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Issue 545 - 23rd June     Issue RSS Feed

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• News Analysis

  • Capital Relief Trades

    • Regulatory boost for risk transfer trades

      Balance sheet synthetic securitisation volume is predicted to rise in the coming years, with greater conformity in deal structure and increased variance in reference assets. A more accommodating regulatory environment should help boost the growth and...

  • Structured Finance

    • Data drought impedes NPL ABS growth

      Incomplete data and inadequate servicing infrastructure continues to beset the European non-performing loan market. Nevertheless, recent changes to Law 130 in Italy may help to address the growing number of 'unlikely to pay' debtors - a lar...

  • Capital Relief Trades

    • IFRS 9 to spur risk transfer trades

      Higher expected provisioning under IFRS 9 is expected to spur a slew of risk transfer issuance before its enactment in January 2018. Indeed, portfolio management will be central to how institutions manage and price the volatility that the new account...

• News

  • ABS

    • Whole business ABS prepped

      Jimmy John's is in the market with its debut whole business securitisation. The US$850m ABS is backed by royalties from 2,627 Jimmy John's franchises and 63 company-owned restaurants, representing 97.7% and 2.3% of system-wide locations respectively....

  • Structured Finance

    • RBI steps up resolution efforts

      The Reserve Bank of India has announced plans to resolve the troubled loans of 12 large borrowers responsible for about 25% of the banking system's non-performing assets under India's Insolvency and Bankruptcy Code (IBC) of 2016. The move is credit p...

  • • SCI Start the Week - 19 June

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

      Pipeline A rush of ABS deals joined the pipeline last week, picking up from the limited activity of the week before. As well as eight new ABS, a further five CMBS and a CLO were added. The ABS were: US$450m Credit Acceptance Auto Loan Trust 2017-2...

  • Capital Relief Trades

    • Risk transfer round-up - 23 June

      Sources refer to heightened activity in the capital relief trades market, with many deals awaiting finalisation by year-end. Jurisdictions that are said to have seen activity include the US and Eastern Europe. In particular, sources point to syntheti...

  • RMBS

    • AIG's debut RMBS collateral 'among strongest'

      American International Group (AIG), which has not previously participated in the issuance of RMBS, is in the market with Credit Suisse Mortgage Capital 2017-HL1 Trust (CSMC 2017-HL1), sized at US$512m (see SCI's deal pipeline). The senior notes have...

  • • UK non-standard RMBS debut prepped

      Optimum Credit is in the market with its first UK non-standard prime RMBS. The transaction is called Castell 2017-1 and is backed by a £242m pool of second lien mortgage loans (see SCI's deal pipeline). The class A notes have been rated Aa...

• Talking Point

  • Structured Finance

    • Time to taper?

      Participants at IMN's Global ABS conference recently suggested that quantitative easing is likely to ease off in Europe soon, coinciding with a potential tapering of programmes like the Europe-wide ABSPP and TLTRO in the UK. While the view that taper...

• Job Swaps

  • Structured Finance

    • Job swaps round-up - 23 June

      Auction Towd Point Master Funding has won the auction of 1,262 seasoned re-performing and moderately delinquent loans sold by Freddie Mac as part of its second Seasoned Loan Structured Transaction (SCI 19 May). The transaction involves the sale of...

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