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Issue 576 - 2nd February

  • News Analysis

    • Capital Relief Trades
      • Innovative portfolio guarantee inked

        The EIF has completed five synthetic securitisations with five Italian banks, in the context of the SME Initiative Italy. The transaction features an innovative structure and is the first to guarantee standardised banks. The banks involved in the t...

    • Insurance-linked securities
      • Bright start for UK ILS

        The first UK ILS launched last month, coinciding with the introduction of the nation's new ILS regulatory and tax regime, designed to put the UK on an even footing with other jurisdictions (SCI passim). NCM Re is a US$72m collateralised quota share r...

    • Structured Finance
      • Call for transparency underlined

        A push for transparency is a common thread among European initiatives to reinvigorate the securitisation markets. Communication and standardisation are expected to play significant roles in facilitating this effort. Christian Thun, ceo at European...

    • NPLs
      • Distressed exchange queried

        China Huarong Asset Management, one of China's largest state-owned distressed debt managers, yesterday launched a Beijing-based bad debt exchange. The exchange is expected to provide an inventory of what's available in the Chinese non-performing loan...


  • SCIWire

    • Secondary markets
      • Euro secondary picking up

        Activity in the European securitisation secondary market is gradually picking up, albeit from a low...

      • US ABS diverted

        US ABS primary market activity is diverting attention away from secondary, but demand is st...

      • US CLOs on the up

        Pricing levels across the US CLO secondary market have kept increasing through January. "Everythin...


  • News

    • ABS
      • BEV auto ABS prepped

        Tesla is marketing an inaugural US$608.08m securitisation backed by 8,879 retail auto lease contracts originated by the firm's finance arm, Tesla Finance. The transaction, dubbed Tesla Auto Lease Trust 2018-A, is backed by the discounted value of rem...

      • Turkish auto deal prepped

        The first public Turkish ABS transaction, Driver Turkey Master (see SCI's deal pipeline), has been provisionally rated by both Fitch and Moody's. The TRY1.94bn transaction securitises Turkish auto loan receivables originated by Volkswagen Dogus Finan...

      • Auto giant expands Euro footprint

        LeasePlan is marketing its first French public auto lease ABS. The €653m transaction, dubbed Bumper 10, is a one-year revolving cash securitisation backed by 40,817 auto lease receivables contracts originated by LeasePlan France to businesse...

    • Structured Finance
      • SCI Start the Week - 29 January

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

        Pipeline The balance of additions to the pipeline last week closely followed that of the week before. There were another seven ABS added, along with four CLOs, five CMBS and a couple of RMBS. The ABS were: €723.75m Driver Espana Five; Fa...

    • Capital Relief Trades
      • APRA signals change in tone

        The Australian Prudential Regulatory Authority has set out its priorities for 2018, most notably with regards to bank capital. The Australian regulator is considering changes to its overall approach to capital requirements in a number of areas where...

    • CLOs
      • CLO reissues debut

        The first two US CLO reissues closed this week, adding another US$1.12bn to Anchorage Capital Group's AUM. A reissue differs to a refinancing or reset as it involves calling a pre-existing CLO and rolling the assets into a new SPE. JPMorgan arrange...

      • TPG moves into CRE CLOs

        TPG RE Finance Trust (TRTX) is marketing an inaugural US$932.4m CRE CLO. The transaction, entitled TRTX 2018-FL1, is the second-largest CRE CLO to be issued post-crisis and will initially be collateralised by 26 mortgage assets, secured by 63 propert...

    • Insurance-linked securities
      • 'No end in sight' for ILS growth

        Last year was unprecedented for the global ILS market, with record issuance of around US$10bn and non-life ILS capital reaching a record US$88bn by year-end, up 17% from 2016. While some analysts note that the record issuance was largely driven by th...

    • RMBS
      • UK sukuk 'RMBS' first

        Al Rayan Bank is marketing its first £250m sharia-compliant UK securitisation. Dubbed Tolkien Funding Sukuk No.1, the deal is a static securitisation backed by first lien Home Purchase Plans (HPPs) extended to 1,67...

      • Interest shortfall risk spied for VOLT deals

        Many 2017 VOLT deals did not receive principal payments in the January 2018 remittance cycle, as the pace of liquidations has slowed dramatically. This appears to be connected to an increase in REO-to-rental activity, which is increasing upward press...


  • Market Moves

    • Structured Finance
      • Market moves - 2 February

        North America CVC Credit Partners has named Gretchen Bergstresser as global head of performing credit - a new role within the firm - having led its US performing credit strategy. Phil Raciti, senior md in CVC's New York office, will become head of...



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