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Issue 434 - 24th April

  • News Analysis

    • CMBS

      • Two-tone CMBS

        SASB popularity grows as conduit concerns continue

        With around US$14bn of new issuance hitting the market last quarter, the single-asset/single-borrower (SASB) sector appears to be the sweet spot in US CMBS at present. In the conduit sector, meanwhile, deteriorating underwriting standards and the rat...

    • Structured Finance

      • Sprawling landscape

        SFR securitisation expands with multi-borrower option

        B2R Finance and FirstKey Lending this month became the first sponsors to launch multi-borrower single family rental (SFR) securitisations (SCI passim). A number of key structural differences relative to single-borrower transactions have left investor...

    • CMBS

      • Stepping out

        European CMBS breaks new ground

        New European CMBS deals are increasingly deviating from the cookie-cutter mould established in the market's post-crisis revival. Both deal structures and collateral are branching out. "European CMBS is becoming more diverse. People are hunting for...

  • SCIWire

    • Secondary markets

      • US CLOs keep quiet

        The recent run of quiet days in the US CLO secondary market, last Thursday's blip excepted, is likel...

      • Euro ABS/MBS holds up

        The European ABS/MBS secondary market was very quiet again yesterday and into this morning, but spre...

      • Euro CLO BWICs building

        After a relatively quiet period the European CLO BWIC calendar is beginning to build once more. "W...

      • Positive tone in US MBS

        Despite macro issues the tone in the US MBS secondary markets remains positive. "There continues t...

      • Europe focuses on BWICs

        Quiet bilateral activity and consequently static spreads are increasing European secondary market fo...

      • US CDO/CLO lists added

        After two days of being all but becalmed there are a growing number of lists being added to the US C...

      • Euro CLO BWIC boost

        The already active European CLO secondary market is being boosted by increased BWIC supply. "Secon...

      • US RMBS loses focus

        The US non-agency RMBS secondary market's focus has been distracted away from legacy paper in genera...

      • US CLOs look ahead

        Today sees a quiet end to a quiet week in the US CLO secondary market, which is giving traders the o...

  • News

    • Structured Finance

      • SCI Start the Week - 20 April

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

        Pipeline The number of deals joining the pipeline was steady last week, with more RMBS than the week before and less emphasis on ABS and ILS. At the final count there were five new ABS, one ILS, four RMBS and two CMBS added to the pipeline. The AB...

    • CLOs

      • Risk retention views polled

        Among respondents to JPMorgan's 2Q15 CLO client survey, it is generally felt that only a minority of CLO managers have a clearly defined risk retention strategy. About half of those surveyed - and overwhelmingly investors - believ...

      • Shifting investor base drives supply

        Post-crisis record highs were set in both the US CLO secondary and primary markets in March. US$15bn of new issuance priced during the month (totalling US$39.2bn for the quarter, including refinancings), while BWIC volume hit US$3.5bn (US$7.5bn for t...

    • RMBS

      • LLPA changes unveiled

        The US FHFA has announced the results of its comprehensive review of guarantee fees charged by Fannie Mae and Freddie Mac. The move is not expected to have a significant effect on mortgage valuations, prepayment speeds or agency RMBS issuance volumes...

      • Recoveries change RMBS landscape

        Investors can find value in non-investment grade senior and mezzanine Spanish RMBS bonds, particularly as recoveries switch deals to pro rata paydown. Certain investment grade names also make for attractive investment candidates. Citi RMBS analysts...

  • Job Swaps

    • ABS

      • ABS franchise strengthened

        SG has hired Daniel McGarvey and a team of senior ABS bankers from RBS. McGarvey will manage an expa...

    • Structured Finance

      • SF team strengthened

        TMF Group has appointed Michael Adams as global head of structured finance. He is promoted from regi...

      • Due diligence trio added

        Houlihan Lokey has hired Richard Forgione as a director in its due diligence services practice. He j...

      • Lending portfolio acquired

        A fund managed by Ares Management's commercial platform has agreed to acquire First Capital Holdings...

    • CLOs

      • CLO pro swaps managers

        HIG Capital has hired Asmat Doza as a director. She was previously an executive director at CIFC Ass...

    • CMBS

      • CMBS originator recruited

        Greystone has hired Steve Cho as md. Reporting to Robert Russell, head of production for Greystone's...

    • Insurance-linked securities

      • ILS broker poached

        TigerRisk Partners has appointed Paul Karon as vice-chairman. In his new role, he will be a senior l...

    • Risk Management

      • ISDA directors elected

        ISDA has elected 12 directors at its latest AGM in Montreal. Two new directors were added to its boa...

  • News Round-up

    • Structured Finance

      • CLO 1.0 WARFs improving

        The median trustee-reported weighted average rating factor (WARF) of US CLO 1.0s rated by Moody's is...

      • Coal exposure eyed

        The deteriorating credit quality of four US coal companies is stressing some US CLOs with sizable ex...

      • Euro CLO issuance rising

        Total European CLO issuance to date in 2015 has exceeded the level observed during the same period i...

      • EMEA CMBS stabilising

        EMEA CMBS performance stabilised in 1Q15 as CRE loans past their original maturities have remained f...

      • Mall performance hit

        April remittances indicate that the US$50.1m Hudson Valley Mall loan, securitised in CFCRE 2011-C1,...

      • Loan terms examined

        Of the over 12,000 loans outstanding in Fitch-rated US CMBS transactions issued since 2010, approxim...

    • NPLs

      • NPL sales to deepen market

        The moves by Fannie Mae and Freddie Mac to establish programmed sales of non-performing loans (SCI p...

      • SEF trading catching on

        More than half of interest rate derivatives (IRD) and over 70% of CDS index average daily notional v...

      • Netting tool enhanced

        Online netting analysis tool, netalytics, has been enhanced to cover ISDA clearing opinions. The too...

      • RMBS sets post-crisis high

        The volume of newly issued US prime jumbo RMBS during 1Q15 set a post-crisis milestone, according to...

      • USDA programme boosted

        Ginnie Mae has enhanced its securitisation programme for US Department of Agriculture (USDA) Section...

      • Global RMBS recovering

        Moody's notes that US economic growth has driven RMBS arrears lower, while GDP growth and servicers'...


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