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Issue 455 - 18th September

  • SCIWire

    • Secondary markets

      • Slight return for US CLOs

        The US CLO secondary market is making something of a return but remains hidebound by thin liquidity....

      • Euro secondary stalemate

        The European securitisation secondary market stalemate is continuing as participants stay on the sid...

      • US RMBS halted

        Activity in the US non-agency RMBS secondary market has halted this week, but is expected to pick up...

      • Euro secondary keeps quiet

        The European securitisation secondary market was once again quiet yesterday and looks likely to stay...

  • News

    • ABS

      • PACE ABS supported?

        DBRS expects the PACE market to grow rapidly once certain regulatory overhangs are fully addressed, citing rated ABS issuance as one potential funding source. This is in light of an FHA announcement last month, stating its intent to allow borrowers t...

    • Structured Finance

      • SCI Start the Week - 14 September

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

        Pipeline It was another active week for the pipeline, with four new ABS and six CMBS added. There were also four RMBS announced - one from the UK, one from Canada and two from Australia. US$300m CPS Auto Receivables Trust 2015-C, ...

      • NAIC MBS assumptions 'mixed'

        The NAIC's structured securities group (SSG) last week released recommendations for macroeconomic assumptions, scenarios and probability weightings for use in this year's annual surveillance of insurer-owned CMBS and RMBS. Morgan Stanley analysts bel...

    • CDS

      • Swaps collusion settlement reached

        A dozen banks have agreed to pay a US$1.87bn settlement to investors in a case accusing them of rigging the CDS market by deterring and delaying credit derivatives products from reaching open and regulated platforms. ISDA and Markit...

      • iTraxx S24 skew projected

        Markit iTraxx indices roll to Series 24 on 21 September. The new series is expected to trade wider than Series 23, albeit the Crossover index could open in negative territory for the first time. Seven constituents are due to change in the Crossover...

      • CDS trading platform mooted

        ICE is said to be exploring the launch of an anonymous single name CDS trading platform as part of industry efforts to revive the credit derivatives market. The clearinghouse is understood to have circulated such a proposal among a number of...

    • CMBS

      • Liquidations lead to CMBS losses

        September remittance shows seven liquidated loans for JPMCC 2006-LDP7. The loans had US$133.7m in total balance and were liquidated at a severity of 63%, with losses wiping out the deal's G and H tranches. The largest property to be liquidated was...

      • Mixed outlooks for Dutch CMBS

        Recoveries from remaining Dutch CMBS 1.0 loans are expected to be limited. Dutch 2.0 loans are expected to perform better and risks are skewed toward prepayment. There remains high structural vacancy across the country, with vacancy rates...

  • Job Swaps

    • Structured Finance

      • SF head resurfaces

        Mediobanca has hired Philippe Dufournier as md and head of lending and structured finance. He report...

      • SF co-heads appointed

        ING Americas has appointed Bill James and Pieter Puijpe as co-heads of structured finance Americas....

      • Iberian SF expert poached

        StormHarbour has appointed Yago Valderrama as md to work alongside Gonzalo Chocano in its Madrid off...

    • CDO

      • CDO manager steps in again

        Dock Street Capital Management has replaced Vanderbilt Capital Advisors as the collateral manager fo...

    • CLOs

      • CLO manager acquired

        Rothschild Merchant Banking (RMB) has acquired West Gate Horizons Advisors, combining the latter's e...

      • CLO equity acquired

        Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$26m n...

      • NewStar buys CLO manager

        NewStar Financial has agreed to acquire Feingold O'Keeffe Capital (FOC) Partners. The transaction wi...

    • CMBS

      • Defeasance firm expands

        Waterstone Defeasance has opened a new office in Irvine, California, to better meet the needs of its...

    • Insurance-linked securities

      • ILS vehicle launched

        Hiscox Re has launched Cardinal Re, a Bermuda-based special purpose insurer designed to transform co...

    • Risk Management
    • RMBS

      • RMBS losses case settled

        RBS had agreed to pay US$129.6m to the NCUA over a case involving losses related to RMBS that the ba...

  • News Round-up

    • Structured Finance
    • CDO

      • LBA pay-outs begin

        Former clients of Lehman Brothers Australia (LBA) who sustained losses on CDO investments received i...

    • CDS

      • Alpha CDS settled

        The final price for Alpha Appalachia Holdings CDS has settled at six. During yesterday's auction, 11...

    • CLOs

      • CLO 2.0 A2E mulled

        The issuer for Cairn CLO III - the first-ever European CLO 2.0 deal - intends to make a number of am...

      • CMBS pay-offs dip

        Trepp reports that the percentage of US CMBS loans paying off on their balloon date slid modestly la...

      • CSP update supplied

        The FHFA has released an update on the Common Securitisation Platform (CSP), detailing progress made...

      • Aussie auctions progress

        The AOFM has released details of its sixth RMBS auction, to be held on 23 November. Securities up fo...


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