Issue 413 - 19th November
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News Analysis
- CMBS
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AQR spur
Stress-test boost for non-core asset disposals
European CRE loan sales are set to rise steadily in light of the ECB's recent asset quality review (AQR) and stress tests, with a fair portion likely to be securitised. Italy is expected to become the next jurisdiction to enter the fray, with non-cor...
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- CMBS
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Market Reports
- CLOs
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Quiet CLO market looks ahead
The European CLO market has remained quiet over the last week. A sizable list due to trade on Wednesday could liven it up. "It has been really quiet again," says one trader. "We have been looking increasingly at US paper because the supply in Europ...
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- CMBS
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Large lists lift Euro CMBS
European CMBS secondary supply is being boosted by sizeable bid-lists, with paper trading today and set to trade tomorrow as well. A degree of weakness seems to have set in, with enhanced supply likely to exacerbate that. "There is hardly any clien...
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CMBS supply up, spreads wider
US CMBS spreads widened out a little yesterday as BWIC supply picked up from the quiet start to the week. SCI's PriceABS data captured a couple of pre-crisis names as well as a list of post-crisis ones. BWIC volume for the session was over US$270m....
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- RMBS
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AON lists boost NA
US non-agency RMBS secondary supply climbed yesterday as BWIC volume approached US$800m. Several lists were presented all-or-none and SCI's PriceABS data reveals a significant number of covers. Supply captured by PriceABS was overwhelmingly from 20...
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- CLOs
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SCIWire
- Structured Finance
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ECB wait continues
While most of the market is waiting for the ECB, a European CLO list of non-eligible paper has been...
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- CMBS
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CMBS supply keeps coming
Sizeable European CMBS BWICs today and tomorrow are keeping the market active in the run-up to the m...
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- Secondary markets
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Euro ABS/MBS BWIC focused ahead of the ECB
A healthy supply of BWICs is focusing the European markets' attention today, but the expected ABSPP...
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US CLO equity robust
It's been a strong morning for the US CLO market with equity pieces in particular trading robustly. ...
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More of the same for European ABS/MBS
The European secondary markets remain fixated with the ABSPP and so expectations are for the same tr...
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European eclectic list circulating again
A 37 line €276.502m BWIC is circulating for trade next Wednesday at14:00 London time. The...
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Strong day for US RMBS
The US non-agency RMBS market is seeing heavy BWIC volume and strong trading today after a disjointe...
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Europe stays patchy
European core and peripheral bonds across deal types continue to trade well where they do trade, but...
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- Structured Finance
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News
- ABS
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Unique exchange odds increase
Enterprise Inns' latest results show income growth across the portfolio. With portfolio performance stabilised, the likelihood that the firm will look to reduce the amortisation profile on its Unique securitisation through a tender or exchange progra...
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- Structured Finance
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SCI Start the Week - 17 November
A look at the major activity in structured finance over the past seven days
Pipeline A lot of deals joined the pipeline last week, with a strong line-up of ABS leading the way. There were 11 ABS, as well as one ILS, three RMBS, three CMBS and four CLOs. The ABS were: US$530m American Homes 4 Rent 2014-SFR3; US$750m CIT Eq...
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- ABS
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Job Swaps
- Structured Finance
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Two added to head fund
Nomura Asset Management has added Richard Hodges and Ben Bugg to its global fixed income team. They...
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Structured head appointed
Munish Varma has rejoined Deutsche Bank in London to lead structured solutions in its loans and depo...
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- CDS
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Bank bags new team
Toronto-Dominion Bank has hired a structured products team from Scotiabank to lead a new US-based sa...
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- CLOs
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CLOs transferred in-house
BNP Paribas has assigned its investment manager obligations for the Kintyre CLO I and Gillespie CLO...
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- CMBS
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Blackrock add CMBS researcher
Blackrock has added Deniz Yegenaga to focus on CMBS in its London-based research team. Yegenaga arri...
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Greystone adds in CMBS
Gregory Krafcik has joined Greystone as md, based in Atlanta and reporting to Robert Russell, head o...
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- Insurance-linked securities
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ILS experts join firm
Todd Winchel and Robert Quinn have joined Wilmington Trust's global capital markets division to lead...
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- RMBS
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Hogg joins B2R
B2R Finance has named Jason Hogg as ceo. He will provide strategic direction to support B2R's expans...
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- Structured Finance
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News Round-up
- ABS
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GE regs 'mildly negative' for SLABS
The recent US gainful employment (GE) regulations focusing on for-profit colleges and schools are mi...
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Beneficial merger mooted
Perella Weinberg Partners plans to merge its Flagship Credit Acceptance and CarFinance Capital auto...
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Seasoning to stabilise credit cards
The quality of assets underlying US credit card ABS is expected to begin normalising in 2015. This i...
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FFELP portfolio acquired
Navient has closed a new US$10bn student loan ABCP financing facility. The conduit matures in Novemb...
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- Structured Finance
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Reg cap clarifications mooted
The US Fed, the FDIC and the OCC have proposed clarifications to the revised regulatory capital rule...
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Strong forecast for Asia
Credit quality across the Asian securitisation and covered bond markets will remain strong overall i...
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Green bond index unveiled
Barclays and MSCI have launched a new green bond index family measuring the global market of fixed i...
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HQS task force formed
SFIG has established a new working group: the High Quality Securitization (HQS) Task Force. The HQS...
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- CDO
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Trups defaults down again
The number of combined defaults and deferrals for US bank Trups CDOs has slightly decreased to 22% a...
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- CDS
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IOSCO consults on CDS transparency
IOSCO has published a consultation report which seeks to analyse the potential impact of mandatory p...
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CDS widens on alleged scandal
Five-year CDS on Petroleo Brasileiro SA (Petrobras) widened out 21% last week to price at the widest...
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Abengoa CDS spikes
Abengoa's five-year CDS spiked 128% last week, according to Fitch Solutions. This follows a results...
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Possible bankruptcy hits Caesars' CDS
Five-year CDS on Caesars Entertainment Operating Company spiked 50% yesterday to an all-time wide, s...
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Deutsche Bank trims CDS trading
Deutsche Bank is set to reduce its activity in CDS trading referencing individual companies, citing...
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- CLOs
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Euro CLO overlap examined
Morgan Stanley structured credit strategists have analysed European CLO 2.0 collateral, focusing on...
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- CMBS
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Resolutions continue apace
November remittances so far suggest that BSCMS 2005-PW10's delinquent pipeline has been cleaned out,...
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Westfield AJ losses threatened
The US$240m Westfield Centro Portfolio, securitised in JPMCC 2006-LDP7, has received an updated appr...
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CMBS maturities present challenges
Over the next three years, more than US$300bn in conduit CMBS loan balance will mature, which is mor...
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Losses to rise on A/B mods?
Overall loss severities on US CMBS A/B loan modifications liquidated to date have been low. However,...
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- Risk Management
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ISDA stay protocol launched
ISDA has opened the ISDA 2014 Resolution Stay Protocol for adherence. Eighteen major banks have sign...
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IRB consultation launched
The EBA has launched a consultation on its draft regulatory technical standards (RTS) on an assessme...
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Capital floor introduced
The Basel Committee has published two documents in preparation for the G20 Leaders' Summit in Brisba...
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- RMBS
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Master trust changes proposed
A number of changes have been proposed to the Arkle and Permanent master trust programmes. The moves...
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Bank settlements affecting US RMBS
Recent settlements between big banks and the US Department of Justice (DOJ) have allocated billions...
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- ABS
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