Weekly Issue Archive »

Issue 448 - 31st July

  • News Analysis

    • RMBS

      • RMBS exit?

        Mortgage portfolio sales driving European supply

        An estimated €99bn of assets remains earmarked for sale by European bad banks, dominated by NAMA, SAREB and UKAR. RMBS is providing an exit for many legacy mortgage portfolio acquisitions, but whole loan funding is expected to become increa...

  • SCIWire

    • Secondary markets

      • Euro secondary holds up

        The European securitisation secondary market is continuing to hold up despite thin liquidity. Buy-...

      • US CLO sellers return

        Sellers appear to be returning to the US CLO secondary market. After a very quiet month so far the...

      • US CLOs seek clarity

        As the US CLO BWIC calendar continues to build strongly this week, market participants are hoping fo...

      • Euro ABS/MBS mixed

        The European ABS/MBS secondary market continues to see a mixed tone and levels of trading activity. ...

      • Euro CLOs stand still

        The European CLO secondary market remains very quiet. "Nothing is going on - it's been a...

      • US CLOs stay murky

        Despite this week's upswing in auction activity the US CLO secondary market is still not getting muc...

      • Euro secondary slows again

        The European securitisation secondary market has slowed down again. "We had a relatively busy star...

      • Status quo for US RMBS

        The US non-agency RMBS secondary market has returned to the status quo this week after a bumpy start...

      • Euro secondary dries up

        Yesterday saw another very quiet day in the European securitisation secondary market and today looks...

  • News

    • ABS

      • IDR data points to payment

        Navient has released historical income-driven repayment (IDR) data for some of its FFELP student loan ABS pools currently on review for downgrade due to heightened maturity risk. The data - which was released as a new line item in the firm's historic...

      • Auto issuers cleaning up

        US auto ABS issuers are calling more deals on time, with 18 out of 22 issuers demonstrating a perfect call record between December 2012 and May 2015. This performance is positive for investors and supports confidence, and is expected to continue to i...

    • Structured Finance

      • SCI Start the Week - 27 July

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

        Pipeline The pace of pipeline additions was steady last week, although there was more variety in the names. The week's additions consisted of seven ABS, an ILS, two RMBS, six CMBS and two CLOs. The ABS were: €800m Bavarian Sky Compartmen...

      • Hiking cycle history considered

        As the likely Fed rate hike date draws nearer, Barclays ABS analysts have examined the performance of securitised products during previous hiking periods. The effect on securitised product credit sectors has previously generally been benign. The Ba...

    • CLOs

      • Volcker deadline drives BWICs

        The first half of 2015 saw US$18.5bn of US CLO bonds on BWIC, US$11bn of which occurred in Q2, according to Citi figures. A record US$4.7bn was out for bid during June alone, ahead of the Volcker Rule deadline. Triple-A supply has been trending upw...

  • Talking Point

    • CLOs

      • Europe emerging

        European CLO, loan markets discussed

        Representatives from Thomson Reuters, Credit Suisse, CVC Capital Partners and Goldman Sachs discussed the European CLO and loan markets in a live webinar hosted by SCI earlier this month (view the webinar here). Topics included primary CLO issuance,...

  • Job Swaps

    • Structured Finance

      • Credit firm merger agreed

        Ares Management and Kayne Anderson Capital Advisors have agreed to merge and form Ares Kayne Managem...

      • Macro trader tapped

        Marinus Capital Advisors has hired Aaron Garvey as a senior macro trader. Garvey will focus particul...

      • Credit risk pro moves east

        Moody's Analytics has appointed David Hamilton as md, stress testing and credit risk analytics for t...

      • Real estate team boosted

        Brian Olasov has joined Carlton Fields Jorden Burt as executive director, financial services consult...

    • CDS

      • CDS trader switches banks

        Basile Delaville has joined Deutsche Bank to trade CDS indexes. He arrives from Bank of America, whe...

    • CLOs

      • Key man vote solicited

        Sound Harbor Partners is seeking to create consistency across its CLO stable by replacing the key ma...

      • CLO consultant tapped

        Eric Bothwell has joined Ashurst as a senior consultant within its CLO practice. He arrives as md fr...

    • CMBS

      • CMBS duo recruited

        Butler Burgher Group (BBG) has made a number of hires in an attempt to enhance its advisory, financi...

    • Insurance-linked securities
    • Risk Management

      • Risk officer recruited

        Churchill Asset Management has hired Christopher Cox as senior md and chief risk officer. The appoin...

  • News Round-up

      • Synthetic sale agreed

        Raiffeisen Bank International (RBI) has agreed to sell part of a €705m loan portfolio comp...

      • Trups defaults drop again

        The number of US bank Trups CDO combined defaults and deferrals marginally decreased to 19.3% at end...

      • Legacy LLF risks flagged

        A review by Fitch of large loan floating-rate (LLF) CMBS deals issued between 2005 and 2007...

      • CMBS loan losses drop

        Trepp reports that monthly US CMBS loan losses fell 28% month-over-month to US$679.84m in July, desp...

      • CMBS default rate 'steady'

        The US CMBS default rate has held steady at 13.3%, the same as year-end 2014, reports Fitch. This is...

      • SFR vacancies trending up

        Vacancy rates are generally trending higher across single-family rental (SFR) securitisations, accor...


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