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Issue 416 - 10th December

  • News Analysis

    • Structured Finance

      • Stable investment

        Low-risk option attracting investors

        The overlap between stable value (SV) funds and securitisation is increasing, given that high grade ABS offers the benefits of low risk and steady, predictable returns. However, SV strategies remain somewhat constrained by the conservative nature of...

  • Market Reports

    • CMBS

      • Post-crisis names dominate

        US CMBS bid-list volume fell to around US$44m yesterday, with generic spreads remaining mostly unchanged during the session. Supply was dominated by post-crisis names, many of which made their debut in SCI's PriceABS archive. Of these debutants, a...

      • CMBS supply steps up

        After quiet sessions in the middle (SCI 4 December) and end of last week, US CMBS bid-list volume was over US$200m yesterday. Secondary spreads were mixed, with supply split between pre- and post-crisis names. SCI's PriceABS data captured more than...

    • RMBS

      • RMBS supply on the rise

        US non-agency RMBS bid-list supply picked up strongly yesterday to more than US$800m. Subprime and Alt-A collateral led the way, although several pieces did fail to trade. SCI's PriceABS data captured a long list of names out for the bid, all from...

  • SCIWire

    • Secondary markets

      • US CLOs on the up

        The US CLO market is seeing increased BWIC volume and tighter spreads so far today. "Things are pi...

      • Euro ABS/MBS slow further

        Activity in European ABS/MBS secondary markets has continued to slow throughout this week. "We did...

      • Morning rush for US CLOs

        The US CLO BWIC market is continuing its volume upswing with 56 line items already scheduled for auc...

      • US RMBS busy again

        The US non-agency RMBS secondary market is busy again today, having had a relatively quiet Wednesday...

      • European ABS/MBS bolstered

        European ABS/MBS markets have been bolstered by signs of ECB buying. Despite yesterday's disappoin...

      • US CLOs stay quiet

        It's another quiet day in the US CLO secondary market today and the trend could continue. "There a...

      • Dutch prime outperforms

        The European ABS/MBS markets are remaining quiet with Dutch prime the only highlight. "Client acti...

  • News

    • Structured Finance

      • SCI Start the Week - 8 December

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

        Pipeline There was a steady flow of deals into the pipeline last week as five ABS, five RMBS and five CMBS were announced. There was however only the one new CLO, which was US$400m BlueMountain CLO 2014-4. The ABS were: US$1bn AART 2014-3; US$540m...

    • Risk Management

      • Report calls for higher mezz charges

        A new report from the BIS states that a simple and transparent asset pool does not translate into mezzanine tranches that are simple to assess. The report sets out the view of policymakers that mezzanine securitisation tranches therefore require subs...

    • RMBS

      • GSEs offer lower down payment loans

        The GSEs have released guidelines for offering 95%-97% LTV mortgages. The product is expected to pull loans away from the FHA, resulting in adverse selection for FHA loans. FHFA director Mel Watt originally announced in October that the loan limit...

  • Talking Point

    • Structured Finance

      • Reg AB 2 in review

        Shelf-eligibility and data disclosure discussed

        Representatives from Lewtan and Dentons recently discussed the considerations for implementing Regulation AB 2 in a live webinar hosted by SCI (view the webinar here). Topics included privacy concerns, data requirements and practical implications goi...

  • Job Swaps

    • Structured Finance

      • Sales coverage bolstered

        Tikehau IM has added Emmanuelle Hsu to its Paris sales office. She will be in charge of covering ass...

      • KLS boosts P2P platform

        A fund managed by New York-based KLS Diversified Asset Management is set to invest £132m in...

      • Mid-market JV formed

        THL Credit has formed a joint venture with Perspecta Trident to create THL Credit Logan JV, which is...

    • Insurance-linked securities

      • ILS pro joins AQR

        Greg Habay has joined AQR as a vp in the firm's business development group. He moves from JLT Re, wh...

    • Risk Management

      • BGC bid re-extended

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

      • GFI bid revised

        CME Group and GFI Group have revised their definitive agreements to increase the consideration payab...

  • News Round-up

    • ABS

      • RFC issued on RV approach

        Moody's is seeking comments from market participants on its proposed rating approach for assessing r...

    • Structured Finance

      • Rate hike weighs on SF

        With regulatory clarity now in place, the US structured finance (SF) markets are set for continued s...

      • Futures agreement reached

        ICE and Eris Exchange have reached a multi-year license agreement for ICE exchanges to list European...

      • CLO portal debuts

        US Bank Global Corporate Trust Services has launched Pivot, a specialised client portal built for CL...

    • CMBS

      • Delinquency rates drop

        The Trepp US CMBS delinquency rate posted its biggest drop in 10 months in November after falling by...

      • Bounce in loss severity

        While the disposed US CMBS loan balance continued to fall in November, a bounce in loss severity cou...

    • Insurance-linked securities

      • Malta adopts SCC regs

        Malta's legislation on securitisation cell companies (SCC) has been initiated. The Securitisation Ce...

    • Risk Management
    • RMBS

      • MHA incentives enhanced

        The US Department of Housing and Urban Development (HUD) and the US Treasury have enhanced the Makin...


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