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Issue 546 - 30th June

  • News Analysis

    • CLOs
      • Risk-retention vehicle restructurings expected

        Appetite for European CLO risk-retention and warehouse investments is strong. Uncertainty post-Brexit around third-country provisions is proving a threat to the nascent development of CLO risk-retention vehicles, however. "Brexit is a live issue be...

    • NPLs
      • Veneto liquidation opens NPL ABS opportunities

        Veneto Banca and Banca Popolare di Vicenza will be wound down after the ECB confirmed that they are "failing or likely to fail". The Italian government is set to provide €17bn to cover losses from bad loans while handing the 'good' assets t...


  • SCIWire

      • Euro secondary solid

        The European securitisation secondary market remains solid despite distractions from primary and mon...

    • Secondary markets
      • US CLOs slow

        Activity in the US CLO secondary market is slow as the seasonal lull looks to have started early. ...

      • Euro secondary steps up

        Activity has started to step up across the European securitisation secondary market following an ext...

      • US ABS accelerates

        Activity in the US ABS secondary market has begun to accelerate this week. After several weeks of...


  • News

    • ABS
      • Lender targets in-school and refi loans

        College Avenue Student Loans is in the market with its first rated term ABS, dubbed College Ave Student Loans 2017-A. The US$160.89m transaction is backed by a mix of in-school and refinanced student loans originated online through the College Ave pl...

      • Private SLABS upgrades anticipated

        Moody's has placed on review for possible upgrade the ratings of 41 private student loan ABS bonds - totalling approximately US$2.56bn worth of securities across 19 securitisations - issued by three marketplace lending platforms. At the same time, Fi...

      • EV idiosyncratic risks highlighted

        The inclusion of electric vehicles (EVs) in future European auto ABS collateral pools could introduce idiosyncratic risks, according to S&P. The agency says that these risks would warrant specific consideration in its ratings analysis. S&am...

      • IBRD debuts pandemic cat bonds

        The World Bank has launched US$320m pandemic catastrophe bonds, with the aim of providing financial support to the Pandemic Emergency Financing Facility (PEF), its vehicle that channels surge funding to developing countries facing the risk of a pande...

    • Structured Finance
      • SCI Start the Week - 26 June

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

        PipelineA mix of new deals - both in terms of collateral type and jurisdiction - entered the pipeline last week. ABS was the dominant asset class, but RMBS made a good showing too. The ABS new entrants comprised: €193m...

    • Capital Relief Trades
      • Risk transfer round-up - 30 June

        The EIF has recently signed guarantees with five banks in Romania under its SME initiative (SCI 12 May). This is happening at a time when the fund's securitisation team is working on new EFSI deals "similar" to the recent deal with BBVA (SCI 12 June)...

    • CLOs
      • Refinancings spur trading reversal

        The CLO refinancing wave appears to have caused a reversal of trading trends for investment grade and non-investment grade tranches in the secondary market. Demand for refinanced paper - represented mainly by triple-A to triple-B tranches -...

      • Atlas CLO debuts AMR feature

        Crescent Capital Group last week priced its latest broadly syndicated CLO. The US$413.7m Atlas Senior Secured Loan Fund VIII debuts an applicable margin reset (AMR) feature, which is designed to aid in the execution of CLO refinancings (SCI 5 Septemb...

      • Euro middle market CLOs on the cards

        Middle market CLO issuance is expanding in the US and emerging in Europe, with a variety of warehouse financing options for middle market loans and increasing variability. Increased middle market activity appears to be pressuring lenders, investors a...

    • CMBS
      • 'Novel' single-borrower CMBS prepped

        Blackstone is marketing an unusual US$536m single-borrower CMBS. Dubbed IMT Trust 2017-APTS, the transaction is collateralised by a first lien fixed- and floating-rate mortgage loan on 11 multifamily properties totalling 4,488 units, located in Texas...

      • Houston lodging loans plagued by oversupply

        Of all US CMBS loans secured by lodging properties, 10% are exposed to an elevated level of credit risk, with risks highest in Houston, Texas, according to KBRA. The rating agency has designated 255 loans it monitors as loans of concern, due to multi...

    • RMBS
      • GSE SFR deal 'first of its kind'

        The Fannie Mae Grantor Trust 2017-T1 single-family rental securitisation from April was the first transaction backed entirely by institutionally-owned SFR properties (see SCI's primary issuance database). The transaction has several features...

      • Subprime and non-QM compared

        Non-qualified mortgages (non-QM) are not equivalent to subprime mortgages made during the pre-crisis era and do not share the same characteristics, Morningstar comments. The rating agency adds that the QM designation outlined by the CFPB three years...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 30 June

        North America Alexander Popov has joined Carlyle Group as md to lead the credit opportunities business within the firm's global credit platform. Popov was previously md with HPS Investment Partners, formerly known as Highbridge Principal Strategies...



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