Weekly Issue Archive »

Issue 526 - 10th February

  • News Analysis

    • Insurance-linked securities

      • Horse Capital leading the way?

        The recently-issued Horse Capital I catastrophe bond is further evidence of the ILS market continuing to push boundaries. However, it is not only the underlying risks that are changing, given the noticeable shift towards 'cat bond-lite' structures. ...

    • NPLs

      • Leveraging NPL disposals

        UniCredit is expected to use leverage in its planned €17.7bn NPL securitisation, dubbed Project Fino, in an attempt to bridge the bid/ask gap on the asset valuations with investors PIMCO and Fortress (SCI 14 December 2016). The first phase...

    • Structured Finance

      • Risk retention trends emerging

        Different retention strategies have emerged for US CLOs and CMBS leading up to and since the implementation of risk retention rules on 24 December 2016, with varying benefits also arising, such as a perception of increased quality in such deals. For...

  • SCIWire

    • Secondary markets

      • Euro secondary patchy

        Activity in the European securitisation secondary market continues to be patchy. Friday saw a rela...

      • US ABS rolls on

        Strong volumes and demand for paper is rolling on across the US ABS secondary market. The rally th...

      • Euro ABS/MBS lighter

        Volumes in the European ABS/MBS secondary market are lighter than last week. "Secondary activity h...

      • US CLOs focus on equity

        The bottom of the stack has been the main focus for US CLO secondary market this week. "It's a sno...

  • News

    • ABS

      • Canadian auto ABS announced

        Bank of Nova Scotia is in the market with its second Canadian auto receivables ABS, the US$752.68m Securitized Term Auto Receivables Trust 2017-1. The transaction is backed by 37,664 prime-quality retail instalment auto loan contracts secured by cars...

      • TGI Friday's taps market

        TGI Friday's is in the market with a US$450m whole business securitisation. Dubbed TGIF Funding, the transaction is backed by royalties from 849 franchise locations and 54 company-operated restaurants. The deal comprises US$50m class A1 notes and U...

      • Mariner makes market debut

        Mariner Finance has hit the market with an inaugural US$225m consumer finance securitisation. Dubbed Mariner Finance Issuance Trust 2017-A, the transaction comprises 89,914 non-prime/subprime secured and unsecured consumer loans. Provisionally rate...

      • Punch purchase proceeds

        Patron Capital has purchased 63.31 million of ordinary shares in Punch Taverns at 180 pence per share through Vine Acquisitions, the bidco set up with Heineken UK to acquire Punch Securitisation A (SCI 22 December 2016). The shares became available a...

      • DOE findings 'mixed' for SLABS

        The US Department of Education's (DOE) determination that more than 800 career-training programmes are failing gainful employment accountability standards is credit negative for outstanding ABS backed by private student loans, says Moody's. By contra...

    • Structured Finance

      • SCI Start the Week - 6 February

        A look at the major activity in structured finance over the past seven days.

        Please noteFrom today, we will be sending out stories as soon as they are published. They will appear as normal on our home page and subsequently collated week by week here. Stories will be sent to you that relate to sectors you expressed a preferenc...

      • Regulatory divergence on the cards?

        President Trump continues to assert his desire to roll back regulation imposed after the financial crisis and dismantling the Dodd-Frank Act is high on his agenda. There are concerns that should it be repealed - either as a whole or in part - greater...

      • Distressed vet heads new credit platform

        BC Partners has recruited Ted Goldthorpe to lead its new credit platform, BC Partners Credit. The firm will pursue a strategy that identifies attractive opportunities in any market environment and across sectors, including stressed/distressed debt, a...

      • Liquid alternatives firm formed

        Pacific Alternative Asset Management Company (PAAMCO) has entered into a strategic transaction to create a new liquid alternatives investment firm by combining with KKR Prisma. The new entity, which will operate under the brand PAAMCO Prisma Holdings...

      • Individual arbitration for Bethune case

        The US District Court for the Southern District of New York last week ruled in favour of Lending Club in a putative class-action lawsuit alleging that the marketplace lender partnered with Utah-based WebBank to avoid the application of New York state...

    • CLOs

      • Healthcare reforms spur CLO concerns

        Healthcare reforms in the US could have a dramatic effect on US CLO valuations, prompting some investors to reduce their exposure to healthcare names across their CLO investments. The healthcare sector is the second largest within US CLOs, accounting...

    • CMBS

      • CMBS loans exposed to EO bankruptcy

        Eastern Outfitters' chapter 11 bankruptcy filing could affect eight CMBS loans with a combined balance of US$134.1m. The largest exposure is the US$25.2m Blackstone Retail Loan securitised in WFCG 2015-BXRP, although strong occupancy for all affected...

    • Insurance-linked securities

      • 'Atypical' ILS issuance tallied

        At 20 transactions, 2016 saw the fewest number of catastrophe bonds brought to the market since 2009, according to Swiss Re's latest ILS Market Update. However, average deal size grew by nearly 20% on 2015 to approximately US$300m on "atypical" new i...

    • RMBS

      • Second shelf brings non-prime deal

        Invictus Residential Pooler is in the market with its debut securitisation (see SCI's pipeline). Following preliminary ratings from S&P, Kroll Bond Rating Agency and Morningstar Credit Ratings, it is the second shelf to issue a rated transact...


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