Cashflow Models and Data
Intex currently models and maintains cashflow models for nearly every public and numerous privately issued global RMBS, ABS, CMBS and CDO transactions.
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 Australian RMBS deal model library covers substantially all Australian RMBS deals.
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.
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, Australia 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.
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.
The Intex European CMBS deal model library includes substantially all active multi-loan and most single-loan CMBS transactions. These deals are updated on a timely basis with the most recent loan and property information, and account for all relevant structural features, including split-loan structures, liquidity facilities, and the most complicated principal allocation payrules.
Intex also maintains deal models for Japanese CMBS, Australian CMBS, and other Asian CMBS transactions.
US and European CMBS deals are modeled while still "red," allowing for analysis before the deal has closed.
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.
The Intex CLN deal model library 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 backed by other structured-finance deals will 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.
The Intex Covered Bond deal model library includes coverage for selected transactions in Europe. Structural features are carefully modeled using the best available information from offering circulars, term sheets and investor reports. Asset coverage and amortisation tests, substitution conditions, as well as issuer event of default and issuer acceleration triggers are incorporated into the models. Upon issuer acceleration, cashflows from the covered pool are passed through to the issued bonds. As new series of bonds are issued, the models are updated on a timely basis to reflect the current state of the transaction.
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 INTEXcalc™ or as a text file for stand-alone use with a client-provided database application.