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Issue 567 - 24th November

  • News Analysis

    • Risk Management
      • African appetite for structured products

        Standard Bank has launched a new US dollar-denominated credit derivatives product, opening up African credit opportunities to global investors hungry for structured products. The programme will issue credit-linked notes (CLNs), providing exposure to...

    • ABS
      • NPL secondary 'needs AMC blueprint'

        The European Commission has confirmed progress on NPL secondary markets. It has highlighted the creation of NPL secondary markets through improved data standardisation as well as work towards a blueprint for an asset management company (AMC). Speak...

    • Capital Relief Trades
      • Mixed portfolio SRT printed

        NatWest has originated a capital relief trade dubbed Nightingale Securities 2017-1. Unusually, the £390.2m CLN references a mixed portfolio of asset classes. It is also the first DBRS-rated synthetic securitisation for the RBS Group. The s...

      • SRT concerns acknowledged

        Attendees of a public hearing on the EBA's SRT discussion paper have raised concerns in relation to excess spread, time calls and commensurate risk transfer tests (SCI 28 September). The EBA has acknowledged the concerns, but as its consultation is s...

    • RMBS
      • Thinking outside the box

        Investor demand is driving an expansion of the US prime RMBS credit box. Following years of issuance focused on what could be termed 'super prime' mortgage securitisations, the market has now moved on to what may instead be classified as 'expanded pr...


  • News

    • ABS
      • Inaugural inventories ABS is sector 'holy grail'

        Trafigura has launched a 'pioneering' debut commodities securitisation marking a milestone for the sector. The US$470m non-recourse funding programme, Trafigura Commodities Funding (TCF), is backed by inventories of crude oil and refined metals and i...

      • Inaugural island auto ABS markets

        My Money Bank (MMB) is marketing an inaugural €527m static cash auto ABS. The transaction, titled SapphireOne Auto 2017-1 (see SCI's deal pipeline), is backed by 39,122 non-delinquent auto loan (64%) and lease (36%) contracts to borrowers i...

    • Structured Finance
      • SCI Start the Week - 20 November

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

        Pipeline There were considerably fewer ABS added to the pipeline last week as additions became more evenly distributed. There were six new ABS announced, as well as five RMBS, eight CMBS and seven CLOs. The ABS were: CNY3.5bn Driver China Eight; &...

    • CLOs
      • CLO managers 'can benefit' from 2018 volatility

        Increasing corporate sector volatility will test European CLO managers next year, believe structured finance analysts at Bank of America Merrill Lynch. While the recent price volatility in major CLO exposures seen across Europe is set to continue, ma...

    • CMBS
      • UK CMBS prices tight

        Taurus 2017-2 UK, a rare single-loan UK CMBS (SCI 17 November), has priced. All offered tranches were well covered and final spread levels were set below initial price talk and at the tighter end of guidance, although concerns have also been raised. ...

    • RMBS
      • AOFM RMBS bids successful

        The Australian Office of Financial Management has completed its latest RMBS auction. The programme was relaunched this month (SCI 8 November), having been put on hold since 2015. The AOFM auction received bids of A$62.22m amortised face value of Fi...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 24 November

        EMEA Alvin Wong has been hired as director at United Overseas Bank (UOB). Previously he was svp at DBS bank where he was involved in structured finance and securitisation transactions. North America Ally Financial has hired Josh Wilsusen as...



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