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Issue 450 - 14th August

  • News Analysis

    • ABS

      • FFELP fix?

        Market dialogue, transparency set to avert SLABS crisis

        Market participants appear confident that a fix for a significant portion of the US$36.8bn of FFELP student loan ABS bonds on review for downgrade by Moody's can be found during the comment period for its proposed criteria update, which closes on 7 S...

    • Insurance-linked securities

      • Capacity gains

        ILW supply and demand picking up

        The ILS secondary market continues to see price volatility in non-peak risks, but certain peak catastrophe zones are witnessing some stabilisation. Insurance loss warranties (ILWs) are the latest product to be driven by a surge in demand as the US wi...

  • SCIWire

    • Secondary markets

      • Euro secondary limited

        Activity in the European securitisation secondary market remains limited as seasonal illiquidity pre...

      • US CLOs keep quiet

        The US CLO secondary market looks set to keep to the relatively quiet trend of recent weeks. Despi...

      • Euro secondary winds down

        The European securitisation secondary markets continue to wind down as seasonal factors hold sway. ...

      • US CLOs head sideways

        Recent low volumes and sideways price moves look set to continue in the US CLO secondary market. "...

      • Euro secondary limps on

        Despite broader market volatility the European securitisation secondary market continues to limp alo...

      • US CMBS stutters

        The US non-agency CMBS market has stuttered on the back of broader market volatility. After a smoo...

      • US CLOs pick up

        Activity in the US CLO secondary market has picked up slightly over the past 24 hours. "Activity h...

      • US RMBS oscillates

        The US non-agency RMBS secondary market has shifted around in line with broader market volatility th...

      • Euro secondary stays calm

        The European securitisation secondary market continues to stay calm in terms of both activity and pr...

  • News

    • Structured Finance

      • SCI Start the Week - 10 August

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

        Pipeline Pipeline activity picked up again last week, with significant ABS additions. There were also four new RMBS, three CMBS and three CLOs added. The ABS were: US$1.064bn Capital Auto Receivables Asset Trust 2015-3; US$750m CNH Equipment Tru...

      • Greater supply, risks widen spreads

        New issue spreads for RMBS and CMBS deals are widening on either side of the Atlantic as supply remains higher than demand. It appears to be a trend that will last beyond the usual summer slump. "There is a very large pipeline of expected deals, bu...

    • CLOs

      • Equity exits spark concerns

        Investors have been left in doubt over the potential impact of two BDCs shifting their focus away from US CLO equity, accordings to Wells Fargo structured product analysts. In one case, a Benefit Street Partners (BSP) affiliate is set to acq...

      • OC degradation analysed

        The average par NAVs and overcollateralisation (OC) cushions in US balance sheet CLOs fell in almost half of the quarterly issuance seen in 2Q15, according to Wells Fargo structured product analysts. In most quarterly issuance samples they studied, o...

      • Oil exposure affects CLOs

        The percentage of US CLO 2.0 loans trading below 90 has increased above 6% for the first time since the start of the year, with a clear inverse relationship to oil prices. Meanwhile, having steadily climbed for years, the percentage of US loans with...

    • CMBS

      • Liquidations allow GG5 repayments

        All outstanding cumulative interest shortfalls for GCCFC 2005-GG5's AJ to E tranches have been repaid in full, following the liquidation of six loans totalling US$108m. However, the H tranche and vast majority of the G tranche have been written off. ...

  • Job Swaps

      • CRE counsel recruited

        Bert Greenwell has joined Alston & Bird as counsel in its real estate finance and investment...

    • Insurance-linked securities

      • ILS team formed

        Lombard Odier Investment Managers (LOIM) has recruited an ILS team that includes Gregor Gawron, Simo...

      • Sirius sold off

        White Mountains Insurance Group has agreed to sell Sirius International Insurance to CM Internationa...

      • ILS unit revamped

        Munich Re has established a new unit within its special and financial risks division. Launched in Ju...

    • Risk Management

      • Software firm buys rival

        Fidelity National Information Services (FIS) has agreed to acquire 100% of OTC services provider Sun...

  • News Round-up

      • FFELP trust trio called

        Navient has exercised call options on three FFELP student loan ABS trusts that represent a total of&...

      • US CLO credit weakening

        US CLO credit quality weakened slightly between the first and second quarters of 2015, according to...

    • CMBS

      • CMBS pay-offs jump up

        Trepp says that the percentage of US CMBS loans paying off on their balloon date jumped imp...

      • Hotel prices lift up

        Hotel prices have risen 37% over the past 12 months, outpacing the central business distric...

      • Ty Warner EOD waived

        A settlement agreement has been reached with Ty Warner, sponsor of the US$96.4m Ty Warner Portfolio...

      • ESMA provides EMIR rethink

        ESMA has published four reports that focus on how the EMIR regulatory framework has been functioning...

      • OTC clearing rules adopted

        The European Commission has adopted new rules that make it mandatory for certain OTC interest rate d...

      • GNMA hits record issuance

        Ginnie Mae guaranteed a record US$47.06bn of MBS last month, surpassing the previous record of US$46...


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