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Issue 372 - 5th February

  • News Analysis

    • RMBS

      • Tapered to fit?

        Reduced agency MBS purchases still swamp supply

        This month marks the start of a new phase for the agency RMBS market as the New York Fed further reduces its asset purchases. However, the bank's activity is still overwhelming supply, and demand from private buyers remains low. The Fed commenced t...

    • Structured Finance

      • Reducing variation

        Valuation standards on the cards

        The International Valuation Standards Council (IVSC) is establishing a cross-industry taskforce to develop principles of best practice for the valuation of financial instruments. The move has been welcomed as a step towards increasing transparency an...

  • Market Reports

    • ABS

      • ABS supply picks up

        US ABS BWIC volume picked up yesterday to around US$184m, with supply mainly driven by auto names. However, SCI's PriceABS data also captured a variety of aircraft, credit card, equipment and student loan tranches out for the bid. Much of the suppl...

    • CLOs

      • CLO supply keeps coming

        It was another busy session in the CLO secondary market yesterday. Supply was dominated by 1.0 mezzanine paper, apparently boosted by the liquidation of one manager's CLO-squared. SCI's PriceABS data captured covers and price talk on 92 unique CLO...

    • RMBS

      • Stronger start for US RMBS

        It was a promising start to the week for US RMBS, as non-agency BWIC volume picked up to reach US$477m. SCI's PriceABS data shows price talk for a number of legacy names out for the bid - with vintages as far back as 2000 represented &#...

  • News

    • Structured Finance

      • SCI Start the Week - 3 February

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

        PipelineThe pipeline was busy with deals passing through last week. Three new ABS, three RMBS and two CLOs remained in the pipe by Friday. The ABS were VCL Master Residual Value Compartment 1 Series 2014-1, VCL Master Residual Value Compartment 1 S...

    • CMBS

      • Varied lease renewal rates in US CMBS

        US CMBS credit quality has improved in many ways, but upcoming lease expirations continue to provide a potential source of downside shock. While they are difficult to calculate and predict, certain factors appear to make non-renewals more or less lik...

    • RMBS

      • Prior delinquents provide opportunities

        As part of a move to reduce its retained portfolios, Freddie Mac last year began securitisation programmes for current modified loans and re-instated loans (SCI 24 May 2013). The GSE's H pool, M pool and R pool securities represent new collateral typ...

  • Job Swaps

    • RMBS

      • FHFA RMBS claim settled

        Morgan Stanley has agreed to settle RMBS claims brought by the FHFA for US$1.25bn. The company will...

      • Lehman settles with Fannie

        Lehman Brothers Holdings Inc's US$2.15bn settlement with Fannie Mae has been approved in the New Yor...

  • News Round-up

    • Structured Finance

      • Reg AB vote postponed

        The US SEC has decided to delay the vote on Regulation AB 2, which had been planned for tomorrow's o...

      • Reg AB 2 vote scheduled

        The US SEC is to hold an open meeting on 5 February to discuss, among other topics, Regulation AB 2....

      • CDS definitions delayed

        The launch of the 2014 ISDA Credit Derivatives Definitions has been delayed until the September CDS...

    • CLOs

      • CRE borrowers surveyed

        The CRE Finance Council (CREFC), in collaboration with FPL Associates, has conducted a survey of com...

      • Loss severity pushes up

        US CMBS liquidation volume remained steady in January at US$1.28bn, but several large losses pushed...

    • Risk Management

      • LEI recommendation issued

        The European Banking Authority has published a recommendation on the use of unique identification co...

    • RMBS

      • RMBS tender amended

        Fir Tree Partners has amended certain terms of its cash tender offer for six RMBS that are subject t...

      • Third IABF sale announced

        The Dutch State Treasury Agency (DSTA) has launched its third competitive auction for the securities...

      • Home prices face headwinds

        US home prices are continuing their upward push nationwide, though the trend faces strong headwinds...


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