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Issue 390 - 11th June

  • News Analysis

    • CLOs

      • Discount bargains

        Early CLO refinancings provide investor opportunities

        New US CLO structures with senior tranches offered at both par and at a discount are creating opportunities for investors to capitalise on early refinancings. The discount bonds often appear to be undervalued compared to similar par bonds. A series...

    • CDO

      • Starting gun

        New front emerges in Trups CDO enforcement

        American Bancorp was last month forced into involuntary bankruptcy, marking the first case where Trups CDO holders worked together to enforce their creditor rights. As other bank Trups issuers reach the end of the deferral window for non-payment of i...

  • Market Reports

    • ABS

      • Autos augment ABS mix

        US ABS secondary market activity picked up yesterday as BWIC volume reached around US$172m. SCI's PriceABS data captured a mix of auto, credit card, equipment, railcar and franchise loan bonds out for the bid. The auto sector, in particular, was bu...

    • CMBS

      • US CMBS market rallies

        The US CMBS market rallied yesterday as spreads tightened. Trepp reports that secondary volumes reached the highest level of the week, at about US$300m, as banks took down large blocks of CMBS 2.0 and 3.0 bonds. "Legacy super seniors and new issue...

    • RMBS

      • Large RMBS lists lined up

        A large US$1bn US non-agency RMBS bid-list was announced yesterday and due to trade today. The list contains 24 line items, with a significant amount of subprime paper. The remaining paper is understood to be split evenly between Alt-A hybrid and p...

  • News

    • Structured Finance

      • ECB furthers support for ABS

        The ECB has announced measures to support lending to the real economy, including intensifying preparatory work for outright purchases of ABS. The bank also intends to conduct a series of targeted longer-term refinancing operations (TLTRO). Marking...

      • SCI Start the Week - 9 June

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

        PipelineMany more deals joined the pipeline last week than had been added in the week before. They consisted of four ABS, an ILS, an RMBS, two CMBS and seven CLOs. The newly-announced ABS were: US$726.9m GEET 2014-1; US$200m Hilton Grand Vacations...

    • CMBS

      • Portfolio purchase surprises to upside

        The portfolio underlying the FOX 1 CMBS has been purchased by Kennedy Wilson Europe Real Estate for £296m, which is £48m more than its most recent valuation. The property recovery estimate in September had been £235m (SCI 5...

    • RMBS

      • Remarketing feature to replace calls?

        Credit Foncier de France's €907m CFHL-1 2014 prime RMBS - which closed last month (see SCI's primary issuance database) - is noteworthy as the first public French RMBS since the financial crisis and because it was fully...

  • Talking Point

    • Structured Finance

      • Bondholder communications reviewed

        The ICMSA discusses how the trustee community has worked to address concerns around bondholder meeti...

        A lively discussion between investors and trustees at the 2010 Global ABS conference was a catalyst for the ICMSA1 to revisit bondholder communication processes. Given the rise in bondholder meetings due to the fall-out from the financial crisis, bon...

  • Job Swaps

    • Structured Finance

      • Further CMBS content added

        Trepp is going to make integrated content and analysis from Morningstar Credit Ratings available to...

    • RMBS

      • Manager adds RMBS team

        Alternative investment manager GAM has purchased specialist US RMBS business Singleterry Mansley Ass...

  • News Round-up

      • PAYE expansion underway

        President Obama has directed the Secretary of Education to propose regulations that would expand the...

    • Structured Finance

      • Spanish ceiling raised

        S&P has raised its credit ratings on 62 tranches in 48 Spanish securitisations. The move fol...

      • CRA consultation underway

        IOSCO has published a consultation report entitled 'Good Practices on Reducing Reliance on CRAs in a...

      • Access to ABS docs offered

        EuroABS is releasing its database of European ABS documentation, dubbed EADReD, to the market for no...

    • CDO

      • ABS CDO on the block

        An auction will be conducted for Bluegrass ABS CDO II on 27 June. The collateral shall only be sold...

      • CLO portfolio overlap eyed

        Although European CLO issuance has gradually picked up over the last 18 months, CLO managers continu...

    • CMBS

      • Large loan CMBS warning

        The quality of the properties in recently securitised large loan CMBS deals has improved, but the ov...

      • CMBS pay-offs jump

        The percentage of US CMBS loans paying off on their balloon date jumped sharply in May to 77.1%, acc...

      • CMBX losses projected

        KBRA has released its inaugural research publication on vintage US CMBS deals, leveraging data and i...

      • CMBS criteria updated

        Fitch has updated its EMEA CMBS and loan rating criteria, following the publication of an exposure d...

    • NPLs

      • RFC issued on NPLs

        Moody's is seeking feedback on its proposed approach to rating securitisations backed by non-perform...

    • Risk Management

      • Analytics service enhanced

        Lewtan has released an enhanced version of its structuring and analytics platform, ABSNet Modeler, w...

    • RMBS

      • RFC issued on g-fees

        The FHFA has released a request for input on GSE guarantee fee policy and implementation. Among the...

      • AOFM unloads bonds

        The Australian Office of Financial Management (AOFM) last week sold four of the RMBS bonds it holds,...

      • RMBS tool data enhanced

        Fitch has added UK data to its RMBS Compare tool, which allows cross-country comparison of mortgage...


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