Weekly Issue Archive »

Issue 550 - 28th July

  • News Analysis

    • RMBS
      • Self-cert 'drafting error' unlikely to stand

        A recent amendment to Article 17 of the new European securitisation regulations would ban self-certified mortgages from all new securitisations, sparking concern about the impact this might have on the European RMBS sector. However, the clause appear...

    • Capital Relief Trades
      • Synthetic mortgage 'game changer' awaited

        The inclusion of mortgages in leverage ratio calculations and lower risk weights for the asset are at present limiting the issuance of synthetic RMBS. Indeed, capital relief trade players are awaiting the EBA's forthcoming risk transfer guidelines to...


  • SCIWire

      • US CLOs on the up

        Activity in the US CLO secondary market is currently on the increase after a quiet July. "It's bee...


  • News

    • ABS
      • Whole business maturity wall eyed

        US whole business securitisation issuance was robust in 1H17, with US$5.1bn priced across seven issuers (see SCI's primary issuance database), up by 84% year-over-year and on pace to break the record US$7.2bn issued in 2015. However, risks to the sec...

    • Structured Finance
      • SCI Start the Week - 24 July

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

        PipelineA mix of ABS, RMBS and CMBS hit the pipeline last week. There were US$1bn-plus deals announced in both ABS and CMBS, as well as a €2.45bn RMBS. The seven ABS were: Aurorus 2017-B; US$894m Drive Auto Receivables Trust 2017-2; US$1....

      • Bond classification trends eyed

        Banks have favoured adding hold to maturity (HTM) bonds to their portfolios in recent years. However, new FASB accounting rules are set to allow prepayable assets to qualify for hedge accounting, which could see bank demand increase for available for...

      • Counterparty update reflects margin rules

        Moody's has published its updated global cross-sector methodology for assessing counterparty risks in structured finance, following a request for comment on its proposals (SCI 22 March). Among the first deals impacted by the move are a handful of US...

    • Capital Relief Trades
      • Risk transfer round-up - 28 July

        Delay has been the theme in the capital relief trades market this week. Nordea has begun marketing its delayed corporate risk transfer deal, which appears to have had a positive reception from investors. "Given the size of the deal and the way it w...

    • RMBS
      • Flagstar preps prime RMBS

        Flagstar Bank is in the market with an RMBS which exhibits a unique servicing structure (see SCI's deal pipeline). Flagstar Mortgage Trust 2017-1 is Flagstar's first issuance since the financial crisis and marks a departure from previous offerings as...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 28 July

        North America Ashurst is cutting its CLO practice because it sees it as "less relevant" to its global structured finance practice. It says "it will not be replacing the CLO team," many of whom have moved to Chapman and Cutler. The five partners joi...



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