

        The JPMCC 2011-C5 US$49.7m class A1 notes paid off this month after three loans - the US$26.43m Lehigh Valley Portfolio, US$6.45m Morningstar of Chapel Hill and US$3.55m Morningstar of Virginia Beach - prepaid with yield maintenan...

    • Insurance-linked securities

      • Banner year for ILS secondary market

        The insurance-linked securities market experienced a surge in issuance last year to end only US$800m short of 2007's record US$8.24bn issuance. It was also a very strong year for the secondary market and the tightening seen in 2013 is set to carry ov...

    • RMBS

      • GNMA prepayments examined

        Ginnie Mae loan-level disclosures indicate that FHA-to-conventional refinances are a meaningful contributor to GNMA prepayments, Barclays Capital RMBS analysts note. They suggest that long-term GNMA new production discount speeds could be 3-4 CPR fas...

  • Job Swaps

      • SIX incorporates pre-LEIs

        SIX Financial Information is teaming up with Avox to provide pre-legal entity identifiers (pre-LEIs)...

    • CMBS

      • CRE firm names president

        Cornerstone Real Estate Advisers has appointed Scott Brown as president of the firm. He will join ne...

      • CMBS trading vet appointed

        Angel Oak Capital Advisors has appointed Kin Lee as a senior portfolio manager. He will focus on bui...

    • RMBS

      • RMBS vet joins advisory

        Tanya Rajput has joined Opus Capital's client services group as a director. She was previously at Re...

  • News Round-up

      • CIR RFC issued

        Moody's has published a request for comment seeking feedback on proposed changes to its methodology...

    • CDO

      • CDO sale scheduled

        An auction for the Margate Funding I CDO has been slated for 18 February. The collateral shall only...

      • ABS CDO auction due

        An auction has been scheduled for Crystal Cove CDO on 14 February. The trustee shall sell the collat...

      • Trups CDO on the block

        An auction will be conducted for Libertas Preferred Funding I on 19 February. The collateral shall o...

      • Banks feel Volcker pinch

        Three community banks have disclosed negative tax impacts following the finalisation of the Volcker...

      • CBO on the blocks

        An auction is to be held for Trainer Wortham First Republic CBO III on 13 February. The collateral s...

      • ABS CDO liquidated

        Proceeds from the sale and liquidation of Altius I Funding will be distributed on 28 January. The tr...

    • CMBS

      • Innkeepers up for sale

        The Chatham/Cerberus joint venture has put the 51-hotel, 6,847-room Innkeepers portfolio up for sale...

      • DSCRs under pressure

        Every major CMBS underwriting metric declined in 2013 except for debt service coverage ratio (DSCR),...

    • RMBS

      • RMBS loss severities up

        US RMBS loss severities rose last quarter, following six straight quarters of declines, according to...

      • Fir Tree launches tender

        Fir Tree Partners has commenced a cash tender offer through its affiliate FT RMBS in connection with...

      • Current loan sales slammed

        SN Servicing Corporation's recent sale of both current and delinquent mortgage loans from scratch an...


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