Weekly Issue Archive »

Issue 399 - 13th August

  • News Analysis

    • RMBS

      • Re-REMIC return?

        Demand for round-lots driving re-REMIC up-tick

        US re-REMIC volumes picked up considerably over the first half of the year and activity in the sector looks set to continue. In turn, the increased issuance is boosting demand for legacy non-agency RMBS bonds that can be absorbed into new transaction...

    • Structured Finance

      • Conflict of interest

        Litigation activity turning towards trustees

        The focus of US financial crisis-related litigation activity is turning towards the trustee community. The fundamental issue at stake in this new breed of dispute is who's going to pay. Pre-crisis securitisations were often structured with little c...

  • Market Reports

    • Structured Finance

      • Euro markets unexpectedly busy

        Weakness in the broader financial markets brought volatility to the European ABS sector last week. An unseasonably high number of ABS bid-lists were observed, while activity is building in RMBS and the focus on CMBS has been on the unexpected postpon...

    • CMBS

      • CMBS supply stays high

        US CMBS bid-list supply remained strong yesterday at around US$478m, with generic spreads wider across most vintages and product types. SCI's PriceABS data recorded 45 unique US CMBS tranches out for the bid during the session, including paper issued...

    • RMBS

      • RMBS activity centres on seniors

        It was a fairly quiet session across the board yesterday, although US non-agency RMBS bid-list supply did reach around US$131m. After some weakness for lower-rated legacy names last week, Interactive Data notes that dealer offering levels yesterday w...

  • News

    • Structured Finance

      • SCI Start the Week - 11 August

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

        PipelineThe pace of deals joining the pipeline slowed down last week. There were four ABS, two RMBS and four CMBS added. The ABS were US$1.4bn Applebee's Funding/IHOP Funding Series 2014-1, US$275m Miramax Series 2014-1, US$501m South Carolina Stud...

    • CLOs

      • Positive CLO rating trend continues

        Around 85% of rating changes for European CLOs so far this year have been upgrades. The positive rating trend has been in force since 2011 and means that many tranches are now at or close to their original ratings once more, particularly at the top o...

    • RMBS

      • Rates impact weighed

        With FN 4.5s prices nearing their all-time highs, the US agency RMBS sector appears to be at a tipping point from a rates perspective. So far, mortgage production and refinancing concerns have remained well contained, but Morgan Stanley MBS strategis...

  • Job Swaps

    • ABS

      • Element beefs up SF team

        Element Financial Corporation has appointed a team of structured finance veterans in Stamford, Conne...

    • CLOs

      • CLO firm adds RBS pair

        CIFC Corp has boosted its capital markets and distribution group with the appointments of Matt Andre...

  • News Round-up

      • SMB completes debut SLABS

        Sallie Mae has completed its first student loan ABS as a standalone consumer banking business, as we...

      • MSA payments drop

        Fitch has completed its annual ratings review of tobacco ABS, accounting for the amount of Master Se...

      • RFC issued on trustee role

        SEBI has released for comment a concept paper regarding the introduction of a standardised term shee...

      • ECB to hire ABS consultant

        Mario Draghi, president of the ECB, disclosed in a press briefing following yesterday's Governing Co...

    • CDO

      • ABS CDO auction due

        An auction has been scheduled for RFC CDO II on 29 August. The securities shall only be sold if the...

      • Succession event for BES

        ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a succession event occurre...

      • US CDS ETFs rolled out

        ProShares has launched two funds that aim to provide exposure to the credit component of the US high...

      • RFC issued on RPL approach

        Fitch is inviting feedback on its approach for rating RMBS backed by re-performing loan (RPL) collat...


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