Weekly Issue Archive »

Issue 404 - 17th September

  • News Analysis

    • RMBS

      • Better off single?

        Unified GSE security could provide PLS boost

        FHFA director Mel Watt last week reaffirmed the agency's intention to create a single TBA market for GSE securities. Although the industry has voiced concerns over the proposal, it could be a step towards rebuilding the private-label RMBS market. W...

  • Market Reports

    • CLOs

      • Euro CLOs enjoy ECB boost

        The 'ECB effect' is pulling European CLO spreads tighter, with BWICs last week trading very well. Further bid-lists are scheduled to trade today and tomorrow, with good execution expected again. "Last week really exceeded expectations because bid-l...

    • RMBS

      • Large lists lift non-agencies

        US non-agency RMBS secondary activity was up sharply yesterday, as BWIC volume comfortably exceeded US$1bn. Much of the supply came from a pre-announced US$727m legacy list. SCI's PriceABS data captured a range of price talk and cover prices on tra...

  • SCIWire

      • European CMBS picks up

        Activity has picked up in the European CMBS secondary market over the past few days with decent two-...

      • Testing time for US CLOs

        The US CLO BWIC machine grinds on today with five lists scheduled so far. However, with almost a thi...

      • US CMBS returns

        After an extended summer lull the US CMBS market at last appears to be on its way back to full funct...

      • Increasing US CMBS supply

        Spreads held steady in US CMBS into the end of last week, but with ever increasing bid list supply e...

      • Triple-A days

        The past week has seen healthy demand in triple-A CLOs in Europe, particularly as a result of the AB...

  • News

    • Structured Finance

      • ABSPP challenges outlined

        The ECB will likely allocate national targets for ABS purchases based on its capital key percentages, Citi European securitisation analysts suggest. They anticipate that the central bank may have to buy bonds at off-market prices to ensure the succes...

      • SCI Start the Week - 15 September

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

        Pipeline A raft of US CMBS deals joined the pipeline last week, accounting for over half of all newly-announced transactions. Four ABS and two CLOs also began marketing. The newly-announced ABS consisted of US$1.028bn Chrysler Capital Auto Receiva...

      • Negative correlation offers diversification

        US consumer ABS spreads are wider and more volatile in the post-crisis period. However, a recent Wells Fargo study of the distribution of correlation coefficients indicates a less correlated and more diversified market than in the past. ABS strateg...

    • RMBS

      • Whole loan securitisation on the rise?

        Gross agency MBS issuance increased from US$85bn to US$89bn and net issuance increased from US$7bn to US$14bn from July to August, according to Citi figures. The increase was partly driven by a jump in seasoned loan securitisation by Bank of America...

  • The Structured Credit Interview

    • Structured Finance

      • Value add

        Rajat Rohailla, executive director at Molton Street Capital, answers SCI's questions

        Q: How and when did Molton Street become involved in the structured finance markets? A: We are a young firm, but all of our backgrounds are in trading, securitisation and risk management. We have been focused on structured finance since our inceptio...

  • Job Swaps

      • Law firm merger mooted

        Locke Lord and Edwards Wildman Palmer intend to merge and create a new firm, which would be named Lo...

      • CLO pro rejoins law firm

        Cadwalader, Wickersham & Taft has added David Quirolo to its global capital markets practice...

    • CDO

      • Taberna settlement agreed

        RAIT Financial Trust has agreed in principle to resolve a US SEC investigation concerning its subsid...

    • Insurance-linked securities
    • RMBS

      • Further FHFA suit settled

        The US FHFA has agreed a settlement of US$550m with HSBC North America Holdings, related companies a...

      • Agency trader added

        Randy Turso has swapped RBS for RBC, joining the Canadian bank as a director. He will trade agency R...

  • News Round-up

      • KRIS adds CDS data

        Credit default swap trading volumes have been added to the Kamakura Risk Information Services (KRIS)...

      • Cash-out impact examined

        Kroll Bond Rating Agency has published a research report delving into borrower equity cash-outs in t...


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