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Issue 521 - 6th January

  • News

    • Capital Relief Trades
      • Slew of risk transfer trades close

        A handful of capital relief trades closed in late December, including an unusual deal referencing a portfolio of auto loans. While this transaction was unfunded, the other deals involved the issuance of credit-linked notes. The auto transaction, kn...

      • Cash versus synthetic weighed

        Balance sheet securitisations - whereby balance sheet relief is achieved via true sale - are gaining traction in Europe (SCI 25 August 2016). The different motivations for executing a cash versus a synthetic capital relief trade w...

    • CMBS
      • Macy's, Sears closures affect CMBS

        Macy's has revealed a list of 68 stores that it will close in the near term, while Sears has announced it will close 150 Sears and K-Mart stores. There are CMBS implications for both. Of the 68 Macy's locations, 63 will be closed in early...

    • RMBS
      • NAIC designations for actual loss CAS

        The NAIC has assigned designations to all of Fannie Mae's CAS risk transfer transactions for its 2016 filing year, except for two. It is the first time that actual loss CAS deals have received NAIC designations. All M1 bonds received the highest NA...


  • Job Swaps

    • Structured Finance
      • Law firm nabs SF vet

        Norton Rose Fulbright has hired Patrick Dolan as a partner to the firm, joining from Dechert. He foc...

      • SF firm bulks out

        Brigade Capital Management has hired Tom O'Shea to its team in London. O'Shea previously wo...

    • CLOs
      • Firm inks CLO buyout

        Marble Point has acquired American Capital CLO Management (ACCLOM), an investment manager with appro...


  • News Round-up

    • Structured Finance
      • Asset value fund closed

        HPS Investment Partners has closed its first European Asset Value Fund, with aggregate capital commi...

      • CLO solution dismissed

        The District Court for the District of Columbia last month ruled against a risk retention solution f...

      • Loss severities down

        US CMBS disposition volume last month dropped to US$595.3m across 54 loans, down from November's tot...

    • Insurance-linked securities
    • RMBS
      • PHH MSR sale agreed

        PHH Corporation has agreed to sell its entire portfolio of mortgage servicing rights and related ser...

      • Early redemption proposed

        Trustees of Arena 2012-I are seeking investor consent for early redemption of the A2 tranche. The bo...



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