Weekly Issue Archive »

Issue 551 - 4th August

  • News Analysis

    • Capital Relief Trades

      • Regulatory call exercised for Calico

        The Co-operative Bank last week announced a regulatory call of its Calico Finance Number One capital relief trade. The call was executed, after UK PRA approval, as part of the bank's plans to improve its capital position. The Co-operative Bank rece...

    • ABS

      • UK ILS hub to drive new issuance, innovation

        The proposed ILS regulatory and tax regime due to come into effect on 1 January 2018 aims to put the UK on an even-footing with other jurisdictions and enable it to become a world leader in the catastrophe bond market (SCI 21 July). Notably, the fram...

      • Peripheral ABS playing catch-up

        Structured finance issuance in the European core has held up well over the summer, with spreads continuing to grind tighter. Although peripheral ABS spreads remain wide of the core, the periphery appears to be catching up. "Spreads throughout Europ...

  • News

    • ABS

      • RFC issued on gas prepay approach

        S&P has requested comments on its methodology for rating US physical commodity prepayment ABS transactions. Such bonds are backed by the payment obligations of municipalities for the delivery of gas and counterparties that hedge gas price flu...

      • Debut diamond ABS prepped

        Diarough Group - the trading name of Egon Holdings and Emby International - is marketing its first public ABS, having issued a private inventory securitisation in 2007. Dubbed Four Seas 2017-1, the latest US$150m transaction is co...

      • Inaugural aviation ABS readied

        Sky Aviation Leasing International is in the market with an inaugural securitisation. Dubbed S-JETS 2017-1, the US$780.8m transaction is collateralised by a portfolio of 21 aircraft on lease to 16 lessees located in 13 countries. As of 1 August 201...

    • Structured Finance

      • SCI Start the Week - 31 July

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

        Pipeline The rate of pipeline additions stayed consistent last week. There were six new ABS, five RMBS and five CMBS added. The ABS were: Chesapeake Funding II Series 2017-3; US$140m JG Wentworth XXXIX Series 2017-2; US$300m PFS Financing Corp Ser...

    • Capital Relief Trades

      • Risk transfer round-up - 4 August

        Capital relief trade players are expecting a quiet August, before the flurry of activity that will define Q4. Nevertheless, rumours are circulating that a regulatory call might be executed on a transaction that HSBC closed last year. This follows the...

    • CLOs

      • Reinsurance firm taps CLO market

        Nassau Re has priced an inaugural US$438m CLO. Dubbed Nassau 2017-I, the transaction is a broadly syndicated CLO managed by NCC CLO Manager, a wholly-owned subsidiary of Nassau Re affiliate Nassau Corporate Credit. Rated by Fitch and S&P, t...

      • Libor gives CLOs pause

        UK FCA ceo Andrew Bailey last week suggested that financial markets should transition away from Libor benchmarks to transactional-based reference rates by end-2021. His speech caught the attention of the CLO industry in particular, given Libor's cent...

    • NPLs

      • NPL servicer breaks new ground

        Alvarez and Marsal has established the first independent business loan servicing company in Greece. Named Independent Portfolio Management (IPM), the fully owned subsidiary has been granted a servicer license by the Bank of Greece for the management...

    • Risk Management

      • ISDA working on derivatives smart contracts

        Smart contracts and distributed ledger technology could bring cost and efficiency benefits to the derivatives market, says a new whitepaper from ISDA and Linklaters. Along with the whitepaper, ISDA has launched an industry legal working group to focu...

    • RMBS

      • Reserving practices in the spotlight again

        An additional 10 legacy US non-agency RMBS were called in July, a month after Wells Fargo withheld over US$90m in cashflow across 20 called transactions (SCI 3 July). While the results this time around appear to be more investor-friendly, uncertainty...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 4 August

        North America Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and s...


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