Weekly Issue Archive »

Issue 424 - 11th February

  • News Analysis

    • ABS

      • Unexpected issuers

        Non-bank lender ABS activity on the rise

        The fact that OneMain Financial and Prosper - via BlackRock - have got deals away so early in the year suggests that the increased variety of asset classes and issuers that developed in the US last year should continue to thrive i...

    • Structured Finance

      • Staying afloat

        Rising pressures test servicer resilience

        Recent regulatory and investor pressure on Ocwen has highlighted the operational weaknesses of some US RMBS servicers. Improved risk management - especially regarding communication, information and process flows - is key to streng...

  • SCIWire

    • RMBS
    • Secondary markets

      • Euro ABS/MBS holds firm

        Away from Greece secondary European ABS/MBS spreads are holding firm. Core bonds continue to grind...

      • Euro secondary mixed

        Last week's positive tone across European secondary has followed on into this for most deal; types a...

      • Euro ABS/MBS picks up

        Despite the lack of BWIC supply activity picked up in European ABS/MBS yesterday and into t...

      • Lull for US CMBS

        The secondary US non-agency CMBS market is currently going through something of a lull. "Yesterday...

      • Greek RMBS hit again

        Volatility in broader markets has fed through into Greek RMBS this morning, but elsewhere in Europea...

  • News

    • Structured Finance

      • SCI Start the Week - 9 February

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

        PipelineA variety of deals joined the pipeline last week, with proposed issuance from the US, UK, Europe, Australia and China. A total of two ABS, four RMBS, two CMBS and three CLOs was recorded. CNY2.99bn Fuyuan 2015-1 and US$134.6m Kentucky Highe...

      • To BWIC, or not to BWIC

        A large, diverse block of European bonds came out for the bid last week, but in an untraditional way. The bonds were offered on a BWIC without a deadline, leading some investors to describe it more as a controlled liquidation than a true bid-list. ...

    • CLOs

      • Quality considerations

        Concentration risk has resurfaced in the legacy European CLO space, following a recent spate of optional redemption notices, coupled with high repayment rates for non-called deals. Based on an analysis of the sector, European securitisation analysts...

      • BDC equity purchasing eyed

        BDCs owned almost US$3bn of CLO equity at end-3Q14, approximately US$2.5bn of which is owned by just five vehicles, according to Wells Fargo data. Structured product strategists at the bank warn that the ability of certain BDCs to purchase more CLO e...

      • CLO pricing to reflect sector views?

        Energy-related credits continue to diverge from loan index returns, in conjunction with the drop in oil prices. With increased attention being paid to sectors, JPMorgan CDO strategists examined a sample of US post-crisis CLO exposures across 21 secto...

    • CMBS

      • Rating requirements pose questions

        The US SEC's decision to bar S&P from rating new issue conduit CMBS until next year (SCI 22 January) presents a conundrum, as many money managers require either an S&P or a Moody's rating. Moody's comparatively high subordination requ...

      • Retail hits

        The US CMBS market was last week hit by a double-whammy of negative news, as RadioShack filed for bankruptcy and Staples announced plans to acquire Office Depot. However, the ensuing store closures are anticipated to have only a minor impact on CMBS...

  • Job Swaps

      • Distressed debt exec moves

        Ray Costa has joined Benefit Street Partners as md. He will lead the firm's event-driven/distressed...

      • MBS team strengthened

        Cantor Fitzgerald has expanded its MBS sales and trading team by appointing Brendan Donnelly and Moh...

      • Data pro swaps firms

        Ned Myers has joined Black Knight Financial Services' data and analytics division. He will lead the...

    • CDO

      • ABS CDO manager replaced

        Rabobank International has resigned from its role as collateral manager for Vermeer Funding II and d...

    • CDS
    • CLOs

      • CLO transfer anticipated

        Jefferies Finance is set to transfer its responsibilities as portfolio manager for JFIN CLO 2013 and...

      • Fair Oaks to tap demand

        Fair Oaks Income Fund reports that in light of the current pipeline of investment opportunities and...

    • Insurance-linked securities

      • Tokio beefs up

        Tokio Solution Management has added Susan Lane as svp and head of business development and client se...

  • News Round-up

    • ABS

      • Reset ABS affirmed

        Fitch reports that the credit enhancement levels of six Indian auto ABS have been reset with no rati...

    • Structured Finance

      • Aussie outlook 'mixed'

        As Australia continues to shift away from its reliance on the mining sector, S&P suggests th...

      • Call for market 'restart'

        A healthy securitisation market can confer important financial benefits and revitalising this source...

      • Trade repository prepped

        In response to bank demand, SIX is to establish a central trade repository for derivative transactio...

      • Credit events decided

        The external review panel of ISDA's Americas Credit Derivatives Determinations Committee has resolve...

    • CLOs

      • Static Euro CLO debuts

        The first static CLO 2.0 deal has been placed on the European market. The €233.4m Bosphoro...

    • CMBS

      • CMBS pay-offs bounce back

        The percentage of US CMBS loans paying off on their balloon date rebounded in January after a sharp...

      • Loss severity tumbles

        Trepp says that overall loss severity in disposed US CMBS loans decreased significantly in January,...

    • Insurance-linked securities

      • Loss severities compared

        Loss severities on liquidated US residential mortgages are comparable between Freddie Mac and non-ag...

      • Spanish arrears declining

        The Spanish economic recovery is feeding into mortgage performance, according to Fitch's latest quar...


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