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Issue 536 - 21st April

  • News Analysis

    • Capital Relief Trades

      • Tranched cover trades gaining traction

        Tranched cover synthetic securitisation issuance is picking up in Europe, as regulatory capital requirements bite. The advantages of such non-standard structures include their limited ongoing costs, as well as their flexibility and bilateral nature. ...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS picks up

        Activity in the European ABS/MBS secondary market is picking up after the Easter break. Yesterday...

      • US CLOs slumber on

        The slumber seen in the US CLO secondary market pre-Easter is continuing. Despite broadly positive...

  • News

    • ABS

      • Coinstar ABS debuts

        Coinstar is marketing its inaugural US$900m whole business securitisation. Coinstar Funding Series 2017-1 is backed by revenue generated from a multi-national network of fully automated self-service coin counting machines. KBRA has assigned provisi...

    • Capital Relief Trades

      • Risk transfer round-up - 21 April

        The EIF returned to the risk transfer market this week, with a €90m mezzanine guarantee for a €1.5bn portfolio of corporate loans originated by Commerzbank. The guarantee aims to spur lending to mainly German SMEs and midcaps by r...

    • CLOs

      • Antares returns with first 2.0 CLO

        Antares Capital Advisers is in the market with its first 2.0 CLO transaction, Antares CLO 2017-1 (see SCI's deal pipeline), its first deal in more than a decade. The transaction is a cashflow SME CLO provisionally sized at US$1.8bn and backed by midd...

    • CMBS

      • 'Substantial' loss forecast after methane claim

        The US$77.2m City View Center loan - securitised in MSC 2007-IQ14 - has received a US$62.5m payment, following the representation and warranty settlement between the special servicer and originator Morgan Stanley (see SCI's CMBS l...

      • Special servicing shift underway?

        A shift in the US CMBS special servicing landscape is emerging, according to Fitch's year-end review of servicing trends. While the traditional cartel of legacy CMBS special servicers - who invested in controlling bond positions - continue to represe...

    • Insurance-linked securities

      • Record cat bond issuance assessed

        The average size of catastrophe bonds climbed significantly - by 31% - to US$292m in 1Q17, according to PCS figures. The firm notes that the issuance of the Galilei Re, Aozora Re and Sanders Re transactions had "disproportionate effects" on...

    • RMBS

      • Clean-up call volume rising

        US non-agency RMBS amounting to more than US$1bn in UPB was called in 1Q17, making it one of the busiest quarters for calls in many years. There is no longer such a clear skew towards prime collateral backing deals being called, while a greater varie...

      • Ocwen may target MSR purchases again

        Ocwen Loan Servicing has reached a settlement with the New York Department of Financial Services (NYDFS) which brings closer the prospect of the company being able to acquire MSRs again. The California Department of Business Oversight (DBO) has alrea...

      • Debut Canadian RMBS prepped

        The first RMBS sponsored by a major Canadian bank is marketing. Dubbed Bicentennial Trust 2017-1, the C$1.96bn deal is backed by 6,364 prime fixed-rate Canadian residential mortgage loans originated by Bank of Montreal (BMO). Moody's and DBRS have...

  • Talking Point

    • CLOs

      • Euro CLO relative value discussed

        Identifying relative value in the current loan environment, where asset spreads are compressing, was a key theme at IMN's recent European CLOs and Leveraged Loans conference. Against the backdrop of rising refinancing and reset volumes, call optional...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 21 April

        North America Morningstar has hired Charles Citro as md for CMBS ratings and analytics, based in New York, reporting to Vickie Tillman, president of Morningstar Credit Ratings. Most recently, Citro was senior md at Cushman and Wakefield within the...


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