May 2014

Past Issues

Cover Story

Securitization Pros Wrap Their Arms Around an Asset Class the Size of the Globe: Trade Finance

For sheer scale of securitizable assets, itís tough to beat trade finance, and banks have new incentives to get these assets off their balance sheets.

Editor's Letter

Know the Rules

Either as a spur or a hindrance to structured finance, regulations remain the dominant theme of our industry (and, by extension this magazine) in 2014.


Volcker Rule Extension for CLOs Comes with Big Catch

A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.

Babson CEO Finke: CLOs Often Unfairly Judged

Finke says the industry needs to address the lack of understanding about its performance and role in the economy.

CLO Pros See No Letup in Demand

Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.


Second Rental Securitization Prices Wide

Wider pricing on the second-ever securitization of single-family rental properties suggests that investors are becoming more discerning about this new asset class.

REO-to-Rental ABS Dogged by Claims of House Price Impact

Since the first securitization of single-family rental properties materialized last November, the sector has drawn criticism from housing analysts and politicians.

How ATR Rule Could Reshape RMBS Market

Residential mortgage bonds backed by qualified mortgages, as well as non-qualified mortgages, are no doubt on the drawing board if not in the works, as issuers run out of earlier loans to securitize; however experts diverge on the composition of the first deals.

Push for Transparency in MBS Raises Data Security Fears

Disclosing loan-level data is crucial to rebuilding investor confidence in mortgage-backed securities. It also introduces the risk of compromising borrowers' personal information.


'High Quality' Label Gains Favor in Europe

European regulators are coming around to the idea that strict rules on securitizations are hurting efforts to jump start the regionís economy, in particular by restricting smaller companiesí access to financing.

Turkish Banks Go It Alone with Diversified Payment Rights

After the financial crisis, Turkish banks found that they could continue to securitize diversified payment rights without the by-then worthless insurance wraps. Some banks have found that they can also do deals without arrangers from abroad.

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Current Issue

CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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