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Issue 440 - 5th June

  • News Analysis

    • ABS

      • At a crossroads

        Auto ABS reaching an inflection point?

        The US auto ABS market appears to be approaching an inflection point in fundamentals, with prime auto losses beginning to rise from record lows and subprime losses declining. Such a normalising of credit could help address the negative perception of...

    • Structured Finance

      • Rewriting the rules

        Spanish law change boosts securitisation

        Spanish legislators have adopted a new securitisation law, bringing the market more in line with the rest of Europe (SCI 28 April). While the changes are positive and should boost the Spanish ABS market, change on a broader level is also required. ...

  • SCIWire

    • Secondary markets

      • Trups flurry

        A flurry of US Trups CDO BWICs are circulating for trade this week. There are currently three Trup...

      • US CLOs slow

        The US CLO secondary market is experiencing a slow start to the month. "It's very slow this week s...

  • News

    • Structured Finance

      • SCI Start the Week - 1 June

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

        Pipeline Several deals joined the pipeline during the holiday-shortened week, including a Chinese auto loan ABS. In total there were nine new ABS as well as two RMBS and three CMBS. The ABS were: €500m Driver France Two; US$750m Huntingt...

      • TRACE reporting underway

        Yesterday (1 June) marked the first day of ABS transaction data reporting via TRACE, which saw 213 trades with total volume of at least US$614m (original face) being reported, according to Bank of America Merrill Lynch figures. These trades consisted...

      • ABSPP purchases revealed

        The ECB yesterday (1 June) published for the first time a detailed breakdown of the ABS holdings under the ABSPP, showing the amount purchased in the primary and secondary markets for each month. Such additional information has been welcomed for brin...

    • CLOs

      • CLO compression trades touted

        US CLO triple-A tranches are lagging the spread compression in the CLO credit curve as the loan market increasingly trades above par, creating fundamental value. However, JPMorgan CLO analysts point to the trade-of...

    • RMBS

      • Split liability for WaMu claim

        The judge overseeing the Washington Mutual rep and warranty case yesterday ruled that JPMorgan will be liable only to the extent the liabilities were on the books of WaMu as of 25 September 2008. The exception to this is liabilities for the entity Wa...

  • Job Swaps

    • Structured Finance

      • Trading duo reunited

        Brean Capital has hired Rich Barry and Reggie Fernandez as mds in its fixed income sales and trading...

      • Europe chief hired

        MarketAxess has appointed Scott Eaton as coo for MarketAxess Europe and Trax. In this role, he will...

      • Mid-market vet moves

        The Carlyle Group has hired Dan Cohn-Sfetcu as md to originate and execute middle market credit inve...

      • Elian extends SF footprint

        Elian has opened a new office in New York in an attempt to grow its corporate services, which includ...

      • SF practice beefed up

        Shearman & Sterling has hired Charles Thompson as counsel in its structured finance group. H...

      • Portfolio advisor moves on

        Adrian Chopin has joined Orchard Global Asset Management, where he has been tasked with building a n...

      • Investment head tapped

        Invictus Capital Partners has hired Carl Bell as md and co-head of investments. In this role, Bell w...

    • CDO

      • CDO manager exchanged

        Dock Street Capital Management has taken over Delaware Investment Advisors' role as collateral manag...

    • Insurance-linked securities

      • EXOR files lawsuit

        EXOR has filed a definitive proxy statement with the US SEC in opposition to the proposed merger tra...

      • Insurance trio recruited

        Twelve Capital has made a trio of hirings to enhance its insurance debt and ILS portfolio services....

  • News Round-up

      • ETD debt burden lightens

        Moody's reports that new Spanish electricity tariff deficit (ETD) debt for year-end 2014 fell to a 1...

    • CDS

      • Sabine credit event called

        ISDA's Americas Credit Derivatives Determinations Committee has resolved that a failure to pay credi...

      • 'Unique' SME CLO touted

        GIAC Gestion's recent cashflow CLO is an example of a viable way forward for European SME CLOs in th...

      • CMBS losses shift up

        Trepp reports that 105 US CMBS loans totalling US$1.25bn were liquidated with a loss in May, followi...

    • Insurance-linked securities

      • Alamo Re upgraded on reset

        Fitch has removed from rating watch positive and upgraded, with a stable outlook, the US$400m Alamo...

      • SIMM licensing launched

        ISDA has launched a licensing programme for its proprietary and patent-pending standard initial marg...

      • OTC margin tool updated

        AcadiaSoft has launched MarginSphere 2, the latest version of its electronic margining platform for...

      • Eurosail losses curbed

        Moody's reports that in five UK non-conforming RMBS deals where Lehman Brothers Special Financing ac...


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