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Issue 456 - 25th September

  • News Analysis

    • RMBS

      • New frontiers?

        Deal innovations break new ground for RMBS

        Recent US RMBS transactions have increased expectations about the dawn of a 3.0 market. However, while their innovations may open new territory, a true 3.0 environment appears to remain a way off. RMBS issuance has remained low and lack of liquidit...

  • SCIWire

    • Secondary markets

      • Euro secondary mixed

        The European securitisation secondary market continues to experience mixed fortunes amid thin liquid...

      • Euro secondary solid

        The European securitisation secondary market is staying solid despite distractions from elsewhere. ...

      • US CLO flurry

        The US CLO secondary market is experiencing a flurry of activity today, but looks set to quieten dow...

      • Euro secondary picks up

        The European securitisation secondary market is seeing a pick-up in activity. Amid a spike in broa...

      • Real return for US CLOs

        US CLO secondary market activity is experiencing something of a real return to form following the ex...

      • US RMBS shaken

        The US non-agency RMBS secondary market has been impacted by broader market volatility and the FOMC...

      • Euro ABS/MBS sidelined

        Investors are for the most part staying on the sidelines in the European ABS/MBS secondary market. ...

      • Euro CLO activity surges

        The European CLO secondary market is seeing a surge in activity this week. "It's been a busy week...

  • News

    • ABS

      • Ford debuts Reg AB 2 compliance

        Ford Motor Credit last week priced the first Reg AB 2-compliant ABS - the US$1.05bn Ford Credit Auto Owner Trust 2015-C prime auto loan transaction. New data disclosures under the filing include weighted average LTV, subvented receivables a...

      • VW 'rule breach' impact weighed

        The US Environmental Protection Agency's issuance of a notice of violation of the Clean Air Act (CAA) to Volkswagen has direct implications for securitisations backed by Volkswagen vehicles. Volkswagen's auto loan (VALET), auto lease (VWALT) and deal...

    • Structured Finance

      • Mezz purchases on the cards

        The ECB has clarified its intention to buy mezzanine tranches of European securitisations with a third-party guarantee under the ABSPP. The update effectively allows the central bank to purchase guaranteed mezzanine tranches - defined as tranches bet...

      • SCI Start the Week - 21 September

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

        Pipeline Fewer deals joined the pipeline last week. At the final count there were three new ABS, two RMBS, four CMBS and one CLO. US$1bn Drive Auto Receivables Trust 2015-D, Eagle Credit Card Trust Series 2015-1 and US$807.98m Shenton Aircraft Inv...

      • Euro market looks liquid

        European ABS BWIC activity was high over the summer, while the traded percentage also surprised to the upside. From this perspective, at least, European liquidity appears healthy, with UK RMBS proving particularly liquid. Over the 16-week period fr...

    • CMBS

      • Bs lose out in hope note refi

        The One & Two Prudential Plaza loan has been refinanced in such a way as to avoid paying proceeds to the modified B-note. Barclays CMBS analysts describe it as "the worst case of hope note strategic refinancing to date". The CMBS loan paid...

  • Job Swaps

      • Navient forum launched

        Navient last week launched an online investor forum designed to facilitate communication with FFELP...

    • Structured Finance

      • Corporate partner poached

        Costanza Russo has joined Faegre Baker Daniels' corporate team as partner. She will advise internati...

      • CDS manager tapped

        La Française Global Investment Solutions (GIS) has appointed Michael Hattab-Maruan...

    • CDO

      • ABS CDO transferred

        Dock Street Capital Management is set to replace Chotin Group as collateral advisor to Saturn Ventur...

    • CMBS

      • CRE firm bolsters SF group

        Michael Poe has joined NGKF Capital Markets' debt and structured finance group as senior md. His exp...

      • P2P lender taps CMBS vet

        Gary Bechtel has been appointed as president of Money360. He will be responsible for expanding the f...

    • Insurance-linked securities

      • ILS legal pro recruited

        Michael Halsband has joined Drinker Biddle & Reath as part of its insurance transactional an...

    • RMBS

      • MBS director appointed

        SFIG has hired Dan Goodwin as director of mortgage policy to focus on MBS policy issues. He will rep...

  • News Round-up

    • Structured Finance

      • Multifamily debt mounts

        Outstanding US multifamily mortgage debt now exceeds US$1trn and is growing at almost 10% a year, ac...

      • Loan stats enhanced

        The ECB has published new statistical series on loans adjusted for sales and securitisation, based o...

    • CDO

      • Trups defaults unchanged

        The number of US bank Trups CDO combined defaults and deferrals remained at 18.8% for the second mon...

      • Ukraine moratorium eyed

        ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a potential repudiation/mo...

    • CMBS

      • StuyTown settlement soon?

        A court hearing last week related to the StuyTown lawsuit was adjourned without resolution, with Mor...

      • CMBS loan use queried

        Following reports that proceeds from a mortgage loan securitised in Velocity Commercial Capital 2015...

      • US CRE market 'like 2007'

        Market participants can ill afford to forget how quickly US CRE performance can change, warns Fitch....

    • Insurance-linked securities
    • RMBS

      • High LTV STACR priced

        Freddie Mac has priced its first STACR actual loss offering with original LTV ratios ranging from 80...

      • RFC called on Slovak RMBS

        Moody's is seeking comments on its proposed new methodology for analysing the credit risk of Slovaki...

      • UK FF assumptions updated

        Fitch has published an exposure draft over proposed revisions for estimating losses on UK residentia...


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