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Issue 377 - 12th March

  • News Analysis

    • Structured Finance

      • From strength-to-strength

        Peer-to-peer securitisation has room to grow

        The peer-to-peer securitisation market may be in its infancy, but a handful of deals have already been completed. While the deals so far have been small by securitisation standards, the sector could become a "multi-billion" dollar market. "We have...

  • Market Reports

    • ABS

      • Cards support US ABS secondary supply

        US ABS bid-list supply during yesterday's session was mainly accounted for by credit card names. BWIC volumes reached almost US$150m with auto, aircraft and student loans paper also circulating. SCI's PriceABS data captured a varied mix of credit c...

    • CMBS

      • CMBS investors play waiting game

        It has been a quiet week for the European CMBS market as investors on either side of the Atlantic remain in 'wait and see' mode. One trader reports that clients appear to be waiting for spreads to widen, although US accounts could spark some activity...

    • RMBS

      • US RMBS BWICs back in bulk

        US non agency RMBS bid-list volumes picked up considerably yesterday to reach almost US$850m for the session. Activity was up across fixed rates, hybrids and subprime, with SCI's PriceABS data capturing a mix of covers and DNTs. One such subprime b...

      • US RMBS gathering steam

        US non-agency RMBS supply picked up yesterday as BWIC volume reached around US$664m. That level is set to rise with Freddie Mac preparing to sell US$1.15bn of legacy paper. The Freddie bid-list, which is due tomorrow, is expected to be the biggest...

  • News

    • ABS

      • Tiering forecast for water WBS

        Fast-tracking of business plans among certain UK water companies is expected to drive tightening across their securitised bonds. The move follows the release of Ofwat's guidance on allowed weighted-average cost of capital (WACC) for the 2015-2020 reg...

    • Structured Finance

      • SCI Start the Week - 10 March

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

        Pipeline After a busy couple of weeks, the pace of deals joining the pipeline increased even further last week. Eight new ABS, one ILS, five RMBS, one CMBS and three new CLOs were announced. The ABS were: US$731.4m AmeriCredit Automobile Receivabl...

    • CLOs

      • Refinancing promises big savings

        Up to US$30bn of US CLO 2.0 deals could be candidates for refinancing this year, with refinancing or repricing potentially saving equity holders 20bp-50bp in liability costs. However, the pace of such activity will depend on factors such as upfront c...

      • Euro CLO equity performance positive

        European CLO equity cashflows have lagged their US cousins for several reasons, but their prospects continue to improve as credit conditions strengthen in Europe. Average returns increased last year and the broader economic recovery is yet to be full...

    • CMBS

      • Adverse selection on the rise?

        Boosted by the FHFA's decision to limit GSE originations through tighter underwriting, the share of multifamily loans in US CMBS conduits has increased over the past year and now stands at 18%, according to Barclays Capital CMBS analysts. They warn t...

    • RMBS

      • Housing reform to progress?

        US Senate Banking Committee chairman Tim Johnson and ranking member Mike Crapo have reached an agreement on a housing finance reform proposal. While most of the detail isn't new, the requirement for 10% private capital coverage upfront has caused som...

  • Job Swaps

    • Structured Finance

  • News Round-up

      • RFC issued on SFR deals

        Moody's has laid out its approach to rating single-family rental (SFR) securitisations. At the same...

    • CDO

      • ABS CDO approach updated

        Moody's has updated its approach to rating ABS CDOs, affecting the ratings on 47 tranches in 34 US d...

      • ABS CDO auction due

        An auction is slated for Kleros Preferred Funding on 24 March. The collateral shall only be sold if...

      • SME CDO criteria tweaked

        Fitch has updated its global rating criteria for SME CDOs. The updated assumptions are not expected...

      • ABS CDO auctions due

        A special majority of Fourth Street Funding class A1 noteholders have directed the trustee to liquid...

      • Trups CDO on the block

        An auction is to be held for InCapS Funding II on 14 March. Keefe, Bruyette & Woods has been...

    • CDS

      • Ukraine concerns contained

        The five-year credit default swap spread for Russia has widened by 13bp to 212bp over the past 30 da...

      • CMBS upgrades to increase

        Fitch expects US CMBS upgrades to increase in 2014. As the market stabilises, delinquencies decline...

      • Leverage ratio examined

        The EBA has published a report on the leverage ratio that provides a policy analysis and a quantitat...


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