Weekly Issue Archive »

Issue 379 - 26th March

  • Market Reports

    • Structured Finance

      • Euro ABS 'tight and light'

        The European ABS market continues to quietly generate primary issuances and secondary market bid-lists without making too many waves. One trader reports that this steady state is likely to continue until the end of the month. "The European ABS mark...

    • CMBS

      • Continued stability in CMBS

        The recent stability in the US CMBS secondary market continued yesterday with BWIC volume steady at around US$380m. Generic spreads were unchanged with SCI's PriceABS data showing a number of mezzanine tranches from various vintages out for the bid. ...

      • AON list boosts CMBS supply

        US CMBS BWIC volume climbed to around US$700m yesterday, significantly boosted by one large list of 2005 and 2006 duper paper that traded all-or-none to one dealer. SCI's PriceABS data lists 50 unique bond tranches out for the bid during the session,...

  • News

    • Structured Finance

      • SCI Start the Week - 24 March

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

        Pipeline In a departure from the typical weekly pattern, additions to the pipeline last week were dominated by RMBS names. Four new RMBS were announced, as well as just one ABS, two CMBS and two CLOs. The RMBS were: US$513m Colony American Homes 2...

    • CDO

      • Trups recovery offers opportunities

        Trups CDO performance has recovered as bank fundamentals have improved. The rebounding sector can provide investors with a recovery play as deals de-lever, although liquidity and disclosure challenges remain. Bank failures climbed with the financia...

    • CDS

      • iTraxx changes implemented

        The Markit iTraxx Crossover index expanded to 60 names in the roll to Series 21, reflecting the expanding high yield market in Europe (SCI 13 February). The move is expected to provide a better portfolio hedge for cash portfolios and a better short t...

      • Positioning for basis normalisation

        The investment grade CDS-cash basis remains very negative in the US and positive in Europe. With this discrepancy expected to improve over time, selling iTraxx Main protection to buy CDX.IG protection appears attractive. Based on an analysis of the...

    • CMBS

      • Liquidation values surpass appraisals

        This quarter marks the first time that average US commercial property liquidation proceeds have been higher than corresponding appraisal values. Looking beyond the averages, variation in proceeds is evident based on sector, location and time since ap...

  • Talking Point

    • Structured Finance

      • Delivering transparency

        While the financial services industry has to date focused on accountability and credit ratings eleme...

        News that the US SEC postponed a vote in early February regarding the adoption of rules revising the disclosure, reporting and offering process for ABS is disappointing, given the regulator's previously-stated determination to enhance transparency ac...

      • A new era in structured trade receivables finance?

        Reed Smith partner Nick Stainthorpe discusses new investors, technology and opportunities in supply ...

        The increased interest from alternative investors in trade receivables is the result of a number of factors. These include: the high asset prices/low yields being experienced in other asset classes; the wariness of corporates to rely on a single sour...

  • Job Swaps

    • CDS

      • OTC clearing leader added

        Newedge has appointed Mark Gonzalez as head of OTC clearing sales for the Americas. He will be based...

    • CLOs

      • Key man replaced

        Paul Carman has been replaced by Peter Goody as a key person on the Harvest CLO II transaction. Mood...

    • CMBS

      • CMBS origination pro added

        Greystone has appointed Patrick Nizich as an md in its new Kirkland, Washington office. His appointm...

  • News Round-up

      • FFELP SLABS affirmed

        Fitch has affirmed 778 triple-A rated tranches of US FFELP student loan ABS, removed the ratings fro...

    • Structured Finance

      • Rethink for French NCR?

        France's Constitutional Court last week ruled that a proposal to create a national credit registry (...

      • CIR changes take effect

        Moody's has implemented the changes to its methodology for assigning counterparty instrument ratings...

    • CDO

      • ABS CDO on the block

        An auction has been scheduled for Dekania CDO II on 9 May. The securities will only be sold if the p...

    • CDS
    • CLOs
    • CMBS

      • Appraisal value corrected

        Deutsche Bank, as trustee for WFRBS 2011-C3, has acknowledged a mistake in the appraisal value of th...

    • Insurance-linked securities
    • Risk Management
    • RMBS

      • Fed tapering continues

        The New York Fed will next month further reduce its asset purchases to a pace of about US$25bn per m...

      • RFC issued on QM approach

        Moody's is requesting comment from market participants on its proposed approach to evaluating increm...


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