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Issue 523 - 20th January

  • News Analysis

    • Structured Finance

      • Net negative

        GSE reform could have widespread impact

        Privatisation of Fannie Mae and Freddie Mac could have widespread negative consequences for the US RMBS and CMBS markets, as well as on availability of credit for the housing market. Encouraging private label issuance to step in as the GSEs scale bac...

      • Varied approaches

        Retained risk valuation practices gauged

        The horizontal retention piece of a securitisation could be considered the very definition of a Level 3 asset: rarely traded - if ever - with very limited market information. Subject to fair value assessment before and after a dea...

    • Capital Relief Trades

      • Cautious optimism

        Secondary CRT market gaining momentum

        The secondary market for capital relief trades has been growing alongside issuance of syndicated deals, which account for approximately 50% of CRT volume. In spite of a number of hurdles, market participants remain positive about the future of second...

    • RMBS

      • Duration risk

        Rate rises hurt Fed's MBS book

        The December interest rate hike in the US reflected the increasing health of the economy, but it also created issues for the US Fed's large book of MBS, which make up US$1.7trn of its balance sheet. Indeed, rising rates bring the spectre of duration...

  • SCIWire

    • Secondary markets

      • Euro secondary slow

        It's been slow start to the week so far for the European securitisation secondary markets. Partici...

      • Euro ABS/MBS accelerates

        Activity has accelerated in the European ABS/MBS secondary market after a slow start to the week. ...

      • CLO test ahead

        The second session in a row of high BWIC volumes looks set to test the depth of th...

  • News

    • Structured Finance

      • SCI Start the Week - 16 January

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

        Pipeline There were a few more additions to the pipeline last week. The final count consisted of two ABS, an ILS, two RMBS and three CMBS. US$1.672bn Ford Credit Auto Owner Trust 2017-A and US$477.1m SoFi Consumer Loan Program 2017-1 accounted for...

    • Capital Relief Trades

      • Bilateral CLN closed

        Further details have emerged of Deutsche Bank's recent capital relief trade, Gate 2016-1 (SCI 3 January). The €95m six-year bilateral CLN pays three-month Euribor plus 12.75% and references a €1bn portfolio of German SMEs. The i...

    • CMBS

      • Investment grade loss for CMBS 2.0

        The US CMBS 2.0 market has seen its biggest loss to date, following the liquidation of the US$48.9m Hudson Valley Mall loan - securitised in CFCRE 2011-C1 - at an 80.4% severity on the US$52.4m original balance. The loss forced full write-downs on th...

  • Job Swaps

    • Structured Finance

      • Ratings suits settled

        The US Department of Justice, 21 states and the District of Columbia have reached a nearly US$864m s...

      • Distressed debt vet hired

        Drew Doscher has joined BTIG as md and head of fixed income credit. He has been tasked with launchin...

      • Modelling head named

        MSCI has recruited David Zhang as head of securitised products research. In this newly created role,...

      • Investment firm bulks out

        Partners Group has hired Andrew Bellis as md. He joins from 3i Debt Management and is based at the f...

      • CLO firm nabs SF vet

        CIFC has hired Jason Ziegler as md and he will be based out of the firm's New York office....

      • Trio appointed partners

        Beechbrook Capital has promoted Sandeep Agarwal, Tim Johnston and Mensah Lambie to partner. Agarwa...

      • CRE lawyer promoted

        Sutherland has elected three new partners and nine new counsel to the firm. One of the new counsel -...

    • Insurance-linked securities

      • ILS firm launched

        A new alternative asset management firm focused on ILS investments has been founded in Tel Aviv. Dub...

  • News Round-up

      • Card ABS volume to grow

        Credit card debt in the US is growing while credit card utilisation rates are trending lower, sugges...

    • Structured Finance
    • CMBS

      • RFC issued on IO approach

        DBRS is requesting comment on its proposed stand-alone methodology for rating North American CMBS in...

    • Insurance-linked securities

      • Market risk highlighted

        Fitch highlights Delft 2017 (SCI 12 January), which it hasn't rated, as an example of an RMBS that c...


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