Weekly Issue Archive »

Issue 336 - 15th May

• News Analysis

  • RMBS

    • 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 issuance opportunities, improved pricing and increased offshore demand are all helping drive the market in what may be its busiest year since 2008. ...

  • CLOs

    • American influence

      European CLO market moving towards US model

      Recent developments in the European CLO market suggest that it is moving closer to a US-style model. After Cairn CLO III ended the market's lengthy hiatus (SCI passim), further issuance is expected throughout the year, with larger deal sizes and the...

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• Market Reports

  • ABS

    • US ABS still quiet, despite auto injection

      Secondary US ABS activity was once again fairly light yesterday, with auto paper dominating the session. BWIC volume reached around US$74m, with SCI's PriceABS data listing 18 line items for the sector. Among the auto names circulating yesterday we...

  • CLOs

    • Quiet week does not dent Euro CLO optimism

      Activity in the European CLO sector slowed during this holiday-shortened week, but optimism remains high. A new Alcentra deal has been announced in the primary market, while equity paper has been well bid in secondary. Alcentra is aiming to price J...

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• News

  • Structured Finance

    • Eurosail judgements confirmed

      The UK Supreme Court has handed down judgement on the Eurosail-UK 2007-3BL case, upholding previous judgements that the deal was not balance sheet insolvent and that a post-enforcement call option (PECO) would have no bearing on such a conclusion (SC...

  • • SCI Start the Week - 13 May

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

      Pipeline Two ABS, one ILS, one RMBS, one CMBS and four CLOs entered the pipeline last week. Of those deals, only the RMBS - a RUB2.504bn Russian deal - was non-US domiciled. The ABS marketing last week comprised US$512m Hyundai...

  • CLOs

    • Managers maintain CLO diversity

      US CLO 2.0 managers have maintained good loan diversification, despite the market's rapid rise and the majority of loans being sourced from the 2012 and 2013 vintages. There have been concerns that managers may forgo diversity and focus on purchasing...

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• Job Swaps

  • Structured Finance

    • SFIG adds director, mulls permanent board

      The Structured Finance Industry Group (SFIG) has named Richard Johns as executive director. He will...

  • • Capital markets quintet on the move

      A group of five partners from Dentons will leave the firm to join the capital markets practice of ri...

  • • Bank, MBIA reach settlement

      Société Générale has settled its pending litigations against MBI...

  • • Rating agency announces next global SF head

      James Wiemken is set to become senior md and global head of structured finance at S&P. He wi...

  • • Credit opportunities fund eyes IPO

      CVC Credit Partners European Opportunities Limited is embarking on an IPO of ordinary shares for a t...

  • CDO

    • Further Orchid deal transferred

      Dock Street Capital Management has been appointed successor collateral manager on Orchid Structured...

  • CDS

    • Broker acquisition announced

      GFI Group has agreed to acquire certain assets of Phoenix Partners Group. It will take on around 32...

  • CLOs

    • US credit alliance established

      HarbourVest Partners and CIFC Asset Management are forming a strategic partnership to work together...

  • • Mid-market financing group formed

      Babson Capital Management has formed a subsidiary to provide financing to middle-market companies an...

  • • Ares announces senior changes

      Ares Capital Corporation (ACC) has promoted president Michael Arougheti to ceo and four Ares Capital...

  • CMBS

    • New home for CMBS head

      RBS director of CMBS and CLO strategy Richard Hill is leaving the bank to join Morgan Stanley. He wi...

  • • Fixed income vet enlisted

      Michael Blum has joined the fixed income team at Brean Capital in New York, where he will report to...

  • • CRE specialist joins boutique bank

      Marvin Cash has joined Asgaard Capital as head of real estate and structured products in Charlotte,...

  • • Agency broadens CMBS ratings availability

      Morningstar Credit Ratings has begun providing CMBS ratings to Trepp clients through the Trepp CMBS...

  • • CMBS servicer agreements boost presence

      KeyBank Real Estate Capital has entered into a series of agreements that will substantially increase...

  • Insurance-linked securities

    • Capital markets group targets catastrophe risk

      Bermuda-based Sirius International Group has formed a dedicated team to lead its strategic initiativ...

  • • Reinsurance duo to lead capital markets push

      AQR Re has expanded its presence in Bermuda with the hires of John Lummis as ceo and Paul Karon as v...

  • Risk Management

    • Euroclear, DTCC to collaborate

      Euroclear and the DTCC are to create a joint collateral processing service to increase efficiency, r...

  • • CVA tool brought to South African institutions

      Markit has announced a commercial partnership with IQ Business. It will leverage IQ's South African...

  • • Vendor targets EMEA growth

      Quantifi has appointed Bruno Piers de Raveschoot as head of EMEA. He will be based in London and ser...

  • RMBS

    • ResCap agreement given more time

      The US Bankruptcy Court last week granted ResCap an additional 30 days (to 6 June) to file a Chapter...

  • • DOJ fraud case to proceed

      The US Department of Justice is set to proceed with its action against Bank of America in connection...

  • • Spanish special servicer established

      Copernicus, a new Spanish special servicer, has been established to help clients deal with the count...

  • • Wells notice disclosed

      RBS has disclosed in its 1Q13 Interim Management Statement that it received a Wells notice from the...

  • • NY firm adds SF lawyer

      Hunton & Williams has added Brent Lewis to its structured finance and securitisation practic...

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• News Round-up

  • ABS

    • Great Lakes loan sale proposed

      The Higher Education Loan Authority of the State of Missouri (MOHELA) is proposing to sell approxima...

  • • Varied PDL performance highlighted

      While payroll deductible loans (PDLs) exhibit lower default rates than traditional consumer loans, a...

  • Structured Finance

    • Counterparty criteria tweaked

      Fitch has updated its criteria for the analysis of counterparty risks in structured finance transact...

  • • National, MBIA Inc ratings raised

      S&P has raised its financial strength rating on National Public Finance Guarantee Corp to si...

  • • MTS branches out stateside

      European electronic fixed income marketplace MTS plans to launch a platform for US institutional inv...

  • • Moroccan covered bond rules prepped

      Legislation for Africa's first covered bond market - in Morocco - is only at a p...

  • • MBIA ratings upgraded

      S&P has raised its financial strength rating on MBIA Insurance Corp to single-B from triple-...

  • • UCO rating identifier unveiled

      In line with a commitment to open communication in its change control process, S&P is introd...

  • CDO

    • Coronado buy-back completed

      Barclays Capital has waived the minimum tender condition of its tender offer to purchase for cash al...

  • CDS

    • CDS notionals continue to decline

      The BIS has released OTC derivatives statistics at end-December 2012. The data shows that notional a...

  • CLOs

    • Limited CLO updates introduced

      Moody's is rolling out limited updates to the determination of default and recovery rate assumptions...

  • • Shift seen in Euro loan maturities

      S&P's updated study of collateral pools backing European cashflow CLOs finds that the peak i...

  • CMBS

    • CRE set for slow, steady improvement

      The performance of all commercial real estate sectors will continue to improve throughout 2013, but...

  • • Balloon risk remains for MFH deals

      Fitch reports that refinancing activity has been strong in German multifamily (MFH) CMBS transaction...

  • • Pro forma concerns raised on 375 Park

      Fitch has released an unsolicited comment on CGCMT 2013-375P, a CMBS backed by a single loan on the...

  • • CMBS late-pays reach 2009 low

      US CMBS late-pays declined by 19bp in April to 7.44% from 7.63% a month earlier, according Fitch's l...

  • • Low Euro CMBS repayments to continue

      Moody's expects the repayment rate for European CMBS loans maturing in 2Q13 to remain at the histori...

  • Insurance-linked securities

    • Cat bonds set for record issuance

      US$520m of catastrophe bond issuance was offset by US$352.5m of maturities in 1Q13, resulting in an...

  • Risk Management

    • Collateralisation impact highlighted

      Achieving collateral efficiency and operational efficiency in a mixed clearing and collateralisation...

  • • Reporting protocol released

      ISDA has launched the ISDA 2013 Reporting Protocol, which contains a counterparty's consent to the d...

  • • Clearing risk management tool prepped

      The first futures commission merchant (FCM) has completed production testing for Traiana's central r...

  • RMBS

    • Foreclosure legal risk highlighted

      A borrower in California has successfully obtained an injunction against a foreclosure sale on his p...

  • • Countrywide hearing on track

      Objector discovery has commenced in preparation for the 30 May hearing in the New York State Court o...

  • • Cashflow modelling error disclosed

      Moody's has placed the ratings of 228 tranches from 94 US RMBS issued by several issuers on review w...

  • • Distressed inventory trends examined

      An analysis of Morningstar's Distressed Inventory Index suggests that over a one-year time period ov...

  • • Weaker performance forecast for UK BTL

      The continued growth of the UK buy-to-let (BTL) market could lead to weaker future performance of th...

  • • Freddie embarks on portfolio sales

      Freddie Mac is said to have put out a US$1bn bid-list, as it embarks on a sale of up to US$5bn in le...

  • • LMI ratings reviewed

      S&P says that the ratings on some Australian and New Zealand prime RMBS could be affected by...

  • • Shelly Mac poised for issuance

      The US SEC has declared effective a shelf registration statement filed by Shellpoint Partners last O...

  • • Affordable housing to hit Sofoles RMBS?

      Fitch warns that Mexican President Pena Nieto's affordable housing policies may have negative conseq...

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