Weekly Issue Archive »

Issue 559 - 29th September

  • News Analysis

    • CLOs
      • New issue CLOs preferable?

        US CLO relative value discussions often focus on tranche level - where triple-A paper continues to be the consensus pick, despite spread tiering at the top of the US CLO capital structure compressing dramatically - but the case fo...

    • NPLs
      • ReoCos boost Italian NPL prospects

        The Italian parliament recently approved new amendments to the Italian securitisation law, aimed at improving recoveries of non-performing loans and at facilitating disposals of NPLs by banks, including non-performing lease receivables. Along with a...

    • Capital Relief Trades
      • Standardisation to bridge synthetic STS gap?

        The EBA's recent discussion paper on significant risk transfer (SRT) outlines the common structural features of risk transfer transactions in an attempt to harmonise their regulation and supervision (SCI 20 September). The move ultimately may bring t...

    • CMBS
      • Trustee role rewritten by court?

        A ruling by the UK High Court could have significant implications for trustees, potentially redefining their role in securitisation. The court's ruling confirms that a trustee cannot outsource decision making and must take responsibility for exercisi...


  • News

    • ABS
      • Caribbean consumer deal prepped

        CFG Holdings is in the market with a consumer ABS backed by a pool of local currency fixed-rate personal loans originated by its subsidiaries in Panama, Aruba, Curaçao and Bonaire. Dubbed CFG Investments 2017-1, the US$222m securitisation fe...

      • PCP agreements pressure UK ABS

        The increased use of personal contract purchase (PCP) agreements is putting pressure on UK auto ABS, suggests DBRS. While the rating agency does not think deals will be negatively affected in the short term, the trend is worth monitoring. DBRS has...

      • Aviation ABS prepped for take-off

        Global Jet Capital is marketing an inaugural US$1.48bn aircraft ABS. Dubbed Business Jet Securities Secured Note Series 2017-1, the transaction is supported by a portfolio of 181 business jet aircraft, representing 154 obligors, with a remaining term...

      • First solar ABS looks to pay dividends

        Dividend Finance is in the market with its first term ABS securitisation collateralised by secured residential consumer solar loans. The transaction, Dividend Solar Loans 2017-1 (see SCI's deal pipeline), will issue three classes of notes in an aggre...

      • BMO steps on the gas with debut ABS

        Bank of Montreal is marketing an inaugural auto securitisation, called Canadian Pacer Auto Receivables Trust 2017-1 (see SCI's deal pipeline). The ABS is backed by 42,258 prime retail instalment auto loan contracts and is another first for the bank a...

    • Structured Finance
      • SCI Start the Week - 25 September

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

        Pipeline Additions to the pipeline last week were fairly broadly split. There were five ABS added, along with three RMBS, four CMBS and two CLOs. US$750m Bank of the West Auto Trust 2017-1, Bavarian Sky German Loans 7, US$210m CFG Investments 2017...

    • Capital Relief Trades
      • Risk transfer round up - 29 September

        The focus of this past week has been the EBA's SRT discussion paper. Regulators and market participants expect it and the resulting guidance to standardise structural features and boost deal flow in the market (SCI 28 September). The paper comes at...

    • RMBS
      • Legacy non-conforming collections fall

        Average collection rates on loans in arrears backing some UK RMBS transactions are showing signs of weakening. At the same time, the average repossession rate for UK non-conforming RMBS has risen to 0.7%, although this is from post-crisis lows. Ban...

      • Bear-flattener trades advocated

        The Fed announced last week that it would unwind the System Open Market Account (SOMA) balance sheet, starting next month. This is part of a range of measures suggesting a tightening of monetary policy, in which case investors may wish to prepare for...


  • Job Swaps

    • Structured Finance
      • Job Swaps round up - 29 September

        North America HouseCanary has hired Josh Seiff to lead business development. He joins from Fannie Mae where he was vp, multifamily capital markets and trading. GC Securities, a division of MMC Securities has announced the establishment of Cerulea...



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