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Issue 464 - 20th November

  • News Analysis

    • CMBS

      • Titan up

        Quelle case reverses course

        The English Court of Appeal overturned a landmark decision earlier this month when it reversed a UK High Court ruling that provided CMBS issuers with a legal basis for pursuing negligence claims against a property valuer. The decision is believed to...

    • Structured Finance

      • Purchase progress?

        ABSPP prospects assessed one year on

        The ECB's ABSPP entered into force on 19 November 2014 (SCI passim) and has dominated European ABS proceedings since. A recent ECB commitment to QE2 has buoyed the market, but the lackluster performance of the purchase programme a y...

    • CLOs

      • Carve out?

        CMU CLO treatment weighed

        The European Council has published its first compromise proposal in respect of the Securitisation Regulation forming part of the CMU action plan (SCI 2 October). The newly proposed Article 5a appears to misunderstand the practices of the CLO market,...

    • CMBS

      • New wave

        Next CMBS modification wave 'unlike predecessors'

        US CMBS maturity modifications have been modest this year, but the pace is set to pick up in 2016. Moreover, not only the pace of the mods - but also the manner of them - is set to change. With US$83bn of performing conduit loan...

  • SCIWire

    • Secondary markets

      • Euro secondary solid

        The European securitisation secondary market remained solid into last week's close. Reaso...

      • US CLO surge

        The US CLO secondary market is seeing a surge in BWIC volume today. "It's unusually busy for a Mon...

      • Euro secondary still slow

        It has been a typically slow start to the week in the European securitisation secondary market. "Y...

      • US CLOs lack clarity

        Despite the surge in BWICs yesterday, it is still difficult to divine clear pricing trends in the US...

      • Euro secondary on the up

        Activity and sentiment are on the up in the European securitisation secondary market. Bolstered by...

      • US CLO drop off?

        After Monday's high watermark, US CLO secondary volumes have dropped significantly and could stay th...

      • Euro secondary tight

        Spreads across the European securitisation secondary market are holding up, but liquidity remains ti...

      • US RMBS steady

        The US non-agency RMBS secondary market is keeping steady. "Anticipation of year-end is increasing...

      • Euro secondary accelerates

        The recent uptick in the European securitisation secondary market accelerated further yesterday. A...

  • News

    • Structured Finance

      • SCI Start the Week - 16 November

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

        Pipeline Last week's pipeline additions were skewed to ABS and CMBS. There were nine of the former and four of the latter, as well as an ILS, an RMBS and a CLO. The ABS were: CNY3.22bn Bavarian Sky China 2015-2; US$400m NRZ Advance Receivables Tru...

  • Job Swaps

    • ABS

      • OneMain merger approved

        Springleaf has reached a settlement with the US Department of Justice and the Attorneys General of s...

    • Structured Finance

      • CIB bulks up

        Alasdair Warren has joined Deutsche Bank to head up its new corporate and investment banking (CIB) d...

      • MBS efforts bolstered

        Palmer Square Capital Management has recruited Vesta Marks as a portfolio manager focused on buildin...

      • Call for change at FSC

        Fifth Street Finance Corp (FSC) has responded to calls from RiverNorth Capital Management for certai...

      • Law firm adds CLO pro

        Ashurst has appointed Lawrence Berkovich as a partner in its US CLO team. He joins from Mayer Brown...

    • Insurance-linked securities

      • Leadenhall brings in two

        Leadenhall Capital Partners has made two new hires to bolster its portfolio management team. Joel Mi...

      • PartnerRe deal approved

        Shareholders of PartnerRe have voted to approve EXOR's proposed acquisition of the firm, edging the...

    • Risk Management

      • ICE prices senior offering

        ICE has priced an underwritten public offering of US$2.5bn in new senior notes. It says it will use...

    • RMBS

      • REIT's board bolstered

        Two Harbors Investment Corp has appointed Lisa Pollina to its board of directors. She has extensive...

  • News Round-up

    • ABS

      • VW credit risks vary

        The credit quality of ABS sponsored by Volkswagen is being negatively affected by the heightened ris...

      • Aircraft ABS set to grow

        The aircraft ABS sector should continue to grow next year, with more deals and more leasing entrants...

      • Navient extends RCA

        Navient has amended the transaction agreements for 66 FFELP student loan ABS trusts, 23 of which are...

    • Structured Finance

      • ESMA consults on CRAs

        ESMA has published a discussion paper on the validation and review of credit rating agency (CRA) met...

      • STS changes proposed

        Insurance Europe has released a paper which makes a number of proposals regarding alignment...

    • CDO

      • Trups defaults dip

        US bank Trups CDO combined defaults and deferrals marginally dropped to 18% at the end of October fr...

    • NPLs

      • Winning NPL bidders named

        Fannie Mae has announced the winning bidders for its third non-performing loan (NPL) sale of approxi...

    • Risk Management

      • FRTB impact analysed

        The Basel Committee has published the results of its interim impact analysis of its fundamental revi...

    • RMBS

      • Euro HPA 'RMBS positive'

        Recovering house prices in the UK, Ireland, Spain and the Netherlands will help to suppress RMBS dea...

      • HECM deal rated

        Nationstar Mortgage is marketing an RMBS backed by inactive home equity conversion mortgages (HECM),...

      • Freddie RMBS benefits mezz

        Freddie Mac is in the market with its first rated senior/subordinate cash RMBS. The US$600m Freddie...

      • High RMBS severity warning

        Smaller loan balances will keep liquidation severities on US RMBS loans high over the next few years...


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