Weekly Issue Archive »

Issue 374 - 19th February

  • News Analysis

    • Structured Finance

      • Best practices

        Noteholder communications, technology and clearing systems discussed

        Participants in SCI's latest corporate trust roundtable met in December to discuss post-closing best practices and noteholder communications. Technology and documentation challenges, as well as improvements to the clearing systems were among the topi...

      • Supply squeeze

        Spread compression to drive non-core issuance

        A supply squeeze in European ABS is driving spread compression across asset classes and between senior and junior tranches. Against this backdrop, non-senior and non-core issuance is expected to pick up. Rob Ford, ABS portfolio manager at TwentyFou...

  • Market Reports

    • ABS

      • Cards lead ABS rebound

        US ABS BWIC volume surged to US$241m yesterday, up from just US$77m the day before. Supply was skewed towards credit card and auto bonds, where offering levels were mostly unchanged. SCI's PriceABS data captured a range of names during the session,...

    • CLOs

      • Euro CLO equity in demand

        European CLO investors are becoming increasingly competitive in their search for yield. Equity pieces are particularly well bid at present, as investors reassess default assumptions to acquire paper. "Anything with a high yield is very well bid rig...

  • News

    • ABS

      • Seasonality affects auto valuations

        There can be significant month-to-month changes in US auto loan ABS prepayment speeds. This degree of seasonality introduces valuation considerations that some investors may not have considered. An analysis by Wells Fargo consumer ABS analysts sugg...

    • Structured Finance

      • SCI Start the Week - 17 February

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

        Pipeline Last week saw a healthy mix of deals added to the pipeline. Three new ABS, two ILS, an RMBS, two CMBS and two CLOs were announced. The ABS comprised US$515.6m Castlelake Aircraft Securitization Trust 2014-1, Driver China One and US$241m T...

    • CLOs

      • Euro CLO collateral evolves

        Last year saw 21 European CLOs price and several of those deals have now passed their effective dates. Compared to legacy deals, changes in collateral composition are already becoming apparent. Legacy European CLOs typically included a minimum requ...

    • RMBS

      • Final straight for legacy issues?

        After some GMAC/RFC deals wrapped by FGIC began to receive settlement payments in the January remittance (SCI 7 February), this month and the next should see further cash flow through for the remaining bonds. Additional returns are also expected to e...

  • Talking Point

    • Structured Finance

      • A merry-go-round of reform

        Anu Munshi, managing partner at B&B Structured Finance, assesses the current regulatory environm...

        Anyone trying to keep track of bank regulations should be excused for clutching their head, screaming or both. The dizzying rash of regulations - with their revisions, implementation dates and their interpretation by different regions - is...

  • Job Swaps

    • Structured Finance
    • CDO

      • CDO manager replaced

        Dock Street Capital Management has been appointed successor collateral manager to Libertas Preferred...

    • CMBS

      • Orrick adds CMBS pair

        Orrick, Herrington & Sutcliffe has appointed William Cullen and Janet Barbiere as partners i...

    • Insurance-linked securities

      • Insurance manager adds two

        Kane has expanded its US team with two business development hires. The ILS specialist has added Moni...

  • News Round-up

      • Solar platform enhanced

        Solar energy firm Mercatus has released its second-generation platform to accelerate securitisations...

    • Structured Finance
    • CDO

      • Trups CDOs exposed to CPP

        TARP's biggest programme, the Capital Purchase Program (CPP), is winding down. Many of the banks lef...

      • Vivarte exposure eyed

        French retailer Vivarte last week suspended payments on €2.8bn of buyout debt while it neg...

      • Euro ramp-up risk overdone

        European CLO managers do not appear to have found it difficult to ramp up their portfolios, with mos...

      • NPL sales gather pace

        The availability of debt finance for European commercial real estate rose dramatically last year and...

    • Risk Management

      • OBO trade completed

        Tradeweb Markets has completed what is believed to be the first swap trade by a futures commission m...

    • RMBS

      • RMBS tender withdrawn

        Fir Tree Partners has terminated its cash tender offer for six RMBS (SCI passim). All of the trusts...

      • NHG approach clarified

        S&P has published additional criteria for assessing the support from the NHG guarantee in Du...


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