Issue 431 - 3rd April
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News Analysis
- Structured Finance
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Broadening the field
Diverse issuance signals deepening primary market
The European securitisation market has witnessed an influx of diverse primary issuance in recent weeks. Supply has bumped Q1 volumes up by nearly 50% over the same period last year and underlines the increasing depth of the sector. Notable recent t...
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- Structured Finance
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SCIWire
- Secondary markets
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Euro ABS/MBS slows
The European secondary securitisation market appears to be slowing into month- and quarter-end. Fr...
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US CLOs hold firm
US CLO secondary spreads are holding firm despite strong new issuance activity. However, activity le...
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Euro ABS/MBS keeps quiet
Month-end and a lack of substantial BWIC volume are keeping the European ABS/MBS secondary market qu...
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US CDO/CLO BWIC flurry
Secondary US CDO/CLO volumes are down this week, but a flurry of BWICs has emerged for trade today a...
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US RMBS focuses on re-REMIC list
Month-end and the shortened week are reducing US non-agency RMBS secondary market activity and have...
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Euro ABS/MBS sees pockets of activity
Despite a generally quiet week the European ABS/MBS secondary market is continuing to see pockets of...
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Euro CLOs on the rise
Euro CLO secondary activity is on the rise though BWIC volumes remain limited. "Activity has picke...
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US CLOs remain robust
The US CLO secondary market remains robust in the face of continuing supply. "Secondary spreads ar...
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Euro BWICs busy
European secondary securitisation markets are closing out the holiday shortened week with a busy BWI...
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US CLOs heading tighter?
The US CLO secondary market remains busy on the last trading day of the week, but is taking its cues...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 30 March
A look at the major activity in structured finance over the past seven days
PipelineThe pace of deals joining the pipeline slowed slightly last week. At the final count there was one new ABS, two RMBS, three CMBS and three CLOs. The ABS was US$250m Jamaica Merchant Voucher Receivables Series 2015-1, while the RMBS were US$...
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- RMBS
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Reinvestment opportunities limited
The rest of 2015 will see almost €20bn repaid to European RMBS investors, with around 75% coming from UK prime and Dutch RMBS. While months with large redemptions can be expected to coincide with investors looking to reinvest, those investo...
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- Structured Finance
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Job Swaps
- Structured Finance
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Institutional fundraising pro hired
Mark Smith has joined Medley Management as md in its institutional fundraising group. Based in New Y...
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Liquid loan JV formed
Capitala Finance Corp has established a joint venture with Kemper subsidiary Trinity Universal Insur...
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Direct lending exec added
The Carlyle Group has appointed Kunal Soni as md, based in Los Angeles. In his new role, he will lea...
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Law firm adds four more
Winston & Strawn has hired four finance and securities attorneys to its New York office from...
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Economics professor tapped for advice
BlueMountain Capital Management has entered into a consulting agreement with Harvard economics profe...
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Middle market partnership formed
Intesa Sanpaolo and GSO Capital Partners have entered into a strategic partnership to provide an alt...
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Corporate development head named
Wells Fargo has appointed Julie Caperton as head of corporate development. Caperton will be...
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Senior sales pro recruited
Vanessa Bradford has joined RBS as a senior sales person on asset-backed product (ABP) sales. She re...
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Portuguese servicing partnership agreed
Arrow Global Group and CarVal Partners have partnered to jointly originate and service Portuguese lo...
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- CDS
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Determinations Committee members named
ISDA has announced the outcome of the annual process to determine members of its five regional Deter...
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Trading duo added
Commerzbank has hired Colin Webb as a director in its financials trading team. Webb previously worke...
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- CLOs
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Zohar fraud charges filed
The US SEC has charged Lynn Tilton and her Patriarch Partners firms of hiding the poor performance o...
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Equity investment disclosed
Fair Oaks Income Fund has acquired, in the primary market, US$19m notional of the equity notes issue...
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- Insurance-linked securities
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North America ceo named
JLT Re has appointed Ed Hochberg as ceo of JLT Re in North America. Hochberg was previously global h...
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Montpelier Re acquired
Endurance Specialty Holdings is set to acquire Montpelier Re Holdings for a consideration of 0.472 s...
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Non-traditional cat coverage enhanced
BMS Capital Advisory has appointed Steve Korducki evp of BMS Intermediaries, serving as general secu...
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- RMBS
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NPL platform purchased
Clayton Holdings has acquired Red Bell Real Estate and its affiliate Main Street Valuation. The move...
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Basinghall acquisition completed
Macquarie's commodities and financial markets group has assisted Bluestone Group in the acquisition...
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- Structured Finance
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News Round-up
- ABS
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Chinese auto ABS performance varies
Chinese auto loan ABS delinquency rates increased in 4Q14 compared with 3Q14, but remain low, explai...
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- Structured Finance
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US lodging fundamentals supported
Fitch suggests that accelerating US GDP growth and low levels of new supply will support strong US l...
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Green bond principles updated
The executive committee of the green bond principles (GBP) initiative has published a second edition...
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CRA code of conduct revised
IOSCO has published a final report on its code of conduct fundamentals for credit rating agencies (C...
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Green bond market surging
S&P says that corporate green bond issuance could reach up to US$30bn by the end of this yea...
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Greek sovereign ceiling lowered
Fitch has downgraded 19 tranches from eight Greek structured finance (SF) transactions, covering one...
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- CLOs
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Post-crisis CLOs still outperforming
The total amount of CLOs paid down in JPMorgan's CLO index (CLOIE) between the February rebalance an...
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- CMBS
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Oil causes Canada CMBS concerns
The negatives of a sustained period of low oil prices seem likely to outweigh the positives for asse...
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Irish multifamily faces challenges
Fitch says high ratings on CMBS backed by Irish multifamily housing (MFH) assets will be difficult t...
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CMBS delinquency rate flattens
The Trepp US CMBS delinquency rate was unchanged in March, interrupting the recent string of falling...
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- NPLs
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NPL pools auctioned off
Freddie Mac has sold via auction 5,398 deeply delinquent non-performing loans, with an aggregate unp...
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Italian NPL vehicle established
PVE Capital has acquired a portfolio of Italian non-performing loans with a gross book value of &...
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- Risk Management
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CCP stability enhanced
The ECB and the Bank of England have announced a series of measures aimed at enhancing financial sta...
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Centralised trading principles promoted
ISDA has published a set of principles aimed at promoting regulatory consistency in the development...
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CFTC swap exemptions outlined
The US CFTC has issued no-action relief stating that swap dealers involved with certain legacy SPV s...
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ESMA targets data centralisation
ESMA has launched two projects at the request of a number of National Competent Authorities (NCAs),...
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- RMBS
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RMBS case dismissal denied
A US District Judge has granted in part and denied in part a motion to dismiss a complaint filed by...
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Divergent impact from criteria updates
S&P has published separate methodologies and assumptions for rating Irish and Portuguese RMB...
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Irish residential regs evaluated
Irish lenders believe that recently announced mortgage lending regulations could stabilise the prope...
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Boom-and-bust housing 'overvalued'
Several US cities synonymous with the housing boom-and-bust environment nearly a decade ago are now...
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Ratings corrections made
S&P has taken various rating actions on 853 ratings from 111 US RMBS transactions. The move...
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Regional divide in 'mortgage prisoners'
The north-south divide persists in the UK's non-conforming mortgage market, says Moody's, as borrowe...
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Multi-borrower SFR deal debuts
Blackstone affiliate B2R Finance is prepping what is believed to be the first multi-borrower single-...
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Italian RMBS ratings reviewed
Moody's has upgraded the ratings of nine notes, kept two of these notes on review for upgrade, confi...
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Unified registration system 'credit positive'
Moody's says that China's unified real estate registration system, once operational, will be credit...
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FNMA enhances Euro appeal
Fannie Mae has listed all of its outstanding Connecticut Avenue Securities (CAS) RMBS bonds on the I...
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- ABS
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