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Aussie non-conforming RMBS thrives as wider sector stalls
Until this year, the Australian securitisation market had been recovering gradually from the depths of the global financ...
23 December 2016
Banco Santander has closed its first Spanish unsecured consumer loan significant risk transfer securitisation of 2016. T...
23 December 2016
Hiring remains flat, but CMBS up-tick possible
CMBS could provide a hiring boost in the US in 2017, while structured finance recruitment is likely to remain mostly fla...
23 December 2016
Debut mobile ABS could be first of many
The first UK mobile handset securitisation closed in November, signalling the beginning of a burgeoning mobile ABS secto...
21 December 2016
Nationalisation could delay BMPS securitisation
The Italian parliament has approved €20bn to prop up the country's most fragile banks while it readies a possi...
21 December 2016
JPMorgan figures as of 15 December suggest that US CLO BWIC volume is down by 25% in 2016 to US$26.99bn, while European...
20 December 2016
Interest rate rises could increase volatility in the structured credit market, creating opportunities for relative value...
20 December 2016
Despite significant turbulence earlier in the year, marketplace lending ABS has maintained steady growth and better or s...
20 December 2016
Retention rules not so onerous for CRE CLOs
Risk retention requirements raise interesting issues for the CRE CLO sector. The typical CRE CLO model already includes...
20 December 2016
A look at the major activity in structured finance over the past seven days.
Pipeline While the pace of pipeline additions has slowed over the last couple of weeks, new deals do continue to be ann...
19 December 2016
Demonstrating significant risk transfer discussed
How to demonstrate significant risk transfer (SRT) was a hot topic at SCI's Capital Relief Trades Seminar last month. Pa...
19 December 2016
Investor interest in SFR muted, despite potential
A backdrop of declining homeownership in the US and a growing number of renters is driving growth in the single-family r...
16 December 2016
Euro CLO refi activity to accelerate
Refinancing activity is expected to accelerate in Europe in the coming year as the cost of funding encourages more CLO m...
16 December 2016
Issuers weigh capital relief opportunities and challenges
Capital relief trades, also called risk sharing trades, can provide issuing banks with several advantages. However, the...
16 December 2016
Current global non-performing loan assets could translate to potential securitisation volumes of US$270bn-US$900bn, assu...
15 December 2016
Lloyds has closed a capital relief trade referencing a £2.1bn granular portfolio of UK SME loans. The 10-year S...
14 December 2016
SoFi is in the market with its inaugural RMBS transaction, dubbed SoFi Mortgage Trust 2016-1. The US$168.79m deal compri...
13 December 2016
The latest Office of Financial Research working paper analyses counterparty exposures in the credit default swap market...
13 December 2016
Morningstar Credit Ratings added seven US CMBS loans backed by Houston collateral to its watchlist in November, totallin...
13 December 2016
A look at the major activity in structured finance over the past seven days
PipelinePipeline entrants were mixed last week. Three ABS, four CMBS and two RMBS were newly announced. The ABS compri...
12 December 2016
Price exploitation likely more widespread
The US SEC recently fined PIMCO US$20m for misleading investors about the value of MBS odd lots in its BOND Total Return...
12 December 2016
Legal changes driving Greek NPL expansion
KKR Credit's Pillarstone unit recently bolstered its senior team in Greece. The move reflects rising interest in the Gre...
8 December 2016
ABS, bank partnerships to lift marketplace lending
Marketplace lending and fintech will play an increasing role in the future of the securities market, according to US SEC...
8 December 2016
Valuation and risk landscape discussed
FINCAD has recently incorporated MBS into its F3 pricing, valuation and risk analytics solution. SCI asked James Church,...
6 December 2016
MPL ABS growth likely, subject to strong macroeconomics
Marketplace loan ABS performance will generally remain stable into 2017, with loan originations and issuance growing, ac...
6 December 2016
A look at the major activity in structured finance over the past seven days.
SCI content this week is sponsored by BNY Mellon. All content this week is being made available free of charge, with no...
5 December 2016
Some US$12bn of the US$92bn of US commercial loans maturing during 2017 could default and end up in the hands of special...
2 December 2016
ABS impact investment to rise as green bonds gain traction
Securitisation is increasingly recognised as providing the 'double bottom-line' benefits sought by impact investors. Ind...
30 November 2016
The European Commission's CRR 2 reforms, which it unveiled last week, include proposals that appear to increase the attr...
29 November 2016
Lone Star has privately placed a rare Irish non-conforming RMBS. Dubbed European Residential Loan Securitisation 2016-1,...
29 November 2016
US CLOs becoming 'riskier', but investors remain optimistic
A recent JPMorgan study of 48 US CLOs shows that from 2013 to date there has been an average increase in WARF score from...
28 November 2016
Key themes discussed as marketplace lending sector evolves
Representatives from Orchard Platform, MountainView and Global Debt Registry joined SCI over the summer to discuss marke...
28 November 2016 Free
Griffon Funding - which Barclays closed in September - has been hailed as an innovative model for ba...
28 November 2016
A look at the major activity in structured finance over the past seven days.
Pipeline With the week dominated by Thanksgiving, there were few pipeline additions. These amounted to three ABS, an IL...
28 November 2016
The European Parliament appears to have reached a consensus on its approach to securitisation. The MEPs responsible for...
25 November 2016
Auto loan deterioration affects ABS value
US auto ABS issuance is booming, but collateral continues to deteriorate and delinquencies have climbed by more than 10%...
25 November 2016
As part of the Chancellor's Autumn Statement, the UK government has launched a consultation setting out its proposed cor...
24 November 2016
This year has been a year of 'two halves' for the international ABS market, according to JPMorgan European securitisatio...
23 November 2016
Efforts to tackle European NPLs gather pace
Efforts by European policymakers to tackle the region's non-performing loan burden appear to be gathering pace. Establis...
23 November 2016
Above-par issuance techniques explored
Above-par issuance is becoming a staple of the European primary ABS market. Deals backed by auto loans, mortgages and cr...
22 November 2016
The recent election of a Republican government "should be good for economic growth" and securitisation, with credit spre...
21 November 2016
Currency risk hindering Polish mortgage portfolio sales
Recent speculation that Deutsche Bank could be selling its Polish unit has highlighted the FX issues associated with she...
21 November 2016
A look at the major activity in structured finance over the past seven days.
Upcoming SCI eventSCI's latest Capital Relief Trades Seminar, 'Navigating the Cash vs Synthetic Debate, Weighing the Cos...
21 November 2016
Container ABS volumes have continued to fall in Q3. This follows sluggish demand for containers, which has provided head...
18 November 2016
Bijesh Amin, co-founder of Indus Valley Partners, discusses the emerging high-frequency lending mode...
Alternative asset managers see scope for investment opportunities in structured credit resulting from post-crisis regula...
18 November 2016
CLOs to remain buoyant into 2017, despite loan fund competition
Open-ended loan funds in Europe have grown in volume, attracting institutional investors hungry for yield, while fears o...
18 November 2016
New breed of RMBS issuer steps up
A slew of issuance from private equity companies and other non-traditional issuers is changing the face of the European...
16 November 2016
TCA Fund Management Group has closed the first investment made by its new fund. Touted as a hybrid opportunity fund, it...
16 November 2016
A look at the major activity in structured finance over the past seven days.
Upcoming SCI event Panellists are being finalised for SCI's latest Capital Relief Trades Seminar, 'Navigating the Cash...
14 November 2016
The US$800m Blackbird Capital Aircraft Lease Securitization 2016-1 priced last week, with the senior notes heavily overs...
11 November 2016
Italian ABS hindered by NPL valuation issues
The securitisation of non-performing loans (NPLs) has been deemed a credible solution for Italian banks seeking to offlo...
11 November 2016
Pillarstone, the platform set up by KKR to buy non-core and underperforming assets in Europe, seems set to take on under...
10 November 2016
Valuers assess US election implications
The US has had its 'Brexit moment', according to a panel of valuations experts at a Duff & Phelps press briefing...
10 November 2016
A look at the major activity in structured finance over the past seven days.
Pipeline There was another pickup in pipeline additions last week, as four new ABS, three RMBS and six CMBS were announ...
7 November 2016
Growing number of AIFMs consider external valuers
Since AIFMD came into force, institutions have interpreted the requirement for the 'proper and independent' valuations o...
7 November 2016
Recent changes announced by Ginnie Mae to pooling requirements of streamline refinanced loans are logical, according to...
3 November 2016
Alternative investors could fill CMBS refinancing gap
As a wave of US CMBS loans originated from 2004 to 2008 is set to mature over the next 18 months, there are concerns abo...
3 November 2016
Current status of capital relief trades discussed
Representatives from Chorus Capital, Citi and Clifford Chance recently discussed the current status of capital relief tr...
2 November 2016
Several CLO combo notes on downgrade watch, following Moody's updated methodology for the instrument (SCI 10 October), h...
2 November 2016
Both Fannie Mae and Freddie Mac have announced new validation tools aimed at making the mortgage origination process smo...
1 November 2016
A look at the major activity in structured finance over the past seven days.
Pipeline As with the preceding week, last week's additions to the pipeline were relatively modest. The final count cons...
31 October 2016
Investors believe CMBS offers the best relative value compared to other asset classes, according to a recent Deutsche Ba...
28 October 2016
Total home equity has increased by 27% since issuance across the 71,955 properties underlying the 18 single-family renta...
27 October 2016
Timeshare ABS default rates are rising and there is a growing trend of default repurchases and substitutions, although W...
27 October 2016
A new Morningstar Credit Ratings study of aggregated consent-processing times of four large-volume US CMBS master servic...
26 October 2016
Securitised sovereign bonds could bring economic stability
A European bond comprised of securitised sovereign bonds from multiple European countries could help bring funding and e...
26 October 2016
European bank CDS put to the test
Mounting concerns over Deutsche Bank's financial health, along with bail-in speculation have coincided with significant...
25 October 2016
Two container ABS deals - BEACN 2012-1A and GCA 2013-1A - have been called so far this month, removing about U...
24 October 2016
A look at the major activity in structured finance over the past seven days.
Pipeline The balance appeared to shift last week, as fewer deals joined the pipeline and far more departed. The week's...
24 October 2016
Tax lien ABS growing, but third-party servicers scarce
The US tax lien ABS sector has grown steadily since 2014 in terms of both issuance and investor interest. While it provi...
24 October 2016
Fund valuation considerations highlighted
The use of liquidity data in determining asset values is subject to increasing industry analysis and the US SEC's finali...
21 October 2016
US CLO refinancing volume has shot up this month, impacting 14 deals for a total value of US$6.2bn so far, versus US$3.7...
20 October 2016
While China's slowing economic growth has coincided with a slowdown in CLO activity in the country, other Chinese securi...
20 October 2016
A new Mortgage Industry Standards Maintenance Organization (MISMO) XML commercial rent roll standard is due to be releas...
20 October 2016
Robert Allard, founding partner and ceo at Firebreak Capital, answers SCI's questions
Q: How did Firebreak Capital become involved in the securitisation market? A: Firebreak Capital is categorised as a pri...
18 October 2016
A look at the major activity in structured finance over the past seven days.
Pipeline The long list of additions to the pipeline last week was once more driven by auto ABS. There were 18 ABS addit...
17 October 2016
Platforms eager to issue further marketplace ABS
Funding Circle and Zopa intend to tap the securitisation market on a regular basis, following their debut transactions t...
14 October 2016
The inaugural rated deals from two new European RMBS programmes have been announced. Both platforms are backed by asset...
13 October 2016
A combined US$64.1bn (original balance) of pari passu loans have been issued across single-asset/single-borrower (SASB)...
12 October 2016
Reg AB 2 loan-level disclosures weighed
Loan-level disclosure requirements under Regulation AB 2 are expected to have a limited impact on ABS issuers and invest...
12 October 2016
Regional mall liquidations amounting to US$3.89bn have since 2010 resulted in US$2.88bn in CMBS losses, or a 74% loss se...
11 October 2016
Consultancies driving European valuation recruitment
Valuation consultancies have been a key recruitment growth area over the past year - either through incumbent...
10 October 2016
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline was once again dominated by auto-related ABS last week. Trios of CMBS and RMBS were also announce...
10 October 2016
Iain Balkwill, partner at Reed Smith, argues that securitisation is the answer to European NPL woes
The balance sheets of European banks are currently stocked with huge volumes of non-performing loans (NPLs), which have...
7 October 2016
Classification confusion constraining MPL ABS
Uncertainty over how to define marketplace loans - as securities or whole loans - is restricting sec...
7 October 2016
Amherst is in the market with its inaugural single-family rental securitisation, dubbed AMSR 2016-SFR1 Trust. The US$489...
6 October 2016
With the US risk retention effective date just under three months away, JPMorgan CLO analysts say they have uncovered so...
5 October 2016
Contingent NAV strategies readied
Over a year has passed since BNY Mellon suffered its NAV outage, resulting in almost a week of NAV calculation disruptio...
4 October 2016
A look at the major activity in structured finance over the past seven days.
PipelineAuto-related ABS dominated the pipeline last week, with a couple of consumer ABS, some RMBS and a CLO also makin...
3 October 2016
Frank Dos Santos, head of North America business strategy for fixed income pricing at IHS Markit, an...
Q: How and when did your firm become involved in the pricing and valuations business? How has the service evolved in rec...
29 September 2016
SLABS extension success exceeds expectations
The final maturity dates on nine FFELP student loan ABS deals were extended earlier this month (SCI 14 September), as th...
29 September 2016
Fitch recently assigned ratings to seven previously unrated notes from seven Freddie Mac STACR RMBS issued between 2013...
29 September 2016
Investors seek other assets as UK RMBS shrinks
The UK RMBS universe is set to shrink throughout 2016, exacerbated by limited supply and the redemption of the ̈́...
27 September 2016
A look at the major activity in structured finance over the past seven days.
Pipeline Pipeline activity seemed elevated again last week. There were eight new ABS added, along with six RMBS, a CM...
26 September 2016
Deal-reported weighted average spread (WAS) of collateral in European CLOs has been rising, while for US CLOs it has bee...
22 September 2016
The roll to CDX IG27 may be uneventful in terms of names changes, but Morgan Stanley analysts believe that it does offer...
20 September 2016
US CLO supply last week was the highest for the year as four new issues and two refis priced for a total of US$3.61bn. T...
20 September 2016
A look at the major activity in structured finance over the past seven days.
Pipeline After the flood of additions in the week before, last week's pipeline activity was calmer. There were three ne...
19 September 2016
Sponsors assess horizontal risk retention benefits
An increasing number of US sponsors are expected to retain a horizontal rather than a vertical risk slice in upcoming se...
16 September 2016
Growing agency CMBS market attracts investors
Combined Fannie Mae and Freddie Mac CMBS issuance is expected to come close to US$100bn for the year, with agency CMBS c...
16 September 2016
JLT's weather ILS the first of many?
The first weather catastrophe bond for 17 years has hit the market. It is hoped that the deal will kick-start an expansi...
15 September 2016
ABSPP volumes down, success of programme questioned
The ECB's ABSPP is entering its third year in November and since inception has been joined by three other asset purchase...
15 September 2016
The bottoming-out of house prices in Spain will reduce the expected severity of mortgage defaults, resulting in the impr...
13 September 2016
A look at the major activity in structured finance over the past seven days.
Pipeline A flood of ABS and CMBS additions swelled the pipeline last week. There were 18 of the former and seven of th...
12 September 2016
Covered bond growth poses threat to RMBS
The pace of the ECB's investment in the ABSPP and CBPP3 appears to be slowing, yet the impact the programmes have had on...
12 September 2016
Shift in focus for agency CRT investors?
Investors in US agency credit risk transfer (CRT) RMBS are taking note of recent STACR prepayment spikes. Robust perform...
9 September 2016
The price of CBL & Associates Properties' stock moved higher over the course of August, while the Markit CMBX.BB...
6 September 2016
A look at the major activity in structured finance over the past seven days.
Pipeline It was another quiet week for the pipeline as the Labor Day weekend came into view. At the final count there w...
5 September 2016
Rising rates spur CLO resets, equity squeeze
Rising interest rates are having a three-pronged effect on the US CLO market. Not only are step-up coupons increasingly...
2 September 2016
More than a quarter of current US non-agency CMBS loans maturing through year-end 2017 will face difficulty refinancing,...
1 September 2016
Ygrene seeking to make its mark in ABS
Ygrene Energy Fund is planning a securitisation before year-end that will offer a unique pool of PACE assets. At the sam...
1 September 2016
Secondary CLO activity in 2016 so far is down on 2015 in both TRACE reported volume and BWICs. However, the traditional...
1 September 2016
The ability and willingness of catastrophe bond issuers to pay claims in a timely manner continue to be questioned, acco...
1 September 2016
Churchill Asset Management returned to the US CLO market last week with a deal of several 'firsts'. It is Churchill's fi...
31 August 2016
Marking a first for the market, Fitch has assigned ratings to eight previously unrated M2 bonds from five Fannie Mae cre...
31 August 2016
Obvion is in the market with its latest Dutch prime RMBS - Storm 2016-II. Provisionally sized at €1....
31 August 2016
Third-party valuation engagements assessed
The AIFMD's stipulation that alternative investment funds must engage the services of a third-party valuation firm has p...
30 August 2016
Liquidity, accurate valuations could stabilise sector
The first half of 2016 brought several challenges for the marketplace lending industry in the US, with the Q2 results of...
29 August 2016
Fannie Mae and Freddie Mac are set to implement next year a new refinance offering aimed at borrowers with high loan-to-...
26 August 2016
Rate cut troubles for UK RMBS overstated?
The Bank of England's decision to cut interest rates earlier this month was widely viewed as positive for the UK economy...
25 August 2016
Most subprime auto ABS issuers have exercised clean-up calls in a relatively efficient manner, calling deals at the clea...
25 August 2016
Nordea Bank has sold a synthetic securitisation referencing €8.4bn in SME and corporate loans. Investors have...
25 August 2016
Regulatory changes fuelling rise of 'special situations'
European banks are fundamentally changing the way they structure and sell securitisations. A rise in bilateral trades an...
25 August 2016
Model risk remains high and collateral transparency remains limited in FFELP student loan ABS, say Wells Fargo structure...
23 August 2016
The European Parliament's ECON committee recently published 526 amendments to the proposed new European securitisation r...
23 August 2016
A look at the major activity in structured finance over the past seven days.
Pipeline The outstanding deal pipeline has shrunk significantly over the past few weeks as the yearly August slowdown h...
22 August 2016
CMBS compliance window closing
The race to originate and structure US CMBS is reaching a critical stage, with the implementation of risk retention rule...
18 August 2016
A look at the major activity in structured finance over the past seven days.
Pipeline The rate of additions to the pipeline has slowed down. Last week there were two new ABS, three RMBS and two CM...
15 August 2016
Investors bullish on MPL, but changes needed
Many interesting topics were raised about the current state and potential future of marketplace lending at SCI's Marketp...
11 August 2016
The basis between money market ABS tranches (MMABS) and corporate CP appears to be widening ahead of the implementation...
11 August 2016
RMBS investors in deals serviced by Ocwen are holding meetings in the wake of the publication of an open letter from Uni...
10 August 2016
A look at the major activity in structured finance over the past seven days.
Pipeline A further 11 deals joined the pipeline last week. This was split into three ABS, three RMBS, four CMBS and a C...
8 August 2016
Preqin's 2Q16 Hedge Fund Survey shows that hedge funds in the credit strategy category experienced four consecutive quar...
5 August 2016
€9bn Italian ABS provides fresh impetus
Banca Monte dei Paschi di Siena (MPS) announced last week that it plans to offload its entire portfolio of sofferenze (b...
5 August 2016
Rated non-prime RMBS shifts market dynamics
The issuance of Lone Star Fund's COLT 2016-1 in June marked a turning point for the US non-prime RMBS space, as the deal...
5 August 2016
Initial price thoughts have been released for the first post-Brexit UK non-conforming RMBS, Hawksmoor Mortgages 2016-1....
4 August 2016
Babson Capital has brought its latest US CLO to the market, with the senior tranche pricing at the tightest spr...
2 August 2016
A look at the major activity in structured finance over the past seven days. Print last week's news ...
Pipeline The final week of July brought six new ABS deals to the pipeline, as well as two CMBS and four CLOs. The ABS...
1 August 2016
US CLO 2.0s are losing trading flexibility because of leveraged loan quality deterioration and diminished spreads, says...
28 July 2016
US agency MBS picking up European, Asian demand
A surge in foreign interest in US agency MBS over recent months is adding a broader dynamic to the sector. Asian and Eur...
27 July 2016
Positive reception for debut device payment ABS
Verizon's debut securitisation of device payment plan agreements (DPPAs) earlier this month marked the successful launch...
27 July 2016
Subordinate assumptions, transparency examined
Auditing the accuracy of a client's most complex fair value measurements is no mean feat. There are several factors that...
26 July 2016
A look at the major activity in structured finance over the past seven days
Pipeline Last week's pipeline activity was largely in line with the week before it. There were four new ABS added to th...
25 July 2016
ABS issuance heading up Down Under
Australian primary ABS issuance has climbed steadily since 2008 - with a brief dip in 2012, when banks favoure...
21 July 2016
Ralph Lauren last month announced plans to restructure, including the closure of about 50 of its retail locatio...
21 July 2016
NPL deals expose country's wider debt issues
Non-performing loan securitisations ended an eight-year hiatus in China in late May when Bank of China (BOC) and China M...
19 July 2016
Originator consolidation to drive issuance up?
The €1.47bn Towers CQ transaction, which closed last month, is the first Italian salary assignment loan ABS to...
18 July 2016
European ABS offerings, future in the balance
The European secondary ABS value proposition is changing. Increasingly, credit is not investors' primary concern as rela...
18 July 2016
A look at the major activity in structured finance over the past seven days
Pipeline Last week's pipeline additions included a decent mix of MBS names. In the end there were six new ABS, three RM...
18 July 2016
Four US CLOs - ACAS CLO 2013-2, Carlyle Global Market Strategies CLO 2014-3 and Neuberger Berman CLO XII and X...
14 July 2016
Side pocket pros and cons debated
Side pockets are a portfolio management tool that can benefit both investors and managers alike. But having fallen from...
12 July 2016
Madden ruling creates landscape of uncertainty
On 27 June the US Supreme Court decided not to hear the Madden vs Midland case, resulting in a continued lack of clarity...
12 July 2016
The Basel Committee has scaled down the risk weights for 'simple, transparent and comparable' (STC) securitisations and...
12 July 2016
Derivatives uncertainties arise from Brexit
The UK's vote to leave the EU has ignited debate as to what deal the British government will carve out for its financial...
12 July 2016
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline activity picked up again last week, with ABS leading the charge. There were nine ABS added to the p...
11 July 2016
If Brexit concludes with the UK outside of the EU passporting regime, UK entities may be limited in acting as managers o...
6 July 2016
Just over half (51%) of the respondents polled in Morgan Stanley's latest US CRE survey believe the market will pay up f...
6 July 2016
ABS investors hungry for more deals
While political developments on the other side of the Atlantic may have increased risk, US ABS still provides ample oppo...
5 July 2016
A look at the major activity in structured finance over the past seven days
Pipeline Additions to the pipeline were limited once again last week, although two large Chinese deals added variety. T...
4 July 2016
Holders of 512 legacy Countrywide deals receiving allocated shares of US$7.7bn in settlement proceeds are not the only b...
1 July 2016
Morgan Stanley figures show that UK exposures account for 13.7% of European CLO 2.0 collateral. Variation among portfoli...
1 July 2016
New York Governor Andrew Cuomo last week signed a series of laws that could have a sweeping impact on the foreclosure pr...
1 July 2016
Brexit hits European ABS recovery, capital markets reform
The UK's vote to leave the EU has caused untold damage to the recovery of the European securitisation market. Not only w...
30 June 2016
A number of financial institutions have reclassified their structured finance books in accordance with IFRS 9, in order...
30 June 2016
Brexit compounding ABS hiring issues
The recruitment outlook for structured finance took a potentially big blow when the UK decided to leave the EU last week...
30 June 2016
AIFMs evaluate Brexit implications
Alternative investment fund managers (AIFMs) are facing a number of uncertainties following the UK's vote to leave the E...
29 June 2016
Current holders of non-agency RMBS from 512 Countrywide deals have finally received almost US$8bn in cash payments, five...
29 June 2016
Basel CRT warning played down
The Basel Committee caused somewhat of a stir earlier this month when it warned banks against increasing their use of ca...
27 June 2016
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline additions were limited last week. The only ABS was €1bn Silver Arrow 7, while the RMBS we...
27 June 2016
The immediate financial market reaction to the UK's decision to leave the EU has been pronounced, with spreads on senior...
24 June 2016
MPL verification enhancements sought
The resignation of Lending Club ceo Renaud Laplanche and the subsequent disclosure of 'control deficiencies' at the plat...
22 June 2016
Double boost for FFELP SLABS market
Industry efforts to address the FFELP student loan ABS maturity issue have stepped up a gear with the launch of Nelnet's...
22 June 2016
A look at the major activity in structured finance over the past seven days
Pipeline The industry conference in Barcelona reduced primary market activity last week. There were four ABS as well as...
20 June 2016
In its first annual survey of European structured finance and covered bond market participants, DBRS finds that 79% of p...
16 June 2016
Novo Banco outcome still raising questions
Two controversial credit event determinations earlier this year in connection with the retransfer of Novo Banco bonds le...
15 June 2016
Contrasting legal approaches add to uncertainty
The High Court in London decided five cases brought by class X noteholders in 2006 and 2007 vintage European CMBS in Apr...
14 June 2016
A look at the major activity in structured finance over the past seven days
Pipeline The total number of deals joining the pipeline remained consistent last week, although ABS accounted for a sma...
13 June 2016
Evolution of renewables ABS discussed
Representatives from Renovate America, Kramer Levin and T-Rex recently discussed the development of the renewables ABS m...
13 June 2016 Free
Morningstar Credit Ratings has identified 231 CMBS loans totalling US$13.89bn with exposure to struggl...
10 June 2016
Loan issuance surges ahead of tax deadline
Buy-to-let (BTL) lending in the UK surged in the weeks leading up to the recent stamp duty changes, with implications fo...
10 June 2016
Caliber Home Loans is in the market with the first post-crisis RMBS backed by newly originated non-prime mortgage loans....
10 June 2016
REMICs have long operated with only limited tax guidance, but two significant pieces of guidance have come out this mont...
9 June 2016
The European Parliament's ECON Committee rapporteurs have published their first drafts for resolutions on the proposed n...
9 June 2016
US retail exposure driving CLO differentiation
US CLO exposure to retail names has come under closer scrutiny in the last couple of months as store closures and the sh...
9 June 2016
Around 80% of European ABS BWICs have successfully traded over the last year, a sign that liquidity in the market remain...
8 June 2016
UKAR plans to follow last year's £13bn Granite portfolio sale (SCI 15 November 2015) with the offloading of a f...
7 June 2016
CDO trio, attractive spreads spark optimism
The Trups CDO sector has shown signs of resurgence in recent months. A trio of new deals, improved performance and attra...
7 June 2016
The amended external ratings based approach (EBRA) for calculating regulatory capital changes in European structured fin...
6 June 2016
A look at the major activity in structured finance over the past seven days
Pipeline The holiday-shortened week resulted in a slowing of the pace of pipeline additions. As well as eight new ABS t...
6 June 2016
US CLO rally riding into summer
The rally in the US CLO market is being reflected in new issuance, with investors witnessing some of the tightest spread...
2 June 2016
The buy-side's ability to source single-name CDS liquidity and form prices remains centralised around banks' ability to...
2 June 2016
Burgeoning hotel room supply could increase risk for the US$3.68bn of fixed-rate loans backed by Manhattan hotels and se...
1 June 2016
The February modification of the US$94.3m Gateway Salt Lake loan, securitised in JPMCC 2010-C1, has been rescinded. Trep...
1 June 2016
Call for standardised approach to MPL valuations
In a sector where there is no standardised pricing methodology or standardised pricing reference data, a wide variety of...
31 May 2016
The US solicitor general says that the controversial decision in Madden v Midland Funding (SCI passim) was incorrect and...
27 May 2016
CMBS preservation bill hangs on Congress
The US CMBS market is seeking some breathing space as issuers ramp up their compliance measures ahead of the implementat...
24 May 2016
Robert Vincini, head of pricing service specialists at Thomson Reuters, answers SCI's questions
Q: How and when did your firm become involved in the pricing and valuations business? How has your service evolved in re...
23 May 2016
A look at the major activity in structured finance over the past seven days
Pipeline ABS additions to the pipeline carried on last week at a good pace, as 11 such deals joined. There was also a s...
23 May 2016
Colony Starwood Homes is in the market with its first single-family rental securitisation - the US$535.9m Colo...
20 May 2016
SoFi's second ABS of the year has hit the market, making it the ninth rated term ABS the online lender has completed. Du...
19 May 2016
The ratings on the class E notes of Mountain Hawk I CLO and on the class D and E notes of Mountain Hawk II CLO have been...
19 May 2016
Megan Messina, a Bank of America md and co-head of structured credit products, has filed a discrimination lawsuit agains...
19 May 2016
The Spanish RMBS sector continues its recovery, with Moody's last week upgrading 200 classes of Spanish RMBS across 91 d...
19 May 2016
Valuation uncertainty adds to liquidity debate
Banks' diminished market-making capacities and shrinking inventories are taking their toll on liquidity, particularly in...
16 May 2016
A look at the major activity in structured finance over the past seven days
Pipeline While ABS additions to the pipeline were steady last week, they were joined by a greater variety of deals than...
16 May 2016
A second judgment in less than a month has gone against CMBS class X noteholders. Last month, a judge ruled against the...
13 May 2016
The first euro-denominated credit card ABS of the year priced this week, helping to chip away at the dearth of primary s...
12 May 2016
The US Treasury has released a white paper on marketplace lending, which continues the work initiated by last year's req...
12 May 2016
The Bank of China (BOC) has announced that it is proactively preparing for the pilot implementation of its NPL...
11 May 2016
SFIG's draft proposal to standardise the framework for reviewing and grading loans for TILA-RESPA Integrated Disclosure...
11 May 2016
April remittance reports showed muted activity for US CMBS 2.0 loans secured by properties located in oil boom regions c...
11 May 2016
A recent study undertaken by Kamakura Corporation underlines the risks of using credit spreads to assess obligor creditw...
10 May 2016
Life insurers held more than US$380bn of structured products securities at the end of 2015, which Wells Fargo analysts n...
10 May 2016
RMBS breaks records, prepares for post-referendum issuance
The £6.2bn Towd Point Mortgage Funding 2016-Granite1 RMBS that priced last month is the largest new issue in it...
10 May 2016
A look at the major activity in structured finance over the past seven days
Pipeline Last week's pipeline additions consisted of eight ABS, two RMBS and a single CMBS. The ABS were: US$300m Exe...
9 May 2016
As the business model of US wireless carriers moves to further embrace equipment instalment plans (EIPs), they become mo...
5 May 2016
Buyside valuation controls scrutinised
It is almost two years since the transitional period for AIFMD expired in Europe and the majority of AIF managers now co...
3 May 2016
Issuance, investors challenging CLO mid-market
Issuance within the US CLO market has dampened so far in 2016 as the sector suffers from the reverberations of wider cre...
29 April 2016
Fair value, MOA lead retention options
Many US securitisation market participants are becoming bogged down in the numerous accounting considerations associated...
27 April 2016
While investor fears over China-related uncertainty have subsided, concerns regarding liquidity and central bank policie...
26 April 2016
Silver Spring CLO recently became the first post-crisis US CLO to experience full cashflow diversion from the equity. Th...
26 April 2016
A look at the major activity in structured finance over the past seven days
Pipeline Last week's pipeline additions were concentrated in ABS. There were six new ABS announced, as well as an ILS a...
25 April 2016
Offshoring, automation shaping new IPV landscape
Pricing and valuation operations have become an increasingly essential component of investment banks since the financial...
25 April 2016
Renewables ABS on the EU agenda
A combination of private placements and the banking market should be able to meet the European renewables sector's finan...
21 April 2016
Recent capital markets volatility has resulted in tighter lending conditions where US CMBS originators are becoming more...
21 April 2016
Catastrophe bond issuance set new records for issuance in 1Q16, according to Aon Benfield's quarterly report on the sect...
21 April 2016
Morningstar believes that 11 CMBS loans - several of which have significantly elevated risk of term or maturity default...
20 April 2016
US CLO calls continued to increase last year, as JPMorgan analysts estimate 76 CLO 1.0s and 13 CLO 2.0s were called. Whi...
20 April 2016
Marketplace lending sector prospects discussed
Representatives from Prosper Marketplace, MountainView Capital and Credit Suisse recently discussed the growth of market...
20 April 2016
BDCs face uncertain future as market turns
BDCs and other listed vehicles are coming under increasing pressure - not least from their shareholders ...
19 April 2016
A look at the major activity in structured finance over the past seven days
Pipeline Last week there were nine ABS deals added to the pipeline. A further three RMBS and two CMBS also joined. Th...
18 April 2016
Industry disappointed by CVA framework revision
The Basel Committee's recent decision to drop the use of IMA-CVA from its proposed CVA risk framework has taken many in...
18 April 2016
The Italian government is proposing to create a €5bn fund capitalised by the strongest financial institutions...
14 April 2016
Expanded access to the ABS markets will be important to the industry's growth, according to a new survey of marketplace...
14 April 2016
M&A may compromise pricing vendor choice and innovation
The consolidation of evaluated pricing firms poses a number of concerns for the securitisation and derivatives markets....
13 April 2016
US CLO spreads, issuance rallying
The December to February period was the worst experienced by the US CLO market since the financial crisis, but the subse...
13 April 2016
Debut oprisk ILS prepped
Credit Suisse is prepping a unique Sfr700m ILS deal. Referred to as OperationalRe, it will utilise catastrophe bond and...
12 April 2016
A poll of 300 institutional investors suggests that appetite for marketplace loans remains strong. The second survey con...
12 April 2016
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline activity picked up again last week. There were 10 ABS additions, as well as an RMBS, two CMBS and t...
11 April 2016
ABS dealer tiering emerging via departures, specialisation
Credit Suisse's recent decision to exit securitised trading in Europe highlights the reshaping of the ABS frontier that...
8 April 2016
Chinese authorities are pushing to incorporate NPLs as a fully-fledged product within the country's growing securitisati...
7 April 2016
A list of potential pitfalls in the European Commission's STS framework has been published in a letter by 32 signatories...
5 April 2016
Cerberus European Residential Holdings is bringing to market a deal which is essentially a refinancing of the G...
5 April 2016
A look at the major activity in structured finance over the past seven days
Pipeline The week following Easter marked a slow-down in the pace of deals joining the pipeline. At the last count ther...
4 April 2016
Securitisation platform Ldger is set to host the first live auction of marketplace loans on 6 April. The auction will co...
4 April 2016
Cracks appearing in subprime auto ABS
Concern is mounting over rising US subprime auto ABS delinquencies. However, issuance in the sector remains vibrant and...
4 April 2016
Orchard has revealed that it has applied for a broker-dealer license, indicating a change of tack for the data and analy...
1 April 2016
US$152m of US CMBS 2.0 collateral across 17 loans became newly delinquent in March, including six loans secured by prope...
1 April 2016
In its latest monthly update, PeerIQ suggests that the recent CHAI 2016-PM1 print illustrates the thawing that has occur...
31 March 2016
A number of potential claimants in the CDS antitrust lawsuit have filed objections to the preliminary settlement order (...
30 March 2016
Redwood exit signals CMBS origination pull-back
The US CMBS market has encountered a rocky start to 2016, with new issue pricing spreads performing unpredictably. A num...
30 March 2016
Markit and Trepp have launched a new total return swap index referencing US last cashflow triple-A rated CMBS bonds issu...
24 March 2016
One in every three US mortgages liquidated today has been modified at least once, so deciphering whether a servicer will...
23 March 2016
Marketplace ABS 'a long way away' for Europe
Marketplace lending ABS is providing a new source of yield for investors - although, as a new and largely unte...
22 March 2016
GLA sets sights on RMBS
The Greater London Authority (GLA) has announced its intention to invest in senior UK RMBS, signalling a move towards di...
21 March 2016
A look at the major activity in structured finance over the past seven days
PipelineThe pipeline was dominated by auto-related ABS entrants last week. A couple of CMBS and RMBS a piece were also m...
21 March 2016
SFR transactions offer value to STACR, CAS, legacy RMBS and consumer ABS deals, argue Wells Fargo analysts. However, the...
18 March 2016
US CMBS spreads remain significantly wide of competing corporate spreads. Despite extra volatility justifying some sprea...
18 March 2016
Markit iTraxx indices roll to Series 25 on Monday 21 March. There are set to be 12 name changes for the Crossover index...
17 March 2016
Valeant, the single biggest obligor in US 2.0 CLOs, continues to generate negative headlines. However, CLO managers appe...
17 March 2016
FRTB to constrict liquidity, trading
The Basel Committee's finalised fundamental review of the trading book (FRTB) marks another milestone in regulators' lon...
15 March 2016
JPMorgan is in the market with what is believed to be the first US RMBS structured to comply with the FDIC's 'safe harbo...
15 March 2016
European marketplace lending to see securitisation stimulus
KPMG and Cambridge University's alternative finance centre both agree that securitisation will play a vital role in the...
15 March 2016
A look at the major activity in structured finance over the past seven days
Pipeline Last week's pipeline additions were heavily weighted toward ABS. There were seven new ABS, one ILS, three RMBS...
14 March 2016
A new set of measures announced by the ECB could boost ABS supply. The central bank is launching a second TLTRO programm...
11 March 2016
While the oil and gas sectors have been a relatively small part of the leveraged loan universe, US CLO exposure to these...
10 March 2016
European direct lenders moving towards US model
Direct lenders tend to focus on assets that aren't mainstream securitisation candidates and in that sense can be complem...
10 March 2016
Renovate America capital markets md Craig Braun and capital markets svp Adam Garfinkle answer SCI's ...
Q: How and when did Renovate America become involved in the securitisation market? Braun: We started originating PACE l...
9 March 2016
A look at the major activity in structured finance over the past seven days
Pipeline With many market participants decamped to Las Vegas for the industry conference, pipeline activity last week w...
7 March 2016
February US CMBS 2.0 remittances show that 15 loans totalling US$103m became newly delinquent during the month, while ei...
4 March 2016
Risk-sharing deal opportunities grow
Capital relief trade opportunities are increasing as more jurisdictions open up. However, with this expansion comes incr...
2 March 2016
HM Treasury has opened a consultation on its proposal for a new regulatory and tax framework for ILS in the UK....
2 March 2016
Market consolidation dominates discussion
As marketplace lending continues to rapidly evolve in Europe, the fate of small lenders is an emerging theme. SCI's inau...
1 March 2016
A recent ruling by the California Supreme Court affirming the right of mortgage borrowers to continue challenging forecl...
29 February 2016
A look at the major activity in structured finance over the past seven days
Pipeline The number of ABS deals joining the pipeline slowed last week. The distribution across sectors was the most ev...
29 February 2016
Jamestown CLO IV is thought to have become the first post-crisis US CLO to fail its interest diversion (ID) test - by 32...
29 February 2016
Capital relief trade pricing, liquidity discussed
Demand for capital relief trades has outweighed supply in recent years, driving prices lower, according to panellists at...
26 February 2016
A number of mutual funds that hold over US$10bn invested in Puerto Rico and its public corporations have warned against...
26 February 2016
Non-bank lenders reshaping UK RMBS
Tough capital constraints are weighing on the incentive of large incumbent lenders to maintain a strong presence in the...
26 February 2016
BBOXX ceo and co-founder Mansoor Hamayun answers SCI's questions
Q: How and when did BBOXX become involved in the securitisation market? A: You need to look at the core of our busine...
26 February 2016
Marketplace ABS ratings review sparks concerns
Moody's has placed the subordinated notes of three marketplace lending securitisations on review for possible downgrade,...
25 February 2016
The UK will hold a referendum on 23 June to decide whether to stay within the EU. Uncertainty about a potential 'Brexit'...
25 February 2016
CLO equity arb, risk retention remain challenging
Signs of stabilisation in the US CLO market are emerging, after a volatile start to the year that brought spread widenin...
25 February 2016
The LSTA yesterday testified in front of the US House Committee on Financial Services' capital markets subcommittee to e...
25 February 2016
High-beta spread dislocation continues
As markets sell off and become increasingly volatile, European high-beta securitised paper has widened considerably. Thi...
24 February 2016
Net long non-dealer positions have been cut by almost US$17bn over the past week or so across the Markit iTraxx Main ind...
24 February 2016
CMU set to transform SME investment landscape
Funding Circle is optimistic about the finalisation of the Capital Markets Union (CMU) and the possibility of a harmonis...
24 February 2016
Some €6.5bn of European ABS paper has traded off BWICs in the last nine months, according to JPMorgan figures,...
22 February 2016
A look at the major activity in structured finance over the past seven days
PipelinePipeline entrants were dominated by ABS issuers last week. A handful of CDOs/CLOs and CMBS deals also began mark...
22 February 2016
The three-judge external review panel convened by ISDA in connection with the Novo Banco governmental intervention credi...
17 February 2016
An analysis of previous US CMBS corrections undertaken by Morgan Stanley CMBS strategists suggests that the current sell...
16 February 2016
A look at the major activity in structured finance over the past seven days
Pipeline As with the previous week, pipeline additions last week were dominated by ABS. There were seven new ABS deals...
15 February 2016
The recovery of the private mortgage insurance (PMI) industry suggests that there is value to be found in legacy non-age...
12 February 2016
Non-prime mortgages set for US comeback?
Attempts to reinvigorate the US non-prime RMBS market appear to be gaining traction. However, the sector still needs to...
11 February 2016
The US$94.2m Gateway Salt Lake loan - securitised in JPMCC 2010-C1 - has been assumed at US$78.5m and modified, followin...
9 February 2016
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline additions were heavily skewed to ABS last week. A total of 11 ABS deals were added, while there was...
8 February 2016
Jefferies Funding is in the market with an RMBS backed by a one-year revolving warehouse facility guaranteed by Jefferie...
5 February 2016
January saw the largest one-month rise in US CMBS 2.0 loan delinquencies ever, but the corresponding servicer commentary...
4 February 2016
Fannie Mae and Freddie Mac have implemented a new independent dispute resolution (IDR) process for handling alleged loan...
4 February 2016
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline was slightly quieter last week as fewer deals joined and fewer deals left. At the last count ther...
1 February 2016
Canary Wharf Group sold 10 Upper Bank Street for £790m in June 2014 and used the proceeds to prepay £5...
29 January 2016
A distribution plan has been released in connection with the CDS antitrust settlement agreed last year involving a dozen...
29 January 2016
The Italian government is set to introduce rules establishing a guarantee mechanism, dubbed Garanzia Cartolarizzazione S...
28 January 2016
Risk transfer deals seek regulatory breakthrough
Panellists at SCI's inaugural capital relief trades conference last month discussed regulatory developments in the secto...
27 January 2016
Four ABS sponsors - Ally, AmeriCredit, Discover and Ford - have completed Reg AB 2-compliant transactions so far this ye...
27 January 2016
Retained issuance revival surprises market
Retained issuance volume in Europe was 63% lower in 2015 than it had been in 2014, but this decline was turned on its he...
27 January 2016
Eurotunnel has reported strong revenue growth, increasing the likelihood that it will refinance its Channel Link Enterpr...
26 January 2016
The beginning of 2016 has seen a number of stressed loan issuers - particularly in the oil and gas sector &...
26 January 2016
A look at the major activity in structured finance over the past seven days
Pipeline ABS deals accounted for more than half of last week's pipeline additions. There were six new ABS announced, as...
25 January 2016
The FHFA has released a final rule which amends its guidelines for Federal Home Loan Bank (FHLB) membership. The rule ad...
19 January 2016
The EuroCastle Office Portfolio in Vulcan (ELoC28) has been sold at a level sufficient to repay the securitised loan in...
19 January 2016
Marketplace lending regulatory scrutiny discussed
Representatives from Kaye Scholer, Fundation Group and PeerIQ recently discussed the impact of heightened regulatory scr...
19 January 2016 Free
Oil prices last week hit their lowest mark for 12 years, with significant implications for CRT deals. Should oil prices...
19 January 2016
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline continued to build last week as a number of new deals were added. At the final count there were e...
18 January 2016
The Basel Committee has released the final version of its fundamental review of the trading book (FRTB). While the final...
15 January 2016
MLCFC 2007-5 has become one of the first CMBS to report distributions from the pay-off of the US$3bn Stuyvesant Town/Pet...
15 January 2016
January US CMBS remittance reports show that several larger loans from CWCapital's bulk liquidations have been resolved....
15 January 2016
While the US CLO market recorded its second-highest full-year issuance in 2015, CLO market participants remain concerned...
14 January 2016
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline additions picked up last week as market participants returned to their desks for the new year. As w...
11 January 2016
The purchaser of an unrated junior tranche in the CDO transaction STACK 2006-1 adequately pled justifiable reliance by s...
8 January 2016
Several Alt-A and prime jumbo US RMBS deals could experience significantly higher voluntary prepayment speeds this year...
8 January 2016
Orchard Platform has published a paper outlining eight essential best practices for marketplace lending investing. The r...
7 January 2016
Morningstar Credit Ratings is monitoring nearly US$340m of CMBS exposure to the oil-drilling hubs of North Dakota, where...
5 January 2016
The balance of delinquent and specially serviced US CMBS 2.0 loans more than doubled year-over-year, while paid-off loan...
5 January 2016