Weekly Issue Archive »

Issue 394 - 9th July

  • Market Reports

    • RMBS

      • Secondary RMBS supply rises sharply

        A couple of sizable US non-agency RMBS bid-lists helped bring secondary market activity up sharply yesterday after Monday's slow start to the week. BWIC volume reached around US$600m with subprime paper leading the charge. SCI's PriceABS data captu...

  • News

    • Structured Finance

      • Clean-up call candidates identified

        The ECB's TLTRO operation entitles banks to initially borrow up to €400bn for four years at a fixed rate of 25bp. The availability of this low-cost funding increases the likelihood of originators exercising clean-up calls in European ABS an...

      • SCI Start the Week - 7 July

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

        PipelineSeveral deals joined the pipeline last week as the market prepared for the US Independence Day holiday. The new entrants included four ABS, three ILS, two RMBS, three CMBS and one CLO. The newly-announced ABS comprised: €800m Bava...

    • CMBS

      • Location boosts CRE performance

        Over 26,000 loans collateralising US conduit CMBS deals issued since 2005 - representing US$363bn or about 80% of the conduit universe - have so far reported full-year 2013 cashflow data. Bank of America Merrill Lynch CMBS analyst...

      • Pricing in prepayment protection

        Tightening loan margins and note spreads have increased the likelihood of European CMBS 2.0 prepayments. However, prepayment protection appears not to have been fully priced in for certain bonds. CMBS prepayment protection affects how much bond pri...

  • Job Swaps

    • Structured Finance

      • Structuring pro brought in

        Natixis has appointed Sachin Patel as a senior structurer in London. He joins from Credit Agricole,...

    • CDO

      • ABS CDO manager replaced

        Dock Street Capital Management has replaced Strategos Capital Management as collateral manager on th...

    • CLOs

      • CLO lawyer becomes partner

        Appleby has promoted Benjamin Woolf to partner. The structured finance specialist is a member of the...

      • Manager adds CLO pair

        Apollo Capital Management has strengthened its team with two appointments. Albert Huntington and Mat...

    • Insurance-linked securities

  • News Round-up

      • Covenant waive requested

        Further details have emerged about the delay in Hertz's 1Q14 Form 10-Q filing (SCI 4 July). Due to a...

    • Structured Finance

      • SRT guidelines released

        The EBA has published a final set of guidelines designed to support both originator institutions and...

      • Protocol timeline released

        ISDA has announced the timeline of the protocol to upgrade 2003 credit derivative trades to the new...

      • CMBS pay-offs drop

        The percentage of US CMBS loans paying off on their balloon date slipped noticeably in June to 67.3%...

      • CCRIF sees cat bond firsts

        GC Securities has placed the first catastrophe bond directly issued by the World Bank, via member in...

    • Risk Management

      • MPOR standards published

        The EBA has published its final draft regulatory technical standards (RTS) specifying the minimum ma...

      • DVA approach published

        The EBA has published its technical advice to the European Commission on the use of a prudential fil...


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