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Issue 435 - 1st May

  • News Analysis

    • RMBS

      • Rock out?

        Granite buyer could take RMBS exit

        The UK government's desire to sell the mortgage loans it acquired bailing out Northern Rock - which are securitised in the Granite master trust - has fundamental implications for the RMBS market (SCI 23 March). While there is a ch...

    • CLOs

      • Calling it

        Euro CLO calls up sharply

        More European CLOs have been called already this year than in any previous full year. This is due to several factors, just one of which is the last legacy deals exiting their reinvestment periods. "The high number of calls so far this year is a fun...

  • SCIWire

      • Euro CLOs tighten

        The European CLO secondary market continues to see tightening spreads amid strong execution and heal...

      • US RMBS remains positive

        Secondary activity is still light in US non-agency RMBS, but the outlook for spreads remains positiv...

      • US CLOs drift sideways

        Activity in the US CLO secondary market has picked up today, but for the most part it is trading sid...

      • Euro ABS/MBS unsettled

        The European ABS/MBS secondary market has become unsettled as broader market volatility spikes, but...

      • Euro CLOs keep 2.0 focus

        The European CLO secondary market continues to focus on 2.0 assets. "Overall, secondary activity i...

      • Euro secondary on hold

        The European secondary securitisation markets are now effectively on hold until Tuesday. With Euro...

  • News

    • ABS

      • SLABS EOD likelihood gauged

        Approximately US$7bn FFELP student loan ABS bonds tracked by JPMorgan ABS strategists have a legal final maturity date that is within the next five years. At current speeds, the strategists expect most of the outstanding bonds with final maturities t...

    • Structured Finance

      • Euribor goes below zero

        Last week, three-month Euribor entered negative territory for the first time. As one-month Euribor was already negative, more than half of the available distributed European ABS market is now affected by negative interest reference rates. The three...

      • SCI Start the Week - 27 April

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

        Pipeline A modest number of deals remained in the pipeline at the end of last week. The new entrants consisted of two ABS, one ILS, four RMBS and three CLOs. C$766m Master Credit Card Trust II Series 2015-1 and €725m VCL 21 were the ABS....

    • CLOs

      • CLO refis racking up

        US CLOs are being refinanced in ever greater numbers as the risk retention deadline draws nearer. While regulatory compliance and economic benefit provide incentive to equity holders, debt investors benefit through better transparency and pe...

  • Provider Profile

    • CDS

      • Embedding liquidity

        eBond Advisors co-founder and managing partner Richard MacWilliams and ceo Bryan Jennings answer SCI...

        Q: How and when did eBond Advisors become involved in the derivatives markets? RM: Mac McQuown and I founded eBond Advisors in 2010, with the goal to explore improvements in the structure of corporate bonds so they could be purchased by more inves...

  • Job Swaps

      • Rival BDC acquired

        PennantPark Floating Rate Capital (PFLT) is set to acquire MCG Capital for US$175m in a stock and ca...

    • CDO

      • CDO manager replaces two

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

    • CLOs

      • CLO stake purchased

        Fair Oaks Income Fund has acquired, on the primary market, US$21.5m notional of equity notes (repres...

    • CMBS

      • MBS trio tapped

        Cello Capital Management has recruited Toby Maitland Hudson, Scott Grabine and Kashif Akhtar. All th...

  • News Round-up

      • APAC ratings remain stable

        Fitch reports that 243 Asia Pacific structured finance tranches were affirmed in 1Q15. Rating action...

      • Spanish law boosts ABS

        Spain's new securitisation law will provide a more flexible framework for transactions, observes Moo...

    • CDS

      • OTC market contracting

        The OTC derivatives markets contracted in 2H14, according to BIS statistics. The notional amount of...

      • CLOs to meet funding needs

        New and existing CLOs will play a large part in meeting US corporate funding needs as companies seek...

    • CMBS

      • Expected loss inches lower

        Moody's base expected loss for US conduit/fusion CMBS fell to 7.7% in 1Q15, from 7.9% the previous q...

      • GSA stress emerges

        The US$200.1m NGP Rubicon GSA Pool loan - which is split pari passu in the WBCMT 2005-C20...

    • Insurance-linked securities
    • Risk Management

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