UK student loan securitization steps forward despite MPs' scepticism

December 03, 2018

Data from Empirasign shows that the rated notes appear on ABS BWICs relatively rarely, with only two appearances from the A1 notes in the last year.


Global CLO Roundup: CLO related BWIC activity increases in US

November 05, 2018

More investors look to be selling their junior mezz tranches this week as one money manager has put out a $22.6 million BWIC of CLO BBs this afternoon on a number of 2014-2016 vintage CLOs, while one private equity investor has also put out an $87.6 million BWIC of CLO BBs that feature more recent 2017 and 2018 vintages, according to trading sources and data from Empirasign Strategies.

LCD News

Pollen Street sells Funding Circle ABS exposure

November 01, 2018

Class 'X' and class 'Z' bonds in this deal appeared on a BWIC on September 26, according to Empirasign data, with a "did not trade" recorded on the class 'Z' and a cover at 512bp discount margin for the class 'X'.


Deutsche non-core mortgages out on RMBS BWIC

October 24, 2018

The whole bottom of the rated capital structure in Rochester No. 2, a UK RMBS originally structured from Deutsche Bank's non-core book, was out for sale in a BWIC on Wednesday afternoon, according to data from Empirasign.


Strong euro securitization pipeline seen for September

August 15, 2018

BWIC activity in the market is limited, according to data provider Empirasign, with just one UK list in small size on Wednesday.


Midweek Holiday Halts Secondary Trades

July 06, 2018

According to Empirasign, asset-backed bond trades totaled $117.8 million on July 2-3, down 83% from the week-earlier timeframe. Collateralized loan obligation trades totaled $32 million, down 79%. Mortgage-bond trades totaled $3.9 million, down 97.6%.

Asset-Backed Alert

Wall Street Jitters Cause Rare Snarl-Up in Loan Market

March 23, 2018

About 65 percent of CLO bonds didn't trade Friday, while 71 percent didn't change hands on Wednesday, according to Adam Murphy, president at capital markets trading data firm, Empirasign Strategies LLC. Investors eschewed a market that's been saturated with new deals this quarter and as price swings in equity markets permeated trading for the debt, he said.

Bloomberg News

Activity picks up in CLO secondary following SFIG Vegas conference

March 13, 2018

The first of the large BWICs came Thursday right after the conference. It totaled $263 million and included 33 different junior investment-grade and mezzanine bonds, of which 28 traded, according to data from Empirasign.

LCD News

Benchmark CMBS concept generates buzz at CREFC

January 10, 2018

The current face dollar volume of CMBS BWICs offered in 2017 declined to USD 98bn from USD 104.7bn in 2016, according to Empirasign.


Profit-Taking Efforts Fuel Secondary Sales

November 17, 2017

According to Empirasign, the two sectors saw bonds with a combined face value of $3.7 billion go out for bid via 161 offerings last week. That was followed by $3.5 billion of securities in 147 bid lists over the first three days of this week.

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Asset-Backed Alert

Empirasign Bows 'Quote Builder' Bloomberg Email Tool

October 02, 2017

Fixed income data provider Empirasign Strategies has launched a Quote Builder tool that allows traders to automatically populate client emails over Bloomberg with bond data and market color.

Inside Market Data

Investors Dump Property Bonds Linked to Hurricane Harvey

September 08, 2017

The notes saw talk from four dealers on Wednesday that averaged 240bp over Swaps. That compared to just 205bp on average from an August 18 list, according to Empirasign.


CMBS with Harvey exposure trade, investors await collateral details

August 31, 2017

A USD 1.1m JPMBB 2015-C28 A1 and a USD 1.4m JPMBB 2015-C28 A2 covered yesterday at S+ 17bps and S+ 31bps, respectively, according to Empirasign.


Large RMBS List Up for Sale Thursday

August 23, 2017

The biggest bond is a US$165.1m senior block of a 2007 subprime mortgage deal from Option One Mortgage, one of the largest lenders before the subprime mortgage crisis. Most of the other bonds are being talked around 90 cents and higher, according to Empirasign.


Secondary tights hold steady as markets awaits Harvey's full impact

August 01, 2017

Spreads remained tight later in the month as well. On 31 August a USD 16m WBCMT 2007- C33 AJ with exposure to the 666 Fifth Avenue New York City tower covered at 102-18, after being talked at prices in the 100-102 range, according to Empirasign.

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NCSLT bonds could leave holders with losses: Moody's

July 19, 2017

Price talk ranged from more than 75 cents on the dollar to mere pennies on some of the bonds out for bid, according to trade data company Empirasign.


Wells Ruins Call-Option Play

July 14, 2017

... a $6 million piece of a deal Bank of America issued in 2004 changed hands on June 6 after hitting the secondary market at an above-par price, according to Empirasign.

Asset-Backed Alert

Big Data Can Tell Mortgage Traders an Amazing Amount About You

June 29, 2017

"Investors in every other market get to see what they are buying -- but not mortgage bond investors," said Adam Murphy, founder of Empirasign Strategies LLC, a trading data firm for mortgage bond professionals. "I believe in privacy rights, but investors should be able to drive by the properties if they want."

Bloomberg News

P&M Notebook: electrical storm?

March 13, 2017

BWICs in European ABS trading, which account for lots of the trading activity in more unusual assets, already have their own "electronic" marketplace in the form of Empirasign, which posts upcoming BWICs, cover levels, and most recent trading levels. It's not an execution venue, but it is much better than emailing or instant messaging BWIC annoucements, cover and colour in different, incompatible formats from every trading desk.


Investors Eye SFR Bond Exit Due to Blackstone IPO

January 24, 2017

About US$213m of SFR bonds appeared on a bid list for sale Monday after investors learned some Blackstone bonds would be repaid as part of the Invitation Homes IPO. According to data provider Empirasign, it was the biggest day of bid list activity for SFR bonds since October 2015.


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