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Issue 387 - 21st May

  • News Analysis

    • Structured Finance

      • Turning tide?

        ECB attitude shift provides securitisation lift

        The re-emergence of the European securitisation market has been helped by initiatives like the European DataWarehouse (SCI passim). This process could be set for greater impetus from the ECB, particularly if a high quality securitisation (HQS) label...

  • Market Reports

    • ABS

      • ABS activity leans on auto supply

        US ABS bid-list activity picked up yesterday on the back of higher auto and student loan supply. BWIC volume was around US$120m, with auto names accounting for half of the tranches captured by SCI's PriceABS data. Among the auto ABS out for the bid...

      • US ABS activity picks up

        US ABS BWIC volume approached US$180m yesterday on the back of a couple of quieter sessions. SCI's PriceABS data shows a number of aircraft ABS bonds out for the bid, with the auto and credit card sectors also well represented. Among the aircraft n...

    • RMBS

      • RMBS gears up for busy week

        The US non-agency RMBS secondary market made a solid start to the week as BWIC volume approached US$450m yesterday. Activity has been boosted by a US$1.1bn bid-list that is scheduled to trade tomorrow. Wednesday's list is said to largely comprise a...

  • News

    • Structured Finance

      • SCI Start the Week - 19 May

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

        PipelineSeventeen deals remained in the pipeline by the end of last week. They consisted of five ABS, three ILS, three RMBS, three CMBS and three CLOs. The newly-announced ABS were: €475m Asset-Backed European Securitisation Transaction N...

    • CLOs

      • CLO hedging discussed

        FX risk is an established consideration for the CLO market - especially for European CLOs. JPMorgan CDO analysts note that perfect asset swaps (PAS) can act as a hedge for both assets and liabilities. The recent softness in US dollar loan...

    • CMBS

      • CMBS payments imply unique structure

        The most recent payment report for European CMBS Infinity Soprano shows that the transaction amortised by €31.8m on the May IPD. In an unusual development, proceeds from two EHE loans that failed to pay in January (SCI 28 January) are conti...

      • Rates encourage CMBS prepays

        US CMBS loans have experienced an increase in the number of early prepayments with defeasance or yield maintenance recently. Forward rate expectations are a strong driver of such activity, but higher penalty payments have dampened cash-out refinancin...

  • Job Swaps

      • New leadership for GFMA

        The GFMA has appointed Samir Assaf as chair and Kenneth Bentsen as ceo. Assaf will serve as chair fo...

    • CMBS

      • CRE info firms unite

        Trepp has bought CRE Direct, providing mutual clients with streamlined access to additional CRE info...

    • Insurance-linked securities

      • ART units combine

        SCOR has formed a new alternative solutions business within the specialties section of its Global P&...

  • News Round-up

      • Hedge fund AUM hits highs

        Investors allocated heavily into hedge funds in April, the third consecutive month of elevated inflo...

      • EFH auctions due

        Separate auctions have been scheduled on 21 May to settle the credit derivative trades for four Ener...

    • CLOs

      • FOIF set to list

        Fair Oaks Income Fund (FOIF) has acquired GLI Finance's remaining two CLO investments, with a valuat...

      • LDPX delinquencies drop

        May remittance reports indicate that 11 loans totalling US$284.5m were liquidated from the JPMCC 200...

    • Risk Management

      • Global SEF, MTF launched

        ICAP's UK subsidiary, ICAP Global Derivatives Limited (IGDL), has launched after receiving temporary...

      • Whinstone tender announced

        Northern Rock Asset Management (NRAM) has launched a tender offer for six tranches of its Whinstone...

      • GSE buyback expected

        Freddie Mac is set to repurchase certain adjustable-rate mortgage loans on 16 June. The repurchase i...


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