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Issue 376 - 5th March

  • News Analysis

    • Insurance-linked securities

      • From the sidelines?

        Sidecars, SACs and private cat bonds gaining ground

        The dominance of catastrophe bonds in the ILS sector could be challenged by the growth of sidecars. With segregated accounts companies (SACs) also rising in prominence and private deals becoming more common, the nature of the market is changing. La...

    • CLOs

      • Wake-up call

        Euro CLO idiosyncratic risks emerging

        Vivarte's decision to suspend payments on its debt (SCI 18 February) has served as a wake-up call regarding tail risk in European CLO portfolios. While further spread tightening is anticipated across the 2.0 capital structure (notwithstanding current...

  • Market Reports

    • CLOs

      • Novel BWIC for Euro CLOs

        Yesterday proved to be a busy session for the European CLO secondary market. Amidst the strong supply was what is believed to be the first CLO 2.0 single-B BWIC. That 2.0 original single-B list included tranches from Dryden 29 Euro CLO 2013, Richmo...

    • CMBS

      • CMBS spreads sneak tighter

        US CMBS BWIC volume was steady yesterday at around US$233m as spreads tightened. A considerable chunk of that supply was accounted for by the US$116.358m MLCFC 2007-7 AJ bond. SCI's PriceABS data shows that the MLCFC 2007-7 AJ tranche was talked du...

  • News

    • Structured Finance

      • SCI Start the Week - 3 March

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

        Pipeline There was no slowing down in activity last week as another 13 deals joined the pipeline. They consisted of four ABS, two CMBS, six RMBS and a CLO. The newly-announced ABS were: US$201m ACER 2014-1; US$500m Chesapeake Funding 2014-1; US$10...

    • CLOs

      • CLO equity continues excelling

        US CLO equity is one of the few remaining fixed income products offering high carry. The segment posted an average cashflow return of 25% last year across 463 deals. Based on a cashflow study and prices of US equity tranches, JPMorgan CLO analysts...

    • CMBS

      • Titan NHP sale makes sense

        The noteholder dispute over Mount Street's replacement of Capita as the special servicer for Titan Europe 2007-1 (NHP) (see SCI's CMBS loan events database) is diverting attention away from the more pressing issue that capital expenditure is not addi...

    • NPLs

      • GSEs to turn to NPL sales?

        The GSEs have published their annual financial reports for last year, confirming that RMBS and CMBS disposals slowed down dramatically in the final quarter as sales targets were reached. With portfolios now significantly reduced, future illiquid port...

  • Job Swaps

    • ABS
    • Structured Finance
    • CLOs
    • Insurance-linked securities

  • News Round-up

      • RFC issued on TD approach

        Fitch has published a criteria exposure draft for rating Portuguese and Spanish electricity tariff d...

      • CLO relief in sight?

        The US House Committee on Financial Services held a hearing yesterday on the impact of the Dodd-Fran...

      • PRI to boost EM issuance

        Political risk insurance (PRI) for capital markets has re-emerged, with a broader scope for coverage...

    • CDO

      • Auction due for ABS CDO

        Cowen and Company has been appointed as liquidation agent for Blue Edge ABS CDO, the collateral of w...

      • CBO on the block

        An auction has been scheduled for Trainer Wortham First Republic CBO V on 21 March. The collateral s...

    • CLOs
    • CMBS

      • CMBS credit creep examined

        As many as 10 new conduit lending programmes could be added to the list of US CMBS originators in th...

      • 'Unsustainable' rents eyed

        Moody's suggests that soaring apartment rents in Williston, North Dakota, are unsustainable in the w...

      • Liquidation volume doubles

        US CMBS liquidation volume doubled in February, due in large part to many of CWCapital's REO asset s...

      • Chinese CMBS prepped

        Dynasty Property Investment is prepping its second cross-border CMBS. Dubbed China Real Estate Asset...

      • Fee 'blind spots' examined

        Weak EMEA CMBS transaction documentation governing work-out costs and liquidation fees can lead to n...

    • RMBS

      • Swap error corrected

        Moody's has downgraded the ratings of five Granite Master Issuer Series 2006-3 tranches, following a...

      • Debut Dutch RMBS marketing

        RBS is in the market with the inaugural transaction from Venn Partners' new Dutch RMBS platform (SCI...


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