Cashflow Models and Data
Intex currently models and maintains cashflow models for over 20,000 global RMBS, ABS, CMBS and CDO transactions.
RMBS
The Intex Agency CMO deal model library offers complete coverage of CMOs administered by Fannie Mae, Freddie Mac and Ginnie Mae.
The Intex US RMBS deal model library covers substantially all prime and Alt-A RMBS. All structural features are accurately modeled, including loss allocations, triggers, prepayment penalty allocations, and interest-rate hedges. Whenever possible, deals are updated with loan-level collateral.
The Intex European RMBS deal model library includes virtually all UK RMBS (prime and non-conforming), as well as substantial coverage for Dutch and southern European RMBS. Many Australian RMBS deals having Euro denominated tranches are also available. A growing number of European RMBS deals are now being updated with loan-level collateral.
The Intex Japanese RMBS deal model library includes all GHLC/JHFA transactions, as well as CMOs backed by GHLC/JHFA deals. Selected coverage of other RMBS deals is available.
ABS
The Intex Home Equity deal model library includes virtually all home equity deals, including deals backed by subprime loans and HELOCs. All structural features are accurately modeled, including loss allocations, triggers, prepayment penalty allocations, and interest-rate hedges. Whenever possible, deals are updated with loan-level collateral.
Intex also provides deal model libraries for deals backed by manufactured housing loans, credit card receivables, auto loans and leases, equipment leases, student loans, dealer floorplans and business loans (including small-balance commercial mortgage loans and middle-market loans).
In Europe and Japan, the Intex ABS deal model library includes coverage of deals backed by auto loans, consumer loans, leases and bank loans, with expanding coverage of uniquely European sectors such as pub-backed transactions.
CMBS
The Intex US CMBS deal model library includes substantially all active CMBS deals. Deals are modeled with loan-level collateral, and updated monthly with the latest performance information. All structural features are handled, including split-loan structures and the most complicated prepayment penalty allocations. Participants in the CMBS market rely on Intex for the most accurate cashflow models in the industry.
Intex also maintains an extensive deal model library of European CMBS transactions, also updated on a timely basis with the most recent loan and property information.
US and European CMBS deals are modeled while still "red," allowing for analysis before the deal has closed.
CDO
The Intex CDO deal model library is recognized as the industry standard for analyzing all types of CDOs. The library includes CLOs, asset-backed CDOs, CDOs-squared, CRE CDOs, trust-preferred CDOs and other types. CDOs backed by other structured-finance deals will always reference the Intex model for the underlying deals, when available, to allow for the most precise cashflow forecasting. Each deal's structural features are carefully modeled, and the models are updated with trustee information, including asset-by-asset detail, as it becomes available. Intex applications include our implementation of the various rating agency methodologies to assist in post-issuance ratings analysis.
Deal Performance Data
Intex offers a variety of data solutions that complement the use of the Intex deal model libraries. These solutions are designed to augment surveillance efforts, monitor credit events for CDS, and to provide critical input for client prepayment and default models.
INTEX Remitdata™ is designed for clients who require immediate access to standardized investor report data. Unlike our other data products that derive their data from Intex deal model and update files, the Remitdata product contains deal, tranche, and collateral performance data mined directly from the current investor report.
INTEX Historical Performance Data is a timeseries of monthly or quarterly collateral performance data for all Intex-modeled deals. Performance data includes such items as prepayment speeds and delinquency and loss rates. This performance data is available either for viewing historical deal, collateral and tranche level data within INTEXdesktop, or as a text file for stand-alone use with a client-provided database application.
INTEXdesktop™ Data Analysis Module, recently introduced in 2008, allows INTEXdesktop users to quickly find information about deals, portfolios, assets classes, etc. by making Internet calls to comprehensive databases maintained at Intex. Features include a robust graphing functionality that allows users to plot data by deal, issuer, vintage, issuer vintage, etc.; a Deal/Bond Finder feature that enables users to search the Intex deal model libraries for deals or bonds that match specific user-defined criteria; an Asset Finder feature that allows users to search through the Intex CDO, CMBS, and Franchise library for exposure to specific assets; and stratification tools for individual deals or portfolios. INTEXnet users can also enjoy many of these same capabilities though INTEXnet's powerful research menus.
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