Issue 445 - 10th July
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News
- Structured Finance
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SCI Start the Week - 6 July
A look at the major activity in structured finance over the past seven days
Pricings While there were no additions to the pipeline last week, new issuance was dominated by CLOs, with seven deals pricing. Three ABS, an ILS and a CMBS also printed. The CLOs comprised US$512.5m Benefit Street Partners CLO VII, US$589.58m Car...
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Further ABSPP purchases detailed
The ECB this week provided an updated breakdown of its ABSPP holdings. As of the end of last month, the Eurosystem held €8.8bn in securities purchased under the programme - with €6.6bn purchased in sec...
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- RMBS
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Greek RMBS prisoner to politics
As well as the obvious implications of any exit from the euro, Greek RMBS could also be affected by another political decision: a fresh moratorium on home repossessions. Both political paths could be pursued, with negative RMBS consequences, say JPMo...
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- Structured Finance
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Job Swaps
- Structured Finance
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Sterne Agee loses two
Michael Krull has joined Seer Capital Management as md and portfolio manager. He arrives from Sterne...
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Law firm brings in trio
Morgan Lewis has beefed up its global structured transactions team by hiring Matth...
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- CLOs
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CLO vet moves west
Laila Kollmorgen has joined PineBridge Investments, where she is md within its leverage fin...
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- Insurance-linked securities
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EXOR sweetens offer
EXOR held an investor meeting yesterday for PartnerRe shareholders, in which chairman and ceo of EXO...
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EXOR makes PartnerRe plea
EXOR has sent an open letter to all PartnerRe employees who are shareholders, urging them to vote th...
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- Structured Finance
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News Round-up
- ABS
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Chinese auto delinquencies edge up
Delinquency rates for Chinese auto loan ABS increased in 1Q15 from the previous quarter, Moody's rep...
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Tobacco upgrades, downgrades made
Moody's has upgraded 14 tranches in eight tobacco settlement revenue securitisations and downgraded...
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RFC threatens FFELP downgrades
Moody's is seeking comments on proposed changes to the cashflow assumptions that it uses in its appr...
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- Structured Finance
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SME financing proposals outlined
IOSCO has published a report providing recommendations for regulators to facilitate capital...
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Mortgage REIT diversity dawns
Kroll Bond Rating Agency says there are signs that some traditional agency mortgage REITs a...
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Italian insolvency reforms 'positive'
Scope says that recent announcements to reform Italian bankruptcy procedures and fiscal treatment of...
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ABSPP principles published
The ECB has released a set of seven guiding principles with regard to purchases made under its ABS p...
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Distressed credit partnership formed
Stone Point Capital has partnered with former Bank of America Merrill Lynch global credit h...
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- CDS
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Non-cleared derivatives hub unveiled
ICAP, the DTCC, Euroclear and thirteen global banks have teamed up with AcadiaSoft to solve one of t...
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CDS roll reform proposed
ISDA has published a recommendation to amend the single-name CDS roll frequency to a new on-the-run...
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End-user CDS trading grounded
Daily end-user trading volume for single-name CDS from July 2010 to end-June 2015 has been...
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Puerto Rico pushes MBIA wide
CDS spreads on MBIA moved 19% wider last week as the risk around Puerto Rico's municipal bonds rose,...
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- CLOs
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CLO non-call periods shortening
Moody's says that some US CLOs are shortening their non-call periods and adding make-whole provision...
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CLO issuance forecast broadened
US CLO issuance totalled US$59bn in 1H15, which is approximately 3% lower compared to 1H14, accordin...
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CLO risk retention readiness weighed
Moody's believes that most post-crisis manager entrants into the US CLO market&...
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- CMBS
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CMBS certificates removed
Morningstar has made an amendment from its June 17 pre-sale report on the capital structure...
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BBC-linked deals 'manageable'
The announcement from the UK government's summer budget that the BBC will have to meet the £...
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Taurus safeguard proceedings open
An event of default (EOD) has led Moody's to downgrade the ratings of two classes in Taurus CMBS (Pa...
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- Insurance-linked securities
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Sandell blasts PartnerRe board
Sandell Asset Management has issued a public letter to the PartnerRe board and its chairman Jean-Pau...
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Innovation inspiring ILS positivity
Innovation continues apace within ILS, with the asset class remaining well placed given its low corr...
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- RMBS
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CSP advisory group established
Freddie Mac, Fannie Mae and Common Securitisation Solutions (CSS) have formed an Industry A...
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New players spurring UK RMBS
Moody's says that new players in the UK's prime mortgage market and pre-crisis legacy assets hold th...
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RBS settlement losses expected
RBS could face potential settlement fees totalling US$13bn (£8.3bn) relating to alleged vio...
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House sales boost Dutch RMBS
A recovery in house sales in the Netherlands will increase the proceeds that originators re...
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- ABS
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