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Issue 428 - 13th March

  • News Analysis

    • Insurance-linked securities

      • Rising tide

        Cat bond trading eyed ahead of hurricane season

        The ILS market benefitted from a relatively strong January, driven by customary early-year adjustments to investor portfolios. Secondary catastrophe bond activity is expected to receive a further boost this month from the burgeoning primary pipeline....

    • Structured Finance

      • Green power

        Renewables securitisation gaining traction

        A number of initiatives in the US harness securitisation technology to facilitate the growth of the green energy market. The common challenges faced by these efforts are asset scalability and contract standardisation. In the context of renewables s...

    • ABS

      • Ready for take-off

        Aircraft ABS building momentum

        After a flurry of deals at the end of last year and another one issued last month, aircraft ABS appears to be shrugging off the esoteric label and establishing itself as an asset class in its own right. The sector has a track record that investors ca...

    • CLOs

      • Entrants encouraged

        More managers could benefit European CLO market

        The European CLO market is smaller than its US counterpart, but arguably provides greater scope for a good manager to outperform. With the pool of European managers currently limited, equity investors are among those who would welcome new entrants. ...

    • CMBS

      • Waive, goodbye

        Penalty waiver leads to rapid pay-off

        The Pickwick Plaza loan securitised in GCCFC 2007-GG9 has paid off early, a month after it was modified to waive prepayment penalties (see SCI's loan events database). Although investors will typically be wary of such modifications, this case include...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS unmoved

        The European ABS/MBS secondary market was broadly unmoved at today's open despite wider market decli...

      • Euro CLOs stay slow

        The European CLO secondary market is continuing to see limited activity this week. "There's still...

      • US RMBS looks ahead

        Activity remains strong in the US non-agency RMBS market secondary market, but at the same time part...

      • US secondary cools down

        After a hectic start to the week US secondary markets have cooled down today. "It's a relatively s...

      • Euro secondary BWICs surge

        European secondary securitisation markets continue to be focused on BWICs as today sees especially h...

      • US CLOs look to double-Bs

        The US CLO secondary market appears to be shifting attention towards double-B paper. "The market h...

      • Patchy week for US RMBS

        The US non-agency RMBS secondary market has seen patchy activity in a quieter week, but there&nb...

      • Liquidation list looms

        The hectic pace in European secondary securitisation markets looks set to continue today with six BW...

      • US CLO demand continues

        The US CLO secondary market rally is continuing and so is investor demand. "Bid lists are still tr...

  • News

    • ABS

      • MMF restructuring impact eyed

        Federated recently became the second major fund sponsor after Fidelity to announce changes to its money market funds (MMF) to comply with the upcoming US money market reforms. Each of the firms offer a different compliance structure for the industry,...

    • Structured Finance

      • SCI Start the Week - 9 March

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

        Pipeline Deals stayed in the pipeline a little longer last week. At Friday's end there were 10 new ABS as well as an ILS and five RMBS. The ABS were: US$219.3m American Credit Acceptance Receivables Trust 2015-1; US$350m Chase Issuance Trust 2015-...

    • CLOs

      • SOTUS boost for Euro CLOs

        US regulators last month added new guidance to their list of frequently asked questions (FAQs) on the Volcker Rule that should permit most non-US banks to invest in covered funds that are sponsored, managed and marketed by third parties. The move is...

  • Job Swaps

    • ABS

      • Esoteric ABS firms combine

        Springleaf has agreed to acquire OneMain for US$4.25bn, creating a potential market leader for the u...

    • Structured Finance
    • CMBS

      • Consultant director tapped

        CREFC Europe has hired Hans Vrensen as consultant director for research and education. His role will...

    • Insurance-linked securities

      • ILS unit strengthened

        Credit Suisse Asset Management (CSAM) has appointed David Grill to help explore methods for expansio...

    • Risk Management

  • News Round-up

    • ABS

      • Solar programme commences

        SCIO Capital has acted as sole arranger and placement agent on the first of a planned series of sola...

    • Structured Finance

      • Regulatory module included

        Moody's Analytics has added a regulatory module to its Structured Finance Portal. The enhanced tool...

      • TRACE expansion delayed

        FINRA has delayed the implementation of CUSIP-level TRACE dissemination for non-mortgage ABS trades...

    • CDS

      • CDS heat map unveiled

        Fitch Solutions has launched a new interactive tool enabling users to identify average monthly chang...

    • CLOs

      • Trader guilty of CLO fraud

        Former Nomura and RBS CLO trader Matthew Katke has waived his right to indictment and pleaded guilty...

      • RFC on SME CLO approach

        Scope Ratings is requesting comments on its new SME CLO rating methodology. Its proposals include fo...

      • US CMBS sectors stabilise

        The US CMBS office and retail sectors are stabilising, with moderate improvement in overall fundamen...

    • Risk Management

      • Platform adds ratings data

        ClearStructure Financial Technology has made Fitch Solutions' full suite of global credit ratings da...

      • STACR yields mapped

        STACR reference pools remain very clean, but the credit scores of the underlying borrowers are migra...


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