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Issue 396 - 23rd July

  • Market Reports

    • CMBS

      • US CMBS abuzz with bid-lists

        There was heavy BWIC volume in the US CMBS market yesterday. Bid-lists totalling over US$500m were circulating, with SCI's PriceABS data picking up a range of vintages out for the bid. Among the pre-crisis names available was the BACM 2005-3 AJ tra...

      • Mixed bag out for busy CMBS session

        US CMBS BWIC volume totalled around US$650m yesterday as a mixed bag of securities from various vintages were put out for the bid. SCI's PriceABS data captured a range of price talk and covers. PriceABS picked up 29 unique US CMBS tranches from yes...

    • RMBS

      • US RMBS supply stays steady

        US non-agency RMBS secondary market activity remained moderate yesterday as supply was driven mainly by subprime floaters. BWIC volume was around US$650m, with SCI's PriceABS data capturing tranches from vintages as disparate as 2003 and 2014. Amon...

  • News

    • Structured Finance

      • SCI Start the Week - 21 July

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

        PipelineMany of the deals that joined the pipeline last week were quick to price. However, three ABS, an RMBS, five CMBS and six new CLOs remained at the end of the week. The newly announced ABS comprised: US$300m HOA Funding Series 2014-1, US$387m...

    • CLOs

      • HARBM 3 hit by lack of credit support

        The Harbourmaster CLO 3 class B tranche last week defaulted at the deal's legal final maturity. The transaction differed in several ways from typical legacy European CLOs, but appears to have primarily succumbed to a lack of credit enhancement. The...

      • Loan TRS 'welcome' addition

        Total return swaps (TRS) on investment grade and high yield credit indices in Europe and the US have seen moderate success over the past two years. However, the recent extension of Markit's suite of TRS to include leveraged loans is expected to garne...

    • CMBS

      • TMAN 7 D bonds overvalued?

        Pricing on the TMAN 7 class D bonds does not reflect the risks involved, say Deutsche Bank CMBS analysts. An update call last month from special servicer Hatfield Philips has enhanced transparency around the transaction, but there are concerns about...

    • RMBS

      • Falling factors push pricing premium

        Bonds with lower factors are increasingly common on US non-agency RMBS bid-lists. As it becomes more difficult for investors to find large enough bonds to meet reinvestment demand, a pricing premium on larger blocks is developing. Bank of America M...

  • Job Swaps

    • ABS
    • Structured Finance

      • Structured pro named PM

        Black Diamond Capital Management has appointed Jerome Shapiro as md and structured product portfolio...

    • CDS

      • ISDA names new ceo

        ISDA's board of directors has appointed Scott O'Malia as ceo. He will also serve as a director of th...

      • Pre-trade risk pro added

        GreySpark Partners has appointed Stephane Lannoy as managing consultant. He will lead the firm's pre...

    • RMBS

      • Global RMBS claims settled

        American International Group has reached a global resolution of its RMBS-related disputes with Bank...

  • News Round-up

    • Structured Finance
    • CDO

      • Trups CDO sale due

        Bank of New York Mellon, as trustee for the Preferred Term Securities XII CDO, has retained Stifel,...

    • CDS

      • LCDS auction scheduled

        The auction to settle the credit derivative trades for Solocal Group (formerly known as Pages Jaunes...

      • Mod adds two hope notes

        The US$54m Colony V portfolio located in the Chicago and Washington DC metro areas has received a mo...

    • Insurance-linked securities

      • ILS ratings affirmed

        S&P has affirmed its ratings on four natural-peril catastrophe bonds that had annual resets...


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