Weekly Issue Archive »

Issue 391 - 18th June

  • News Analysis

    • Structured Finance

      • Compression trades

        European ABS relative value discussed

        Spread compression has made identifying relative value in the European ABS market more difficult. However, panellists participating in IMN's Global ABS research analyst roundtable agreed that opportunities remain in certain peripheral RMBS, UK non-co...

    • CLOs

      • Growth pains

        European CLO market constraints examined

        European CLO issuance volume is expected to reach €10bn-€15bn across 30 transactions this year. Risk retention requirements and the availability of collateral continue to constrain the growth of the leveraged loan CLO market, whil...

  • Market Reports

    • CMBS

      • Agency names add to CMBS supply

        US CMBS secondary market spreads did not move too much yesterday, but BWIC volume was up strongly to reach US$517m. Supply to start the week was boosted by a number of agency securities, with SCI's PriceABS data recording a range of vintages across t...

    • RMBS

      • Bid-list boosts RMBS supply

        US non-agency RMBS volume picked up yesterday to reach around US$788m, ahead of a US$647m bid-list scheduled to trade today. SCI's PriceABS data recorded a mix of bonds out for the bid during the session, including several single-family rental names....

  • News

    • Structured Finance

      • Underwriting concerns ABS investors

        Underwriting standards continue to trouble ABS investors, according to a JPMorgan client survey. Survey respondents included money managers, insurance companies and banks as well as pension funds, hedge funds and a few others. More than half of res...

      • HQS legislation mooted

        The EBA is working with other regulators to find the best way to create a definition and appropriate prudential treatment to support high quality securitisation issuance, according to Adam Farkas, executive director at the authority. In the second ke...

      • SCI Start the Week - 16 June

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

        Pipeline Conferences in Europe and the US limited pipeline activity last week, although seven CLOs were announced. Two ABS, an ILS, two RMBS and three CMBS were also added to the pipeline. The newly-announced ABS were A$242.24m Flexi ABS Trust 201...

    • CDS

      • SROs to provide CDS consistency

        The 2014 ISDA CDS definitions have been published and will be implemented in September (SCI passim). One of the main changes from previous definitions is the adoption of a single standard reference obligation (SRO) for standard CDS contracts, which w...

      • Tranche market transitioning

        The European credit index tranche market is transitioning from being dominated by legacy positions towards a regime based on on-the-run products. Markit iTraxx Series 21 tranches launched in March are said to have had a good take-up, while interest i...

    • RMBS

      • Investors ignoring Scottish exit risk?

        Investors in the UK RMBS market appear to have largely ignored the potential risk of Scotland voting for independence from the UK. While Scotland is expected to vote to remain in the union, a number of fiscal powers could still be transferred to the...

  • Job Swaps

    • CDO

      • CDO manager replaced

        Dock Street Capital Management has replaced Cira SCM as collateral manager to Libertas Preferred Fun...

  • News Round-up

      • Pages Jaunes auction due

        LCDS dealers have voted to hold an auction for European LCDS transactions referencing a €2...

    • CLOs

      • FOIF lists

        GLI Finance says that it transferred two of its CLO investments to Fair Oaks Income Fund (FOIF) for...

    • CMBS

      • Delinquencies hit 2009 low

        US CMBS delinquencies declined by 16bp in May to 4.97% from 5.13% a month earlier, according to Fitc...

      • Unusual pay-outs reported

        The US$20m 4001 North Pine Island Road loan has been liquidated for US$7.5m, resulting in unusual pa...

      • Windermere notes wiped out

        Principal losses have been applied to the class E and F notes of Windermere VII after the liquidatio...

    • Risk Management

      • RFC issued on oprisk AMA

        The EBA has launched a consultation on draft regulatory technical standards (RTS) assessing the crit...

    • RMBS

      • RMBS methodology released

        Morningstar Credit Ratings has published a new methodology for US RMBS ratings. In addition to prime...


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