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Issue 493 - 17th June

  • News Analysis

    • Structured Finance

      • Attack force

        Contrasting legal approaches add to uncertainty

        The High Court in London decided five cases brought by class X noteholders in 2006 and 2007 vintage European CMBS in April (SCI 13 May). The overall outcome was the same for both judgments - the claimants failed - but the contrasting approaches taken...

    • CDS

      • Trigger point

        Novo Banco outcome still raising questions

        Two controversial credit event determinations earlier this year in connection with the retransfer of Novo Banco bonds left many affected CDS holders aggrieved. Three months on, questions are still being asked about the reliability of such contracts t...

  • News

    • Structured Finance

      • SCI Start the Week - 13 June

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

        Pipeline The total number of deals joining the pipeline remained consistent last week, although ABS accounted for a smaller proportion than it had done previously. There were four new ABS as well as three RMBS, three CMBS and one CDO. US$500m Ches...

      • Euro ABS prospects polled

        In its first annual survey of European structured finance and covered bond market participants, DBRS finds that 79% of portfolio managers intend to increase their securitisation investment - 64% by 'a little' and 14% by 'a lot'. Just under half (43%)...

  • Talking Point

    • Structured Finance

      • Going green

        Evolution of renewables ABS discussed

        Representatives from Renovate America, Kramer Levin and T-Rex recently discussed the development of the renewables ABS market during a live webinar hosted by SCI (view the webinar here). Focusing on the PACE and solar sectors, this Q&A articl...

  • Job Swaps

    • Structured Finance

      • Demica beefs up

        Demica has added three key new roles to its team in London, with the aim of developing both its orig...

      • ABS team strengthened

        TwentyFour Asset Management has recruited John Lawler to its ABS portfolio management team. Lawler w...

      • Trading trio recruited

        CastleOak Securities has bolstered its leveraged finance sales and trading capabilities by hiring Mi...

      • Hatteras tender extended

        Annaly Capital Management has extended its previously announced exchange offer to purchase all of th...

      • SME lender names chief

        British Business Bank Investments has appointed Catherine Lewis La Torre as ceo, effective from 1 Se...

      • Director duo appointed

        New York Mortgage Trust has appointed Kevin Donlon and Michael Clement as directors, with the latter...

    • Insurance-linked securities
    • Risk Management

  • News Round-up

    • ABS

      • Further SLABS extended

        Navient has amended the transaction agreement for SLM Trust 2013-2, in order to extend the legal fin...

      • Tobacco ABS pay-downs rise

        US cigarette consumption rose for the first time in nine years in 2015, interrupting a long-term tre...

    • Structured Finance

      • Muted sentiment revealed

        Delegates at this year's IMN Global ABS conference were more pessimistic about publicly-placed Europ...

    • CDO

      • Trups CDO cures slow

        Defaulted and deferring US Trups CDO exposures increased in Q1 for the first time since the beginnin...

    • CDS

      • EM CDS volume up

        Emerging markets CDS trading volume stood at US$363bn in 1Q16, according to a survey of 13 major dea...

      • Norske auction due

        An auction to settle the CDS trades for Norske Skogindustrier ASA is to be held on 22 June, followin...

    • CMBS

      • Credit metrics eyed

        S&P reports a significant change in conduit/fusion CMBS credit metrics for 2016 transactions...

      • CMBS pay-offs dip

        The percentage of US CMBS loans that paid off on their balloon date slid modestly in May to 68%, alm...

      • Delinquencies inch up

        US CMBS delinquencies increased by 6bp in May to 2.98% from 2.92% a month earlier, according to Fitc...

      • Euro CMBS defaults drop

        The 12-month rolling loan maturity default rate for European CMBS rated by S&P fell from 8.1...

    • Insurance-linked securities

      • Dual ILS tools debut

        Huang & Associates Analytics (HAA) has released two new ILS tools, RAPID Pro and Deal Tracke...

    • NPLs

      • NPL sale announced

        Fannie Mae has announced its latest sale of non-performing loans, including the fourth community imp...

    • RMBS

      • Risk transfer trio closed

        Fannie Mae last month completed three credit insurance risk transfer (CIRT) deals, continuing its ef...


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