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Issue 489 - 20th May

  • News Analysis

      • Call for clarity

        Valuation uncertainty adds to liquidity debate

        Banks' diminished market-making capacities and shrinking inventories are taking their toll on liquidity, particularly in the ABS and structured credit markets. However, a lack of clarity over valuations may also have a role to play in the liquidity d...

  • SCIWire

    • Secondary markets

      • US CLOs still becalmed

        The US CLO secondary market remains becalmed this week so far. After a fairly quiet end to last we...

      • US CLOs weaken

        The late start to the week for the US CLO secondary market saw signs of weakness yesterday and tone...

  • News

    • ABS

      • Groundbreaking SLABS hits

        SoFi's second ABS of the year has hit the market, making it the ninth rated term ABS the online lender has completed. Dubbed SoFi Professional Loan Program 2016-B, the US$379.7m marketplace transaction is backed by refinanced student loans and incorp...

    • Structured Finance

      • CDO trading abuses alleged

        Megan Messina, a Bank of America md and co-head of structured credit products, has filed a discrimination lawsuit against the bank that includes allegations surrounding its supposed role in misleading CLO trading partners and clients. In particular,...

      • Risk retention class debuts

        Colony Starwood Homes is in the market with its first single-family rental securitisation - the US$535.9m Colony Starwood Homes 2016-1 - following the merger of Colony American Homes and Starwood Waypoint Residential Trust in January. The t...

      • SCI Start the Week - 16 May

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

        Pipeline While ABS additions to the pipeline were steady last week, they were joined by a greater variety of deals than had been the case in the week prior. Additions consisted of eight ABS, two ILS, four RMBS, six CMBS and a CLO. The ABS were: C$...

    • CLOs

      • Collateral concerns cause downgrades

        The ratings on the class E notes of Mountain Hawk I CLO and on the class D and E notes of Mountain Hawk II CLO have been downgraded by S&P. Mountain Hawk I has been affected by a decline in supporting collateral and increase in triple-C rated...

    • RMBS

      • Upgrades boost Spanish RMBS

        The Spanish RMBS sector continues its recovery, with Moody's last week upgrading 200 classes of Spanish RMBS across 91 deals. JPMorgan European securitisation analysts expect this to provide positive technical support for secondary market pricing, al...

  • Job Swaps

    • Structured Finance

      • CLO pro moves on

        Nathan Abegg has joined KPMG as partner in its securitisation practice. He arrives from Deloitte &am...

      • SFIG adds advocacy leader

        SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive direc...

      • BNP cut-back planned

        BNP Paribas is set to cut half of its 35-person London securitisation team under plans to i...

    • CDO

      • CRE CDO manager replaced

        The holders of a majority of the outstanding principal amount of the controlling class of Gramercy R...

      • Faxtor CDOs transferred

        Dock Street Capital Management has replaced IMC Asset Management as collateral manager for a pair of...

  • News Round-up

    • ABS

      • PREPA deadline passes

        PREPA last week announced that it is continuing 'productive discussions' with its creditors after th...

      • SFR expenses weighed

        Actual net cashflow in single-family rental securitisations has been in line with expectations at ne...

    • CDO

      • Taberna CDO served

        The trustee for Taberna Europe CDO II has served the issuer with a notice of default, stating that i...

    • CMBS

      • Delinquencies inch up

        US CMBS delinquencies last month rose to 2.92% from 2.90% a month earlier, according to Fitch, marki...

      • ILS methodology RFC issued

        AM Best has issued a request for comment on its draft Best's Insurance-Linked Securities and Structu...

      • Solvency 2 to boost ILS?

        The size of the collateralised protection market is expected to increase from US$70bn to US$160bn by...

    • NPLs

      • FNMA NPLs scooped up

        Goldman Sachs is the latest winning bidder in Fannie Mae's ongoing process of sell...

      • KRIS coverage expanded

        Kamakura Corporation has added coverage of 849 public firms in Bulgaria, Croatia, Hungary, Romania a...

      • ITB RMBS resilient

        Investment Trade Bank's (ITB) fall into temporary administration has not had a substantial effect on...

      • Small-value sales due

        The New York Fed's open market trading desk intends to conduct two small-value agency MBS sales oper...


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