Cashflow Models and Data
Intex has created and maintains cashflow models for nearly every public and numerous privately issued global RMBS, ABS, CMBS, CLO, TruPS, CDO, and CLN securitizations.
US Agency Residential
The Intex Agency CMO deal model library offers complete coverage for CMOs administered by Fannie Mae, Freddie Mac and Ginnie Mae. The Intex Agency Credit Risk Transfer deal model library offers complete coverage for CAS and STACR deals issued by Fannie Mae and Freddie Mac. The Intex Agency MBS library offers complete coverage for all Fannie Mae, Freddie Mac and Ginnie Mae issued single-family MBS pass-through securities. A similar product for multi-family MBS pass-through securities is also available.
The Intex US RMBS deal model library effectively covers all Prime, Alt-A, and Option ARM backed deals and the Intex US Home Equity deal model library effectively covers all Sub-prime, Scratch & Dent, NPL, RPL, 2nd lien, and HELOC backed deals. So called re-REMICs of such deals are also covered. All structural features are accurately modeled, including loss allocations, triggers, prepayment penalty allocations, and interest-rate hedges. The vast majority of these models are updated with actual loan-level collateral information.
The Intex European RMBS deal model library effectively covers all European countries with active securitization markets, including UK Prime and Non-conforming deals, extensive coverage for Dutch, French, and German deals, and substantial coverage for northern and southern European deals. A growing number of these models are updated with actual loan-level collateral information or updated aggregated collateral information using loan-level data from the European Data Warehouse.
The Intex Australian RMBS deal model library covers substantially all Australian RMBS deals and the majority of these models are updated with actual loan-level collateral information.
The Intex Japanese RMBS deal model libraries are categorized into two different products. The largest Japanese library is the Intex Japanese Agency deal model library, which consists of all GHLC/JHFA transactions (effectively the Japanese equivalent to Fannie/Freddie/Ginnie CMOs). Additionally, the Intex Japanese RMBS deal model library provides select coverage of other Japanese RMBS deals.
The Intex Chinese RMBS deal model library, launched in 2015, provides deal coverage for the growing number of Chinese RMBS deals that have come to market.
Intex also has coverage for other emerging RMBS markets, including other parts of Asia as well as Latin America and Africa.
Intex offers extensive deal model coverage for the global ABS market, including regionalized coverage for the U.S., Europe, Australia, China, Japan, and other parts of Asia as well as Latin America and Africa. Deal libraries consist of deals backed by Aircraft Leases, Auto Loans/Leases, Business Loans, Consumer Loans, Credit Cards, Equipment Leases, Floorplan Loans, Manufactured Housing Loans, various types of Receivables (e.g. servicer advance, drug royalty, heath care, litigation fee, pubs, solar, structured settlement, timber, tobacco, toll, trade, utility), SME Loans, Student Loans, Tax Liens, and Time Share Loans.
The Intex US CMBS deal model library effectively includes all active CMBS deals, such deals primarily being backed by commercial conduit and/or large commercial real estate loans. Deals are modeled with loan-level collateral information and updated monthly with the latest trustee and servicer reported information for loans and properties. All structural features are handled, including split-loan structures (i.e. A/B Notes) and complicated prepayment penalty allocations. Coverage also includes deals backed by Agency Multifamily Loans, Franchise Loans, and Small Balance Commercial Mortgages as well as Single Family Rental deals and CRE-CDOs. Clients have come to rely upon Intex to provide the CMBS market with the most accurate cashflow models available.
The Intex European CMBS deal model library effectively includes all active single-loan and multi-loan CMBS transactions. These deals are updated in a timely manner with the most recent trustee and/or servicer reported loan and property information and account for all relevant structural features, including split-loan structures, liquidity facilities, and complicated principal payment allocation rules.
US and European CMBS deals are typically modeled while still "red" allowing for analysis before the deal has priced/closed.
The Intex US and European CLO deal model libraries are recognized as the industry standard for the CLO market. These libraries cover deals primarily backed by actively managed portfolios of high yield syndicated bank loans and, in some cases, high yield corporate bonds and/or tranches from other CLO deals. Each deal's structural features are carefully modeled, including IC/OC tests and reinvestment provisions, and updates are created using trustee reported information in a timely manner, including asset-by-asset detail.
The Intex US and European CDO deal model libraries are also recognized as the industry standard for the legacy CDO market. These libraries primarily cover deals backed by once actively managed portfolios of senior and mezzanine structured finance tranches that are typically modeled within other deal model Intex deal model libraries as well as so called CDO-squared deals, affording users licensing such libraries the ability to utilize the Intex models for the underlying asset cashflows resulting in more precise CDO collateral cashflow forecasts.
The Intex US and European CLN deal model libraries includes coverage for deals often referred to as credit linked notes, portfolio credit swaps, bespoke trades, single tranche credit derivatives, and CSOs. Typically these deals reference corporate bonds and loans, but they also often include RMBS, ABS, CMBS, and CDOs. CLNs referencing other structured finance tranches will typically utilize the Intex model for such tranches to allow for more precise cashflow forecasting. Each deal's structural features are carefully modeled and updates are created using trustee reported information in a timely manner, including asset-by-asset detail. Models for select CLN deals issued in other regions are also available.
Data Product Options
Intex offers a variety of optional data products that may be added to deal model library subscriptions to complement the use of the Intex deal model libraries. These products are typically licensed by clients wishing to more efficiently access and analyze deal, tranche, and collateral performance data in support of deal surveillance efforts and the development of collateral forecasting assumptions for critical inputs such as prepayment, default, and recovery/severity rates.
The INTEX Deal Data option provides easy access to select historical deal, tranche and aggregate collateral data fields for Intex modeled deals. Data fields include items such as historical collateral prepay rates, default rates, severity rates, cumulative and current collateral losses, and delinquency rates as well as historical cashflow trigger values and historical tranche payments, principal writedowns interest shortfalls, and credit support levels. The data is updated on a regular basis in conjunction with each deals periodic cashflow model update and is available for viewing within INTEXcalc and can also be delivered via the Internet in a standardized format that may subsequently be imported into commonly used database tools.
The INTEX Historical Loan Data option provides easy access to historical loan level data for collateral backing deals modeled within the Intex US RMBS, US Home Equity, US CMBS, and US CLO deal model libraries. Data is updated on a regular basis in conjunction with each deals periodic cashflow model update. Data files are delivered via the Internet in a standardized format that may subsequently be imported into commonly used database tools.