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Issue 586 - 13th April

  • News Analysis

    • RMBS

      • Mortgage 'institutionalisation' gains traction

        The Dutch mortgage market continues to receive high levels of interest from investors, but RMBS faces stiff competition from other funding options like covered bonds and whole loan strategies. However, securitisation remains well-suited to funding th...

    • NPLs

      • Provisioning impact muted

        The ECB and European Commission have both put forward new rules for minimum loss coverage, which are a step towards improving provisioning practices across Europe and avoiding future unreserved non-performing loan build up. Although having two differ...

      • Italian NPL securitisations outpace loan sales

        Non-performing loan securitisation volume has outpaced outright sales in Italy, as banks seek to benefit from the GACS guarantee scheme. The trend is expected to continue this year, thanks to a strong track record over the last 12 months and an inves...

    • ABS

      • Microfinance ABS regroups after defaults

        A number of Indian microfinance loan securitisations recently defaulted, halting a trend of strong performance and steady growth in the asset class. While demonetisation is partly to blame, lender overexpansion and the introduction of a competing cre...

  • News

    • ABS

      • Financial guarantee ILS debuts

        Build America Mutual Assurance Company (BAM) is in the market with what is believed to be the first ILS to transfer the risk of loss on a portfolio of financial guarantees. The Fidus Re Series 2018-1 transaction features US$100m twelve-year class A n...

    • Structured Finance

      • SCI Start the Week - 9 April

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

        Pipeline A mixed bag of securitisations remained in the pipeline at the end of last week. ABS dominated the newly announced deals, split between consumer/esoteric and auto assets. The consumer/esoteric ABS transactions comprise: US$200m ELFI Gradu...

    • CLOs

      • CLOs becoming too equity-friendly?

        Loosening documentation and a greater proportion of income being distributed to subordinate noteholders have sparked concern that US CLOs are becoming too equity-friendly. Nevertheless, headwinds may be approaching for equity investors as a result of...

  • Market Moves

    • Structured Finance

      • Market moves - 13 April

        Aircraft ABS on watch KBRA has placed the class A, B and C notes of the US$411m Prop 2017-1 ABS on watch for downgrade. The ABS represents the first securitisation from Elix Aviation Capital, with the proceeds being used to buy 63 aircraft on leas...


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