Weekly Issue Archive »

Issue 397 - 30th July

  • News Analysis

    • RMBS

      • Risky sharing?

        GSE deals may underpay for risks involved

        Fannie Mae printed its US$2.05bn CAS Series 2014-C03 deal earlier this month, with structural innovations that may increase risk. While the market perception is that GSE credit risk transfer RMBS are very safe, concern is emerging regarding transpare...

  • Market Reports

    • CLOs

      • Strong secondary CLO supply

        The US CLO secondary market was busy yesterday, with SCI's PriceABS data capturing 62 unique US CLO tranches on bid-lists. Paper from the length of the capital stack was out for the bid and various vintages were represented. One of the more recentl...

  • News

    • Structured Finance

      • SCI Start the Week - 28 July

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

        Pipeline A mixed bag of transactions joined the pipeline last week. Four ABS, three RMBS, one CMBS and three CLOs remained by Friday. The newly announced ABS comprised: US$101m Alterna Funding I; US$230.5m CarFinance Capital Auto Trust 2014-2; US$...

    • CMBS

      • Non-core sales bring CMBS boost

        The recapitalisation of European CRE lenders through non-performing or non-core CRE loan sales should provide a supply of new opportunities. This, in turn, could potentially fuel increased European CMBS issuance. CRE loan and REO sales for the firs...

    • RMBS

      • Credit enhancement to support NC RMBS

        The UK non-conforming RMBS sector has benefitted greatly from the low interest rate environment. The timing, frequency and magnitude of rate rises will be the next key driver of future performance, according to European securitisation analysts at Bar...

      • Buying opportunity for LUSI bonds

        Senior Lusitano RMBS bonds have cheapened by 0.5-2.5 points since Espirito Santo International failed to pay on its commercial paper liabilities earlier this month. The dip has created a buying opportunity, with the caveat that the absence of back-up...

      • Experts endorse settlement

        Independent experts consulted by RMBS trustees on the adequacy of JPMorgan's proposed settlement have made their recommendations public. Barclays Capital RMBS analysts note that the experts' opinions generally support accepting the settlement for a m...

  • Provider Profile

    • Structured Finance

      • European alternative

        Stefan Bund, group md and head of asset-based finance at Scope Ratings, answers SCI's questions

        Q: How and when did Scope Ratings become involved in the securitisation market? A: Scope Ratings was established in 2002 as a funds analysis house, specialising in the commercial real estate, SME and infrastructure sectors. The company expanded in...

  • Job Swaps

    • Structured Finance

      • Asset manager appoints ceo

        The Prytania Group has appointed Jim Irvine as ceo, effective from September. He was most recently a...

      • Operations md recruited

        Anders Malcolm has joined Assenagon as md responsible for portfolio operations and risk control. His...

    • CDO

      • ABS CDO manager replaced

        Dock Street Capital Management has replaced Fortis Investment Management as collateral manager to Or...

      • Ratings probe initiated

        McGraw Hill Financial has filed a Form 8-K with the US SEC acknowledging that it received a 'Wells N...

    • Risk Management

  • News Round-up

      • Hertz waiver welcomed

        Hertz has received a waiver from ABS bondholders in connection with its potential lease event of def...

    • Structured Finance

      • MMF rules adopted

        The US SEC has adopted final amendments to Rule 2a-7 under the Investment Company Act of 1940. The a...

      • CLO issuance hits highs

        US CLO new issuance finished 1H14 with the most active quarter since the inception of the market, Fi...

      • Defeasance on the rise

        US CMBS loan defeasance volume has increased significantly over the last 18 months, jumping from an...

    • Insurance-linked securities

      • MAT impact examined

        ISDA has published an updated analysis of how made-available-to-trade (MAT) determinations under the...

    • RMBS

      • Spanish NPL risks examined

        Appetite for transactions backed by restructured or re-performing loans is increasing in the Spanish...


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