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Issue 420 - 14th January

  • News Analysis

    • Risk Management

      • Seeking knowledge

        FIA survey to unlock CCP transparency?

        Central counterparty transparency has come under the spotlight in recent months. A new survey of CCP risks could help forge a wider understanding of clearinghouse conduct and accountability, however. Milbank, Tweed, Hadley & McCloy partner...

  • Market Reports

    • ABS

      • Secondary ABS starts year strongly

        The US ABS secondary market is back up and running this week as BWIC volume yesterday reached more than US$150m. Supply was only a little lower than that on Monday and was even higher on Tuesday. Wednesday's supply was dominated by auto and credit...

    • RMBS

      • Non-agency supply rises

        US non-agency RMBS BWIC activity was up to over US$150m yesterday. SCI's PriceABS data captured more than 70 unique line items, all of which come from 2003-2009 vintages. The increased supply appears to have traded in line with dealer price talk. A...

  • SCIWire

    • Secondary markets

      • Slow start for US CLOs

        US CLOs are starting the year slowly with relatively low levels of activity, but thus far are only s...

      • 'Wait and see' for US CLOs

        The US CLO market is continuing to adopt a wait-and-see approach to 2015. "There have been a few l...

      • US RMBS looks ahead

        Secondary activity in US non-agency RMBS has gradually picked up this week, but next week is expecte...

      • Looking for levels

        European ABS/MBS secondary market activity continues to increase slowly but participants are still t...

      • Euro CLO pipeline builds

        Amid healthy activity across the capital structure off-BWIC, the European CLO auction pipeline is bu...

      • US Trups list due today

        Today sees the first widely circulated Trups CDO BWIC of 2015. The six line $46.963m list is due a...

      • ABSPP underwhelms again

        The ECB's latest ABSPP number is likely to underwhelm the market once again. The ECB has confirmed...

      • Tiers for US CLOs

        The US CLO market is picking up speed, but energy exposure continues to create price tierin...

  • News

    • Structured Finance

      • SCI Start the Week - 12 January

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

        Pipeline A number of US ABS deals have been announced for the start of the year. An ILS and an RMBS have also joined the pipeline. The ABS are: US$1.1bn AmeriCredit Automobile Receivables Trust 2015-1; US$2.4bn DB Master Finance Series 2015-1; US$...

    • CMBS

      • Store closures prompt performance concerns

        JC Penney and Macy's have disclosed that they will respectively close 39 and 14 stores this year, including 15 properties backing US$479m of CMBS loans. Certain property closures could accelerate the performance divergence between dominant c...

    • RMBS

      • FHA MIPs moved down

        The FHA's mortgage insurance premiums (MIPs) are being lowered by 50bp. This brings policy risk back into the picture for RMBS investors, say Bank of America Merrill Lynch analysts, as the FHA looks to maintain market share in the face of the GSEs' h...

  • Job Swaps

      • Credit co-heads appointed

        Mehdi Kashani and Matthew Davies have been appointed interim co-heads of European credit at RBC, rep...

      • Promotion for risk manager

        Marathon Asset Management has promoted Jamie Raboy to partner. He has been with the firm since its i...

      • TwentyFour beefs up

        Dawn Kendall is set to join TwentyFour Asset Management as a partner on 1 July 2015, with a dual rol...

    • CLOs

      • Loan trading vet added

        Golub Capital has hired Kenneth Selle as head of loan trading in its broadly syndicated loans group....

    • Insurance-linked securities

      • Catlin acquisition agreed

        XL Group has agreed to acquire all of the capital stock of Catlin Group to form a combined business...

      • ILS exec recruited

        StormHarbour Securities has named Jonathan Spry md and head of insurance solutions and advisory in L...

      • BGC to use proxy card

        BGC Partners has extended the deadline for its fully financed, all-cash tender offer to acquire all...

    • RMBS

      • Acenden sale agreed

        Blackstone Tactical Opportunities and TPG Special Situations Partners (TSSP) are set to acquire Acen...

      • MBS vet recruited

        Gregory Finck has joined Morgan Stanley Investment Management as md, portfolio manager and head of t...

      • Citi settlement progresses

        RMBS trustees have accepted Citigroup's US$1.125bn settlement for all but seven deal-groups (across...

  • News Round-up

    • Structured Finance

      • SFR methodology clarified

        Moody's has finalised its methodology for rating single-family rental (SFR) securitisations in the U...

    • CDS
    • CLOs

      • CLO index returns forecast

        The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since...

      • CMBS pay-offs plunge

        The percentage of US CMBS loans paying off on their balloon date plunged in December to 49.6%, accor...

      • Tesco CMBS hit

        Moody's has downgraded from Baa3 to Ba1 the ratings of seven classes of notes issued by Tesco-linked...

      • CMBS indices unveiled

        Trepp and Markit have launched of a number of CMBS indices that aim to provide independent and trans...

      • Relief at TRIA renewal

        The US Senate voted yesterday to re-authorise the Terrorism Risk Insurance Act (TRIA) for an additio...

    • Insurance-linked securities

      • Swiss cat bond debuts

        GC Securities has closed what is believed to be the first-ever Swiss franc-denominated catastrophe b...


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