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The article reports on the rise in demand for Alternative A-paper (Alt-A) residential mortgage-backed securities on the secondary market as of February 2014 while new-issue deals remain scarce in the medium term and spreads on subprime bonds become less attractive. Topics discussed include comments from Scott Buchta, head of fixed-income strategy at broker-dealer Brean Capital on bonds backed by middle-tier credit quality loans and an explanation on the yield of subprime assets.

The article reports on a 100 million U.S. dollar block of British prime paper that traded to mostly U.S. accounts in October 2011. The activity is considered a sign of a sustained U.S. bid for British prime paper. It is noted that the deal is built mostly of bonds from larger British master trusts that include the Arkle and Permanent vehicles of the Fosse and Lloyds Banking Group of Santander U.K.

The article reports on an increase in demand for AA and A paper in Northern Rock's U.K. Granite residential mortgage-backed securitization (RMBS) in the past week, as of September 5, 2011. Dealers expect investors to take on longer-dated positions as confidence grows. The AAA bonds in Granite are said to have shifted slightly since the end of August.

The article reports on the estimated 4.9 million dollars in fees earned by New York financial services firm BlackRock from the Federal Reserve Bank of New York's Maiden Lane II portfolio, the legacy paper bought from American International Group in 2008. According to the web site of the bank, the bonds had a total market value of 16.5 billion dollars at the end of 2010.

The article reports on the plan of the Financial Services Commission (FSC) in South Korea to quickly set up a 10 trillion Korean won bond fund that would help cash-strapped companies. According to Kim Joo-hyun, director general of the financial policy bureau of FSC, the intentions of the Bank of Korea to contribute up to half the fund was welcome and the money would be used to purchase collateral-backed obligations, asset-backed commercial paper and corporate bonds.

The article reports on a study by Bank of America-Merrill Lynch analysts which highlights top rated bonds in British lender Bradford & Bingley's Aire Valley Master Trust as a strong buy-and-hold investment compared to certain British prime residential mortgage-backed securities (RMBS).

The article reports on the issuance of 60 billion Euros worth of bonds from the German Residential Asset Note Distributor (GRAND) commercial mortgage-backed securitization in 2012. Approximately 57 million Euro of class C notes from the 2006 securitization was included on the bids-wanted-in-competition (BWIC) list. Meanwhile, Barclays and Citigroup originated and securitized the 5.4 billion Euro GRAND, which is considered the largest single loan European commercial mortgage securitization.

The article focuses on the estimated 60 billion euros worth of bonds from the German Residential Asset Note Distributor (GRAND) commercial mortgage-backed securitization included in a bid list due to be released in the market on September 7, 2012.

The article reports that four of the five bonds listed in the bids-wanted-in-competition list comprising of commercial mortgage-backed paper and some rarer German small-to-medium enterprise collateralized debt obligations traded late on August 28, 2012.

The article reports on the launch of legacy residential mortgage-backed bonds from the European periphery. The Italian RMBS bonds include a stack of A2 bonds from Cordusio RMBS 3 which traded at 92.80. The list also contained a 20 million Euro notes from the Mecenate S.r.l. deal. A sales official says the bonds traded at reasonably tight levels. The Italian paper was sold to real money accounts, while the Greek paper attracted more of the hedge fund bid.

The article reports on the continued tightening of spreads on lesser-quality, peripheral names in European securitization. As of January 2013, Spanish and Portuguese residential mortgage-backed securities have been trading at around 6-7% yield. The trend is attributed to a lack of supply, which has caused investors who typically favor shorter-dated bonds to move out to longer-dated paper.

The article reports that Appleton Papers is in the market for an amendment allowing it to tender existing notes maturing in 2011 for new second-lien 11.25 percent notes due 2015. The amendment is being launched out of Bank of America, offering to increase the pricing on the term loan by 12.5 basis points to LIBOR plus 4.625 percent. The company and bondholders have already discussed the issue of committing to the exchange.

The article reports that peripheral bonds are being offloaded by some holders of legacy European residential mortgage-backed paper. The offloading is attributed to the sluggish activity in the secondary market for asset-backed securities (ABS). Piraeus Bank issued 32.50 million U.S. dollars of senior bonds from July 2007 securitization Estia Mortgage Finance II-A which traded at a 65 cash price.

The article reports on the flow of mezzanine paper into Europe's secondary space as the primary issue pipeline remains empty. Roughly 50 items comprising pan-European mezzanine and subordinated bonds across residential and commercial mortgage-backed securities and asset-backed securities have emerged in December 2011. The total flow of mezzanine paper is estimated at 70 to 100 million euros.

The article reports on the launch by the banking group BANIF of a roadshow for a securitization of loans to small and medium sized enterprises (SMEs) in 2014. Topics discussed include the demand for peripheral paper in the secondary market, the selection of Stormharbour Securities as lead manager on the deal and the use of a fully public bookbuilding process to sell the deal. Also mentioned is the arbitrage between loan yields and bond yields.

The article reports on the stability of the secondary commercial mortgage-backed securities (CMBS) market after several weeks of volatility. According to Chris Callahan, head of CMBS trading at financial services firm Credit Suisse, the downside is that the bid list volume has been light and traders are seeing a higher than normal occurrence of bonds that did not trade. After hitting a wide of about swaps plus 175 basis points, it was reported that generic triple-A rated paper is trading well.

The article focuses on the prime residential mortgage securities deal Fosse 2012-1 of Santander U.K. The deal was able to sold two parts of AA-rated bonds which signals the willingness of issuers to meet buyside demand for paper further down the capital curve. A total of 50 million 2B1 dollar slice priced at three-month LIBOR plus 195 basis points (bps), and a 200 million 2B2 sterling tranche at 210 bps were sold by the deal.

The article reports on the emergence of bids wanted in competition (BWIC) built mostly of bonds from Bradford & Bingley's British buy-to-let and non-conforming residential mortgage-backed program Aire Valley Master Trust on March 15, 2012. According to market sources in London, England, the name could become a much more liquid bond. Market participants are reportedly watching carefully Aire Valley since it could potentially breach a non-asset trigger in several months' time.

The article relates the anticipation of distressed asset investors for the imminent release of bonds by the European Central Bank (ECB) in November 2009. The bonds will reportedly be used as collateral for repurchase agreements unto the market. The bid list issued by the ECB through the London-based trading desk of Morgan Stanley is cited.

The article reports on the decision by Lloyd's Banking Group not to allow investment bank trading desks from purchasing its 3 billion British pound Permanent Master Trust new bond issuance. Instead, Lloyd's prioritized real money investors such as insurance, pension funds and money managers. According to Bob Paterson, head of syndication at Lloyd's, the decision was based on the perception of the desks as fast money.

The article reports on the increase in prices on the junior mezzanine tranches off the risk sharing deals from U.S. government sponsored enterprises Freddie Mac and Fannie Mae in 2013. Topics discussed include the prices of the M-2 bonds, factors driving the demand for the paper and interest rates for the bonds. The deal's lead bookrunner is Barclays, while Morgan Stanley acts as co-underwriter for the deal.

Natixis has successfully priced the year's first new issue non-conforming residential mortgage securitization, Virgil Mortgage No. 1. [ABSTRACT FROM AUTHOR]

The article reports on steady trading in the commercial mortgage-backed securities (CMBS) secondary market in January 2013. Around two billion U.S. dollars of bonds were launched for trade. Barclays' David Cook says CMBS is responding very well to about 7 billion U.S. dollars of new issuance. It notes that the bonds were split along traditional lines of real money accounts staying higher in credit.

The article reports on the liquidation of three collateralized debt obligations (CLO) totaling 177.59 million dollars which is scheduled on October 2012. It is comprise of 88 line items, which are entirely bonds from 2003 and 2004-vintage residential mortgage-backed securities. The list of the CLO that will be liquidated started to circulate in September 2012.

The article focuses on an auto receivables securitization issued by Macquarie Leasing which includes 600 million U.S. dollars across four senior bond classes and 72 million Australian dollars across five subordinate bond classes.

The article reports that J.G. Wentworth has closed 321 Henderson Receivables III 2008-1, its first unwrapped asset-backed securitization (ABS). The bonds are supported by a portfolio composed of 94.7% structured settlements and 5.3% annuities. The bonds have been rated AAA while Deutsche Bank served as underwriter.

The article reports that the Federal Home Loan Mortgage Corp.'s (Freddie Mac) STACR 2013-DN2 bonds has been oversubscribed multiple times following its pricing in 2014. Topics discussed include the high demand for the bonds, the inaugural risk-sharing deal of Freddie Mac, and the expected tight pricing in the secondary market.

The article reports that Ford Credit Europe Bank was able to price Globaldrive Auto Receivables 2013-A, the senior bonds in its Globaldrive German auto loan securitization at the tight end of initial guidance in 2013. Some of the information provided on the deal include its rating, price thoughts, credit enhancement, and weighted average life.

The article reports on Freddie Mac's second risk-sharing transaction, STACR 2013-DN2, which was priced late in December 2013 with investors oversubscribing the bonds multiple times.

The article reports on the effort being done by the limited pool of buyers of senior portions European collateralized loan obligations (CLO) widen the spreads on the triple-A bonds. In past months, new issue CLO have been tightening in recent deals with Intermediate Capital Group's St. Pauls II deal seeing its triple-A slice priced at 135 basis points. Observers expressed their concern over the limited investor pool on the long term viability of CLO.

The article reports on the mixed fortunes faced by investors in Deutsche Annington's jumbo commercial mortgage securitization German Residential Asset Note Distributor (GRAND) due to bond repayments in July 2013. The firm says investors in the German multifamily housing deal would be repaid in full on July 22. One investor says it is a good thing for the market that something big can be refinanced. He adds that the payment schedule is a little quicker than they expected.

The article reports on the flat secondary trading following the Easter holiday. It includes a list of prime short-dated dollar-denominated British residential mortgage-backed securities (RMBS). It consists of bonds from Lloyds Banking Group's Arkle and Permanent RMBS programs, as well as Santander's Holmes Master Issuer. A banker notes that fundamentals are looking rocky, with challenges posed by geopolitical worries in various parts of the world.

The article discusses the improvement of sentiment in the asset-backed securities (ABS) secondary market during the week of February 8, 2013. It mentions the tightening of spreads and the slowdown in the pace of bids-wanted-in-competition (BWIC) lists. The willingness of dealers to bid for bonds and investor interest in Spanish mezzanine residential mortgage-backed securities (RMBS) and consumer loan ABS are also addressed.

The article reports that JPMorgan sold the single tranche of SMAP 2012-LV1, which is approximately 181.6 million U.S. dollar liquidating trust. The tranche is composed of nine performing and three non-performing loans backed by 13 commercial properties and one real estate owned property. The author notes that the deal is oversubscribed, as investors paid a premium for short-duration bonds offering thicker relative yields to comparable debt instruments.

The article focuses on bonds from legacy commercial mortgage-backed securities transactions which are expected to increase due to the search of investors for a low interest rate environment.

The article reports on the launch of the Mercedes-Benz Auto Receivables Trust 2011-1 and the Nissan Auto Lease Trust 2011-A in the U.S. consumer securitization market. It notes that the deal from Mercedes-Benz, which is handled by the Royal Bank of Scotland, is valued at 1.25 billion dollars, while the deal from Nissan is valued at 700 million dollars. It cites the expectation from investors to seek auto and consumer bonds as a cash alternative.

The article reports on the plan of sponsors of credit card asset-backed securities not to grow their portfolios in 2011, only issuing transactions as their legacy bonds reach maturity.

This article reports on the plan of Citigroup to tender about 20 percent of its outstanding credit card asset-backed securities (ABS) portfolio in 2011. The bank will purchase various bonds and notes issued from Citibank Credit Card Issuance Trust. Joe Astorina, ABS strategist at Barclays Capital, warned about the impact of the tender offer on the securities market.

This article reports on the emergence of bid lists with bonds from across the asset-backed securities market in Europe in May 2011.

The article reports on the market performance of junior AAA-rated tranches of commercial mortgage-backed securities deals in the U.S. as of May 2011. It states that the IQ16 AJ bonds traded at approximately swaps plus 340 bps before March 15, while T27 AJ bonds were sold at swaps plus 300. Information on a model for AJ bonds devised by Darren Wolberg, managing director and head of trading at KeyBank, is also given.

This article reports on the emergence of price talk on Obvion's Storm and Lloyds Banking Group's Permanent residential mortgage-backed deals in April 2011. Rabobank and Société Générale are marketing the first deal. Moody's Investors Service and Standard & Poor's rated two tranches in the Storm deal. Buyers expressed enthusiasm to senior bonds in the Permanent deal. Both deals are rated Aaa and AAA by Moody's Investors Service and Standard & Poor's.

The article discusses the plan of General Motors Financial, the financing arm of General Motors and the sponsor of the AmeriCredit Auto Receivables Trust, to expand its bond issuance in 2011.

An interview with Royal Bank of Scotland global co-heads of mortgage and asset-backed trading Scott Eichel and David Cannon is presented. Cannon explains whether the release of repackaged National Credit Union Administration (NCUA) notes will continue to depress spreads on agency residential mortgage-backed securities until the program is completed. He mentions the bonds that are seeing the most trading by the end of 2010. Eichel, however, talks about the opportunities seen in the collateralized loan obligation (CLO) market.

The article reports on the debut sales of covered bonds in U.S. dollars made by Barclays Bank in September 2010.

The article looks at the performance of the U.S. asset-backed securities sector as of May 28, 2010. It attributes the positive market performance to longer-dated Treasuries and swap spreads. The effect of the transition of investors to the liquid sectors of the bond market is described. A discussion on price trends in cash nonagency residential mortgage-backed securities (RMBS) and subprime RMBS is detailed.

This article reports on continued tightening of spreads on Europe's AAA residential mortgage-backed securities (RMBS) after the market blowout following the sovereign debt implosion of Greece in 2010. According to JPMorgan data, Greek bonds tightened to 50 basis points (bps) over Euribor to 800 bps in May 2010. The spread tightening can be attributed to the bailout package pledegd to the Greek government, an RMBS researcher says. It also points out the positive response of the Portuguese AAA RMBS to the bailout measures.

This article focuses on a report from the European Central Bank (ECB) which claims that the bank's use of asset-backed securities (ABS) as collateral in its repurchase facility has decreased in 2009. It notes that ABS accounted for 23% of the facility, while unsecured bank bonds accounted for 28% in 2009. It attributes the popularity of the ECB repurchase facility to the global credit crisis. It notes that ABS accounts for about 476 billion euros of the two trillion euros of assets that have been lend to banks.

The article reports that Spanish bank Bancaja closed a 750 million Euro covered bond from its Cédulas Hipotecarias program.

The article reports that the rally of European residential mortgage-backed securities (RMBS) has stopped as bond spreads either widen or in a steady state. Phil Adams of the Royal Bank of Scotland notes that investors raised questions about some conflicting trends in the market, including an increase in house prices and growth in unemployment in Great Britain. Based on data shown by Bank of America Merrill Lynch, spreads on senior British prime RMBS widened to 150 basis points.

The article reports on the increased bonds issuance in Europe in September 2009 due to the surge of first-time issuers not typically seen in the covered bond market and domestic issuers. A total of 28 billion euros of covered bonds was issued in September. Some of the first-time issuers are UBS, National Bank of Greece and Barclays Bank.