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Issue 373 - 12th February

  • News Analysis

    • CMBS

      • Liquidation benefit?

        Bulk sales key to CMBS delinquency rate and investor fortunes

        The US CMBS delinquency rate has been falling month after month since last summer. The recent CWCapital REO auction and note sale will help to fuel that trend and is expected to spark further bulk liquidations, with a mixed impact on investors. The...

    • CDS

      • Status quo?

        Credit derivative reforms only a 'partial solution'

        The adoption of central clearing and trade repositories has increased transparency and liquidity across the credit derivatives market. However, concerns remain over concentration risk and the perceived dominance of dealers. Historically, a handful...

    • CLOs

      • Impatiently waiting

        CLO market seeking Volcker compliance

        US CLO volume totalled US$2.5bn last month, markedly down from the US$9.8bn reached in January 2013. Uncertainty about the Volcker Rule has contributed to this reduction in issuance, but it has also impacted the structure of the deals that have launc...

  • Market Reports

    • CMBS

      • CMBS BWIC volume builds

        BWIC volume continued to grow in the US CMBS market yesterday, reaching around US$450m for the session. SCI's PriceABS data shows price talk or cover prices on 70 unique tranches as generic spreads were mostly unchanged. More than half of the bid-l...

      • Lack of supply hits Euro CMBS

        Activity has slowed in the European secondary CMBS market as paper has become harder to come by. While demand remains strong and a number of BWICs have circulated, the search for supply has led to the return of OWICs in the market. "There has been...

      • Legacy lists lead CMBS supply

        Generic US CMBS spreads were unchanged yesterday as BWIC volume climbed to US$260m. SCI's PriceABS data shows supply concentrated on legacy and agency bonds, with 2.0 tranches harder to come by. Covers were rare for 2005-vintage paper, although the...

    • RMBS

      • Quieter start for US RMBS

        Bid-list activity eased off in the US RMBS market yesterday, with total non-agency BWIC volume of around US$240m. Dealer offering levels were mostly unchanged and the only non-agency market segment to see an increase in activity was fixed-rate mortga...

  • News

    • Structured Finance

      • SCI Start the Week - 10 February

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

        Pipeline The pace of deals joining the pipeline continued to quicken last week. At the close of Friday, four new ABS, one CMBS and five CLOs had been added. The newly-announced ABS comprised: US$1bn Fifth Third Auto Trust 2014-1, US$231m JGWPT 201...

    • CLOs

      • Regulators reconsider Volcker impact

        The US House Committee on Financial Services held a hearing yesterday on the potential ramifications of the Volcker Rule for the US economy and capital markets. Much of the discussion centred on CLOs and a working group has been formed to examine the...

    • RMBS

      • Mod claims delay Countrywide settlement

        Approval of the US$8.5bn Countrywide RMBS settlement (SCI 3 February) has been stayed by Justice Saliann Scarpulla of the New York State Supreme Court. On the appeal of objectors including AIG, 19 February has been set as the date for oral arguments...

  • Job Swaps

    • Structured Finance

      • UK debt firms to combine

        Cabot Credit Management (CCM) has agreed to acquire Marlin Financial Group for £295m. The a...

      • UK lender adds SF pro

        Paul Levy has joined Hayfin Capital Management, with a focus on structured credit investment. He was...

      • MS CMBS vet moves on

        Jim Chung has joined Bridge Investment Group Partners as cio for the ROC Debt Strategies Fund. He is...

    • Risk Management

      • CVA software enhanced

        Gaia Transparence will now include Numerix analytics within its position builder solution for collat...

  • News Round-up

    • ABS
    • Structured Finance

      • CRA3 consultation underway

        ESMA has published a consultation paper setting out the draft regulatory technical standards (RTS) r...

      • RFC issued on CRA code

        IOSCO has published a consultation report on its 'Code of Conduct Fundamentals for Credit Rating Age...

      • MBS funds outperform

        Hedge fund performance was negative in January, falling by an average of 0.6%, according to eVestmen...

    • CDO

      • ABS CDO on the block

        An auction has been scheduled for RFC CDO II on 3 March. The collateral shall only be sold if the pr...

      • CMBS pay-offs drop

        The percentage of US CMBS loans paying off on their balloon date stood at 71.3% in January, accordin...

      • CMBS note sales scheduled

        An estimated US$465m of delinquent CMBS loans are due for sale via Auction.com next month. JPMCC 200...

      • Servicer rankings released

        The Mortgage Bankers Association has released its year-end ranking of commercial and multifamily mor...

      • Swaps data portal unveiled

        ISDA has launched ISDA SwapsInfo, a portal that aims to enhance transparency in the OTC derivatives...

      • MSR purchase on hold

        At the request of the New York Department of Financial Services (DFS), Ocwen has agreed to put an in...

      • STACR approach refined

        Freddie Mac is in the market with its first risk-sharing transaction of the year. The US$600m STACR...


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