Weekly Issue Archive »

Issue 575 - 26th January

  • News Analysis

    • Capital Relief Trades

      • Programmatic issuance continues

        Intesa Sanpaolo last month returned to the risk transfer market with another GARC transaction. Dubbed GARC-SME 6, the €120m cash collateralised deal references a €2.5bn Italian SME portfolio. The Banca IMI-arranged transaction h...

      • Landmark financial guarantee completed

        The EIB and Credit Agricole completed an innovative synthetic securitisation in late December. Dubbed VIADUC, the risk transfer transaction combines a guarantee by the EIF - which covers Credit Agricole's large corporate clients - with a commitment b...

    • Risk Management

      • Hovnanian highlights 'need for change'

        A group of funds, led by Solus Alternative Asset Management, is seeking to prevent a deal between GSO Capital Partners and Hovnanian Enterprises which has the potential to fundamentally undermine trust in credit derivatives. A federal court is due to...

    • Capital Relief Trades

      • Slicing the risk

        Capital relief trade issuers and investors are weighing in on the virtues of a structuring technique dubbed 're-tranching'. The innovation involves slicing in two the junior risk, in an attempt to cope with higher capital requirements under the CRR (...

    • ABS

      • Latin America poised to grow

        The Latin American structured finance market is expected to be boosted by an improving economic environment across the region, with several countries likely to see growth in 2018. Issuance is anticipated to grow in Brazil, Argentina and Mexico across...

  • News

    • ABS

      • Debut Canadian utility ABS prepped

        The Canadian province of Ontario has launched the country's first ABS backed by utility cost recovery charges. The transaction, dubbed Fair Hydro Trust, has yet to be valued but comprises three tranches and is designed to finance lower electricity co...

    • Structured Finance

      • SCI Start the Week - 22 January

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

        Pipeline Last week saw pipeline additions return to favouring ABS. There were seven ABS added, along with three RMBS, four CMBS and three CLOs. The ABS were: US$442m AASET 2018-1; US$1.115bn Ally Auto Receivables Trust 2018-1; US$580.78m Exeter Au...

    • CLOs

      • CRE CLO market tapped

        Värde Partners is tapping the market with a debut US$368.1m cashflow CRE CLO. The transaction, entitled VMC Finance 2018-FL1, is expected to close on 8 February and comprises 24 first-lien whole loans and pari-passu participations secured by...

    • CMBS

      • Toys R Us impact eyed

        Toys 'R' Us is set to close 182 stores, accounting for seven million square-feet or about a fifth of its US footprint, beginning early next month and running through mid-April. An estimated 51 properties securing 44 loans totalling US$2.03bn across 4...

  • Talking Point

    • Structured Finance

      • Going green

        Current status of green ABS market discussed

        Representatives from Clifford Chance, TMF and Ygrene Energy Fund recently discussed the current status of green ABS during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the sess...

  • Market Moves

    • Structured Finance

      • Market moves - 26 January

        North America Schulte Roth & Zabel has elected Stephen Schauder as a partner in the structured finance and derivatives group, working with co-heads Craig Stein and Boris Ziser. Schauder joined the firm as an associate in 2015 after having p...


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