Issue 383 - 23rd April
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Market Reports
- ABS
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Autos boost ABS secondary supply
An increase in US ABS bid-list supply yesterday was largely driven by auto ABS paper. BWIC volume reached around US$70m as equipment and whole business tranches also circulated. SCI's PriceABS data recorded several covers from the session as well a...
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- RMBS
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RMBS BWIC volumes creep up
The US non-agency RMBS secondary market remains subdued, with a little under US$400m of P&I bonds on BWICs yesterday. Focus was on Alt-A hybrids and option ARMs as fixed-rate supply was light. SCI's PriceABS data shows a range of names out...
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Spark returns to US RMBS market
US RMBS secondary market activity finally picked up yesterday, as a US$678m bid-list traded. Non-agency BWIC volume reached over US$1bn for the session, with SCI's PriceABS data capturing 80 unique RMBS bonds. Interactive Data notes that the US$678...
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- ABS
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News
- CMBS
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New benchmark needed?
Meaningful shifts in cashflow, structure and collateral performance for GSMS 2007-GG10 may mean that consideration of other transactions as the benchmark US CMBS is warranted. Although the GG10 duper is still the largest in the sector, recent loan li...
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- CMBS
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Job Swaps
- Structured Finance
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Securitisation pro to lead sales
BNP Paribas Securities Services has appointed Jamie Pratt as head of debt market services sales in t...
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- CDO
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CSO manager resigns
The portfolio manager and portfolio verification agent for Athenée CDO series 2007-10 Hunte...
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- CDS
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ISDA ceo stepping down
ISDA has announced that ceo Robert Pickel will step down later this year. In the meantime he will co...
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- CLOs
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Key man confirmed
Peter Goody has replaced Paul Carman as a key person on the Harvest CLO III to IV transactions. The...
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- RMBS
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Monoline, bondholders gain settlement
A settlement has been agreed between an ad hoc group of bondholders of nine FGIC-insured Countrywide...
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Allstate ends RMBS lawsuit
A stipulation of discontinuance has been filed in New York state court, ending a lawsuit brought by...
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SFR leader appoints pair
Blackstone's real estate portfolio company Invitation Homes has appointed John Schissel as cfo and L...
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- Structured Finance
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News Round-up
- ABS
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Diesel prices hit Indian ABS
Fitch expects the performance of Indian ABS transactions backed by commercial vehicle (CV) loans to...
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Auto subprime lenders 'more cautious'
US subprime auto lenders have become more cautious in granting loans to increasingly risky borrowers...
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Punch notes downgraded on uncertainty
Moody's has downgraded notes from both Punch Taverns' Punch A and Punch B securitisations. The downg...
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Criteria tweak for FFELP SLABS
Fitch has published an exposure draft with respect to its criteria for rating US FFELP student loan...
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Student loan business acquired
CIT Group has entered into three separate loan sale agreements with Nelnet, through which Nelnet wil...
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Solar securitisation standards adopted
Mercatus has formally adopted the solar access to public capital (SAPC) working group standard contr...
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- Structured Finance
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SME platform debuts
BNP Paribas, BPCE, Crédit Agricole, HSBC and SG have established Euro Secured Notes Issuer...
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Heavy hedge fund allocations continue
Investors continued to allocate heavily into hedge funds in March. The US$18.3bn influx of new capit...
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- CDO
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CDO auctions due
A couple of CDO auctions have been scheduled so far for next month. The first is for the Trups CDO P...
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- CDS
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Tesco CDS wider on profit concerns
Tesco's five-year credit default swaps have widened by 18% over the past month and by 48% since the...
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- CLOs
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Strong credit enhancement continues
With 2014 off to a strong start for new US CLO issuance, a notable constant has been strong credit e...
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- CMBS
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Online revolution for CMBS market
US CMBS special servicers were instrumental in generating acceptance for online auctions as distress...
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CMBS loan disposals examined
US CMBS loan disposal volume has reached US$76.6bn over the past four quarters, according to Trepp....
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CMBS property auctions due
Properties backing US$188m of distressed CMBS loans are scheduled for sale via Auction.com in May an...
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Record high for CMBS 2.0 leverage
US conduit CMBS loans had an average Moody's loan-to-value (MLTV) ratio of 107.3% in 1Q14, a record...
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Retail spin-off planned
Vornado Realty Trust is set to spin off its shopping centre business - consisting of 81 st...
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TRIPRA changes could hurt CMBS
The US Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) expires at end-2014. Although C...
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Unusual refi strategy highlighted
Simon Property Group recently refinanced West Ridge Mall via a US$53.9m loan securitised in the COMM...
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- Insurance-linked securities
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Turkish cat bond affirmed
S&P has affirmed its double-B plus rating on the US$400m class A notes issued by the Bosphor...
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- Risk Management
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RFC issued on macro hedging
The IASB is seeking public comment on its portfolio revaluation approach (PRA), which aims to better...
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CDS valuation best practices surveyed
SCI has launched a survey to gather intelligence on best practices in CDS valuation. Respondents wil...
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Swap rules proposed
The US SEC has proposed new rules for security-based swap dealers and major security-based swap mark...
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- RMBS
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Resi servicer snapshot debuts
Fitch has launched its inaugural US residential mortgage servicer snapshot. The report contains key...
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RMBS prepays reach post-crisis lows
Prepayment rates for US RMBS loans have declined to the lowest levels since the crisis, says Fitch....
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Non-QM methodology finalised
Kroll Bond Rating Agency has released its methodology for assessing non-qualified mortgage risk in U...
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- ABS
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