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Issue 513 - 4th November

  • News Analysis

    • CMBS

      • Deep pockets?

        Alternative investors could fill CMBS refinancing gap

        As a wave of US CMBS loans originated from 2004 to 2008 is set to mature over the next 18 months, there are concerns about the ability of these loans to refinance. However, some believe that the sector will see smaller losses than previously had been...

  • SCIWire

    • Secondary markets

      • Euro secondary patchy

        Activity in the European securitisation secondary market continues to be patchy. After a primarily...

      • US CLOs strong

        Levels and activity are still strong in the US CLO secondary market, particularly lower in the stack...

  • News

    • Structured Finance

      • SCI Start the Week - 31 October

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

        Pipeline As with the preceding week, last week's additions to the pipeline were relatively modest. The final count consisted of three ABS, an ILS, two RMBS and two CMBS. US$800m Blackbird Capital Aircraft Lease Securitization 2016-1, US$115.3m Gol...

    • CLOs

      • Combo repacks emerging

        Several CLO combo notes on downgrade watch, following Moody's updated methodology for the instrument (SCI 10 October), have been resolved via dual-tranche repacks with the aim of keeping the rating stable. The rating agency is reviewing 38 securities...

    • RMBS

      • Pooling requirements to boost confidence

        Recent changes announced by Ginnie Mae to pooling requirements of streamline refinanced loans are logical, according to Deutsche Bank RMBS analysts. While they suggest that the changes can be seen as mildly more restrictive than current standards, th...

      • GSEs announce validation frameworks

        Both Fannie Mae and Freddie Mac have announced new validation tools aimed at making the mortgage origination process smoother for lenders and borrowers, with greatly reduced rep and warranty risk uncertainty. Fannie Mae's programme, which will be ful...

  • Talking Point

    • Capital Relief Trades

      • Converging approach?

        Current status of capital relief trades discussed

        Representatives from Chorus Capital, Citi and Clifford Chance recently discussed the current status of capital relief trades during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from...

  • Job Swaps

    • Structured Finance

      • KBRA adds senior md

        Kroll Bond Rating Agency has appointed Mark Miller as senior md of business development and sales. H...

      • Seed investment agreed

        Canada's Public Sector Pension Investment Board (PSP Investments) has announced a €500m se...

      • ABS team poached

        KeyBanc, the corporate and investment arm of KeyCorp, has created a five-person ABS team to expand i...

    • CMBS

      • CMBS partner poached

        Reed Smith has appointed Jodi Schwimmer as a partner in its global financial industry group in New Y...

    • Insurance-linked securities

      • ILS firm nabs risk vet

        RMS has hired Michael Steel as global head of solutions. He will also chair the company's Europe Lea...

      • Elliott to acquire Aeolus

        Elliott Management Corp has agreed in principle to acquire a controlling stake in Aeolus Capital Man...

    • RMBS

      • Nomura settles over RMBS

        Nomura Asset Acceptance Corp and Nomura Home Equity Loan have agreed to pay the NCUA more than US$3m...

  • News Round-up

      • CARAT juniors rated

        Moody's has assigned ratings to the previously unrated class E notes of two Ally Financial auto loan...

      • Brazilian CRA warning

        One of Brazil's two main ABS vehicles may present greater risks than another for investors, Fitch sa...

    • CDO

      • Taberna CDO EOD waived

        Barclays has settled with Taberna European Capital Management, the collateral manager for both Taber...

    • CLOs

      • Limited upside for CLOs?

        The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since...

      • Dispositions tick up

        Trepp's October loss analysis shows a continued up-tick in US CMBS loan dispositions. The average lo...

      • Default rate dips

        Fitch's cumulative loan default rate for fixed-rate US CMBS fell slightly to 12.7% as of 3Q16, sligh...

      • CMBS losses analysed

        Loss percentages for US CMBS loans reached a peak of 14.15% in 2011, but have since moved as low as...

    • Risk Management

      • Pricing solution enhanced

        FINCAD's F3 solution now offers coverage for structured fixed income securities - including RMBS, AB...

      • Error results in review

        Fitch has placed the class A notes - currently rated single-A - of Atlantes Mortgages No 2...

      • Roll-rate analysis updated

        DBRS is requesting comments on its proposed update to the RMBS Insight 1.2: US Residential Mortgage-...

      • Loan repurchase planned

        Banca Popolare di Vicenza (BPVi) and Banca Nuova (BN) are set to repurchase on 1 November all the lo...

      • Leek redemption due

        UK non-conforming RMBS Leek Finance Number 18 is set to be redeemed on 21 December, five years after...


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