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Issue 452 - 28th August

  • News Analysis

    • Structured Finance

      • Time to review

        Asset reviewer relevant beyond mandated role

        Public securitisations in the US will soon require an asset reviewer - as mandated by Reg AB 2 (SCI passim) - but the benefits of such a role may see it also included in both private and international deals. However, concerns rema...

  • SCIWire

    • RMBS
    • Secondary markets

      • Euro secondary improves

        Tone in the European securitisation secondary market is improving as broader market volatility reduc...

      • US CLO flurry

        Today is set to see a flurry of activity in the US CLO secondary market after an extremely quiet few...

      • US CLOs tick over

        Despite seasonal illiquidity and wider credit concerns, the US CLO secondary market continues to tic...

      • Euro secondary holds up

        In the face of continuing equity market volatility the European securitisation secondary ma...

      • US secondary slowdown

        US BWIC supply has slowed to a trickle today across asset classes. Events in China and the feared...

      • US CLO shift

        The US CLO secondary market is still refusing to completely give in to the summer doldrums and today...

  • News

    • Structured Finance

      • SCI Start the Week - 24 August

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

        Pipeline Primary market activity was limited last week, with three new ABS and a single CLO added to the pipeline. The ABS were UniCredit's Consumer Three, Volkswagen's R$808m Driver Brasil Three FIDC and John Deere Capital Corp's John Deere Owner T...

      • ECB 'behind OWIC increase'

        OWICs have been circulating in the European ABS secondary market in growing numbers. While their source has not been confirmed, one London-based portfolio manager strongly suspects they are coming from the ECB. "It could be anybody, but it is proba...

    • CLOs

      • Reinvestment extensions to pick up?

        A total of 24 US CLOs have been refinanced so far this year (see SCI's new issuance database), representing a tranche balance of over US$9bn, according to Bank of America Merrill Lynch figures. Among the more recent refinancings, three took the unusu...

    • CMBS

      • Term default risk 'not a concern'

        Morgan Stanley's latest review of CMBS 2.0 remittance reports shows a wide variety of activity. This month the first-ever 2015-vintage loans turned delinquent, a borrower requested an A/B-note modification and multiple loans were watchlisted as a res...

      • A&P sell-off underway

        A&P is set to auction its remaining 153 stores in October after the bankrupt grocer received bids for 118 of its 296 stores. Bids have come in from competitors Albertsons, Royal Ahold and Key Food. A&P initially announced in July th...

      • US CMBS realise losses

        August remittance data shows a mixed picture for US CMBS. A couple of prominent loans have moved into special servicing, while subordinated notes have realised losses in LBUBS 2008-C1, JPMCC 2006-LDP7 and CSMC 2008-C1. The US$64m Chesapeake Square...

      • Gagfah opportunity identified

        Price tiering for Gagfah CMBS has emerged over the summer, although not in the way that might be expected. These price movements make TAURS 2013-1 appear particularly cheap. Deutsche Bank European securitisation analysts initially expected...

      • Short loan MBS debuts

        Amicus has issued what is believed to be the first UK MBS to be backed entirely by short-term property loans. Three of the four tranches in the unrated Amicus Mortgage Finance 2015-1 were privately placed last week, amounting to £95...

    • RMBS

      • FHFA plots GSE paths

        The FHFA has adopted a final rule to establish single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2015-2017. It has also released a risk transfer document pointing to continued large volumes of CRT deals in various forms. ...

  • Job Swaps

    • Structured Finance

      • APAC trading head named

        Barclays has appointed Alex Aram as head of credit trading for the Asia Pacific region. He will be r...

      • Credit head poached

        Joshua Baumgarten is set to join Angelo Gordon next year as senior md and head of credit, reporting...

      • SF advisors tapped

        Ldger has hired Peter Morgan and John Meserve as advisors to its structured finance platfor...

      • Credit team merged

        Nomura's European credit teams have been combined in the wake of the firm recently cutting up to 60...

    • CLOs

      • CLO equity acquired

        Fair Oaks Income Fund has entered into binding contracts to acquire in the primary market US$28m not...

    • Risk Management
    • RMBS

      • RMBS trust suit filed

        The FDIC has filed a lawsuit against BNY Mellon over alleged breaches that the bank made as...

  • News Round-up

    • ABS

      • Rate rise risks downplayed

        Fitch suggests that US credit card ABS metrics will remain in record territory near term, despite po...

      • FFELP ratings diverge

        S&P last week upgraded the ACCSS 2007-1 A3 and A4 FFELP student loan ABS tranches to triple-...

    • Structured Finance

      • SF approach confirmed

        Scope has updated its structured finance rating methodology following the conclusion of its request...

      • FHA to provide PACE update

        The FHA will soon issue guidance on residential property-assessed clean energy (PACE) financing. Kro...

    • CDS

      • CDS curve fund launched

        XAIA Investment and Universal-Investment are jointly launching a new fund that will use CDS...

      • CDS trading edges down

        Average daily CDS index trade counts rose by 22.2% in 2Q15 compared with the same period in 2014, ac...

    • CMBS

      • Resurfaced CMBS amended

        Goldman Sachs has restructured its REITALY Finance CMBS transaction by splitting the €109....

      • CRE recognition urged

        CREFC Europe has sent a letter to the European Commission, calling for it to include a special menti...

    • Insurance-linked securities

      • APAC ILS issuance to rise

        Fitch expects catastrophe bond issuance to increase in Asia-Pacific - particularly for catastrophe-p...

    • NPLs

      • Second NPL pool sold

        Fannie Mae has announced Lone Star as the winning bidder for its second NPL sale that it began marke...

    • RMBS

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