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Issue 405 - 24th September

  • News Analysis

    • Structured Finance

      • Deeper data

        Aligning loan-level disclosure requirements

        The US SEC last month approved the final Regulation AB 2 rules, significantly changing asset-level data disclosure requirements (SCI 28 August). The rules will not come into force for a couple of years, but their effects could be felt sooner and will...

      • Regulatory requirement

        Call for scrutiny under risk retention originator route

        European CLO and RMBS issuers are increasingly adopting the originator route under the Capital Requirements Regulation to satisfy risk retention rules. While the flexibility provided by this approach appears to be attracting external capital to the m...

  • Market Reports

    • ABS

      • Bid-lists bring ABS variety

        It was a busy session in US ABS yesterday, with SCI's PriceABS data capturing a range of aircraft, auto, credit card and student loan names out for the bid. Vintages ranged from 2000 to 2013 and there was even a timeshare ABS name in the mix. Among...

      • Euro 'chips off the table'

        Both the primary and secondary European markets have been busy recently as the market continues to benefit from the ECB bounce. However, there has also been an increase in the number of DNTs on BWICs as an element of caution creeps into the market. ...

  • SCIWire

    • Secondary markets

      • Mixed CLO BWICs

        Yesterday's triple-A CLO BWIC lists traded well either side of the Atlantic, but elsewhere results w...

      • Spanish seniors trade well

        The 13:00 London time Spanish seniors BWIC has traded at or above talk and sparked some activity in...

      • Uncommon deal type trades

        Yesterday's US ABS session saw a rarely-witnessed tax lien deal included on BWIC. The TAX 2014-1A NO...

      • European RMBS sporadic

        Traders report only sporadic trading in the European RMBS secondary market today with most players c...

      • US CMBS ticks over

        Despite ABS East and a strong new issue pipeline the US CMBS secondary market is holding on to last...

  • News

    • Structured Finance

      • SCI Start the Week - 22 September

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

        Pipeline Two ABS, two RMBS, two CMBS and six CLOs entered the pipeline last week. The ABS comprised FCT Ginkgo Compartment Sales Finance 2014-1 and Glacier Credit Card Trust Series 2014-1, while the RMBS were US$374m Agate Bay Mortgage Trust 2014-2...

    • CMBS

      • Sears closures affect CMBS

        Barclays Capital analysts have identified seven CMBS loans with exposure to the recent closure of various Sears and Kmart stores. The affected properties include two anchor stores in CMBS 2.0/3.0 malls. The US$49m Towne West Square Mall in MSC 2011...

      • More to CMBS losses than LTV

        Out of 220 loans securitised in European CMBS with an initial LTV below 62%, only one loan experienced a loss, according to a Bank of America Merrill Lynch analysis. The study covered 184 transactions totalling €147bn in issuance. Losses...

    • RMBS

      • Dutch bonds remain attractive

        DSB Bank's Chapel and Monastery securitisations remain attractive following an update on their performance, say Morgan Stanley European securitisation analysts. CHAPE seniors have factored down more than 25% since late 2012, while MONAS has factored...

  • Job Swaps

    • CLOs

      • BlackRock adds PM

        Aly Hirji has joined BlackRock in London as a portfolio manager, working on leveraged loans. He was...

  • News Round-up

    • Structured Finance

      • Dim Sum ABS mooted

        Moody's notes in its China Securitisation Compendium that, with the majority of recent Chinese issua...

    • Insurance-linked securities
    • NPLs

      • NPL/RPL demand rising

        Of the circa US$658bn in US non-performing loans - including US$60bn in REO properties &am...

      • RMBS analytics enhanced

        BlackBox Logic has enhanced its core suite of products with a new dataset. Dubbed BBx Premium Non-Ag...


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