Weekly Issue Archive »

Issue 506 - 16th September

  • News Analysis

    • RMBS

      • Cannibal territory?

        Covered bond growth poses threat to RMBS

        The pace of the ECB's investment in the ABSPP and CBPP3 appears to be slowing, yet the impact the programmes have had on the market is undeniable, with covered bond volumes now threatening to eclipse RMBS. The comparative simplicity of covered bonds...

    • Structured Finance

      • End of the road?

        ABSPP volumes down, success of programme questioned

        The ECB's ABSPP is entering its third year in November and since inception has been joined by three other asset purchase schemes. While the entire ECB purchase programme is set to expire in May 2017, the effectiveness of the ABSPP in particular conti...

    • Insurance-linked securities

      • Weather prediction

        JLT's weather ILS the first of many?

        The first weather catastrophe bond for 17 years has hit the market. It is hoped that the deal will kick-start an expansion of weather-linked bonds in the ILS market, but their take-up rests on greater education around the topic. Jardine Lloyd Thomp...

    • CMBS

      • Agency investing

        Growing agency CMBS market attracts investors

        Combined Fannie Mae and Freddie Mac CMBS issuance is expected to come close to US$100bn for the year, with agency CMBS comfortably outstripping non-agency supply. While the agency CMBS market has historically been small, it is growing rapidly and the...

      • Horizontal interest

        Sponsors assess horizontal risk retention benefits

        An increasing number of US sponsors are expected to retain a horizontal rather than a vertical risk slice in upcoming securitisations, despite complexities around valuation and disclosure of the residual interests. Several recent transactions have su...

  • SCIWire

    • Secondary markets

      • Euro secondary unmoved

        The European securitisation secondary markets have been unmoved by recent broader market volatility....

      • US CLOs keep busy

        The US CLO secondary market is continuing to see a healthy amount of lists in the lead up to the ABS...

      • Euro CLOs stay active

        The European CLO secondary market is continuing to see healthy levels of activity. "There's been l...

      • US CLOs easing up

        The US CLO secondary market rally is easing up ahead of next week's ABS East Conference, but activit...

  • News

      • Housing boost for Spain

        The bottoming-out of house prices in Spain will reduce the expected severity of mortgage defaults, resulting in the improvement of the performance of Spanish RMBS, SME ABS and covered bonds, according to Scope Ratings. Analysts at the agency sugges...

    • Structured Finance

      • SCI Start the Week - 12 September

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

        Pipeline A flood of ABS and CMBS additions swelled the pipeline last week. There were 18 of the former and seven of the latter. The ABS consisted of: US$250m BCC Funding XIII Series 2016-1; US$769m Capital Auto Receivables Asset Trust 2016-3; US$...

  • Job Swaps

    • Structured Finance

      • KBRA makes more moves

        Kroll Bond Rating Agency has appointed Ira Powell as chief of staff, following the hire of Mauricio...

      • Babson merges firms

        Babson has completed the integration of four Massachusetts Mutual Life Insurance affiliates. Babson...

      • ABS expertise enhanced

        Capital One has expanded its financial institutions group (FIG) by appointing four senior figures. T...

      • Radian regains SF pro

        Peter Danna has returned to Radian for a second stint, serving as svp in structure...

      • Hire supports new service

        Bishopsfield Capital Partners has hired Neil Fitzgerald to support the launch of its new Project Age...

      • Investment firm bulks up

        Global Credit Advisers has hired Shaun Wong as svp in its investment team. He will focus on distress...

    • CDO

      • Third replacement rejected

        A third proposed replacement collateral manager has been rejected by Gramercy Real Estate CDO 2007-1...

    • CMBS
    • Insurance-linked securities

      • ILS firm boosts expertise

        Michael Watson has joined Vario Partners in a non-executive capacity. He officially begins at the IL...

  • News Round-up

    • ABS

      • Armenian ABS debuts

        Cardno has provided technical assistance to the US Agency for International Development in connectio...

      • Nine FFELP deals extended

        Nelnet has extended the final maturity date on nine FFELP student loan ABS deals following investor...

    • Structured Finance

      • Climate fund adds investor

        ASN Bank has invested US$25m in a note issued by the Global Climate Partnership Fund (GCPF). Of the...

    • CDS

      • Single-name CDS supported

        A new academic literature review commissioned by ISDA shows that single-name credit default swaps re...

    • CLOs

      • CLO UCITS fund debuts

        Fair Oaks Capital has launched the first UCITS fund to offer global access to senior secured corpora...

      • CMBS 1.0 late-pays rising

        Fitch reports that US CMBS delinquencies fell last month for the first time since March, even though...

    • Insurance-linked securities

      • UK ILS bill set for 2017

        The London Market Group (LMG) has welcomed a letter from HM Treasury that outlines early 2017 as the...

    • NPLs

      • NPL portfolio on the block

        Freddie Mac is auctioning off a US$1.1bn portfolio of seasoned non-performing residential whole loan...

    • Risk Management
    • RMBS

      • Ocwen steps up loan mods

        Ocwen's loan modification activity has doubled beginning in July with the implementation of...

      • Brazil RMBS RFC issued

        Moody's has published a request for comment on its proposed approach to Brazilian RMBS, to be submit...

      • Canadian RMBS transferred

        Equitable Bank has entered into an agreement with Canada Mortgage and Housing Corporation (CMHC) to...

      • Second SFR deal repaid

        American Homes 4 Rent (AH4R) has repaid the US$342.1m loan that backs the American Residential Prope...

      • Ocwen fails two tests

        Ocwen failed two compliance tests in 4Q15 due to force-placed insurance, according to the latest US...

      • STACR hits tightest price

        Freddie Mac has priced its sixth STACR offering of the year, with the senior M1 notes printing at th...


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