Weekly Issue Archive »

Issue 552 - 11th August

  • News Analysis

    • Structured Finance

      • Best execution requirements assessed

        MiFID 2, due to be implemented across the EU by 3 January 2018, will have a far-reaching impact on the continent's financial markets, not least ABS. While the new rules will reshape banks' relationships with their customers in many ways, two of the m...

    • ABS

      • Refi SLABS seeing product, borrower expansion

        Refinanced student loan ABS (SLABS) has grown to become a defined sector within student lending, making up a third of total US SLABS volume. With this growth, lenders are expanding across a range of measures - including loan and borrower type ...

  • News

    • ABS

      • Innovative ILS coverage offered

        The IBRD has priced a series of catastrophe bonds that will provide the Mexican Fund for Natural Disasters (FONDEN) with innovative parametric coverage of up to US$360m. The ILS were issued across three tranches with exposure to three types of disast...

      • Cat bond issued in blockchain first

        Solidum Re has launched what is believed to be the first-ever catastrophe bond to have been digitised on a private blockchain. Named the ILSBlockchain, this mechanism has replaced the role of a traditional settlement system for the note issuance. C...

      • Subprime auto subs hit record tights

        US subprime auto ABS are pricing at the tightest spreads on record in the face of strong investor demand. The trend is occurring across the capital structure, most recently exemplified by Westlake Automobile Receivables Trust 2017-2, the subordinate...

    • Structured Finance

      • Registered, Rule 144A issuance compared

        The US SEC's division of economic and risk analysis (DERA) has published a report assessing how trends in primary securities issuance and secondary market liquidity relate to post-crisis regulatory reforms, in line with a Congress request under the 2...

      • SCI Start the Week - 7 August

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

        Pipeline ABS deals accounted for more than half of last week's pipeline additions. There were seven ABS, three RMBS, two CMBS and a CLO. The ABS were: US$1.305bn AmeriCredit Automobile Receivables Trust 2017-3; CNY3.67bn Bavarian Sky China 2017-2;...

    • CDO

      • Highly concentrated Trups CDOs see mezz recovery

        Trups CDOs remain an attractive source of capital for community bank issuers, but ratings are increasingly reliant on the largest obligors. Trups deals are expected to largely remain outstanding until legal maturity, with redemptions driven by idiosy...

    • CLOs

      • Innovative CRE CLO marketing

        Bancorp Bank is marketing a US$314.4m static commercial real estate CLO, backed by 24 floating-rate commercial mortgage loans secured by 31 properties. The transaction, dubbed Bancorp 2017-CRE 2, is structured as a REMIC trust and features several in...

    • CMBS

      • Green agency CMBS 'first' prices

        Fannie Mae has priced its first GeMS REMIC backed exclusively by green MBS collateral. The issuance is the first of its kind in the market and builds on the GSE's previous US$1bn FNA 2017-M2 transaction, which was backed by 30 loans originated under...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 11 August

        North America John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Ree...


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