Issue 459 - 16th October
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News Analysis
- Risk Management
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Missing link?
Blockchain set to revolutionise derivatives market
New technology could make the derivatives market not only more transparent, but also cheaper. Market participants believe that blockchain technology could also solve collateral shortages - and that may only be the beginning of its utility. Although...
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- Risk Management
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SCIWire
- Secondary markets
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Euro secondary settled
The European securitisation secondary market is continuing in the settled pattern seen of late. Th...
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Euro ABS/MBS keeps impetus
Despite a quiet day yesterday thanks to the US holiday, the European ABS/MBS secondary market is sti...
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Euro CLOs slip
European CLO secondary spreads are slipping wider as liquidity remains limited. "We're seeing quit...
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Euro secondary consolidates
Yesterday was primarily about consolidating recent gains in the European securitisation secondary ma...
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US CLOs stuck
Despite a hefty BWIC calendar the US CLO secondary market continues to lack direction. "We're stil...
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Euro secondary unchanged
The European securitisation secondary market continues to see light flows and only pockets of activi...
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US RMBS turns positive
The US non-agency RMBS secondary market has taken a turn for the positive. "It's been a relatively...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 12 October
A look at the major activity in structured finance over the past seven days
PipelineABS accounted for the majority of transactions joining the pipeline last week, including a number of esoteric deals. Additionally, a pair apiece of CMBS and RMBS were announced, as well as a European CLO. The ABS comprised: US$376m CHAI 201...
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International ABS issuance surging
The international ABS markets have seen the highest issuance volumes in the first three quarters of this year than any post-crisis period, according to JPMorgan European securitisation analysts. Issuance hit €67.8bn at the close of...
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- RMBS
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'Unique' SFR parity feature debuts
Colony American Finance's (CAF) latest deal is the first single-family rental (SFR) transaction to include a parity feature, which accelerates principal payments under moderate-to-high collateral losses. Moody's says that CAF 2015-1's unique structur...
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'Swapless' Belgian RMBS prepped
Belfius Bank is marketing Penates 5, the first Belgian RMBS to be publicly placed since the financial crisis. The structure is similar to the swapless Arena NHG and Dutch Residential Mortgage Portfolio transactions seen in the Netherlands (SCI 20 Aug...
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- Structured Finance
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The Structured Credit Interview
- Structured Finance
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Cross-asset conviction
Renaud Champion, head of credit strategies for La Française Global Investment Solutions, answer...
Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market? A: LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% own...
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- Structured Finance
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Job Swaps
- Structured Finance
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Rating agency expands in Italy
Scope Ratings has hired Roberto De Santis to help build up its presence in Italy. As the agency's ne...
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Finance practice bolstered
Thomas Jones has joined King & Spalding as partner in the firm's financial institutions and...
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TICC responds to 'misrepresentations'
TICC Capital has sent a letter to stockholders urging them to support the agreement - at its special...
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TICC presents BSP case
TICC Capital has issued a presentation that seeks to clarify facts on how TPG Specialty Lending's (T...
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Supply chain finance team added
Mitsubishi UFJ Financial Group has recruited four new members to its investment banking & ma...
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- Insurance-linked securities
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ILS pro promoted
Adam Beatty has been promoted to md of Nephila Advisors UK, in recognition of what the firm describe...
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ILS fund gains manager
Pioneer Investments has added Chin Liu as the fourth portfolio manager of its Pion...
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ILS team beefs up
Hiscox Re's ILS operation, Kiskadee Investment Managers, has announced two senior appointments. Andr...
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James Alpha taps fund managers
John Brynjolfsson and Tim Alford have joined James Alpha Advisors, in order to continue serving as p...
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Longevity swaps consultant hired
Murray Blake has joined Lane Clark & Peacock as a consultant and member of its pension de-ri...
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- Structured Finance
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News Round-up
- ABS
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Navient data welcomed
Navient last week released a data package detailing the performance of its FFELP student loan portfo...
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Tariff deficits near sustainability
Fitch reports that Spain and Portugal are within sight of restoring financial sustainability to thei...
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Auto ABS approach updated
S&P has published a new approach for rating European auto loan ABS and assessing the obligor...
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- Structured Finance
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Peripheral calls to gain pace?
The THEME 2 RMBS (with a mortgage factor of 7%) was called and the final distribution received this...
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TRS programme debuts
Goldman Sachs and Sumitomo Mitsui Trust Bank are marketing the first series of notes from an unusual...
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- CDS
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Sovereign CDS clearing expanded
ICE Clear Credit has introduced CDS clearing for three more sovereign single names. The addition of...
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- CLOs
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Cairn restructuring completed
The restructuring of the first European CLO 2.0 was completed last week (SCI 16 September). Cairn CL...
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Commodities weigh on CLOs
US CLO 2.0 notes are being weighed down by oil and gas and meta...
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- CMBS
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Reporting requirements reflected
CREFC has adopted interim guidance for compliance with the US SEC's expanded reporting requirements...
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EMEA maturity defaults stable
The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated univers...
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Cap rates projected
Given investor concern over the impact of higher interest rates on capitalisation rates and CRE valu...
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Retail late-pays trend up
US CMBS delinquencies fell last month, despite retail late-pays trending slightly higher, according...
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- Insurance-linked securities
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ILS risk tool launched
Huang & Associates Analytics has released a risk aggregation platform designed to assist ILS...
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UK ILS hurdles surveyed
The success of a UK-domiciled ILS market hinges on it passing 'considerable hurdles', according to a...
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- NPLs
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Third NPL batch up for sale
Fannie Mae is marketing its third set of NPLs as part of its programme to offload severely...
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- RMBS
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Spanish housing recovery 'uneven'
Fitch reports that loss severities on Spanish mortgage foreclosures have continued to rise, despite...
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GSE remedies clarified
Fannie Mae and Freddie Mac have released a selling representation and warranty remedies framework, w...
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Subprime loan losses compared
Loans that are serviced by banks experience higher losses than those serviced by non-bank entities w...
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RMBS arrears reach record low
Australian housing loan arrears in August reached their lowest level for the prime RMBS sector since...
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Countrywide IRS ruling received
The IRS ruling on the Countrywide RMBS settlement has been received, making the approval date 13 Oct...
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- ABS
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