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Issue 411 - 5th November

  • News Analysis

    • RMBS

      • Warehouse financing

        RMBS alternative lays foundation for more

        Jerrold Holdings has closed a restructuring of the £557.7m Charles Street Conduit Asset Backed Securitisation 1, believed to be the first publicly-rated warehouse securitisation since the financial crisis. Issuance of such transactions is ex...

  • Market Reports

    • ABS

      • ABS activity ticks over

        US ABS secondary volume was down from the prior session, but still managed to reach around US$160m yesterday. Student loan bonds dominated supply. FFELP paper accounted for the majority of student loan tranches out for the bid yesterday. SLMA 2006-...

    • CMBS

      • CMBS steady to start week

        It was a quiet start to the week for most markets, although US CMBS BWIC volume once more pushed US$150m. A US$120m list of legacy floater bonds was also pre-announced and is due to trade this morning, US-time. SCI's PriceABS data captured 19 uniqu...

    • RMBS

      • Big BWIC boosts US RMBS

        A US$941m US non-agency RMBS bid-list traded yesterday, bringing total BWIC volume to around US$1.5bn. Execution appears to have been fairly strong, with SCI's PriceABS data recording a number of trades. As with last week's bumper list, subprime do...

  • SCIWire

    • Secondary markets

      • US CLOs trade strongly

        The US CLO market is taking the current high volume of BWICs in its stride and continues to trade st...

      • Two Trups auctions today

        In addition to the previously mentioned 11:00 FDIC Trups CDO auction, today also sees a further mezz...

      • US RMBS takes a breather

        The US non-agency RMBS market appears to be taking a breather today, but it's unlikely to last. "T...

      • Peripherals firmer

        Positive ABSPP news has driven buying of peripheral ABS/MBS, but core paper is mixed. Following th...

      • US CMBS looks ahead

        The US CMBS market is seeing a flurry of activity today after a quiet week, but attention is already...

      • Spanish focus

        The European BWIC schedule starts the week with two auctions scheduled so far for today that are dom...

      • Euro ABS/MBS waits on

        Amid light secondary flows this week into today European ABS/MBS spreads have stayed steady as the m...

  • News

    • Structured Finance

      • SCI Start the Week - 3 November

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

        Pipeline The number of deals joining the pipeline increased markedly last week. Remaining at the end of Friday were seven ABS, an ILS, six RMBS, four CMBS and two CLOs. The ABS were: US$743m Bank of the West Auto Trust 2014-1; €537m Bump...

  • Job Swaps

    • Structured Finance

      • Debt team strengthened

        Permira Debt Managers (PDM) has launched the first close of its direct lending fund, Permira Credit...

      • Rothauser rejoins DB

        Deutsche Bank has hired Armin Rothauser as md and head of transportation, infrastructure and energy...

    • CDO

      • ABS CDO transferred

        Dock Street Capital Management has replaced Dynamic Credit Partners as collateral manager to Montere...

    • CLOs

      • Controlling stake acquired

        Fair Oaks Income Fund has acquired, in the primary market, US$26m notional of equity notes of Covena...

    • Risk Management

      • ICE to open in Singapore

        ICE Clear Singapore is expected to commence operations on 17 March 2015. Following the acquisition o...

      • SEF adds derivatives guru

        BGC Partners has appointed James Cawley as ceo of its SEF subsidiary, BGC Derivative Markets. Angelo...

    • RMBS

      • CSS ceo appointed

        David Applegate has been named the first ceo for Common Securitization Solutions (CSS), established...

  • News Round-up

    • Structured Finance

      • BWIC seller revealed

        BayernLB has confirmed that it was the seller behind Tuesday's large liquidation, in which it divest...

    • CLOs

      • Post-crisis returns dip

        The October monitor report for JPMorgan's Collateralized Loan Obligation Index (CLOIE) shows that re...

    • CMBS

      • Delinquency rate moves up

        Trepp's US CMBS delinquency rate moved up by 11bp to 6.14% in October, which is the highest rate inc...

      • Default rate inches lower

        Fitch's quarterly US fixed-rate CMBS cumulative default rate dropped slightly to 13.4%, compared to...

      • NHP disposal agreed

        A binding sale and purchase agreement has been executed in respect of the sale of all of the subsidi...

      • Legacy CMBS stabilising

        Legacy US CMBS performance continues to stabilise, Fitch notes in its latest CMBS quarterly index. T...

      • Sears exposure quantified

        A recent Morgan Stanley analysis identifies over 210 Sears and Kmart stores that have closed or have...

      • NSFR finalised

        The Basel Committee has issued the final standard for the net stable funding ratio (NSFR), which req...

    • RMBS

      • Fed asset purchases to end

        The US Fed is to conclude its asset purchase programme by end-October, but will maintain the existin...


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