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Issue 381 - 9th April

  • News Analysis

    • ABS

      • Esoteric knowledge

        Investors drawn to developing non-traditional ABS market

        US esoteric ABS is attracting greater attention as investors seek yield. Several potential growth areas are emerging, with new, innovative collateral types also anticipated. Respondents to a recent DBRS survey overwhelmingly favoured esoteric asset...

    • RMBS

      • Scrutinising servicing

        Mortgage servicers in the cross hairs

        Investors and regulators have both started to fix mortgage servicers in their sights. A fresh wave of litigation could follow, while the effects are already being felt in the secondary market. Investors have previously taken R&W-related leg...

  • Market Reports

    • CMBS

      • CMBS market awaits A1A list

        US CMBS BWIC volume reached US$287m yesterday, with activity skewed towards AM and AJ bonds. Supply is set to jump today, as a US$677m list of 2006- and 2007-vintage multifamily-directed A1A tranches is scheduled to hit the market. Among the AM tra...

    • RMBS

      • Spring in the step

        The European RMBS market has been consistently busy in recent weeks. This healthy level of activity has fuelled a rally in Dutch bonds in particular. "The first quarter of the year has seen a big rally for the Dutch market and secondary spreads are...

      • US RMBS supply rises

        US non-agency RMBS secondary market activity continued to build yesterday. BWIC volume reached around US$850m and SCI's PriceABS data shows raised supply across fixed-rates, hybrids and subprime. The oldest-vintage tranche captured in yesterday's s...

  • News

    • Structured Finance

      • SCI Start the Week - 7 April

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

        Pipeline There were 11 new additions to the pipeline last week that had not priced by Friday. They consisted of six ABS, one ILS, two RMBS and two CLOs. The ABS entrants were: US$299m Credit Acceptance Auto Loan Trust 2014-1; €952.5m Dri...

    • CLOs

      • Volcker extensions disappoint

        The US Fed says it intends to give banking entities two additional one-year extensions to 21 July 2017 to conform their ownership interests in and sponsorship of CLOs covered by the Volcker Rule. The move is disappointing for the industry, which had...

    • CMBS

      • Euro CMBS losses as expected

        European CMBS has performed better than its reputation might suggest. The principal loss rate to date is an estimated 0.8% of the initially issued note balance and all of that comes from 2005- to 2007-vintage transactions. Barclays Capital CMBS ana...

  • Job Swaps

    • Structured Finance

      • Listing business acquired

        Matheson is set to acquire Investec's Irish investment funds and debt securities listing business, f...

      • SF lawyer on the move

        Kaye Scholer has appointed Lawton Camp as a finance partner in its New York office. He joins the fir...

    • Insurance-linked securities

      • ILS manager adds two

        Hiscox Re subsidiary Kiskadee Investment Managers has appointed Richard Lowther as coo and Alan Coss...

    • Risk Management
    • RMBS

      • Agency launches RMBS tool

        Fitch has launched RMBS Compare, an Excel tool providing access to the rating agency's European RMBS...

  • News Round-up

    • ABS

      • GM lease exposure examined

        US auto lease ABS is unlikely to experience near-term fallout from the recent GM recalls, but potent...

    • Structured Finance

      • MBS funds lead returns

        Hedge fund performance was negative in March - returning -0.11% for the month and 1.22% fo...

      • Basel revisions not enough

        The Basel Committee on Banking Supervision's latest proposed revisions to its capital framework for...

    • CDO

      • ABS CDO sale scheduled

        An auction will be conducted for the Longport Funding II CDO on 21 April. The collateral shall only...

    • CMBS

      • Troubled mall sold

        The Southlake mall outside Atlanta, Georgia, has been bought by Vintage Real Estate. The mall backs...

      • Appraised values examined

        The average appraised value for US CMBS specially serviced loans has declined by 1% year-over-year,...

    • Risk Management

      • SLR standards finalised

        The OCC, the US Fed and the FDIC have adopted a final rule that strengthens the supplementary levera...

      • OTC utility underscored

        ISDA has published two new research papers that highlight the value of the OTC derivatives market. ...

      • SLR discussion due

        The FDIC is holding an open meeting on 8 April to discuss, among other things, a notice of proposed...

      • Portuguese paper tendered

        Banco BPI has launched a tender offer for 10 bonds across its Douro Mortgages No. 1, 2 and 3 RMBS. T...


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