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Issue 380 - 2nd April

  • News Analysis

    • Structured Finance

      • Marking milestones

        Growth ahead for Chinese ABS

        The Chinese securitisation market passed two milestones - in October and February respectively - when foreign banks and non-bank finance companies were permitted to participate in the origination of domestic transactions. These de...

  • Market Reports

    • ABS

      • ABS supply leaves MBS trailing

        Healthy US ABS secondary market activity yesterday contrasted sharply with the non-agency RMBS and CMBS segments, where bid-list volumes were muted. SCI's PriceABS data shows that supply was dominated by auto, equipment and student loan paper. ABS...

    • CMBS

      • CMBS supply returns strongly

        After anaemic secondary supply to start the week, US CMBS BWIC volume shot up yesterday to about US$500m. More than half of that supply came from a list of A1A bonds, while a sizeable AJ bid-list also helped boost activity. Price talk on the A1A li...

    • RMBS

      • 2005-vintage paper propels RMBS

        US non-agency RMBS secondary market activity picked up yesterday as bid-list supply increased to around US$650m. SCI's PriceABS data shows a wealth of 2005-vintage paper out for the bid, as well as a range of other names as fixed-rate and subprime le...

  • News

    • Structured Finance

      • SCI Start the Week - 31 March

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

        PipelineIt was back to normal for the pipeline last week as ABS additions once again led the way. Nine new ABS were announced, as well as two RMBS and four CLOs. The ABS were: US$535.2m ARI Fleet Lease Trust 2014-A; C$644.34m Ford Auto Securitizati...

    • CLOs

      • CLO equity vulnerable to rates hike

        Recent comments from Fed chair Janet Yellen have led to a dramatic re-pricing of the front end of the rates market, with expectations of the timing of the first Fed funds rate hike brought forward. US CLO equity is set to be strongly affected by the...

    • RMBS

      • Judicial discrepancies affect severities

        Home prices in the US may be going up, but so are loss severities. A marked difference in severities is emerging between judicial and non-judicial states, while several factors are also driving differences within judicial states. Severities are hig...

  • Job Swaps

    • Structured Finance

      • French firms partner up

        Amundi and Tikehau have signed a strategic asset management partnership to collaborate on private de...

    • CMBS

      • SFR trade group launches

        A non-partisan coalition focused on increasing education about the professionally managed single-fam...

  • News Round-up

      • Tax lien criteria released

        Moody's has published its methodology on rating US tax lien ABS. Its adoption will not result in any...

      • SBA methodology revised

        S&P has revised its methodology and assumptions for rating US small business loan-backed sec...

      • Auto losses inch higher

        US auto prime and subprime annualised losses inched higher in February as asset performance softened...

      • Punch A downgraded

        S&P has lowered to double-B minus from triple-B and placed on credit watch negative its rati...

      • Charge-offs hit record low

        Fitch's Prime Credit Card Charge-off Index has reached another record low and now stands at 2.89% fo...

    • CDO

      • CDO auction due

        An auction has been scheduled for Trainer Wortham First Republic CBO IV on 22 April. The collateral...

    • CLOs
    • CMBS

      • CMBS pricing tool launched

        Trepp has launched a new tool for bond cashflow and price yield calculations. TreppTrade Quick Analy...

      • CMBS refi challenges ahead

        Fitch reports that nine of the 17 EMEA CMBS loans from its rated portfolio that are maturing between...

      • CMBS note sales scheduled

        Auction.com has scheduled note sales for properties backing US$144m in US CMBS loans over the next t...

    • Insurance-linked securities

      • Atlas VI notes affirmed

        S&P has affirmed its ratings on the US$125m series 2011-1 class A, US$145m series 2011-1 cla...

      • Swaps portal enhanced

        ISDA has added new functionality to its SwapsInfo portal by allowing users to view trades taking pla...

      • Reporting service offered

        Misys has launched a new regulatory reporting service, enabling corporates, fund managers and smalle...

      • Trade reporting clarified

        Parties to derivative transactions are still assessing their obligations under the EMIR trade report...

    • RMBS

      • FedTrade to gain traction

        The New York Fed on 9 April is set to increase the use of its proprietary trading platform FedTrade...

      • RMBS upgrade triggered

        S&P has raised to double-A its ratings on 177 classes of notes from 108 US RMBS, following t...


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