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Issue 427 - 6th March

  • SCIWire

    • Secondary markets

      • Euro secondary quieter

        It's a quieter start to the week and month in European secondary markets today. February closed ou...

      • Triple-Bs take the lead

        Triple-B paper is currently at the forefront of US CLO secondary market activity. Overall, triple-...

      • Euro CLOs move target

        The recent large broad-based volumes seen in the European CLO secondary market have been replaced th...

      • US CLO rally continues

        US CLO secondary spreads are continuing to tighten on the back of healthy activity. "Everything in...

      • US CMBS tightens

        US non-agency CMBS spreads are edging tighter this week. "It's already been a pretty heavy primary...

      • Euro secondary ticks over

        European secondary markets are quiet, but activity is still ticking over. "Secondary is reasonably...

      • Hurdle ahead for US CLOs

        The broad-based US CLO secondary rally is continuing, but will face its biggest hurdle so far later...

  • News

    • Structured Finance

      • SCI Start the Week - 2 March

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

        Pipeline Many of last week's pipeline additions priced briskly, leaving only a short list of new additions at the week's end. These consisted of five ABS, one RMBS and two CMBS. The ABS were: US$350m California Republic Auto Receivables Trust 2015...

      • Repo eligibility tightening?

        The ECB last month published new guidelines on the implementation of the Eurosystem monetary policy, effective from 1 May. Several changes have been made to ABS repo eligibility, which appear to reflect a bias towards tightening of the criteria. Th...

      • Stricter eligibility causes casualties

        The ECB has removed 11 Spanish bonds from its repo-eligible ABS bond list due to non-compliant payment waterfalls following enforcement or accelerated amortisation. Such a stringent interpretation could have far-reaching implications, according to Eu...

    • CLOs

      • Duration changes weighed

        US CLO structures that experiment with duration parameters are emerging ahead of the risk retention effective date. A recent JPMorgan research note looks at the pros and cons of shortening non-call periods and including delayed draw notes in transact...

    • CMBS

      • CMBS workout pattern shifts

        European CMBS loans worth more than €5bn have exited special servicing since January 2014, while new additions have totalled around €1.2bn. Last year was the first since the crisis in which resolutions outpaced transfers and they...

      • Ratings-driven tiering continues

        The pricing of two US CMBS on the same day last month indicates continued investor sensitivity to which rating agencies are rating bonds across the CMBS 2.0 capital structure. Indeed, a recent Morgan Stanley analysis finds that CMBS 2.0 LCF triple-A...

      • Refinancing target missed

        The second refinancing instalment of the restructured Dutch CMBS transaction Leo-Mesdag, due last month, was missed. While the CMBS classes are not expected to face principal losses, it does appear that the sponsor will struggle to meet its refinanci...

    • RMBS

      • Countrywide appeal approved

        The Appellate Division of the New York Supreme Court yesterday approved the Countrywide trustee's proposed US$8.5bn rep and warranty settlement in its entirety. The court concluded that as a trustee, BNY Mellon properly exercised its discretion in se...

  • Job Swaps

    • Structured Finance

      • Bank ceo named

        Bill Winters has joined Standard Chartered as ceo and will officially begin in his role on 1 May. He...

      • Portfolio manager promoted

        Third Avenue Management has promoted Ryan Dobratz to co-lead portfolio manager of the Third Avenue R...

      • Fund expertise bolstered

        Lars Hunsche has joined AHP Capital Management as a partner. Hunsche arrives from Moody's Analytics,...

      • UCITS fund prepped

        Advent Capital Management is set to launch in 2Q15 a new UCITS-regulated umbrella fund, which will i...

      • Portfolio manager poached

        The International Finance Corporation has named Jean-Sebastien Paley as senior portfolio officer in...

      • Whole loan pool acquired

        Distressed Capital Management (DCM) has purchased approximately US$207.57m of whole loans from RBS'...

      • Law firm beefs up in SF

        Jeffrey Stern has joined Winston & Strawn as a partner in its structured finance practice in...

    • CLOs

      • CLO shop taps lawyer

        Eagle Point Credit Management has hired Daniel Wohlberg as vp. He will assist the senior investment...

      • CLO fund holding sold

        A fund advised by Coller Capital has purchased for US$32.3m a 20% stake in Fair Oaks Income Fund tha...

    • CMBS

      • CRE vet hired

        John Scheurer has joined American Capital as md and cio for its CRE group, where he will be responsi...

    • Insurance-linked securities

      • ILS exec moves

        Maria Rapin has joined Nephila Advisors as business development director. In the role, she will focu...

    • Risk Management

      • GFI takeover completed

        BGC Partners has completed its tender offer for outstanding GFI shares. As of the expiration of the...

    • RMBS

      • AG actions disclosed

        Morgan Stanley has disclosed in its latest Form 10-K that the New York Attorney General's Office las...

  • News Round-up

    • ABS

      • ABCP appetite varied

        US money fund investments in ABCP conduits have been declining in line with outstanding supply in th...

      • Costco impact gauged

        Costco has entered into a new co-brand credit card programme agreement with Citibank and an acceptan...

    • Structured Finance
    • CDO

      • Limited tender take-up

        Mizuho has accepted for purchase €11m of Proventus European ABS CDO bonds via its tender o...

    • CDS

      • RadioShack results in

        The final price of the RadioShack Corp CDS auction has been determined at 11.5. At yesterday's aucti...

      • Sears spin-off welcomed

        Sears provided further details in its 4Q14 earnings release of its plan to create a REIT consisting...

      • CMBS loss severity up

        Higher liquidations and losses from large 2007 vintage loans drove US CMBS loss severity to 49.1% in...

    • Risk Management

      • Portuguese arrears slow

        Fitch says the volume of defaulted Portuguese residential loans has reached a new high. However, the...

      • Trustee drops Ocwen

        Ocwen Financial says it has received notice from a trustee that a majority of certificate holders of...

      • Russian RMBS downgraded

        Moody's has downgraded 22 tranches and confirmed one tranche in 16 Russian RMBS transactions and con...


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