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Issue 407 - 8th October

  • News Analysis

    • Structured Finance

      • Flexible approach

        Lack of ABSPP detail disappoints

        The lack of detail in yesterday's ECB announcement is being seen as a reflection of the complexity of its ABS purchase programme (ABSPP). Nevertheless, secondary market reaction to the news was positive, with best-in-class peripheral bonds tightening...

    • CLOs

      • Only loans

        Loan-only CLOs defy convention

        This summer's €525m Harvest CLO IX and €415m Avoca CLO XII were each backed by loan-only portfolios. The European CLO market's traditional reliance on bond buckets now appears to be subject to re-evaluation. The Volcker Rule has...

  • Market Reports

    • RMBS

      • RMBS seniors up after ECB update

        The market has reacted cautiously to yesterday's ABSPP update from the ECB. Peripheral RMBS has been most active, although the CMBS market is quiet. "Most of the activity over the last 24 hours or so has been in Spanish and Italian RMBS. Really peo...

      • Peripheral RMBS push resumes

        Heightened activity in the European secondary RMBS market continued as the week began. Italian and Spanish names continue to be in demand, while Portuguese paper and more commonly-seen bonds from the core were also out for the bid. Italian and Span...

      • RMBS activity ratchets up

        US non-agency RMBS BWIC volume approached US$600m yesterday, with another large bid-list of around US$1bn due to trade today. While secondary supply is high, yesterday's session suggests execution is weakening, with bonds covering below price talk an...

  • SCIWire

      • Triple-As mixed

        Yesterday's triple-A CLO BWICs either side of the Atlantic had mixed fortunes with 1.0 deals faring...

      • US RMBS picks up

        The start of a new quarter has boosted activity in the US non-Agency secondary market with sellers,...

      • Post-ECB peripheral test

        Yesterday saw spread volatility across peripheral secondary markets surrounding the ECB meeting, but...

      • Peripherals trade strongly

        The majority of both peripheral BWIC lists today traded at or above talk and covers were high on two...

      • Euro ABS settles down

        European ABS and MBS secondary markets have started to settle down this morning after the heightened...

      • Euro ABS pipeline builds

        After a quiet start to the week the European ABS and MBS market has started to build up a healthy pi...

      • Trups CDOs stay sparse

        It looks to be a quiet week again on-BWIC in the US Trups CDO space this week with only one list cur...

      • Technicals drive US RMBS

        Spreads are staying firm in the US RMBS market thanks to its strong technicals and the resultant two...

      • Spanish mezz focus

        The European ABS and MBS BWIC pipeline is ramping up once more for today with a Spanish mezz list du...

  • News

    • Structured Finance

      • SCI Start the Week - 6 October

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

        PipelineA large number of deals joined the pipeline last week. At the last count there were seven ABS, four RMBS, seven CMBS and four CLOs announced. The ABS were: £581m Dignity Finance; US$500m EART 2014-3; US$330m Flagship Credit Auto Tr...

  • Job Swaps

      • Board changes at Markit

        Edwin Cass has joined Markit's board of directors. He was nominated by the Canada Pension Plan Inves...

      • Fund manager adds two

        SCIO Capital has added Barry Lucassen to its portfolio management team and Eriko Aron to its risk ma...

      • Cantor adds CLO trader

        Cantor Fitzgerald has appointed Ervin Pilku as an md. He will be based in New York and focus on trad...

    • Insurance-linked securities

      • ILS manager makes UK move

        Twelve Capital has opened an office in London, with the firm's chairman and cio Urs Ramseier relocat...

    • RMBS

      • GSE lawsuits dismissed

        US District judge Royce Lamberth has dismissed four lawsuits against Fannie Mae and Freddie Mac, two...

  • News Round-up

      • EMEA UMPPR launched

        Moody's has launched unpublished monitored private placement ratings (UMPPR) across EMEA, focused on...

    • CLOs

      • CLO diversity surveyed

        CDO strategists at JPMorgan have examined single name exposures within and between pre- and post-cri...

    • CMBS

      • Sears exposure tallied

        Morningstar estimates that about US$373.3m in loans across nine US CMBS could potentially be affecte...

    • Insurance-linked securities

      • ILS trade trends examined

        FINRA began making transaction prices available on TRACE for 144a and structured products trades on...

      • EPD losses made whole

        US$42m of subsequent recoveries was paid to the MLMI 2007-MLN1 RMBS in September's remittance, most...


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