Complete news archive

  • US secondary activity picks up

    The US secondary markets were back up and running yesterday after the Labor Day holiday. Most activity was concentrated in ABS, but supply was also seen in the CMBS and non-agency RMBS segments.

    Bid-list volume for US ABS reached over US$250m yesterday, with credit card bonds providing the majority of the paper. A number of names were captured by SCI's .......

    Market Reports 3 September 2014

  • Initial margin impact surveyed

    New regulations governing the margining of non-centrally cleared OTC derivatives are rapidly being developed by regulators. In order to assess expected market impact and how the road to compliance is being navigated, InteDelta has undertaken a global survey of derivatives market participants.

    Over 80 institutions responded to the survey (59% of which were banks and the remainder were asset managers), .......

    News Round-up 3 September 2014

  • Ceasefire increase

    News of a ceasefire in the Ukraine has pulled credit indices tighter this morning and is expected to move European ABS spreads in the same direction on the back of increased trading activity.

    Peripherals remain the main focus of the market as real and fast money accounts seek to grow positions ahead of tomorrow's ECB meeting. Peripheral RMBS in particular .......

    SCIWire 3 September 2014

  • CLOs/CDOs ease back in

    The CLO/CDO BWIC market eased back into its stride through the course of yesterday's US afternoon with the first two trades of the month and the addition of further lists.

    A small two line CLO list traded at 14:30 New York time yesterday. $300,000 of BABSN 2013-IA A covered at 98.5 and $315,000 of TPCLO 2013-1A A1 covered at 98.375, .......

    SCIWire 3 September 2014

  • Rare outing for synthetic CRE CDOs

    A BWIC list has begun circulating containing four tranches of Halcyon's synthetic CRE CDOs: 25m of HLCN 2005-1 A, 10m of HLCN 2005-1 B, 12.5m of HLCN 2005-2X A and 5.8m of HLCN 2005-2X B. The auction is scheduled for 10 September, but all the bonds can trade ahead.

    The former two deals were seen once before, according to SCI's .......

    SCIWire 2 September 2014

  • Mixed day so far

    The US structured finance markets are taking a while to find their feet today while off-BWIC Europe appears to be building up a head of steam - strong trading is continuing in European RMBS now including non-peripheral bonds.

    On the BWIC front, both sides of the Atlantic aren't seeing many new lists circulating. The CLO market has not so far .......

    SCIWire 2 September 2014

  • Euro markets hit re-set

    The European ABS market appears to have hit the re-set button this morning to signal the true end of summer with the return of the US today and in anticipation of the ECB meeting on Thursday - most ABS sectors are better bid but peripherals are once more leading the way.

    Meanwhile, a €5m slice of Dutch CMBS MESDG DELT .......

    SCIWire 2 September 2014

  • Risk management seen as core competency

    A global survey undertaken by the Professional Risk Managers' International Association (PRMIA) and SunGard reveals an attitudinal shift among risk managers, who are now increasingly viewing risk management as a strategic core competency rather than simply a regulatory obligation. The survey captured the views of over 200 risk managers about their collateral and exposure management priorities.

    Of the key findings .......

    News Round-up 2 September 2014

  • Investment management unit adds two

    Tikehau Group has added two new members to its Tikehau IM private debt team. Nathalie Bleunven joins from Indigo Capital France, while Luca Bucelli was most recently at AlixPartners.

    Bleunven was a managing partner at Indigo and before that spent 26 years at Société Générale. She will use her knowledge of French midcaps and her experience in structured finance and .......

    Job Swaps 2 September 2014

  • Peripherals scheduled

    Two peripheral European BWIC lists, consisting primarily of RMBS are now circulating for trade tomorrow. A 12 line list scheduled for 14:30 London time and a single line for 15:00.

    Of the deals that have appeared on SCI's PriceABS service in the last three months, their last trades covered as follows: HIPOT 4 A at 91.5 on 24 July; LUSI .......

    SCIWire 1 September 2014

  • LEMES 2006-1 refinancing underway

    IEF Capital, the sponsor of the €1.05bn Dutch CMBS transaction Leo-Mesdag, has completed the first refinancing under the restructuring terms agreed with noteholders in June (see SCI's CMBS loan events database). The amount refinanced is €218.6m, which exceeds the €200m target amount.

    Berlin Hyp and Helaba reportedly provided €197.8m for a term of eight years to finance 18 .......

    News 1 September 2014

  • CLO sell-off coming?

    After today's US public holiday, CLO traders expect an upswing in activity amid a potential sell-off.

    Last week saw above-average CLO BWIC volume for a summer week, reports one trader. "That was driven by volatility, which is in an upward trend, so the market could be ready for a further sell-off this week. We therefore expect a lot more bid-lists .......

    SCIWire 1 September 2014

  • CDOs on the block

    Auctions will be conducted for Kleros Preferred Funding and Trainer Wortham First Republic CBO V on 22 September. The securities will only be sold if the proceeds are at least equal to auction call redemption amounts. Although it may not have been the highest bidder, the collateral manager of the former transaction will have the option to purchase the collateral .......

    News Round-up 1 September 2014

  • Continuous pricing offered

    Interactive Data Corporation has launched a continuous fixed income evaluated pricing service. The offering aims to provide clients with greater pre-trade transparency support and price discovery capabilities on a continuous basis throughout the trading day.

    The firm says that coverage across multiple fixed income asset classes, in addition to its extensive global team of 200 evaluators responding to pricing inputs .......

    News Round-up 1 September 2014

  • TRACE update to impact esoteric liquidity?

    The US SEC has approved amendments to TRACE dissemination rules, stipulating that CUSIP-level execution prices and original face values be publicly disclosed on ABS trades starting on 27 April 2015. The new rules are expected to have a limited impact on traditional ABS sectors, but could affect liquidity in non-traditional asset classes.

    SEC-registered and 144a ABS - defined as securitised .......

    News 1 September 2014

  • SCI Start the Week - 1 September

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

    Pipeline
    August ended with a quiet week, as just three new deals joined the pipeline. These consisted of two ABS and one CLO.

    The ABS were US$275m California Republic Auto Receivables Trust 2014-3 and €800m Silver Arrow Compartment 5. The CLO was the US$349m Symphony CLO VIII refinancing.

    Pricings
    There were a few more deals leaving the pipeline, with two .......

    News 1 September 2014

  • Rating agency names new ceo

    Scope Ratings has appointed Torsten Hinrichs as ceo, effective immediately. He replaces the European rating agency's founding ceo Florian Schoeller, who will become chairman of the supervisory board.

    Hinrichs has almost 30 years of industry experience and has worked for a number of firms across the US, Europe and Hong Kong. Before joining Scope he was md at S&P, where .......

    Job Swaps 1 September 2014

  • Patchy activity in Euro MBS

    The summer lull in European MBS secondary markets looks set to continue this week. However, pockets of activity remain.

    Notwithstanding a month-end flurry that saw three RMBS BWIC lists circulating last Friday, European RMBS and CMBS bonds are expected to carry on trading sporadically for now. "Investors will largely stay sitting on the sidelines because there's not enough juice in .......

    SCIWire 1 September 2014

  • CLO overcollateralisation examined

    Amortisation across US CLO 1.0 deals is positively impacting overcollateralisation cushions, according to a recent JPMorgan study. The bank analysed OC trends in a universe of 508 US CLOs (representing US$227bn) and 154 European CLOs (€52bn) issued between 2005 and 2013. CLOs with less than 40% of their original capital structure remaining were excluded to minimise distortion from outliers.

    Among .......

    News Round-up 29 August 2014

  • Risk-sharing losses projected

    A recent Wells Fargo analysis suggests that cash-out loans with lower FICO scores show the highest delinquencies across GSE risk-sharing securitisations, based on current performance trends. By taking the cash-out delinquency trend into consideration and applying a pre-defined historical credit event rate to the remaining collateral, RMBS strategists at the bank estimate that cumulative credit events for risk-sharing deals will .......

    News Round-up 29 August 2014

  • Countrywide valuations eyed

    The Countrywide shelf could face the brunt of increased principal modification rates, if Bank of America pursues a strategy of aggressively modifying loans in RMBS deals to fulfil the requirements of its Department of Justice settlement (SCI 27 August). This is because the bank has sold the servicing rights for most of the BOAMS, BAFC, FFML, FFMER and MLMI shelves.

    News 29 August 2014

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