BWICs Fail as Credit Concerns Worry CLO Equity Investors
September 09, 2015Six dealers distributed price talk averaging a price of around 52 for the equity piece for the post-crisis mezzanine of one manager, according to data from Empirasign Strategies. In mid-August the same equity tranche received price talk from seven dealers averaging about 65.
LCD News
UNSETTLED ABS MARKET TO PAUSE UNTIL LABOR DAY
August 28, 2015As a sign of this alarm, a virtual blackout took hold in a CLO bid list trading between Monday 2pm and Wednesday 1pm New York time, according to data provider Empirasign.
IFR Markets
Investors Cool on New ABS Deals as Sell-Off Deepens
August 15, 2015And though 16.8% did not trade, the volume was more than the combined US$7.5bn tally of bonds out for bid during the same week in August 2014, according to data provider Empirasign.
IFR
Wave of consolidations reshapes student loan ABS
August 13, 2015Only eight BWICs included student loan ABS this week, according to data from Empirasign.
GlobalCapital
New US$2.8bn CMBS lineup to test clearing levels
July 22, 2015In the secondary market, the total volume of CMBS out for bid has dropped 31% in the past 15 days of trading versus the prior three-week period, according to data from Empirasign.
IFR
Legacy non-agency RMBS widens on big sales
July 20, 2015A series of large BWICs were sold entirely, including one totalling around $635m, according to data from Empirasign. A $1.22bn list of interest-only legacy non-agency paper was also sold in full, by a syndicate of 17 dealers.
GlobalCapital
Student loan ABS facing headwinds on ratings
July 13, 2015Data from Empirasign showed US$412.7m in student loan ABS paper out for bid in the past week - nearly double the US$219m seen in the week of the Moody's decision on June 22
IFR
SoFi sells triple-B tranche in latest and largest ABS
June 02, 2015A chunk of CCOLT 2015-1 traded today at a dollar price of 101.21, according to Empirasign, although there was no data on MPLT 2015-CB1.
GlobalCapital
Distressed Diva Tilton Has More Than Just the SEC to Worry About
April 01, 2015The $532 million Zohar I, assembled in 2003, comes due starting in November. The $1 billion Zohar II matures in January 2017, and the $1.01 billion Zohar III in April 2019. Pieces of the third Zohar CLO were recently trading at about 71.5 cents on the dollar, according to Empirasign Strategies.
Bloomberg News
Investors sell SDART following disclosure
March 31, 2015As of midday on Tuesday, some 35 BWICs that were placed on Monday and Tuesday remained outstanding for securities issued off of Santander's SDART shelf, according to data from Empirasign.
GlobalCapital
S&P error junks 30 bonds — so far
March 30, 2015Most of the bonds downgraded below investment grade have not been offered in the secondary market since the downgrades, according to data from Empirasign.
GlobalCapital
Student loan trading active despite legislative attention
March 27, 2015At USD 653.1m in BWIC volume, student loan ABS trading had its heaviest week since July 2014, buoying a week bogged down by a heavy CMBS pipeline and a looming quarter-end, according to data from Empirasign Strategies.
Debtwire
Settlements could be driving non-agency RMBS liquidations
March 25, 2015Some of the non-agency bonds that money managers have sold recently have been completely paid down, according to trading data from Empirasign, suggesting investors might have held them with the intention of seeking recoveries through litigation.
GlobalCapital
Large resecuritization BWIC moving RMBS markets
March 18, 2015The BWIC includes 156 non-agency bonds with a current face value of $1.6bn, according to data from Empirasign. The notes are broken up into three pools, which are scheduled to trade at 10am on Friday and settle on March 24.
GlobalCapital
US SF WRAP-GM and Prestige clear ABS issues, focus on Fed
March 18, 2015Overall volumes of non-agency RMBS out for bid have been particularly intense this week, according to data provider Empirasign. Some US$863.4m in these bonds were out for bid on Tuesday, a 167% increase in bid list volume versus the daily average for March. And there was little let up today with US$575.39m showing up on lists.
IFR
Investors Seeking Liquidity Get Craigslist for MBS From Vendor
March 17, 2015Empirasign Strategies LLC this month started testing a service in which investors can anonymously post securities they want to buy or sell and potential prices, and then chat online without divulging their names to seal the deals.
Bloomberg News
Many Buyers for Subprime Auto Loan Bundle
March 15, 2015It's easy to see the attraction for investors. Yields on the highest rated slice of the Santander bond were 1.02 percent, compared with the equivalent Treasury bond yield of 0.12 percent, according to Empirasign Strategies, a market data firm.
The New York Times
Mortgage Bonds in Worst Start Against Treasuries in 18 Years
January 14, 2015About a third of the $2.7 billion of those notes included in widely marketed auctions from the day of the FHA announcement through yesterday were described by dealers as failing to trade, showing potential disagreement among investors on the appropriate values, according to Empirasign data. Trade information wasn't available for an additional 17 percent.
Bloomberg News
Ocwen-serviced bonds hold up despite California woes
January 13, 2015The cover, or second-best, bid on the MSAC 2005-HE3 M4 issue, one of the bonds facing an investor vote on a servicing transfer, was in the high 80s on December 3 after trading in the mid 80s in April, according to data from Empirasign.
IFR Asia
Oil price plunge should bolster consumer ABS
December 16, 2014"The DNT numbers in ABS have been creeping up into the 20% and 30% range," Murphy said, referring to bonds that do not trade. "I think people are trying to find liquidity, but people are just not there to take risk in December."