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Issue 495 - 1st July

  • News Analysis

    • Structured Finance

      • False alarm?

        Basel CRT warning played down

        The Basel Committee caused somewhat of a stir earlier this month when it warned banks against increasing their use of capital relief trades (CRTs). However, portfolio risk-sharing transactions are not expected to be affected. The Committee's statem...

      • Credible values

        AIFMs evaluate Brexit implications

        Alternative investment fund managers (AIFMs) are facing a number of uncertainties following the UK's vote to leave the EU. Their immediate attention will be focused on how to reflect the Brexit result in tomorrow's mid-year valuation reports. Longer...

    • Structured Finance

      • Recruitment rocked

        Brexit compounding ABS hiring issues

        The recruitment outlook for structured finance took a potentially big blow when the UK decided to leave the EU last week in its referendum vote. With hiring activity already at a moribund pace this year, concerns about immigration limits and capital...

      • Damage control

        Brexit hits European ABS recovery, capital markets reform

        The UK's vote to leave the EU has caused untold damage to the recovery of the European securitisation market. Not only will issuance volumes suffer, but reform of the European capital markets via the CMU has also been set back significantly ̵...

  • SCIWire

    • Secondary markets

      • Euro secondary sidelined

        Most participants are waiting on the sidelines in the European securitisation secondary market amid...

      • US CLOs silenced

        The US CLO secondary market has been largely silent in the immediate aftermath of the UK's vote to t...

      • Euro ABS/MBS normalising

        European ABS and MBS have been quick to shrug off Brexit worries, with activity building up again th...

      • US CLOs rebounding

        The US CLO secondary market has begun rebounding in the past few sessions after the caution seen imm...

  • News

      • Reclassification challenges outlined

        A number of financial institutions have reclassified their structured finance books in accordance with IFRS 9, in order to carry out parallel runs in 2017. Although the formal implementation of IFRS 9 is not due until 2018, firms hope that the early...

    • Structured Finance

      • SCI Start the Week - 27 June

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

        Pipeline Pipeline additions were limited last week. The only ABS was €1bn Silver Arrow 7, while the RMBS were RUB5.65bn JSC Mortgage Agent BFCO and US$209m Nationstar HECM Loan Trust 2016-2 and the single CMBS was US$737m SGCMS 2016-C5. ...

    • CLOs

      • UK CLO exposure examined

        Morgan Stanley figures show that UK exposures account for 13.7% of European CLO 2.0 collateral. Variation among portfolios and managers is apparent, with the 25th-percentile deal exposure to the UK at 10.3% and the 75th-percentile deal exposure at 16...

    • RMBS

      • Settlement reinvestment options weighed

        Current holders of non-agency RMBS from 512 Countrywide deals have finally received almost US$8bn in cash payments, five years after the original settlement (SCI passim). As investors look to put the cash back to work, Morgan Stanley analysts believe...

      • New York foreclosure boost

        New York Governor Andrew Cuomo last week signed a series of laws that could have a sweeping impact on the foreclosure process in the state of New York, according to Morgan Stanley RMBS strategists. In particular, the legislation establishes a pre-for...

      • Countrywide cash benefits 'broad'

        Holders of 512 legacy Countrywide deals receiving allocated shares of US$7.7bn in settlement proceeds are not the only beneficiaries of that settlement, say Morgan Stanley analysts. The massive paydown has also put many more bondholders into better p...

  • Job Swaps

    • Structured Finance

      • Energy expert picked up

        Crédit Agricole has appointed Gerard Vincitore as md in its structured finance advisory gro...

      • LatAm expansion inked

        DBRS has opened a new office in Mexico City as part of its ongoing global expansion program. The age...

    • CLOs

      • CLO trading head hired

        Nirjhar Jain is set to join Guggenheim Securities' structured products group as an md, based in New...

    • Risk Management

      • Exchange offer launched

        Markit has commenced an offer to exchange any and all of the outstanding US$750m aggregate principal...

  • News Round-up

      • Cross-border ABS prepped

        Engenium Capital is in the market with a cross-border Mexican equipment ABS. Dubbed Engenium Capital...

    • CMBS

      • CMBS liquidations move up

        US CMBS liquidation volume was below the 12-month average in June, according to Trepp. Disposition a...

      • JQH exposure eyed

        Last Sunday's John Q Hammons Hotels & Resorts bankruptcy protection filing is being closely...

    • Insurance-linked securities

      • Acorn Re notes affirmed

        Fitch has affirmed Acorn Re Series 2015-1's US$300m class A notes at double-B. The rating agency bel...

      • Freddie starts RPL sales

        Freddie Mac is offering its first structured sale of seasoned loans by offloading a US$199m pilot de...

      • Chinese RMBS announced

        Postal Savings Bank of China (PSB) is prepping a RMB3.82bn RMBS called Jiamei 2016-1. The transactio...

      • MBIA-wrapped RMBS hit

        S&P has lowered its ratings on 112 classes from 58 US RMBS transactions. The affected securi...

      • Reps framework welcomed

        Fitch has commented on the proposed representations and warranties (R&Ws) included in the St...

      • Brexit MSR impact weighed

        The UK's vote to leave the EU last week could hurt valuations for some US residential mortgage servi...


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