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Issue 402 - 3rd September

  • Market Reports

    • Structured Finance

      • US secondary activity picks up

        The US secondary markets were back up and running yesterday after the Labor Day holiday. Most activity was concentrated in ABS, but supply was also seen in the CMBS and non-agency RMBS segments. Bid-list volume for US ABS reached over US$250m yeste...

    • CMBS

      • Mixed CMBS supply seen

        At around US$72m, US CMBS BWIC volume remained light yesterday ahead of the Labor Day holiday, although up from the previous session. A mixed bag of bonds across a variety of vintages was out for the bid. The vintage appearing most often in SCI's P...

  • SCIWire

    • Secondary markets

      • CLO sell-off coming?

        After today's US public holiday, CLO traders expect an upswing in activity amid a potential sell-off...

      • Peripherals scheduled

        Two peripheral European BWIC lists, consisting primarily of RMBS are now circulating for trade tomor...

      • Euro markets hit re-set

        The European ABS market appears to have hit the re-set button this morning to signal the true end of...

      • Mixed day so far

        The US structured finance markets are taking a while to find their feet today while off-BWIC Europe...

      • CLOs/CDOs ease back in

        The CLO/CDO BWIC market eased back into its stride through the course of yesterday's US afternoon wi...

      • Ceasefire increase

        News of a ceasefire in the Ukraine has pulled credit indices tighter this morning and is expected to...

      • US BWIC activity picks up

        As the US BWIC markets got back up and running yesterday most activity was concentrated in ABS, but...

      • European ABS expands

        The talk surrounding a potential European asset purchase plan is expanding investor interest in ABS....

  • News

    • Structured Finance

      • Reg AB, NRSRO rules finalised

        The US SEC yesterday unanimously adopted final rules under Regulation AB 2 that substantially revise the offering process, disclosure and reporting requirements for registered offerings of ABS. The rules implement several key areas of reform R...

      • SCI Start the Week - 1 September

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

        PipelineAugust ended with a quiet week, as just three new deals joined the pipeline. These consisted of two ABS and one CLO. The ABS were US$275m California Republic Auto Receivables Trust 2014-3 and €800m Silver Arrow Compartment 5. The...

      • TRACE update to impact esoteric liquidity?

        The US SEC has approved amendments to TRACE dissemination rules, stipulating that CUSIP-level execution prices and original face values be publicly disclosed on ABS trades starting on 27 April 2015. The new rules are expected to have a limited impact...

    • CMBS

      • LEMES 2006-1 refinancing underway

        IEF Capital, the sponsor of the €1.05bn Dutch CMBS transaction Leo-Mesdag, has completed the first refinancing under the restructuring terms agreed with noteholders in June (see SCI's CMBS loan events database). The amount refinanced is &am...

    • RMBS

      • ECB purchases to support periphery

        ECB president Mario Draghi's Jackson Hole address enlivened the QE debate again last week. Confirmation that preparations for outright ABS purchases are progressing quickly is being seen as a clear positive for senior peripheral RMBS bonds, for which...

      • Countrywide valuations eyed

        The Countrywide shelf could face the brunt of increased principal modification rates, if Bank of America pursues a strategy of aggressively modifying loans in RMBS deals to fulfil the requirements of its Department of Justice settlement (SCI 27 Augus...

  • Job Swaps

  • News Round-up

    • CDO

      • CDOs on the block

        Auctions will be conducted for Kleros Preferred Funding and Trainer Wortham First Republic CBO V on...

      • Loss severities drop

        Aggregate loss severity for US CMBS loans dropped significantly in August from July's record high, a...

    • Risk Management

      • LCR vote scheduled

        The US Fed is to hold an open meeting on 3 September to vote on final regulations implementing the l...

      • SLR vote scheduled

        Similar to the US Fed, the FDIC is to hold an open meeting on 3 September to vote on final regulatio...

    • RMBS

      • Continuous pricing offered

        Interactive Data Corporation has launched a continuous fixed income evaluated pricing service. The o...

      • Lehman RMBS restructured

        Fitch has withdrawn its single-C rating on EMF-UK 2008-1's existing class A3 tranche and assigned tr...


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