Weekly Issue Archive »

Issue 541 - 26th May

  • News Analysis

    • NPLs
      • BoC debuts first 'restructured' NPL sale

        Bank of Cyprus, Cyprus's largest lender, has sold approximately €20m of restructured non-performing business loans to a small Cypriot bank. The transaction is the first of its kind in the Cypriot NPL market and the first under the 2015 secu...

      • Irish central bank steps up NPL pressure

        The governor of the Central Bank of Ireland stated this week that the pace of NPL reduction in Ireland is too slow and new strategies are needed to combat the still elevated volume of bad loans. The move signifies increased political pressure on Iris...

    • ABS
      • First Aussie master trust ABS well received

        The first Australian ABS to use a master trust structure has proved ground-breaking in several ways. While it took a lot of work, the market reaction suggests the effort was well worth it. The A$1bn Latitude Australia Credit Card Loan Note Trust Se...


  • News

    • ABS
      • CEA completes its largest ILS yet

        The California Earthquake Authority (CEA) has completed its largest ever ILS (see SCI 22 May). The US$925m Ursa Re 2017-1 transaction, structured by Swiss Re, is one of the largest indemnity, annual aggregate catastrophe bonds and covers California e...

      • VW's Spanish auto ABS breaks new ground

        Volkswagen Financial Services has placed the largest Spanish auto ABS since the financial crisis and called on regulators to acknowledge the asset class' utility. The €914bn Driver Espana Four auto loan securitisation is backed by approxima...

      • Risk transfer round-up - 26 May

        According to sources Barclays is prepping a deal, although the underlying asset is unknown. Given the lender's active corporate loan issuance however the underlying asset may likely be corporate loans. At the same time we have heard of another GARC...

    • Structured Finance
      • SCI Start the Week - 22 May

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

        Pipeline There were 11 ABS deals added to the pipeline last week. These were joined by an ILS, six RMBS, two CMBS and a CLO. The ABS were: US$220m American Credit Acceptance Receivables Trust 2017-2; US$210m Cajun Global Series 2017-1; US$650m Che...

      • Global interest in Euro SF surges

        The number of investors in European securitisations is ramping up and transactions are increasingly oversubscribed. Issuance volumes still lag behind 2016, but structured finance analysts at Bank of America Merrill Lynch are optimistic that 2017 can...

      • Investors overweight RMBS

        Investors are moving out of consumer ABS and into US non-agency RMBS, agency RMBS and cash, according to a Morgan Stanley survey. 89% of survey respondents expect to stay in line or add to their current allocation to securitised products. The 2Q17...

    • CMBS
      • Urgent-care centres could help fill retail vacancies

        Non-traditional tenants such as medical and urgent-care centres could help fill vacancies in large retail properties, according to Morningstar Credit Ratings. There is currently US$739.8m in CMBS with exposure to urgent-care centres where they are on...

      • More store closures add to retail woes

        Retail woes continue to trouble the CMBS sector, with Rue21 filing for bankruptcy last week and announcing it will close approximately 400 stores. Fitch figures show more than ten retailers have now filed for bankruptcy in 2017, including General Wir...


  • Talking Point

    • ABS
      • MPL ABS event to explore regulatory implications

        Industry participants will gather in New York on 22 June to discuss the major issues in marketplace lending securitisation at SCI's third annual MPL ABS seminar. The first panel will look at regulatory challenges and developments in the sector, inclu...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 26 May

        North America SFIG has hired Covell Adams as chief administration officer and Scott Brody as director of education and conferences. Adams joins from Wells Fargo Securities where she was head of business strategy and development for the asset backed...



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