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Issue 398 - 6th August

  • News Analysis

    • Structured Finance

      • Credit benefits

        Reach for yield outweighs macroeconomic concerns

        The US credit markets enjoyed a positive first half, with some sectors seeing returns in the high single-digits due to consistent spread tightening and rate compression. The strongest performing segments were those with exposure to interest rate dura...

  • Market Reports

    • ABS

      • US ABS activity picks up

        After a slow start to the week, yesterday's session brought an increase in US ABS secondary market activity. BWIC volume climbed to US$184m as SCI's PriceABS data captured 28 unique US ABS tranches, including a number of auto and student names. A s...

    • RMBS

      • Euro RMBS activity up sharply

        It was a busy session for the European RMBS market yesterday as SCI's PriceABS data captured more than 60 unique European RMBS bonds out for the bid. Covers were recorded for tranches across the length of the capital structure. Among the names circ...

  • News

    • ABS

      • Punch B upside expected

        With the ABI special committee now supporting the latest Punch restructuring proposal (SCI 22 July), it now appears likely that the restructuring could be completed within the next six months. European asset-backed analysts at Barclays Capital see mo...

    • Structured Finance

      • SCI Start the Week - 4 August

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

        Pipeline It was another busy week for deals joining the pipeline. Seven ABS, four RMBS, six CMBS and three CLOs remained by Friday. The newly-announced ABS comprised: US$1bn CarMax Auto Owner Trust 2014-3; US$800.2m Enterprise Fleet Financing Seri...

      • Accounting to drive tender activity

        European securitisation analysts at Citi suggest that only securitisations that are consolidated on bank balance sheets are likely to be tendered going forward because the originator will not recognise any accounting gain from the buyback of bonds is...

    • CMBS

      • Smaller agencies gain market share

        The use of smaller rating agencies has become more common for US CMBS 3.0 deals, particularly as Moody's, S&P and Fitch have tightened their criteria in response to perceived weakening in credit quality. The move could potentially limit liqui...

  • Job Swaps

    • Structured Finance

  • News Round-up

    • CDO

      • ABS CDO on the block

        An auction has been scheduled for Margate Funding I on 19 August. The securities shall only be sold...

      • ABB credit event called

        ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event...

      • Loss severity ticks up

        The US$82.9m Babcock & Brown FX 2 loan last month liquidated with a 95% loss, after being de...

      • Loan resolutions slow

        The US CMBS delinquency rate dropped by just 1bp to 6.04% in July, according to Trepp. Loan resoluti...

    • Insurance-linked securities
    • Risk Management

      • Clearing repository formed

        IOSCO has established an information repository for OTC derivatives central clearing requirements. T...

      • RMBS buyouts eyed

        Ocwen Financial disclosed in its Q2 EPS reporting that it plans to invest in RMBS buyouts for loans...


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