Issue Archive

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• Issue 367 - 18th December

  • Idiosyncratic risk to boost CDS volume

    The credit derivatives market is entering 2014 amid a regulation-induced transformation. While capit...

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• Issue 366 - 11th December

  • Even keel for ECP

    The ABCP market has this year seen a rebalancing of issuance towards the ECP sector, which now accou...

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• Issue 365 - 4th December

  • Driving disintermediation

    Credit availability facing further headwinds?

    Global regulatory initiatives are fostering bank disintermediation in the securitisation market. But...

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• Issue 364 - 27th November

  • CLO managers sticking to the familiar?

    Positive asset selection trends are emerging among US CLO 2.0 transactions. However, individual mana...

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• Issue 363 - 20th November

  • Maintaining momentum

    Borrowers benefit from increasing high-yield bond, loan and direct lending opportunities

    Over the past 12 months leveraged borrowers in search of finance have found a positive environment i...

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• Issue 362 - 13th November

  • US RMBS BWIC supply stays strong

    US non-agency RMBS BWIC volume approached US$850m in yesterday's session, with SCI's PriceABS data r...

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• Issue 361 - 6th November

  • Under-rated opportunity?

    RRBs continue to offer compelling relative value

    Rate reduction bonds (RRBs) continue to offer spreads that are comparatively wide for the credit ris...

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• Issue 360 - 30th October

  • LCR impact weighed

    The Federal Reserve has proposed a rule that would for the first time in the US create a standardise...

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• Issue 359 - 23rd October

  • ARM, subprime names circulating

    US non-agency RMBS BWIC volume picked up yesterday to reach around US$560m, with a focus on ARM and...

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• Issue 358 - 16th October

  • Exploring the whole loan alternative

    As rating agencies continue to alter the status of tranches of RMBS transactions, investors who have traditionally invested only in securitised assets can look towards the whole loan market to achieve desired yields. Alex Maddox, director of business development and origination at Acenden, discusses how investors can benefit from investing in UK mortgage assets as opposed to RMBS markets

    With the financial services sector continuing to rebuild following the financial crisis, investment...

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• Issue 357 - 9th October

  • RMBS BWIC supply picks back up

    US non-agency RMBS secondary market activity was solid yesterday, with US$556m of bonds offered on b...

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• Issue 356 - 2nd October

  • Resolutions required

    CMBS debt forgiveness set to increase ahead of maturity wall

    As US commercial real estate liquidity has improved and prices have increased over the past year, CM...

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• Issue 355 - 25th September

  • Supply sought

    Increased loan issuance not enough for CLOs

    Sourcing appropriate collateral is becoming tougher for European CLOs. Refinancing deals providing c...

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• Issue 354 - 18th September

  • Intermediary initiative

    Nassar Hussain, managing partner at Brookland Partners, answers SCI's questions

    Q: How and when did Brookland Partners become involved in the CMBS market? A: Brookland Partners ha...

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• Issue 353 - 11th September

  • Office rebound boosts UK CMBS

    An inflection point appears to have been reached in the UK secondary commercial property market, wit...

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• Issue 352 - 4th September

  • Further g-fee rises under consideration

    Recent FHFA statements suggest the GSEs could further increase guarantee fees. How far they eventual...

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• Issue 351 - 28th August

  • Commodity trade finance deal debuts

    BNP Paribas has completed what it describes as a first-of-its-kind commodity trade finance securitis...

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• Issue 350 - 21st August

  • Freddie K-Cert A1s look attractive

    Five-year average-life first pay FREMF issuance spreads have widened dramatically over the last thre...

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• Issue 349 - 14th August

  • Rising opposition

    Eminent domain success in doubt

    Successful implementation of Richmond, California's eminent domain plan (SCI 31 July) and widespread...

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• Issue 348 - 7th August

  • XA tiering opportunities touted

    Generic CMBS 3.0 XA tranche prices have widened by 75bp from their early-May tights of swaps plus 11...

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• Issue 347 - 31st July

  • Call to action

    Securitisation best practice gaining traction in Brazil

    Brazilian ABS issuance volume plummeted to its lowest level since 2004 last year and is yet to retur...

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• Issue 346 - 24th July

  • Watt appointment could bring opportunity

    US Representative Mel Watt is strongly tipped to become the next FHFA director. His successful nomin...

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• Issue 345 - 17th July

  • Large list looks like GSE sell-off

    Non-agency US RMBS have largely held on to their year-to-date gains, despite the uncertainty caused...

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• Issue 344 - 10th July

  • Delay forecast for GRAND repayment

    Deutsche Annington has postponed its IPO, which was planned for 3 July, citing adverse market condit...

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• Issue 343 - 3rd July

  • Shifting sands

    European securitisation market seeks stability

    The first half of 2013 has seen significant changes in the European ABS market's investor base, issu...

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• Issue 342 - 26th June

  • MSR sale velocity examined

    Ocwen intends to purchase US$78bn in unpaid principal balance of OneWest Bank mortgage servicing rig...

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• Issue 341 - 19th June

  • Emerging market

    Russian RMBS, ABS issuance gathering pace

    Russian RMBS issuance volume is expected to reach RUB50bn-RUB60bn this year, versus a total of RUB37...

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• Issue 340 - 12th June

  • Large list divergence observed

    US non-agency RMBS prices had been hovering near their highs in the run-up to last month's pair of u...

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• Issue 339 - 5th June

  • SLM split 'mildly positive' for SLABS

    Sallie Mae intends to split its existing businesses into two separate publicly-traded entities &...

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• Issue 338 - 29th May

  • CLO shake-out

    Mezz trending tighter post-FDIC rule-change

    Last month's change in FDIC assessments (SCI 19 March) appears to be encouraging more asset managers...

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• Issue 337 - 22nd May

  • Compelling case for CLO calls

    Equity investors in callable 2010 and 2011 CLOs should call them now and take advantage of the low c...

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• Issue 336 - 15th May

  • Aussie boom

    Offshore interest returns as Australian RMBS picks up

    The Australian RMBS market is resurgent, with volumes already on course to surpass last year's. New...

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• Issue 335 - 8th May

  • Euro CMBS picks up as predicted

    SCI's PriceABS data shows 100 European CMBS BWIC line items for yesterday's session, as hig...

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• Issue 334 - 1st May

  • CMBS loan resolution timelines diverge

    The length of time between a US CMBS loan transferring to special servicing and ultimately being res...

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• Issue 333 - 24th April

  • Pre-wired flexibility

    Intu CMBS could have broader attraction

    The recent £800m Intu (SGS) Finance 2013 series 1 transaction represents a watershed in UK...

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• Issue 332 - 17th April

  • Trups to the fore of CDO supply

    The number of CDO tranches circulating on BWICs jumped yesterday, with SCI's PriceABS data picking u...

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• Issue 331 - 10th April

  • Put-back progress

    RMBS repurchase cases move through courts

    Lawsuits resulting from RMBS representation and warranty breaches are taking longer to progress thro...

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• Issue 330 - 3rd April

  • SAECURE surprise for Euro RMBS

    This week's SAECURE 13 deal seems to have caught many European RMBS traders by surprise, coming out...

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• Issue 329 - 27th March

  • Planes pique secondary interest

    Activity in the US secondary ABS market was skewed towards aircraft and student loan paper yesterday...

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• Issue 328 - 20th March

  • Fair value to drive CMBS tiering?

    US CMBS price tiering could start to emerge this year, as investors begin differentiating between sp...

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• Issue 327 - 13th March

  • Euro CLO mezz widens

    The European mezzanine CLO secondary market weakened somewhat to start the month. Single-As are trad...

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• Issue 326 - 6th March

  • Intermediation advantage

    Andrea Podesta, head of fixed income, and Armando La Morgia, head of structured finance at KNG Securities, answer SCI's questions

    Q: How and when did KNG Securities become involved in the structured finance markets? AP: The KNG S...

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• Issue 325 - 27th February

  • Liquidation list lifts US RMBS

    Wednesday saw secondary supply shoot up, with SCI's PriceABS data displaying three times as many RMB...

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• Issue 324 - 20th February

  • Wake-up call

    Change in transparency, buying behaviour needed

    The recent indictment of former Jefferies trader Jesse Litvak for misrepresenting RMBS prices has se...

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• Issue 323 - 13th February

  • Strong demand for Euro auto paper

    A flurry of European ABS activity emerged yesterday, with auto paper helping to drive the secondary...

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• Issue 322 - 6th February

  • Waiting for a spark

    Structured finance recruitment prospects limited without macro change

    The new year has dawned with the structured finance recruitment outlook as uncertain as it was for m...

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• Issue 321 - 30th January

  • Legacy CMBS windfall could be repeated

    What was originally the triple-B class in BSCMS 2007-PW18 has received an interest payment that exce...

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• Issue 320 - 23rd January

  • WINDM X boost for Euro CMBS

    Windermere X prices received a boost yesterday, following positive developments in connecti...

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• Issue 319 - 16th January

  • B-note bother forecast

    Further details have emerged on the resolution of the 110 East 42nd Street loan, securitised in WBCM...

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• Issue 318 - 9th January

  • Titan property sales positive

    The multifamily properties securing Titan Europe 2006-2's Petrus loan have been sold. The buyer and...

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• Issue 317 - 2nd January

  • Clearinghouse collateral warning

    The nature of the collateral that clearinghouses collect and how they help clients manage and deploy...

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