Weekly Issue Archive »

Issue 468 - 18th December

  • News Analysis

    • RMBS

      • Liquid launch

        Agency RMBS favoured ahead of Fed lift-off

        A 25bp increase in the Fed funds target rate is widely expected to be announced later today. The pace of future interest rate hikes will impact the mortgage basis and the US agency market, which is strengthening investor appetite for liquid RMBS. A...

    • ABS

      • Black whole

        Whole business securitisation treatment unclear

        The path to eligibility remains unclear for whole business bonds when it comes to the securitisation criteria under Solvency 2. This has stalled new issuance and prompted pricing instability. "The regulators' sentiment on securitisation has somewha...

  • SCIWire

    • Secondary markets

      • Euro secondary stays slow

        It was, as anticipated, another quiet day in the European securitisation secondary market on Friday...

      • Euro secondary hangs on

        European securitisation secondary spreads are mostly hanging on despite increasing broader market vo...

      • US CLO supply surge

        After a quiet few days US CLO BWIC supply has picked up today. "We're seeing a lot more lists toda...

      • Euro secondary split

        Activity and price direction in the European securitisation secondary market is currently split in t...

      • US CLOs lose momentum

        The US CLO secondary market looks to have lost its momentum as quickly as it appeared yesterday. T...

      • Euro secondary chugs along

        Despite wider credit market volatility the European securitisation secondary market is still maintai...

      • US CLOs equity focused

        Post Fed lift-off activity has picked up a little across the US CLO secondary market, but it is the...

      • Euro secondary stalls

        Activity in the European securitisation secondary market has stalled. Year-end illiquidity was ful...

      • US CLOs unclear

        Little price clarity was achieved in yesterday's US CLO secondary market, but supply keeps coming. ...

  • News

    • ABS

      • Market supports benchmark change

        A majority of US ABS and CMBS market participants would support switching the pricing benchmark from the swaps curve to US Treasuries, according to a JPMorgan survey. Of the respondents, 61% favour a switch, while 28% advocate sticking with swaps. ...

    • Structured Finance

      • Capital preservation sought

        Assenagon Asset Management has launched a new fund that aims to make active and flexible use of opportunities within a diverse investment universe to achieve attractive long-term returns. Dubbed Assenagon Multi Asset Wertsicherung (translated as capi...

      • SCI Start the Week - 14 December

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

        Pipeline The pace of pipeline additions slowed last week. The final count consisted of two ABS, an ILS, an RMBS, a CMBS, a CRE CDO and two CLOs. US$160m CRG Issuer 2015-1 and US$185m SolarCity FTE Series 1 Series 2015-A accounted for the ABS, whil...

    • RMBS

      • FHFA scorecard heralds change

        The FHFA has released its 2016 scorecard for the GSEs and Common Securitization Solutions (CSS). Highlights include the imminent end to HARP and an updated timeline for the implementation of the single security initiative, as well as credit risk tran...

  • Talking Point

    • CMBS

      • Right to sue

        Macfarlanes partner Lois Horne and solicitor Alexa Segal examine the lessons to be learned from the ...

        The Court of Appeal has overturned a decision at first instance that a valuer, Colliers, was liable for a negligent valuation of a commercial property that was collateral for a securitised loan while Quelle - the then biggest mail order company in Ge...

  • Job Swaps

    • Structured Finance

      • SF practice strengthened

        DLA Piper continues to build its financial markets practice with the appointments of Vincent Keaveny...

      • Mid-market vet brought in

        HIG WhiteHorse, an affiliate of HIG Capital, has hired Eric Nadzo as principal in its Boston office....

      • State aid settled

        KBC is set to repay the Flemish Regional Government the full outstanding tranche of €2bn o...

      • Bloomberg to buy BRAIS

        Bloomberg has agreed to acquire the Barclays Risk Analytics and Index Solutions (BRAIS) business&...

      • Mid-market lender launches

        Great Rock Capital Partners has launched a lending platform that will provide asset-based and asset-...

    • CMBS

      • CRE pro moves on

        Linda Gorbenko has joined Arbor Commercial Mortgage as director. In this role, she is responsible fo...

    • Risk Management

      • Interactive Data deal done

        ICE has completed its US$5.2bn acquisition of Interactive Data from Silver Lake and Warburg Pincus....

    • RMBS

      • Ranieri recruits RMBS pro

        Ranieri Strategies has added two new partners, including Eric Kaplan to focus on structured finance....

  • News Round-up

    • ABS

      • Solar loan ABS debuts

        SolarCity is in the market with an inaugural securitisation backed by its MyPower loan product. The...

      • FFELP outlook weighed

        Moody's expects FFELP student loan ABS repayment rates to remain low in 2016. The combined percentag...

      • VW ABS performance updated

        Recent updates from Volkswagen and its subsidiary Volkswagen Financial Services (VWFS) on the impact...

      • Bibby details emerge

        Some additional details have materalised on Bibby Financial's recent securitisation of fact...

    • Structured Finance

      • Italian regs boost ABS

        The Bank of Italy's regulatory framework enacted in 2015 for financial intermediaries carrying out s...

      • Spanish SME risks outlined

        Increased lending to SMEs in Spain is seen by Moody's as a positive for the country's economic growt...

      • LatAm outlook 'mixed'

        Fitch's outlook for Latin American structured finance in 2016 is mixed across sectors. Stable and po...

    • Insurance-linked securities
    • Risk Management

      • Clearing rules released

        ASIC has released rules implementing Australia's mandatory central clearing regime for OTC derivativ...

      • ESMA makes TR proposals

        ESMA has published a consultation paper proposing to enhance the current functionalities offered by...

      • UPI consultation underway

        The Committee on Payments and Market Infrastructures and IOSCO have published for public comment a c...

      • Innovative CIRT issued

        Fannie Mae has completed its final Credit Insurance Risk Transfer deal of 2015 - the first...

      • CMHC limits upped

        Canada Mortgage and Housing Corporation (CMHC) has announced a change to the guarantee fees it charg...


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