Weekly Issue Archive »

Issue 451 - 21st August

  • News Analysis

    • RMBS

      • Transforming risk

        CRT securitisation innovation continues

        The differing approaches of the GSEs to credit risk transfer have resulted in a number of innovations in the RMBS market. Freddie Mac's latest transaction contained several new features, while Fannie Mae intends to launch its first actual loss deal b...

    • Structured Finance

      • Capital plan

        Definitional issues weigh on HQS progress

        The European Commission is set to unveil proposals to reduce capital charges on high quality securitisations (HQS) next month. However, the lack of cohesiveness among different regulatory authorities means that concern over definitional issues remain...

  • SCIWire

    • Secondary markets

      • US CLOs on the up?

        While still quiet the US CLO secondary market appears to be on the up. Market sentiment looks to b...

      • Euro secondary drifts

        The European securitisation secondary market continues to drift through August. For the most part...

      • Euro secondary unchanged

        European securitisation secondary spreads remain unchanged as the seasonal lull continues. Yesterd...

      • More mezz for US CLOs

        The US CLO secondary market continues to be quiet overall, but mezz supply keeps coming. The past...

      • Euro secondary sidelined

        Broader market volatility is adding to the summer doldrums in the European securitisation secondary...

      • Waiting game for US RMBS

        The US non-agency RMBS secondary market is waiting on greater clarity in broader markets. "It's ve...

  • News

    • Structured Finance

      • SCI Start the Week - 17 August

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

        Pipeline There were fewer additions to the pipeline last week than there had been the week before. The final count consisted of two ABS, an RMBS, a CMBS and two CLOs. The ABS were US$210.52m First Investors Auto Owner Trust 2015-2 and US$1.06bn Sa...

    • CMBS

      • 'High severities' for distressed CMBS

        The volume of distressed US CMBS loans up for auction in August and September is down slightly from previous months. Barclays figures show the deals with the largest exposures are BACM 2006-5 and LBUBS 2007-C6. BACM 2006-5 has the greatest exposure...

    • Insurance-linked securities

      • ILS underwriting scrutinised

        The reinsurance sector is adapting to the influx of alternative capital by providing innovative solutions and lower prices to reinsurance purchasers, S&P notes. However, the agency warns against the growth of the ILS market coming at the expe...

  • Job Swaps

    • Structured Finance

      • SF head preps new firm

        Michael Millette is set to launch Hudson Structured Capital Management following his departure from...

      • BDC acquisition approved

        PennantPark Floating Rate Capital (PFLT) and MCG Capital stockholders have voted to approve the merg...

      • Hedge fund fraud settled

        Two Citigroup affiliates have agreed to pay nearly US$180m to the US SEC to settle charges that they...

      • BlackRock wins vendor role

        The US NAIC has selected BlackRock Solutions as sole vendor to conduct financial modelling for the n...

      • Portfolio manager steps up

        Robert Zable has been appointed as the lead portfolio manager of Blackstone/GSO's Senior Floating Ra...

      • Finance practice beefed up

        Allens has bolstered its banking and finance practice with the appointment of Benjamin Downie as man...

      • Redemptions hit hedge fund

        Claren Road Asset Management has received around US$2bn in investor redemption notices, according to...

      • Trading vet brought in

        Luca Favero has joined Numen Capital as portfolio manager and research analyst. He arrives from SG,...

      • Hedge fund adds ABS trader

        Scott Eichel has joined Brevan Howard as a partner in its New York office. He will focus on senior f...

      • SF team expands

        Morgan Lewis continues to expand its global structured transactions capability in London with the ad...

    • CMBS
    • Insurance-linked securities

      • ILS chief replaced

        Adam Szakmary has been appointed ceo and portfolio manager of Blue Capital Management. He replaces B...

    • Risk Management

      • Capital markets head named

        David Myers has been appointed as Deloitte UK's head of capital markets. He is also a partner at the...

    • RMBS

      • MBS pro recruited

        Rob Smialek has joined Wunderlich Securities as svp, capital markets. In this role, he is r...

      • MERS case dismissed

        The US District Court for the Middle District of Tennessee has granted MERSCORP a motion for dismiss...

  • News Round-up

    • CDO

      • Trups defaults steady

        The number of US bank Trups CDO combined defaults and deferrals remained at 18.8% at the end of July...

      • CMBS maturities looming

        Approximately 35% of Fitch's performing US CMBS loan universe will mature through the end of 2017. I...

    • Insurance-linked securities
    • NPLs
    • Risk Management

      • UTI consultation opens

        The Committee on Payments and Market Infrastructures (CPMI) and IOSCO have published a consultative...

      • Review triggers examined

        A number of features in the representation and warranty (R&W) framework of Shellpoint's new...

      • Servicing rights retained

        Ocwen has retained the servicing rights for 12 RMBS, following a noteholder vote on whether it shoul...

      • Aussie sales scaled down

        The AOFM has released details of its fifth RMBS auction, to be held on 22 October. It has also clari...

      • Housing headwinds warning

        Fitch believes it is premature for the Houston housing market to be given the 'all clear' to push on...


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