Issue 475 - 12th February
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News Analysis
- RMBS
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Right to return
Non-prime mortgages set for US comeback?
Attempts to reinvigorate the US non-prime RMBS market appear to be gaining traction. However, the sector still needs to overcome being tarnished by the subprime stigma. Angel Oak recently tapped the non-prime RMBS market when it completed its first...
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- RMBS
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SCIWire
- Risk Management
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Euro secondary slides
Activity and pricing levels are sliding across the European securitisation secondary market. Prime...
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- Secondary markets
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Euro secondary lacklustre
Friday saw another lacklustre session in the European securitisation secondary market. Macro marke...
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Euro secondary sidelined
The European securitisation secondary market remains quiet as participants continue sit out wider ma...
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US CLOs challenged
Internal and external factors are making things difficult in the US CLO secondary market. "There's...
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Euro secondary struggles
The European securitisation secondary market continues to struggle amid wider market volatility, but...
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Euro ABS/MBS switchback
Yesterday was a better day in the European ABS/MBS secondary market, but today looks set to see a sw...
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Euro CLOs unsettled
Wider market volatility is continuing to unsettle the European CLO secondary market. Thanks to the...
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- Risk Management
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News
- Structured Finance
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SCI Start the Week - 8 February
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline additions were heavily skewed to ABS last week. A total of 11 ABS deals were added, while there was also a single ILS, an RMBS, a CMBS and a CLO. The ABS were: US$1bn BMW Vehicle Lease Trust 2016-1; US$850m CNH Equipment Trust...
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- CMBS
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Gateway mod to realise a loss?
The US$94.2m Gateway Salt Lake loan - securitised in JPMCC 2010-C1 - has been assumed at US$78.5m and modified, following its acquisition by an investor group that reportedly includes Vestar and Oaktree (see SCI's CMBS loan events database). Morgan S...
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- RMBS
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Potential PMI boost for RMBS
The recovery of the private mortgage insurance (PMI) industry suggests that there is value to be found in legacy non-agency RMBS. Even insurers in run-off are making payments and bond values are expected to improve significantly for legacy deals back...
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- Structured Finance
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Job Swaps
- Structured Finance
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Customer services boosted
Assenagon has bolstered its customer services capability by appointing Ilona Wachter as md for insti...
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Allianz buys CMBS investor
Allianz Global Investors is set to purchase Rogge Global Partners (RGP) from rival insurer Old Mutua...
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'London whale' fine levied
The UK Financial Conduct Authority has fined Achilles Macris £792,900 for failing to be ope...
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SF legal duo brought in
Kaye Scholer has beefed up its finance department by bringing in structured finance experts Howard G...
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DBRS chairman named
Stephen Joynt has been appointed executive chairman of DBRS Group. Already a member of the board, he...
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- CDO
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Patriarch resigns as Zohar manager
Patriarch Partners is stepping down as collateral manager of Zohar CDO 2003-1, Zohar II 2005-1 and Z...
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- CLOs
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Originator fund eyes broader investment
Blackstone/GSO Loan Financing - which currently invests predominantly in CLO income notes...
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- CMBS
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CMBS originations business closed
Redwood Trust is repositioning its commercial mortgage business to focus solely on investing activit...
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- Insurance-linked securities
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Insurance solutions to target SMEs
Newly formed managing general underwriter Ventus Risk Management and XL Catlin have formed a partner...
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- Risk Management
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NMS unveils risk management group
NMS Capital Group has launched a new global risk management services group that will be headed by ne...
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- RMBS
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Latest toxic MBS case settled
Morgan Stanley has agreed to pay out on another settlement involving fail...
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Servicing penalties imposed
The OCC has terminated mortgage servicing-related consent orders against US Bank and Santander, and...
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Broker-dealer adds RMBS trader
First Empire Securities has hired RMBS trader Richard Liao. He was most recently an agency RMBS trad...
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HSBC settles over mortgage practices
The US Justice Department, the Department of Housing and Urban Development and the CFPB, along with...
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- Structured Finance
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News Round-up
- ABS
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Mobile phone ABS comparability assessed
The credit performance of US mobile phone financing depends on many of the same factors as other typ...
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Commingling concerns addressed
S&P has decided that no action will be taken as a result of its failure to correctly apply i...
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- Structured Finance
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CAF 2015-1 workout progressing
The first loan default in the US$251.6m Colony American Finance 2015-1 multi-borrower single-family...
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Credit hedge fund exposures gauged
The latest US Office of Financial Research market monitor report highlights the substantial investor...
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- CLOs
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CLO asset slip to affect OC cushions
So far this year over 1.4% of the assets held within US CLOs have been placed on creditwatch with ne...
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- CMBS
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CMBS tweak raises thickness fears
MSBAM 2016-C28 contains a series of non-investment grade exchangeable classes, which is a nuance not...
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Hancock exposure gauged
About US$114m in US CMBS securities across 16 loans could be affected by Hancock Fabric's second ban...
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CMBS pay-offs jump
The percentage of US CMBS loans paying off on their balloon date rebounded sharply last month. The J...
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Euro defaults remain stable
The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated univers...
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- Insurance-linked securities
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MultiCat Mexico triggered
S&P says that its single-D rating on the MultiCat Mexico series 2012-I class C notes is unaf...
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- Risk Management
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MiFID 2 deadline extended
The European Commission has announced a one-year extension for firms to comply with its MiFID 2 stan...
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Common CCP approach agreed
The European Commission and the US CFTC have reached an agreement on a common approach regarding req...
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Cross-border swap rules approved
The US SEC has voted to adopt rules requiring non-US companies that use personnel in the US to arran...
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- RMBS
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Florida servicer payments 'credit positive'
The payments made on delinquent loans by servicers in Florida are credit positive for the RMBS backe...
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Fourth set of FNMA NPLs sold
Fannie Mae has revealed the winning bidders from its fourth NPL sale, whi...
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German loan terms decreasing
Average German residential mortgage loan terms are falling as the amortisation portion of instalment...
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Loan loss model changes mooted
Fitch has proposed changes to its US RMBS loan loss model criteria and is seeking market feedback. T...
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Countrywide verified petition filed
Bank of New York Mellon, as trustee for all 530 RMBS involved in the Countrywide settlement, last we...
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- ABS
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