Big CLO Equity Bid List Hits Market

August 10, 2012

Bonds came from deals issued by Credit Suisse Asset Management, GoldenTree Asset Management, and Whitehorse Capital Partners among others, according to Empirasign Strategies, a firm that gathers and publishes BWIC data.

Global Capital

Subprime Rally Building As Dealers Sop Up Supply: Credit Markets

July 24, 2012

Dealers circulated 278 lists of non-agency securities last week in auctions for investors known as "bids wanted in competition," totaling $21.3 billion in face value, the largest amount of debt and fourth-most lists this year, according to New York-based Empirasign, a provider of trading information.

Bloomberg News

Macro Concerns, Fear Of Overhang Check CMBS Secondary

May 24, 2012

Activity has been lighter this week, but there are a lot of compounding issues: Greece headlines, the holiday weekend and the Fed. I also think JPMorgan's [credit default swap] exposure may be hanging over the market, making people more risk averse,

Securitization Intelligence

Talk From The Trenches: Additional Fed Action Not A Given

May 15, 2012

"The actions of the NY Fed really do not square with those who are anticipating a QE3," said Adam Murphy, President of Empirasign Strategies. "The Fed's unwinding of Maiden Lane is effectively quantitative tightening, not easing, because it's taking money out of the system not putting it in," he added.

Market News International

New Commercial CDO Sale Launched In Wake Of NY Fed Auction

May 01, 2012

Morgan Stanley and at least three other dealers are seeking bids on $1.5 billion in collateralized debt obligations backed by commercial real-estate bonds for the owner, UBS AG (UBS, UBSN.VX), according to Empirasign Strategies, which tracks securitized-debt trading, and a UBS spokeswoman. The sale comes just days after the Federal Reserve Bank of New York captured the market''s attention by auctioning $7.5 billion of similar securities.

Dow Jones

Commercial-Mortgage Market Slows Ahead Of Maiden Lane Sale

April 25, 2012

Bid lists for "AJ" and slightly safer "AM" CMBS since April 16 has dropped to as little as $12 million in a day in the past week, compared with $100 million to $300 million per day earlier this month, according to Adam Murphy, president of Empirasign Strategies, which tracks trading in CMBS.

Dow Jones

Fed solicits banks to buy risky securities

April 18, 2012

"It basically guarantees lower proceeds and plays into the hands of the big dealer, because they are the only ones that have the capital to take down a larger trade," said Adam Murphy, president of Empirasign Strategies in New York, which tracks trading in securitized debt.


Credit Suisse Paid $6.8 Billion for AIG's Home-Loan Bonds

April 16, 2012

The central bank this week is also probably accepting bids on a pool of $672 million of home-loan bonds being held by its first Maiden Lane vehicle, according to Empirasign Strategies LLC. The New York-based provider of data on securitized-debt trading based the assessment on a list of securities being auctioned and Fed disclosures on the vehicle's holdings.

Bloomberg News

Subprime Bulls Trim Bets as Rally Raises 2011 Specter: Mortgages

March 28, 2012

The firm probably sold more than $1 billion in face value of the securities last week, according to Empirasign Strategies LLC in New York. The provider of information on securitized-debt trading based that assessment on auction lists from dealers and public reports on the firm's holdings.

Bloomberg News

In today's mortgage bond market, it's take it or leave it

March 15, 2012

In general, sellers are also accepting lower overall prices for their pools because they are placing more constraints on buyers, said Adam Murphy, president of Empirasign Strategies, which tracks trading in securitized debt.

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Dow Jones

Big Long Is New Big Short as Bass Joins Subprime Bet: Mortgages

February 15, 2012

Trading in non-agency mortgage bonds averaged $15.6 billion per week in the first six periods of this year, compared with $6.6 billion in the final 20 weeks of 2011, according to data reported to regulators and compiled by Empirasign Strategies LLC, a New York-based provider of information on securitization trading.

Bloomberg News

Fed Plays Wall Street Favorites in Secret Bond Deals: Mortgages

February 10, 2012

"I fail to see how running a limited participation, secret auction is any way beneficial to the owners of these bonds, the U.S. taxpayer," Murphy said. "Not to mention these bonds are now trading 15 to 25 cents" on the dollar "cheaper compared to when they were last auctioned in a more public manner."

Bloomberg News

US MORTGAGE MEMO: Non-Agencies Face Supply From Maiden Lane

January 13, 2012

Adam Murphy, President of Empirasign, said the AON restriction should be lifted. "It reduces the average execution price because it limits the number of buyers," he says.

Market News International

Goldman Sachs Said to Offer Bid for New York Fed's AIG Assets

January 13, 2012

If the portfolio is sold to an individual investor or group assembled by dealers in an "all-or-nothing" process, that may obscure bids on specific securities and "a lack of price discovery is inherently not good," said Adam Murphy, president of Empirasign Strategies LLC, a New York-based provider of data on securitization-market trading.

Bloomberg News

Morgan Stanley Non-Agency Mortgage Trader DePietro Said to Leave

November 16, 2011

In the past five weeks, dealers have conducted auctions for $14.8 billion of non-agency debt, down from $26.1 billion in the first five weeks of the year, according to data from Empirasign Strategies LLC. Investment banks reported completed sales of $4.4 billion of the bonds offered in the most recent period, according to the New York-based provider of data on securitized-debt trading.

Bloomberg News

MF Global subprime RMBS liquidation is scuttled

November 01, 2011

Secondary securitized-product flows have been much lighter this week. There has only been US$96.8m in prime and Alt-A RMBS traded in the secondary market today, according to Empirasign Strategies, a capital markets data provider.


Sovereign Crisis Not Good for U.S. Spreads

October 12, 2011

The potential for ABS/MBS sales resulting from the unwind would be bad for U.S. securitization spreads. "If their are any more Dexias that will mean further, albeit non-forced, selling pressure," said Adam Murphy, President of Empirasign Strategies. "What's French for Maiden Lane? Funny enough, it''s the same in either language."

Structured Finance News

S&P resumes rating new CMBS; no rating changes warranted

August 05, 2011

"CMBS bid lists that are DNT -- or did not trade -- are pretty high right now," said Adam Murphy, president of capital markets data provider Empirasign Strategies. "Funding pressures are hitting all sectors. And DNTs are much higher than we can observe because distributed color has been very light. So it's a safe bet that a lot of these lists that just go into the ether did not trade."


Talk From The Trenches: Risk Is On; Fed ML2 Sales Suspended

July 01, 2011

"The Fed clearly does not want to be in the mortgage market any longer than they have to," said Adam Murphy, President of Empirasign Strategies,"but the most important factor is the Fed wants to do right by the American taxpayer. And selling these bonds at distressed levels is doing a disservice to the taxpayer and the market."

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Market News International

BofA settlement may boost senior Countrywide RMBS

June 28, 2011

Moreover, some bid lists up for trade today contained so-called "call options on clawbacks," meaning that buyers of these bonds will have the option to receive a portion of the settlement that goes through the cashflow waterfall on the legacy Countrywide bonds. "Sellers could be looking to recognize some money for this optionality," said Adam Murphy, president of Empirasign Strategies LLC, a capital markets data provider.


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