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Issue 512 - 28th October

  • News Analysis

    • ABS
      • Rights issues

        Tax lien ABS growing, but third-party servicers scarce

        The US tax lien ABS sector has grown steadily since 2014 in terms of both issuance and investor interest. While it provides several opportunities for investors, its growth could be hampered by unique challenges, in particular a lack of third-party se...

      • Bail-in priced in?

        European bank CDS put to the test

        Mounting concerns over Deutsche Bank's financial health, along with bail-in speculation have coincided with significant widening in the bank's CDS - both at a senior and subordinated level. However, whether financial CDS prices are reflecti...

    • Structured Finance
      • Safe haven?

        Securitised sovereign bonds could bring economic stability

        A European bond comprised of securitised sovereign bonds from multiple European countries could help bring funding and economic stability to the eurozone. This is according to a group of leading economists, who have drafted a proposal for so-called E...


  • SCIWire

      • Euro ABS/MBS quiet

        This week has continued to be slow across the European ABS/MBS secondary market. "There's nothing...

    • Secondary markets
      • US CLOs partly pause

        Aside from a busy equity space, the US CLO secondary market is taking something of a pause. "Last...

      • Euro secondary starts slow

        It was a slow start to the week in the European securitisation secondary market, but a large CDO liq...

      • US CLOs tick over

        US CLO secondary market continues to tick over despite continued distraction from primary. After a...


  • News

    • ABS
      • Utilisation drop hits container deals

        Two container ABS deals - BEACN 2012-1A and GCA 2013-1A - have been called so far this month, removing about US$300m of bonds from the market. Both of the transactions had experienced declines in average utilisation rate and average portfol...

      • Timeshare default repurchases climb

        Timeshare ABS default rates are rising and there is a growing trend of default repurchases and substitutions, although Wells Fargo analysts believe investors should be well protected. Borrowers are increasingly being advised not to make payments on t...

    • Structured Finance
      • SFR refi incentive boosted

        Total home equity has increased by 27% since issuance across the 71,955 properties underlying the 18 single-family rental securitisations issued in 2013-2015, according to Deutsche Bank figures. The trend is expected to boost SFR issuers' refinance i...

      • SCI Start the Week - 24 October

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

        Pipeline The balance appeared to shift last week, as fewer deals joined the pipeline and far more departed. The week's additions were four ABS, two RMBS, two CMBS and four CLOs. US$640m Apollo Aviation Securitization Equity Trust 2016-2, US$840.78...

    • CMBS
      • CMBS market craving liquidity

        Investors believe CMBS offers the best relative value compared to other asset classes, according to a recent Deutsche Bank survey. It also finds that CMBS investors' main concern is lack of secondary market liquidity, which could be having a knock-on...

      • Servicer performance scrutinised

        A new Morningstar Credit Ratings study of aggregated consent-processing times of four large-volume US CMBS master servicers - Wells Fargo Commercial Mortgage Servicing, Midland Loan Services, KeyBank and Berkadia Commercial Mortgage - indicates that...


  • Job Swaps

    • Structured Finance
      • Ratings complaints prepped

        The US Department of Justice (DOJ) is preparing a civil complaint against Moody's in the US District...

      • Replacement chairman named

        RAIT Financial Trust has separated its offices of chairman and ceo, which were previously both held...

    • CLOs
    • Insurance-linked securities
      • FICC beefs up

        Jim Hraska has been named md and general manager of DTCC's Fixed Income Clearing Corporation (FICC)....


  • News Round-up

      • Debut aircraft ABS prepped

        The first securitisation of aircraft managed by Air Lease Corporation (ALC) has been assigned prelim...

    • Structured Finance
      • Indian supply nears high

        Indian securitisation volume has jumped to R45,000 crore in the first six months of the current fisc...

      • APAC ratings affirmed

        Fitch has affirmed the long-term ratings on 161 publicly-rated Asia-Pacific structured finance (SF)...

      • ABCP attracts new sellers

        US ABCP outstandings remained stable during 1H16, at approximately US$209bn, according to Moody's. T...

    • CLOs
      • CLO defaults slow down

        US CLO loan defaults have slowed down in Q3, though the pull-back will be short-lived, according to...

      • Flurry of CLOs continues

        US CLO issuance rose last quarter, along with refinancing activity on existing CLOs, according to Fi...

      • CMBS A/B mod considered

        The US$47.5m Herndon Square Office Park loan securitised in CGCMT 2007-C6 appears set for a modifica...

      • Large loss recorded

        The One HSBC Center property - securitised in GSMS 2005-GC4 - has been sold for US$14.4m, equating t...

    • Insurance-linked securities


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