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Issue 441 - 12th June

  • News Analysis

    • NPLs

      • Post-auction headache

        HUD NPL post-sale changes increase complexity

        The US Department of Housing and Urban Development (HUD) has been an increasingly significant source of NPL supply, but recent changes to its loan auction post-sale requirements make purchasing and securitising loans more challenging and expensive. A...

    • RMBS

      • Special offer

        Investors set to gain from Australian triple-A auctions

        The first of the Australian Office of Financial Management's (AOFM) planned series of RMBS auctions is expected this month. The sales present investors with an attractive opportunity. The AOFM has been instructed to sell off the Australian governme...

    • Structured Finance

      • Lift off?

        Institutional investors boost marketplace lending securitisation

        The marketplace lending securitisation sector appears set for take-off, fuelled by the proliferation of online lending platforms and an influx of institutional investor capital. However, increased visibility around credit criteria and better represen...

    • RMBS

      • Trigger effect

        Call for consistency in UK non-conforming RMBS definitions

        Improving performance in UK non-conforming RMBS is strengthening mezzanine bondholder positions as an increasing number of deals switch to paying pro rata. However, anticipating when switches will occur is being complicated by ambiguous trigger termi...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS mixed

        Despite wider market volatility and an overall weakening tone European ABS/MBS secondary market sect...

      • US CLOs diverge

        The US CLO secondary market continues to move along at a decent pace, but a divergence in vintages a...

      • Euro secondary stabilises

        After a week of softening and amid continued broader market volatility the non-peripheral European s...

      • US CLOs pick up

        Volumes in the US CLO secondary market have picked up today and focus continues its shift towards se...

      • Euro ABS/MBS hindered

        The risk-off attitude across the European ABS/MBS secondary market is continuing to hinder activity....

      • Euro ABS/MBS drifts

        The European ABS/MBS secondary market is continuing to drift without volume or direction. "The com...

      • Euro CLOs soften

        The European CLO secondary market is seeing prices soften as summer hoves into view. "In common wi...

      • US CLOs thinning

        The US CLO secondary market is continuing to see heavy BWIC volumes but liquidity is thinning. "It...

      • Euro ABS/MBS struggles on

        The European ABS/MBS secondary markets continue to struggle with poor liquidity and broader market v...

      • US CLOs winding down

        The US CLO secondary market is winding down after a busy week. As expected, yesterday's CLO BWICs...

  • News

    • Structured Finance

      • SCI Start the Week - 8 June

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

        Pipeline Another Chinese deal joined the pipeline last week. It was one of six newly announced ABS, while there was also an ILS, four RMBS, four CMBS and one CLO. The ABS were: CNY2.36bn Bavarian Sky China 2015-1; US$250m CPS Auto Receivables Trus...

  • Job Swaps

    • Structured Finance

      • ABS fund manager named

        Amundi Asset Management has recruited Francois Morin as senior portfolio manager of the Amundi ABS F...

      • Duo hired for SF push

        Watson Farley & Williams (WFW) has hired Rob McBride and Sian Withey to help establish and l...

      • Private debt pro tapped

        David Hirschmann has joined Permira Debt Managers as head of private credit, leading its direct lend...

      • Toro investments underway

        Chenavari affiliate Toro Limited has closed its first primary investment under its private asset-bac...

    • CDO

      • ABS CDO manager resigns

        Vertical Capital has resigned as collateral manager of Kleros Preferred Funding. Pursuant to Section...

    • CLOs

      • CLO manager brought in

        Pim van Schie has joined Neuberger Berman as svp and portfolio manager on its floating rate...

    • Insurance-linked securities

      • EXOR request rejected

        The Supreme Court of Bermuda has rejected a request by EXOR for PartnerRe to disclose certain&nb...

      • Nomura appeals fine

        Nomura has filed an appeal to the US Second Circuit Court of Appeals with regard to a recen...

  • News Round-up

    • Structured Finance
    • CDS

      • SEF adds index options

        MarketAxess has expanded its SEF offering to include CDS index options and says it is the only credi...

      • Sabine auction scheduled

        An auction to settle the credit derivative trades for Sabine Oil & Gas Corporation CDS will...

    • CMBS

      • Auction listings spike

        The latest Auction.com listings indicate that a further 44 properties with US$622m in allocated bala...

      • CMBS divide emerging

        Fitch reports that a number of recent US CMBS deals have seen credit enhancement levels dro...

      • IRP updated

        The CRE Finance Council has updated its CMBS investor reporting package (IRP), with the aim of provi...

      • Balloon date pay-offs slip

        The percentage of US CMBS loans paying off on their balloon date dipped sharply in May after an impr...

    • Insurance-linked securities
    • Risk Management

      • OTC service goes live

        SunGard's new service for post-trade futures and cleared OTC derivatives operations has gon...

      • MSR sale 'credit positive'

        Ocwen's sale of US$90bn in mortgage servicing rights is credit positive for the servicer, according...

      • AOFM auctions announced

        The Australian Office of Financial Management (AOFM) has announced details of its first two RMBS auc...

      • Uplift for Tunisian RMBS

        Moody's has upgraded the global and national scale ratings of five tranches from a pair of Tunisian...


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