Weekly Issue Archive »

Issue 581 - 9th March

  • News Analysis

    • CLOs

      • Euro CLO manager behaviour 'deserves scrutiny'

        A recent issuer consent payment provides another example of European CLO manager behaviour increasingly favouring equity to the detriment of noteholders. As risk retention dominates thoughts on both sides of the Atlantic, recent actions in the Europe...

    • CMBS

      • Predicted Euro CMBS pickup awaited

        There has been plenty of speculation that European CRE is in the late-cycle stage, and retail exposure has also prompted concerns. With last month's ECB announcement that CMBS is no longer repo eligible, a weak reception for the latest deal, and the...

    • Capital Relief Trades

      • Efficiency drive

        Credit Suisse is pioneering the re-tranching of capital relief trades, following the implementation of the new securitisation framework in Switzerland (SCI 9 February). However, more widespread re-tranching activity is expected to emerge over the nex...

      • CRE CRTs pick up

        Synthetic securitisations referencing commercial real estate are attracting more investor interest, following the issuance of three transactions at the end of last year (see SCI’s capital relief trades database). Representing the first post...

    • Insurance-linked securities

      • Cyber tops ILS agenda

        The insurance sector continues to push the boundaries of innovation, with new product offerings in terror and nuclear risk already structured and a cyber risk ILW said to be in the pipeline. There are also hopes that cyber and terror ILS products may...

  • News

    • ABS

      • Diesel ban 'bad news' for auto ABS

        Germany’s Federal Administrative Court has ruled that cities in Germany can impose restrictions on diesel vehicles. The ruling has the potential to lead to diesel car bans throughout the country, with a potential impact on German auto ABS t...

    • Structured Finance

      • SCI Start the Week - 5 March

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

        Upcoming event SCI Risk Transfer & Synthetics Seminar - 13 March, New York SCI's Synthetic Securitisation Seminar provides an in-depth exploration of how synthetic securitisation is being utilised to transfer risk, achieve capit...

    • Capital Relief Trades

      • Basel 4 impact 'manageable'

        The new Basel 4 capital framework (SCI 14 December 2017) is expected to increase Dutch bank RWAs by approximately 25%, on a pro forma basis, equivalent to around 300bp of CET1. However, the impact is expected to be manageable, considering strong capi...

      • Risk-sharing on the agenda

        Panellists participating in SCI’s Risk Transfer & Synthetics Seminar are primed to discuss everything from traditional capital relief trades through to GSE credit risk transfer and bespoke investments at the event next week. Indeed,...

    • CLOs

      • ESG embraced in 2.0 CLO

        Permira Debt Managers last week priced Providus CLO I, representing its first CLO 2.0 deal and the beginning of a new CLO management platform. The €362.5m transaction is also one of the first European CLOs to adhere to ESG eligibility criter...

    • RMBS

      • Innovative RMBS pair prepped

        Two innovative US RMBS transactions are marketing from both sides of the agency/non-agency divide. AIG has brought its debut self-sponsored deal to the market, while Fannie Mae is preparing a US$1.007bn CAS transaction, with notable departures from p...

  • Market Moves

    • Structured Finance

      • Market moves - 9 March

        North America Anthony Orso has joined NKF Capital Markets as president of capital markets strategies. Orso will support the integration of Berkeley Point Capital with ARA, two companies recently acquired by NKF Capital Markets, an affiliate of...


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