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Issue 412 - 12th November

  • News Analysis

    • RMBS

      • Evolution theory

        SFR securitisation to remain a viable asset class?

        The single-family rental securitisation market has seen six different sponsors issue 11 transactions for a total of US$6.14bn in its first year. Such volume suggests that the sector is becoming a viable asset class, yet doubts remain about its longev...

    • Structured Finance

      • Critical mass

        RPL securitisations gaining traction?

        Increasing supply, combined with the high yields on offer is pushing US re-performing loans (RPLs) closer to becoming a mainstream securitisation asset. Concerns remain over the lack of information provided on such loans, however. A recent Barclays...

    • CMBS

      • Embracing change

        Investor base limiting European CMBS growth

        European CMBS investors have this year embraced a wider variety of property types and jurisdictions, as well as greater complexity in terms of multiple loans from unrelated sponsors. However, while the product also appears to be increasingly outcompe...

  • Market Reports

    • RMBS

      • Euro MBS activity winding down?

        The European MBS markets have been quiet for the last week or two. Sterling prices in particular are refusing to tighten as investors appear reluctant to pursue paper. "Most people have had a good year so I do not think they want to do much more be...

  • SCIWire

    • Secondary markets

      • US CLO buyers hold sway

        The US CLO market is being driven by buyers rather than sellers so far today. "We're seeing a few...

      • Triple-As today

        Amid a reasonably busy day for CLO BWICs either side of the Atlantic today, two triple-A European CL...

      • European ABS/MBS stay firm

        The European ABS/MBS markets are staying firm ahead of the ECB press conference this afternoon at 14...

      • Subprime strong

        A strong pipeline of US subprime RMBS BWICs for next week is already building with more expected to...

      • US RMBS stays quiet

        The US non-agency RMBS market is relatively quiet today ahead of tomorrow's public holiday. "We're...

      • Euro ABS/MBS unmoved

        The European ABS/MBS markets are so far unmoved by confirmation that next week will see the start of...

      • CLOs get under way

        The week gets fully under way in the CLO space today with eight BWICs already scheduled eit...

  • News

    • ABS

      • Punch A bonds still offer value

        In light of Punch's latest results, Punch A bonds continue to offer better value than Punch B across the capital structure, say Barclays Capital analysts. While both Punch A and Punch B may be refinanced in a couple of years, Punch B seniors are pric...

    • Structured Finance

      • SCI Start the Week - 10 November

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

        Pipeline Another fifteen deals joined the pipeline last week. They consisted of four ABS, one ILS, six RMBS, two CMBS and two CLOs. The ABS were US$1bn AmeriCredit Automobile Receivables Trust 2014-4, US$556.3m Apollo Aviation Securitization Equit...

  • Talking Point

    • Structured Finance

      • A closer look at US credit risk retention rules

        Morrison & Foerster of counsel Melissa Beck, senior of counsel Kenneth Kohler and senior of coun...

        In a flurry of regulatory actions on 21 and 22 October, the FDIC, the OCC, the Federal Reserve Board, the SEC, the FHFA and the Department of Housing and Urban Development each adopted a final rule implementing the credit risk retention requirements...

  • Job Swaps

    • Structured Finance

      • Corporate trust pro added

        Elian Global has added Gary Webb as an associate director for business development and international...

    • CMBS

      • Bellwether adds CMBS vet

        Laurie Morfin has joined Bellwether Enterprise as svp, where she will be based in the company's Irvi...

      • Colony merger mooted

        Colony Financial (CLNY) and Colony Capital have reached a non-binding agreement in principle for the...

    • Risk Management

      • BGC stance reaffirmed

        BGC Partners has responded to the recommendation by GFI Group's board of directors to reject its ten...

  • News Round-up

      • Auto ABS sets groundwork

        Auto loan securitisation has established a foothold in China, with six transactions being rolled out...

      • Rating shopping persists

        Regulatory reforms have failed to end to the practice of rating shopping in the US securitisation ma...

      • BWIC Board adds PriceABS

        SCI's PriceABS secondary market data has been made available via DealVector's BWIC Board. For the ne...

      • Manager variation emerging

        Aggregate performance of US CLOs remained stable last quarter, though differences are starting to em...

      • Loss severity declines

        Average US CMBS loss severity measured 45.56% in October, according to Trepp, down from 55.69% in Se...

      • Balloon date pay-offs jump

        The percentage of US CMBS loans paying off on their balloon date jumped sharply in October to 72.5%,...

      • Data agreement reached

        Eagle Investment Systems is collaborating with Interactive Data to provide the latter's pricing and...


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