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Issue 382 - 16th April

  • News Analysis

    • NPLs

      • Second wave?

        NPL securitisation opportunity may be ending

        As legacy non-agency RMBS yields have largely dried up, investors have had to look elsewhere. Attractive absolute returns can be found in the non-performing loan (NPL) market, although the opportunity may be overplayed. Yield is undoubtedly a prima...

  • Market Reports

    • ABS

      • US ABS activity accelerates

        SCI's PriceABS data shows a mix of auto and railcar bonds circulating on bid-lists yesterday as US ABS secondary market activity picked up. BWIC volume for the session reached around US$125m. Among the auto tranches out for the bid was AMCAR 2013-3...

    • CLOs

      • CLO market gauges Vivarte impact

        The European CLO market continues to feel the effects of the recent Vivarte default (SCI 18 March) as new deals struggle to ramp up. Secondary market activity has also been affected. "New issue CLOs, such as CVC Cordatus III and Holland Park were q...

    • CMBS

      • 'Cheap' Euro CMBS lacks buyers

        There was a lot of price talk on European CMBS tranches in the secondary market yesterday, but a lack of trades as the market winds down for Easter. CMBS looks cheap compared to RMBS but investors remain reluctant to get involved. "The Street has b...

    • RMBS

      • US RMBS stays subdued

        The US RMBS secondary market was quiet once again yesterday as bid-list volume dipped to around US$335m. SCI's PriceABS data recorded a number of DNTs for the session, although a number of successful covers were also seen. Supply was up slightly fo...

  • News

    • ABS

      • Punch proposes securitisation waivers

        Restructuring negotiations for Punch's securitisations continue and both  have requested DSCR waivers. Punch A is non-compliant with its DSCR covenant, while Punch B will be non-compliant at its next testing date. Punch's results for the f...

    • Structured Finance

      • SCI Start the Week - 14 April

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

        Pipeline A number of new deals were announced last week. In total, eight ABS, three ILS, three RMBS and six CLOs were added to the pipeline by the end of the week. The newly-announced ABS were: US$151.739m BCC Funding VIII Series 2014-1; US$777.87...

    • CDO

      • CRE CDO embraces flexibility

        H/2 Asset Funding 2014-1, which closed last month, could represent a watershed for the CREL CDO market. The transaction harks back to the flexibility seen in legacy deals, which is expected to become increasingly prevalent in future issuances. Ther...

    • CLOs

      • CLO tail risk 'not excessive'

        Single-B loans appear to represent the sweet spot for US CLO 2.0 assets, given risk and reward considerations. At the same time, exposure to the widest margin assets varies across deals and managers. CLO 2.0 deals are significantly overweight singl...

    • RMBS

      • Resets hasten Dutch RMBS CPRs

        European DataWarehouse (ED) loan-level data for Obvion's STORM programme suggests that forthcoming resets may affect Dutch RMBS CPRs significantly. This holds true even if those resets are up to two years away, according to Bank of America Merrill Ly...

  • Talking Point

    • Structured Finance

      • Decisive action

        Katie Skeels, associate at Hogan Lovells, examines current trends and solutions in cross-border disp...

        Hogan Lovells recently published a report - entitled 'Global Currents - Trends in Complex Cross-Border Disputes 2014' - which surveys current trends in cross-border disputes. The results suggest that senior executives and in-house...

    • CLOs

      • Credit picking

        CLO investing in an evolving regulatory environment discussed

        Representatives from Thomson Reuters, Prudential Fixed Income and Guggenheim Securities discussed the CLO investment landscape in an evolving regulatory environment during a live webinar hosted by SCI last month (view the webinar here). Topics includ...

  • Job Swaps

    • Structured Finance

      • Bank brings in trio

        Lloyds Bank Commercial Banking has made three additions to its capital and financial markets team. C...

    • CDS

      • ISDA elects new directors

        ISDA has elected 12 directors at its latest AGM in Munich. This includes four new directors as well...

  • News Round-up

      • Chinese leasing ABS eyed

        Amendments to rules for financial leasing companies in China look set to make leasing ABS deals poss...

      • SLM split scheduled

        Sallie Mae's board has formally approved the separation of its loan servicing business line from its...

      • NSFR framework critiqued

        The Basel Committee's amended proposal for a minimum standard ratio for bank funding would introduce...

      • QE impact weighed

        If the ECB were to buy senior tranches of SME securitisations - for example, under a quant...

      • Direct lending fund closed

        Benefit Street Partners (BSP) has announced the final closing of its middle market direct lending fu...

      • Volcker impact weighed

        The provision of extra time to comply with the Volcker Rule provides few opportunities to banks and...

      • CLO repacks emerging

        Transactions tailored to CLO senior tranche investors' specific currency needs are beginning to emer...

      • Pay-offs decline further

        The percentage of US CMBS loans paying off on their balloon date was 64.6% in March, according to Tr...

      • MTF relief clarified

        The US CFTC has issued No-Action Letter 14-46, replacing No-Action Letter 14-16 from 12 February. Su...

      • EBA work plan expanded

        The EBA has released an addendum to its work plan for 2014, following a series of calls for advice f...


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