Issue 444 - 3rd July
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SCIWire
- Secondary markets
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Euro secondary hesitates
The European securitisation secondary markets are making a hesitant start following the weekend's ev...
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US CLOs keep quiet
The US CLO secondary market is sticking to the pattern seen at the end of last week. With wholesal...
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Euro secondary stays calm
Tone continues to be weak across European securitisation secondary, but the market has remained calm...
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Waiting game for US CLOs
US CLO secondary market continues to wait for risk aversion to subside and activity to pick up. "T...
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Euro secondary stable
The European securitisation secondary market remained stable yesterday amid the varying Greece headl...
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US CLOs becalmed
The US CLO BWIC market remains becalmed as the holiday weekend hoves into view. Macro concerns are...
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Euro secondary seeks clarity
The European securitisation secondary markets continue to suffer poor liquidity and lack of supply a...
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US RMBS quiet for now
The US non-agency RMBS secondary market has had a quiet start to July, but that could change as the...
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Euro secondary holds up
European securitisation secondary market spreads are holding up as the wait for the Greek referendum...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 29 June
A look at the major activity in structured finance over the past seven days
Pipeline CMBS entrants dominated the pipeline last week, closely followed by ABS transactions, which included a couple of new issuers to the market. In total, five CMBS, four ABS, two RMBS and a CDO were announced. The CMBS comprised US$1.46bn COM...
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QS recommendations weighed
The EBA has adequately addressed most of the valid concerns raised by parties interested in the prudentially sound revival of the European securitisation market, according to Bank of America Merrill Lynch research analysts. In its qualifying securiti...
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- CMBS
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Below-appraisal bids win
Over US$500m in allocated loan balance from 34 properties securing 13 US CMBS was disposed of last week via Auction.com. The proceeds are anticipated to flow through to the affected trusts in the August or September remittance, likely resulting in la...
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- Structured Finance
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Job Swaps
- ABS
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Rater moves to sell-side
Brad Sohl has joined Bank of America Merrill Lynch's ABS banking team as vp. He was previously a sen...
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- Structured Finance
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Structured credit vet recruited
Natixis has named Matthew Zola as head of fixed income Americas. Zola assumes the role previously he...
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Record-keeping fine imposed
ESMA has censured DBRS for failing to comply with corporate governance, compliance and record-keepin...
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SF vet appointed
Oppenheimer has appointed John Tonelli as md and head of debt capital markets and syndication. He br...
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Private debt head recruited
Hermes Investment Management has appointed Patrick Marshall as head of private debt and CLOs, respon...
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Risk chief recruited
Mariner Investment Group has appointed Dmitry Green as chief risk officer, responsible for monitorin...
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- CDO
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CDO manager replaced
Vanderbilt Capital Advisors has resigned from its role as collateral manager for Bristol CDO I and d...
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Dock Street set to take on CDO
Dock Street Capital Management has been put forward as successor collateral manager for Crystal Cove...
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- CLOs
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CLO partners tapped
Scott Faga and Eugene Ferrer have joined Paul Hastings as partners from Ashurst, where they were res...
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- Insurance-linked securities
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EXOR modifications dismissed
PartnerRe says that the limited modifications to EXOR's revised offer do not address the "fundamenta...
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Insurance merger agreed
Willis Group and Towers Watson have signed a definitive merger agreement under which the companies w...
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Capital markets partner named
TigerRisk Partners has appointed Jarad Madea as partner with TigerRisk Capital Markets & Adv...
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- NPLs
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Securities purchase agreement inked
CV Holdings has entered into a securities purchase agreement and an investor rights agreement with a...
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- Risk Management
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Post-trade unit bolstered
ICAP has appointed Jenny Knott as ceo, post-trade risk and information services. She joins the firm...
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Data services strengthened
Intercontinental Exchange has made two hires within ICE Data Services. Lynn Martin has been named pr...
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- RMBS
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Manager charged with fraud
The US SEC has charged AlphaBridge Capital Management and its two owners with fraudulently inflating...
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Mortgage duo recruited
Cantor Fitzgerald has expanded its fixed income team with the appointment of John Altier and Andrew...
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- ABS
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News Round-up
- ABS
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FFELP SLABS under review
Fitch has placed 57 tranches from 23 US FFELP student loan ABS on rating watch negative, affecting a...
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Auto ABS gains in LatAm
Brazil and Mexico have become the two largest markets in Latin America for the automotive industry o...
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Blade sale affirmed
The proposed sale of one aircraft engine from the Blade Engine Securitization transaction is unlikel...
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- Structured Finance
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Spanish structured covered bonds eyed
Changes introduced by the new Spanish Law 5/2015 will provide increased flexibility in creating secu...
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Greek sovereign ceiling lowered
Fitch has downgraded 18 tranches across seven Greek RMBS, one ABS tranche and four covered bond prog...
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Private placement demand eyed
Midsize companies will need to address investor demands for greater transparency in order to diversi...
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- CLOs
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CLOIE softens on volatility
The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since...
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- CMBS
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PILOT programme affirmed
The borrower - an affiliate of Macerich - behind the single-borrower COMM 2013-GAM CMBS has entered...
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GPA portfolio drives losses
A total of 75 US CMBS loans worth US$950.26m were disposed of with a loss in June, according to Trep...
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Delinquencies inch higher
The Trepp US CMBS delinquency rate moved modestly higher in June to 5.45%, up by 5bp for the month....
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- Risk Management
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CVA consultation underway
The Basel Committee has issued a consultative paper on its Review of the Credit Valuation Adjustment...
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Cross-border swap rule proposed
The US CFTC has voted unanimously to propose a rule that would apply margin requirements for unclear...
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ISDA SIMM tender launched
ISDA has launched a tender process to select a third party to build and operate a crowdsourcing util...
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- RMBS
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Greek arrears rising
Greek mortgage arrears have risen during the prolonged negotiations between the country's government...
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Granite reviewed on counterparty risk
S&P has placed on credit watch negative its ratings on 90 Granite RMBS tranches. The move co...
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Portuguese housing on the up?
Fitch reports that recent sales of properties from the possession of lenders point to greater liquid...
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Post-crisis RMBS affirmed, upgraded
Fitch has taken various rating actions on 791 classes from 47 US prime jumbo RMBS that were issued a...
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Canadian ABCP impact highlighted
The Canadian government last month proposed regulations restricting the use of insured mortgages as...
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RFC issued on Polish RMBS
Moody's is seeking feedback on the methodology it is proposing for analysing the credit risk of Poli...
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- ABS
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