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Issue 414 - 26th November

  • News Analysis

    • RMBS

      • Limited expectations

        Slow growth expected for non-QM, non-agency RMBS

        US non-agency RMBS issuance remains subdued, despite something of a pick-up in the second half of the year. Greater regulatory clarity provides some comfort, but uncertainty and unfavourable economics are expected to continue to hold volumes back. ...

      • Cautious optimism

        Fed's presence to remain after MBS purchase halt

        With the end of QE3, the US Fed has ceded the spotlight in agency MBS purchases, while staying committed to the sector through reinvestments. The timing of its taper is now seen as a significant driver of the outlook for MBS going into 2015. The US...

  • Market Reports

    • ABS

      • Paper trades ahead of Thanksgiving

        The US secondary markets have not shut down just yet, with SCI's PriceABS data picking up price talk and cover prices for US ABS, CLOs, CMBS and RMBS yesterday. In ABS there was more than US$100m out for the bid on BWICs, with supply divided between...

    • RMBS

      • RMBS supply stays high

        US non-agency RMBS BWIC supply remained elevated on Wednesday at more than US$1bn. Yesterday's session came hot on the heels of around US$2.3bn in bid-list supply on Tuesday. Tuesday's supply was strongly boosted by a large US$1.3bn list in the mor...

  • SCIWire

    • Secondary markets

      • US CLOs get ahead

        US CLO market participants are looking to capitalise on this week's healthy BWIC volumes in advance...

      • Euro ABS/MBS holds steady

        Despite the lack of news about ABSPP, the European ABS/MBS markets have held steady. "Spreads are...

      • US CMBS resurgent

        The US non-agency CMBS market is seeing a resurgence in activity this week. "Last week was very qu...

      • US CLOs closing out

        Year-end is at the forefront of US CLO traders' thoughts, but that's not to say the market is quiet....

      • Euro ABS/MBS wants more

        The ECB began ABSPP buying on Friday, but the European ABS/MBS market is still waiting for more acti...

      • Still no big ABSPP trades

        European ABS/MBS spreads are holding firm as the market continues to wait on significant ECB buying....

      • Whole tranche auction due

        A BWIC consisting of the whole of MECEN 3 A due to trade at 14:00 London time today is attracting th...

  • News

    • Structured Finance

      • SCI Start the Week - 24 November

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

        Pipeline A lot of deals joined the pipeline in the last full week before Thanksgiving. Unlike previous weeks it was not ABS leading the way - there were two new ABS deals added, along with two ILS, six RMBS, seven CMBS and six CLOs. US$1...

    • RMBS

      • GSE update on life-of-loan exclusions

        Fannie Mae and Freddie Mac have released an official update to the representations and warranties framework outlined last month (SCI 21 October), providing details and clarity on life-of-loan exclusions. The framework details what remedial actions th...

  • Talking Point

    • RMBS

      • Can't test our way to trust

        Mike Manning, co-founder and ceo of DealVector, argues that alignment of interest is the key to RMBS...

        We may be working on the wrong issues. And when you're in a hole, stop digging. Those were two thoughts I took from SFIG's very well-designed conference on reforming private label RMBS last week. Three moments stood out in particular: •...

  • Provider Profile

    • CMBS

      • New broom

        Mount Street managing partner and ceo Ravi Joseph and director Jonathan Banks answer SCI's questions

        Q: How and when did Mount Street become involved in the securitisation market? RJ: Mount Street is an amalgam of a couple of different businesses. We began taking on servicing assignments about two years ago and this business has grown quickly aro...

  • Job Swaps

    • Structured Finance

      • First Names branches out

        First Names Group has formed a global structured finance services unit in the US. Orlando Figueroa a...

      • TMF expands in SA

        TMF Group has acquired 100% of the share capital of South Africa-based GMG Trust Company, a provider...

      • Demica names new ceo

        Demica has appointed Matt Wreford to the role of ceo. Wreford arrives from Vernier Partners, a busin...

    • CLOs

      • CLO team formed

        Lupus Alpha has expanded its team with the addition of four members from Main First Asset Management...

    • CMBS

      • CRE initiative established

        Pine River Capital Management has hired Jack Taylor to serve as global head of CRE. The company has...

    • Insurance-linked securities

      • Broker expands into ILS

        Alwen Hough Johnson has established AHJ Capital Markets, which has been authorised by the UK Financi...

      • Reinsurance merger agreed

        Platinum Underwriters and RenaissanceRe have entered a merger agreement under which RenaissanceRe wi...

    • Risk Management

      • BGC breach resolved

        BGC Partners has resolved matters with the UK FCA regarding exceeding a 10% stake in GFI Group witho...

      • BGC bid extended

        BGC Partners has extended the expiration date of its tender offer to acquire all of the outstanding...

  • News Round-up

      • ABSPP decision published

        The implementation of the ABSPP has entered into force, following yesterday's publication of the ECB...

    • CLOs

      • IO loans underperforming

        Partial interest-only loans represented 41% of US CMBS 2.0 conduit loans through 3Q14, up from 20.1%...

      • RMBS loss criteria updated

        Fitch has updated its criteria for estimating losses on US mortgage pools for RMBS transactions. It...

      • RPL approach finalised

        Fitch has finalised its approach for rating RMBS backed by re-performing (RPL) and seasoned mortgage...

      • Data platform re-launched

        Ocwen Financial Corp has re-launched a free database of loan-level data for mortgages serviced by Oc...


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