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Issue 449 - 7th August

  • News Analysis

    • Structured Finance

      • Small strides

        Non-bank lending key to SME securitisation?

        SMEs continue to be billed as the backbone of the European economy, as a number of initiatives seek to remedy the lack of traditional bank support for the sector. Securitisation is expected to play a key role in this process, but a number of obstacle...

  • SCIWire

    • Secondary markets

      • US CLOs tick over

        After a very quiet end to the week and month on Friday the US CLO secondary CLO market is ticking ov...

      • Euro secondary flat

        The European securitisation secondary market continues to see low levels of activity with spreads fo...

      • Student loan resistance?

        The strong recent selling bias in the US student loan ABS secondary market driven by rating agency d...

      • US CLO hope

        There are hopes that activity in the US CLO secondary market could start to rise once again this wee...

      • US CLOs patchy

        Activity in the US CLO continues to occur in patches as volumes stay reasonably low. "We're chuggi...

      • Euro secondary improves

        Levels are improving in the European securitisation secondary market, but activity remains patchy an...

      • US RMBS stays respectable

        The US non-agency RMBS secondary market continues to see respectable volumes for the time of year. ...

      • Euro secondary on the up

        Yesterday was another positive day in European secondary, though today looks to be quiet. Secondar...

  • News

    • Structured Finance

      • SCI Start the Week - 3 August

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

        Pipeline The pace of deals joining the pipeline slowed last week. At the final count there were 11 additions. The five ABS were: US$1bn AmeriCredit Automobile Receivables Trust 2015-3; US$1bn CarMax Auto Owner Trust 2015-2; US$255m MVW Owner Trust...

    • CDS

      • Basis 'favours CDX hedging'

        The recent sharp divergence in the performance of cash and synthetic products has taken the cash-CDS basis on either side of the Atlantic to its most negative levels since 2012. Cash credit spreads are wide in Europe and close to two-year wides in th...

    • CMBS

      • Paying up for quality

        Sourcing seasoned US CMBS triple-B minus bonds remains challenging, but Deutsche Bank CRE debt research analysts suggest that 2014 vintage paper is worth a closer look, given its spread pick-up to the 2013 vintage and only modest pay-up versus the we...

      • Ruling requires servicer replacement rethink

        A recent UK legal ruling contradicts what had appeared to be an established precedent for European CMBS special servicer replacements. The ruling for DECO 15 - Pan Europe 6 will now add to the considerations that trustees, issuers and speci...

    • RMBS

      • Enhanced CAS data scrutinised

        Fannie Mae has begun providing an enhanced monthly single-family loan performance dataset, offering greater transparency to the market before it moves to an actual loss framework for the Connecticut Avenue Securities risk-sharing RMBS as early as 4Q1...

  • Talking Point

    • Risk Management

      • Demonstrating prudence

        Prudent valuation practices discussed

        Representatives from PricewaterhouseCoopers and Prytania Solutions recently discussed how IPV and prudent valuation practices are adjusting to new European regulatory requirements during a live webinar hosted by SCI (view the webinar here). Topics in...

  • Provider Profile

    • Structured Finance

      • Alpha alternative

        Indus Valley Partners co-founder Bijesh Amin answers SCI's questions

        Q: How and when did Indus Valley Partners become involved in the securitisation market? A: I co-founded Indus Valley Partners in 2000 to provide a specialist solutions firm focused exclusively on the alternative asset management industry. We are n...

  • Job Swaps

    • Structured Finance

      • MBS trading vet hired

        Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsib...

      • SF practice adds another

        Chris McGarry has joined Ropes & Gray as a partner in the firm's finance practice. He will a...

      • Private debt pro hired

        Intermediate Capital Group (ICG) has hired Adam Goodman as md to strengthen its US private debt inve...

      • ABS lawyers promoted

        Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean...

      • Compliance partner named

        Dentons has appointed Joshua Jordon as a partner in its capital markets practice. He joins from Amer...

    • Insurance-linked securities

      • Reinsurer taps into Asia

        TigerRisk Partners has established its first presence in Asia by opening an office in Hong Kong. Sub...

      • EXOR wins PartnerRe battle

        EXOR has agreed to acquire PartnerRe at approximately US$6.9bn, ending a long-standing bidding war w...

      • PIMCO sent Wells Notice

        PIMCO has received a Wells Notice from the US SEC indicating that its staff have recommended that th...

      • WMS offloaded

        The Co-operative Bank has entered into agreements with Capita regarding outsourcing its mortgage pro...

  • News Round-up

      • Renewables deal prepped

        Hannon Armstrong Sustainable Infrastructure Capital (HASI) is marketing a US$125m securitisation tha...

      • MSA payments move up

        Fitch has completed its annual review of US tobacco ABS ratings accounting for the amount of Master...

    • Structured Finance

      • HQLA impact gauged

        Global capital requirements have the potential to become impediments to providing financing via secu...

    • CDS

      • Alpha credit event called

        ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit ev...

      • Top CLO managers revealed

        The rankings of the top 10 global CLO managers are relatively unchanged from January, according to M...

      • Alpha exposure 'limited'

        The bankruptcy of Alpha Natural Resources is expected to have a limited impact on the US CLO market,...

      • CLO equity fund launched

        American Capital has launched a new US$450m fund focused on investing in CLO equity tranches and com...

      • Gap closures compared

        Gap recently released a list of 20 stores slated to close on 26 July, as part of its plans to shutte...

      • CRE momentum pushes on

        US CRE continued its positive momentum in 2Q15 due mainly to the strengthening US economy, according...

    • RMBS

      • RMBS calls edge up

        Fitch reports that close to 50 legacy US RMBS transactions were called through optional redemptions...


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