Today we continue our discussion of the RMBS data industry with a brief section on “Deal Data Vendors”.
1. Deal Information Data Vendors – by this we mean those data vendors that provide information about deals which includes:
*Overall deal information (Deal name, issuer, investment banker, servicer, trustee, whether the deal is Prime, AltA, Subprime, Original and Current Deal Balance, Cleanup-Call details, etc)
*Tranches (cusips, tranche names, original and current balances, coupon information, writedowns, ratings, credit support, etc)
*Collateral data (loan-level details, loan originator, collateral group related information and historical payments, etc)
*Triggers (primarily cumulative loss and delinquency triggers)
*Hedge Information (interest rate swaps, monoline bond guarantees, etc)
*Historical performance (especially useful for deal surveillance purposes)
*and so forth
A notable example of a data vendor who has all of the above is Intex. This is the most familiar and most widely used vendor of deal information in the industry. There are others including ABSNet (Lewtan) and Markit that also provide this information, but none to the degree that Intex does. Intex has been the longest and most firmly entrenched player in this space and consequently, the most costly.
Whereas it’s true that Intex provides deal information inside deal files and that these files are routinely delivered to a properly licensed client’s own file server, these files are made up of “one deal per file” therefore it becomes quite difficult to compare deals or query across all subprime deals and so forth.
What is really necessary is for a client to have software that reads all of the data about the deals (as enumerated above) into a proper database which can then be queried and analyzed with the purposes of spotting trade ideas or opportunities or generating various reports.
Note that this component does NOT include Bond Analytics – see the 5th component for more data about Analytics Providers)
**Watch for our next post describing “loan data vendors”, coming soon.
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