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Issue 384 - 30th April

  • News Analysis

    • RMBS

      • Colour-blind conundrum

        RMBS valuations complicated by lack of bid-list activity

        US RMBS secondary market supply has dried up over the last several weeks in a way that ABS and CMBS volumes have not. The lack of market colour has made bond valuations more difficult. A large bid-list last week broke what had been a lengthy run of...

  • Market Reports

    • ABS

      • US ABS supply inches higher

        US ABS BWIC volume was subdued yesterday, just creeping above US$50m. SCI's PriceABS data shows supply dominated by auto ABS paper, although a mix of other collateral types also appeared on bid-lists. Most of the action was in the auto space, where...

    • CMBS

      • New paper in secondary CMBS

        US CMBS secondary market spreads were generally unchanged yesterday, although legacy conduit fixed AMs and AJs did tighten in. A few decent sized lists circulated as BWIC volume passed US$220m. SCI's PriceABS data shows a wealth of pre-crisis paper...

    • RMBS

      • Secondary surge for non-agency RMBS

        US non-agency RMBS secondary market supply picked up considerably yesterday as BWIC volume soared to more than US$900m. SCI's PriceABS data shows a range of unique non-agency tranches out for the bid, with 20 successful covers. Bid-list volume had...

  • News

    • Structured Finance

      • SCI Start the Week - 28 April

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

        Pipeline Several new deals joined the pipeline last week once Easter had passed. Among them were an ABS and two ILS, as well as three CLOs, five RMBS and five CMBS. The newly-announced ABS was US$134m PFS Tax Lien Trust 2014-1, while the ILS were...

    • CLOs

      • Language limiting Volcker extension?

        An LSTA interpretation of the language used by the US Fed in its extension of the CLO conformance period under the Volcker Rule (SCI passim) could mean that relief for the asset class is even narrower than previously envisaged. At issue is the phrase...

    • CMBS

      • Landmark CMBS ruling issued

        A judgement has been delivered on directions sought by US Bank as trustee with respect to the Titan Europe 2007-1 (NHP) CMBS. The judgement provides guidance on the termination without cause of the appointment of a servicer and confirms that a contra...

    • RMBS

      • Value seen in Italian RMBS

        A number of Italian RMBS that were previously retained by their originators have been remarketed and publicly placed in recent months (see SCI's issuance database). This trend is expected to continue, with the ECB encouraging issuers to rely less on...

      • MS, Wells settlements anticipated

        Anticipation is growing over similar settlements occurring for Morgan Stanley and Wells Fargo RMBS shelves, following the US$1.13bn Gibbs & Bruns agreement with Citi (SCI 8 April). Some senior CMLTI RMBS bonds appear to already be pricing in...

  • Job Swaps

    • Structured Finance
    • CDO

      • Asset manager adds CDO pro

        Structured products specialist Maxime Malaure has joined Napier Park Capital as a director in its Eu...

    • CLOs

      • Mizuho adds CLO chief

        Mizuho Securities USA has appointed Jim Stehli as md and head of CLOs. He is based in New York and b...

    • Risk Management

      • Risk sales leader added

        Lombard Risk Management has appointed John Groetch as regional sales director for the Americas. He w...

    • RMBS

      • Further PLS suit settled

        First Horizon National Corporation, as well as related companies and specifically named individuals,...

      • US law firm promotes four

        Korein Tillery has promoted four attorneys to partner. Steve Berezney, Giuseppe Giardina, Michael Kl...

  • News Round-up

      • PAYE growth 'ABS neutral'

        The rapid growth of the Pay as You Earn (PAYE) plan to cap student loan obligations is neutral for U...

      • Charge-offs hit new lows

        A steady decline in credit card delinquencies coupled with lower bankruptcy rates pushed US credit c...

    • Structured Finance

      • TRACE expansion delayed

        FINRA is said to be delaying the implementation of ABS price dissemination, with technological chang...

    • CDO

      • CDOs on the block

        An auction call redemption auction is to be conducted with respect to the ICONS CDO. The auction cal...

      • ABS CDO auction due

        An auction has been scheduled for Margate Funding I on 20 May. The collateral shall only be sold if...

      • First Indian CMBS rated

        CRISIL has rated the first Indian CMBS, which is being issued by DLF Emporio and DLF Promenade. The...

    • Insurance-linked securities

      • Italian ILS first

        GC Securities has closed an innovative European catastrophe bond, sponsored by Assicurazioni General...

      • Irish RMBS tendered

        EBS has commenced a tender offer for €853.81m Emerald Mortgages No. 4 class A, B and C RMB...

      • Optimism over Ambac rehab

        The Wisconsin Commissioner of Insurance, acting in his capacity as the rehabilitator of Ambac Assura...

      • Remittance moves reported

        US non-agency RMBS with prior claims against PMI could see cashflows being reported in this month's...


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