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  • Market Moves

      • Ex-LSE ceo hired

        Sector developments and company hires

        EMEA CQS has appointed Xavier Rolet, previously ceo of the London Stock Exchange, as ceo. Michael Hintze, CQS'...

        24 December 2018

  • News

  • News

      • Synthetic slew

        CRT issuances hit before year-end

        A slew of synthetic securitisations have hit the market before year-end. The risk transfer issuances include a trio of E...

        21 December 2018

  • Market Moves

  • News Analysis

      • Middle march

        Boost for middle market and hybrid CLOs

        The US SEC’s no-action letter in connection with a recent Golub Capital CLO paves the way for middle market CL...

        21 December 2018

  • News

      • Disclosure draft not endorsed

        EC refuses to endorse draft technical standards

        The European Commission has stated that it only intends to endorse the draft technical standards on disclosure...

        20 December 2018

  • News Analysis

      • GSE footprint

        FHFA changes to bring housing market reform?

        President Trump’s nomination of Mark Calabria, currently chief economist for Vice President Mike Pence, to rep...

        20 December 2018

  • News Analysis

  • Market Reports

      • Cross-currency basis

        US CLO market update

        All but a few US CLO new issues have been postponed until 2019, although at least one deal is set to price imminently. ...

        19 December 2018

  • News

      • Investor indigestion

        US CMBS widening on 2019 anxiety

        A recent CRE CLO transaction brought to the market was sidelined until a later date after spread levels made the offerin...

        19 December 2018

  • Market Reports

      • Japanese dependence

        European ABS market update

        European ABS markets have effectively closed for the year. Deals in the pipeline are now expected to price in early 2019...

        19 December 2018

  • Market Moves

      • ILS ventures launched

        Sector developments and company hires

        ILS Rewire Holdings and Vida Capital have announced the formation of Merion Square Capital, a joint venture which comb...

        19 December 2018

  • News

  • Provider Profile

      • New frontiers

        SF group uses innovative methods to provide private debt financing

        REYL Group recently established a new structured finance department as part of the Corporate Advisory and Structuring (C...

        18 December 2018

  • Market Reports

      • Deal delay?

        European ABS market update

        A trader reports that nothing has been heard of the Alhambra SME Funding 2018-1 deal, which “should have been...

        18 December 2018

        ABS

  • Market Moves

  • News

  • News

      • Landmark transaction launched

        UK RMBS is first securitisation tied to SONIA rate

        The first securitisation with liabilities tied to the Sterling Overnight Index Average (SONIA) rate has been issued by L...

        17 December 2018

  • News

  • Market Moves

      • ABSPP plans published

        Sector developments and company hires

        APP reinvestment set The ECB has outlined the technical parameters for the reinvestment of the principal payments from...

        14 December 2018

  • News Analysis

      • Restructuring milestone

        Greek NPL transaction arranged

        Pillarstone has arranged a €174m restructuring in Greece for Famar, one of Europe’s largest providers...

        14 December 2018

  • Market Reports

      • Running dry

        Euro CLO secondary market update

        The European CLO primary pipeline is running dry. Traders are increasingly looking at BWIC activity instead. Several C...

        14 December 2018

  • News Analysis

      • JV trend continues

        Landmark NPL transactions agreed

        Banco BPM announced this week a non-performing loan securitisation with Elliott International and Credito Fondiario for...

        14 December 2018

  • Market Moves

      • STS guidelines published

        Sector developments and company hires

        P2P head hired Dynamic Credit has hired Giles Andrews as chairman of its supervisory board. The board will have three...

        13 December 2018

  • News Analysis

  • News Analysis

      • Star performer

        CDX beats cash bonds but CMBX leads

        Strong returns in CMBX have made it a ‘standout performer’ in the credit derivatives space this year...

        13 December 2018

  • Market Reports

      • Prepayment offer

        European CMBS market update

        European CMBS BWIC activity has swelled after the Taurus 2018-3 DEU deal priced today. Unusually, noteholders have been...

        12 December 2018

  • Market Moves

      • Global leader appointed

        Sector developments and company hires

        Amended complaint filed The state of Colorado has filed a Second Amended Complaint relating to state court actions aga...

        12 December 2018

  • Market Moves

  • Market Reports

      • Selling spike

        US CLO market update

        There has been a spike in selling of investment grade paper on the US CLO secondary market, coming mostly from the insur...

        11 December 2018

  • News

      • UK CMBS markets

        Transaction marks first for rating agency

        A Brookfield Asset Management entity, BSREP International II (A), is the sponsor of a new £367.5m UK single-as...

        11 December 2018

  • News

  • News

      • Risks remain

        Termination risks persist for SF transactions in no-deal scenario

        Contingency plans being implemented by financial institutions will help to avoid many derivatives risks associated with...

        10 December 2018

  • Market Moves

  • News Analysis

      • Reaching capacity

        New CLO managers continue flocking to Europe

        Seven new CLO managers are warehousing assets, with European CLO platforms ready to issue in 1Q19. Most of the new entra...

        7 December 2018

  • Market Reports

      • Bid scarcity

        European ABS market update

        A major UK bank is focusing efforts of European NPLs in the coming weeks, as spreads continue to widen in the CLO and AB...

        7 December 2018

  • Market Moves

  • Market Reports

      • Deals pulled?

        US CLO market update

        Several US CLO deals are believed to have been pulled from the pipeline and pushed back to 2019, amid growing concerns o...

        6 December 2018

  • News Analysis

      • Sears CDS 'torpedo' attempt

        Credit event manipulation casts new shadow on instrument

        After filing for bankruptcy earlier this year, Sears is now at the centre of a high-profile saga in relation to credit e...

        6 December 2018

        CDS

  • Market Reports

      • Cheaper deals

        European CLO market update

        The European CLO market seems stronger than it was last week, but still relatively volatile. “I suppose good...

        5 December 2018

  • News Analysis

      • TRAFIN relaunched

        Deutsche Bank replaces trade finance CRT

        Deutsche Bank has refinanced its TRAFIN 2015-1 deal with the issuance of a new trade finance capital relief trade dubbed...

        5 December 2018

  • News

  • News

      • Split-mortgages securitised

        PTSB completes second NPL transaction

        Permanent TSB last week completed its second major transaction to reduce its non-performing loan ratio. The bank dispose...

        5 December 2018

  • News

      • Enforcement uncertainty

        Set-back for STS-eligible issuance

        The recent statement issued by the Joint Committee of the ESAs (SCI 4 December) is unlikely to be sufficient to assuage...

        5 December 2018

  • Market Reports

      • Print and sprint

        US CLO market update

        US CLO BWIC activity is booming ahead of tomorrow’s market holiday in honour of former president George H.W. B...

        4 December 2018

  • Market Reports

      • Activity upsurge

        European ABS market update

        The European primary and secondary ABS markets are seeing a surge in activity, due to uncertainty over the next quarter....

        4 December 2018

  • Market Moves

      • BDC merger announced

        Sector developments and company hires

        BDC merger Golub Capital BDC (GBDC) has merged with Golub Capital Investment Corporation (GCIC), with GBDC as the surv...

        4 December 2018

  • News

      • Sustainable growth?

        Prospects for green CLOs examined

        Green CLOs are expected to play an increasing role in the private sector’s involvement in the sustainable fina...

        4 December 2018

  • News

      • Proportional approach

        ESAs tackle delay in transparency requirements

        The joint European Supervisory Authorities (ESAs) - which consist of the EBA, ESMA and the European Insurance and Occupa...

        4 December 2018

  • Market Moves

  • News

      • Multi-jurisdiction exposure

        Cashflow trade finance CLO prepped

        Standard Chartered is in the market with its first global cashflow CLO backed by US$1bn of trade finance exposures (TFEs...

        3 December 2018

  • News

  • Market Moves

      • NPL plans accelerated

        Company hires and sector developments

        Eurobank merger Eurobank is merging with Grivalia in a bid to accelerate the reduction of non-performing exposures to...

        30 November 2018

  • News

      • Tighter pricing

        Latest Elvetia trade completed

        Credit Suisse has completed a Swiss corporate and SME significant risk transfer trade from its Elvetia programme, dubbed...

        30 November 2018

  • News Analysis

      • Tough approach

        PRA guidance puts UK CRT issuers at a disadvantage

        The UK PRA’s latest significant risk transfer guidance is putting UK capital relief trade issuers at a disadva...

        30 November 2018

  • Market Moves

  • News Analysis

  • Market Reports

      • Term leveraging

        European ABS market update

        The European primary ABS market is still drifting wider, due to concentration of supply. “Investors are usin...

        29 November 2018

  • Market Reports

      • Mezz concessions

        US CMBS market update

        US CMBS new issues appear to be struggling, following market volatility at the beginning of the week. One trader says:...

        28 November 2018

  • News Analysis

      • Tax credits eyed

        Second Greek NPL ABS proposal unveiled

        The Bank of Greece has unveiled a securitisation scheme backed by its deferred tax credits (DTCs) that aims to reduce th...

        27 November 2018

  • Market Moves

      • Canadian asset expansion

        Sector developments and company hires

        ILS TigerRisk Partners has hired Stephen Fromm as vice chairman of TigerRisk capital markets and advisory. In his new...

        27 November 2018

  • Market Reports

      • Green wave

        International RMBS market update

        A pair of RMBS bid-lists comprising mostly senior non-conforming and prime collateral are set to hit the market tomorrow...

        27 November 2018

  • News Analysis

      • Italian RMBS sell-off 'unlikely'

        Uncertainty ahead may see pan-European issuance drop

        A widespread sell-off of Italian RMBS is ‘unlikely’, despite a recent comment from a UK investment m...

        26 November 2018

  • News

      • Start the week - 26 November

        A review of securitisation activity over the past seven days

        Market commentary US CLO equity and double-B bonds were casualties of last week’s drop in the S&P 50...

        26 November 2018     Free

  • Market Reports

      • Two-sided market

        European secondary market update

        There are a few CLO BWICs out for the bid today with another RMBS scheduled for this evening. The European mark...

        26 November 2018

  • Market Moves

      • UK SLABS slated

        Sector developments and company hires

        EMEA Eurocastle Investment has appointed Hammad Khan to its board as a non-executive director, increasing its number o...

        23 November 2018

  • News

  • News

      • Sweet spot

        Multi-arrangement ILS vehicle debuts

        Brit has launched Sussex Capital UK, the first vehicle to be given permission by the PRA under the UK’s new IL...

        23 November 2018

  • News

      • Early warning?

        Cov-lite Euro CMBS gaining traction

        The influences of the leveraged loan market and non-traditional CMBS investors, along with the competitive pressure that...

        22 November 2018

  • Market Reports

      • Softening activity

        European CLO market update

        The European CLO market is relatively quiet due to the Thanksgiving holiday in the US, but the pipeline is seeing plenty...

        22 November 2018

  • News Analysis

  • News Analysis

      • Classification clarity

        Spanish SME ABS 'first' marketing

        Be-Spoke Capital is marketing an unusual, inaugural securitisation, backed by a portfolio of loans to Spanish SMEs and e...

        21 November 2018

        ABS

  • Market Moves

      • CRT tranche downgraded

        Sector developments and company hires

        Acquisitions Spruce Finance has been acquired by HPS Investment Partners. Spruce will be headquartered in Houston and...

        21 November 2018

  • Market Reports

      • Hesitant appetite

        US CLO market update

        US CLO equity and double-B bonds were casualties of the drop in the S&P 500 index yesterday, with bids softening...

        21 November 2018

  • Market Reports

      • Bloodbath blues

        European ABS market update

        The European ABS market has repriced, after taking a hit yesterday when the S&P 500 index plunged by 1.8%. The t...

        21 November 2018

  • News Analysis

      • Tougher approach

        KNF stance puts Polish securitisation on hold

        The future of securitisation and closed-end securitisation funds in Poland remains uncertain, following the Polish finan...

        21 November 2018

  • Market Reports

      • Buyer fatigue

        US CLO secondary market update

        The US stock market is 400 points down today (20 November) and is being described as an “ugly open”,...

        20 November 2018

  • News Analysis

      • Long goodbye

        First non-Libor linked ABS anticipated

        Lloyds became the first bank to issue a benchmark covered bond tied to the sterling overnight index average (SONIA) in S...

        20 November 2018

  • Market Reports

      • Credit clutch

        European ABS market update

        The European ABS slow-down continues, with prices drifting wider and subdued credit growth across the board. In particul...

        20 November 2018

        ABS

  • Market Moves

      • Fixed income head hired

        Company hires and sector developments in structured finance

        Newmark Group has established an operating committee consisting of key senior managers following the spin-off from BGC a...

        19 November 2018

  • News

  • Market Moves

      • STS documents released

        Sector developments and company hires in structured finance

        ILS Hiscox has made three new appointments to its ILS division. Mike Schindel has been promoted to head of North Ameri...

        16 November 2018

  • News

      • Double Dutch

        Dutch RMBS market sees surge of activity

        The Dutch RMBS market has seen a surge of activity with two new Dutch RMBS transactions marketing, both of which are bac...

        16 November 2018

  • Market Reports

      • Less liquidity

        US CMBS secondary market update

        Risk aversion continues in the US CMBS market, with flows described as “anaemic” due to the volatili...

        16 November 2018

  • News

  • Market Reports

      • Selling stagnation

        European ABS market update

        Activity in the European ABS primary and secondary markets has slowed this week, with volumes generally stabilising acro...

        16 November 2018

  • Market Moves

      • CMBS desk launched

        Sector developments and company hires in structured finance

        Europe Simmons & Simmons has hired James Grand to lead its CLO offering. Grand was previously a structured pro...

        15 November 2018

  • Market Reports

      • Winding down?

        US CLO market update

        The US CLO primary market is seeing steady issuance as the remaining trading days continue to expire. Primary activity i...

        15 November 2018

  • Market Reports

      • Dry powder

        International ABS market update

        Pepper Group is prepping an Australian RMBS that is expected to be sized at A$500m-equivalent and include a short US dol...

        15 November 2018

  • News Analysis

      • Diverging dynamics

        Aussie non-banks driving change

        Around A$30bn of Australian RMBS issuance is expected for full-year 2018, over 50% of which will be originated by non-ba...

        15 November 2018

  • News Analysis

      • Dual speed

        Standard Chartered follows with tranche carve-up

        Standard Chartered has completed a US$297.5m financial guarantee that references a US$3.5bn trade finance portfolio. Dub...

        14 November 2018

  • Market Reports

      • Tranche tinkering

        US RMBS market update

        Freddie Mac has restructured some of the mezzanine tranches in its most recent credit risk transfer RMBS, STACR 2018-HRP...

        14 November 2018

  • Market Reports

      • Trading countdown

        US CMBS primary market update

        The US CMBS market is facing a heavy primary calendar this week, which is overshadowing secondary market activity and ca...

        14 November 2018

  • Market Moves

      • NPL transaction markets

        Sector developments and company hires in structured finance

        NPL deal markets Banco Santander Totta is in the market with Hefesto STC (Guincho), a €98m securitisation&...

        13 November 2018

  • Market Reports

      • Paper prioritised

        European RMBS market update

        Spreads have widened in the European RMBS sector, with secondary market activity remaining slow amid ever-increasing pri...

        13 November 2018

  • News Analysis

      • Home rule

        Chicago debuts tax duo

        The City of Chicago last month completed two issuances totalling US$1.3bn through a first-of-its-kind securitisation pro...

        13 November 2018

        ABS

  • News

  • News Analysis

      • Stress test

        IFRS 9 impact limited

        The EBA’s recent stress tests point to a limited capital impact from the implementation of IFRS 9. The stress...

        9 November 2018

  • News Analysis

      • Unpredictable factors

        Macro and micro challenges highlighted

        European market participants are facing three unpredictable factors in 2019, all of which will drive ABS activity and su...

        9 November 2018

  • Market Moves

      • CLO investor poached

        Company hires and sector developments in structured finance

        Acquisitions LibreMax Capital has entered into an agreement to acquire Trimaran Advisors and certain affiliated compan...

        9 November 2018

  • News

      • Alternative model mooted

        SCI's MPL Securitisation Seminar line-up finalised

        An alternative marketplace lending model could gain traction, thanks to the OCC fintech charter (SCI 12 September). This...

        9 November 2018     Free

        ABS

  • News

  • Market Reports

      • Midterm market

        US CLO market update

        High new issue volumes continue in the US CLO market, with managers paying more to get their deals away before year-end....

        8 November 2018

  • Market Moves

      • CRE platform acquired

        Sector developments and company hires in structured finance

        Acquisitions AXA Investment Managers has expanded its global debt platform through the acquisition of Quadrant Real Es...

        8 November 2018

  • News Analysis

      • Resolution framework

        EBRD expands Greek NPL foothold

        The EBRD is boosting its foothold in the Greek non-performing loan market with co-investments in Piraeus Bank and Alpha...

        8 November 2018

  • Market Reports

      • Mezzanine muddling

        European CLO and CMBS markets update

        European traders are focusing on secondary US CLO paper today, with 21 lines on BWICs compared with seven out for the bi...

        7 November 2018

  • Market Reports

      • Broad attention

        European RMBS primary market update

        A new UK non-conforming RMBS is expected to enter the pipeline within the next two weeks. The originator of the deal is,...

        6 November 2018

  • Market Moves

      • Global head hired

        Company hires and sector developments in structured finance

        Dechert has hired Cameron Mitcham as a partner in London at the firm’s global finance practice, joining from A...

        6 November 2018

  • Market Moves

      • Housing practice pinched

        Company hires and sector developments in structured finance

        Fund launch Trium Capital is partnering with Ellington Global Asset Management to launch the Ellington Trium Alternati...

        5 November 2018

  • Market Reports

      • Strong technicals

        European RMBS and CMBS primary market update

        Technicals remain strong in the European CMBS and RMBS primary markets. The Dilosk No. 2 deal is in focus in the prima...

        5 November 2018

  • News

  • News

      • Reverse mortgage deal prepped

        First reverse mortgage RMBS since 2007 markets

        Waterfall Asset Management is marketing the first publically-rated RMBS backed by reverse mortgages since 2007. Dubbed C...

        2 November 2018

  • Market Moves

      • Market moves update

        Company hires and sector developments

        ACIS resets due The Chapter 11 trustee has filed a third amended joint plan for Acis Capital Management and a notice c...

        2 November 2018

  • News

  • Market Moves

      • Market moves update

        Company hires and sector developments in structured finance

        Acquisitions Lennar Corporation has agreed to sell its Rialto Investment and Asset Management business to investment f...

        31 October 2018

  • Market Moves

      • Market moves update

        Sector developments and new hires in structured finance

        Acquisitions Franklin Templeton has acquired Benefit Street Partners, expanding its fixed income capabilities to inclu...

        30 October 2018

  • News Analysis

      • Retail rifts

        UK CMBS impact limited despite store closures

        Debenhams is the most recent UK retailer to announce a raft of store closures, further signalling the decline of the tra...

        30 October 2018

  • News

      • Health check

        Sears bankruptcy exposure gauged

        Morningstar Credit Ratings has identified 28 CMBS loans, representing an allocated property balance of US$2.17bn, with e...

        30 October 2018

  • News

  • Market Moves

      • Market moves update

        Sector developments and company hires in structured finance

        Moody's has downgraded the ratings of  123 tranches, placed on review for upgrade two tranches and affi...

        26 October 2018

  • Market Reports

      • Mixed paper

        US CLO market update

        A BWIC of 68 line items is driving US CLO secondary market activity today, amidst a scarcity of primary issuance (see SC...

        26 October 2018

  • Talking Point

      • Mixed outlook

        Risk transfer diversity set to increase

        The outlook for risk transfer issuance volumes is mixed, according to panellists at SCI’s Capital Relief Trade...

        26 October 2018

  • Market Reports

      • Heightened holding

        European ABS market update

        Invesco is preparing a new €410m European CLO deal, along with GSO Capital Partners, which is planning a CLO re...

        26 October 2018

  • Market Reports

      • Reset end point?

        US CLO market update

        With almost 40 bonds out for the bid today, the secondary US CLO market is seeing heightened activity, with a bias towar...

        25 October 2018

  • Market Moves

      • Market moves update

        Sector developments and company hires in structured finance

        China Fitch Ratings has launched Fitch Bohua Credit Ratings to serve China's onshore bond market and has appoi...

        25 October 2018

  • Market Reports

      • Eastern incentive

        European CLO market update

        The European CLO market appears to be softening, following high volumes of equity out for the bid in the US secondary ma...

        24 October 2018

  • News Analysis

      • Bridge-loan lifeline

        Greystone closes CRE CLO milestone

        Greystone Bridge Lending Fund last month completed its second CRE CLO (see SCI’s primary issuance database). D...

        24 October 2018

        CDO

  • News

      • Hitting the mark

        Pan-European logistics CMBS prepped

        Blackstone is in the market with a €292.79m pan-European CMBS secured by 89 logistics and industrial assets. Du...

        23 October 2018

  • News Analysis

      • CLOs in demand

        Quarterly SCI data update

        Analysis of SCI's databases underlines the significant demand for CLO paper seen in 3Q18, in both primary and se...

        23 October 2018

  • News

  • News

      • New ground for CRTs

        Capital relief trades report now available

        CRTs – in which banks transfer credit risk to non-bank investors – have become better established an...

        23 October 2018

  • Market Moves

      • Market moves update

        Company hires and sector developments in structured finance

        [b]Acquisition[/b] [b]Miller[/b] is to acquire the independent London market (re)insurance broker[i], Alston Gayler an...

        23 October 2018

  • Market Moves

      • Market moves update

        Company hires and sector developments in structured finance

        Accrual clause nixed The New York State Court of Appeals last week held that contractual attempts to extend the statut...

        22 October 2018

  • News

  • Talking Point

      • Performance blueprint

        Positive predictions for NPL securitisations

        Northern Italian non-performing loan portfolios are performing better than Southern Italian portfolios, and Irish transa...

        19 October 2018

  • Market Reports

      • Technicals eyed

        European ABS market update

        Porsche’s FACT Compartment 2018-1 auto lease ABS has seen no substantial resistance in the European primary ma...

        19 October 2018

  • News

  • Market Moves

      • Market moves update

        Company hires and sector developments in structured finance

        Alternatives alliance DWS Group and Tikehau Capital have entered into an alliance, following Tikehau’s part...

        18 October 2018

  • Market Reports

      • Primary energy

        European ABS primary market update

        The European primary RMBS market has come to life after the BPCE Home Loans FCT 2018 priced today (18 October). The seni...

        18 October 2018

  • News

  • Market Reports

      • Steady subscription

        European ABS primary market update

        European primary ABS activity continues to be robust. In the RMBS sector, the BPCE Home Loans FCT 2018 deal is set to pr...

        17 October 2018

  • News

      • Default proxy

        Second income-contingent SLABS prepped

        The UK government is readying a £3.88bn securitisation backed by English plan 1 income-contingent loans grante...

        17 October 2018

        ABS

  • Market Moves

      • Market moves update

        Company hires and sector developments in structured finance

        CRT poll results The results from SCI’s ‘What’s in a name?’ survey are in. Dele...

        17 October 2018

  • Talking Point

      • 'Aggressive' underwriting eyed

        UK RMBS remains 'robust' in face of Brexit

        While the UK buy-to-let (BTL) sector has suffered under new regulatory policies and Brexit uncertainty, market participa...

        17 October 2018

  • News

      • Hurdle cleared

        First post-crisis RMBS for Wells Fargo

        Wells Fargo is in the market with its first post-crisis prime US RMBS. Named Wells Fargo Mortgage Backed Securities 2018...

        15 October 2018

  • News Analysis

      • Second wave

        Synthetic CRE transactions launched

        Santander and NatWest have completed two commercial real estate risk transfer transactions and the market is expecting a...

        15 October 2018

  • Market Moves

  • News

      • SMBC debuts

        Structured covered bond programme readied

        Sumitomo Mitsui Banking Corp (SMBC) is prepping a €20bn dual-recourse structured covered bond programme, markin...

        15 October 2018

  • News

  • Market Moves

      • Market moves - 12 October

        Company hires and sector developments in structured finance

        Cliff edge concerns ISDA has published a paper highlighting widespread concerns in Europe that the UK may withdraw fro...

        12 October 2018

  • News Analysis

      • Greek GACS?

        Greek government considering asset protection scheme

        The Greek government is considering the creation of an asset protection scheme as part of the state’s non-perf...

        12 October 2018

  • News

  • Market Reports

      • Secondary ticking up

        European securitisation market update

        A handful of BWICs are out for the bid today as activity in the European ABS secondary market picks up. Of note, the SIL...

        12 October 2018

  • Market Reports

      • Manager differentiation?

        US CLO primary market update

        US CLO spreads are tightening, despite increased supply. Fresh primary market issuance is emerging daily. “E...

        11 October 2018

  • News Analysis

  • News

      • iTraxx 'best imperfect' hedge

        Main, Crossover indices show Euro CLO correlation

        With a number of macroeconomic and political issues leading to volatility across the financial spectrum this year, so CL...

        10 October 2018

  • News Analysis

      • Casting a wider net

        US CLO managers target European opportunities

        Although considerably smaller than the US, the European CLO market is on course for a post-crisis record year. A wave of...

        10 October 2018

  • News Analysis

      • Trading opportunities

        Credit risk transfer continues to evolve

        Freddie Mac’s recent STACR 2018-DNA3 RMBS marked a further evolution of its credit risk transfer programme in...

        9 October 2018

  • Market Reports

      • Little differentiation

        European and US CLO market update

        Robust demand is being seen in both the European and US CLO markets this week. Equity arbitrage is up to 16% in the Eu...

        9 October 2018

  • Market Reports

      • Primary surge

        European ABS primary market update

        European primary ABS activity is finally picking up. The PBD Germany Auto ABS transaction is expected to price either to...

        8 October 2018

  • News

      • SCI Start the Week - 8 October

        A review of securitisation activity over the past seven days

        Market commentary The European ABS primary market saw a lull in activity last week, which left some traders uncertain a...

        8 October 2018

  • Market Moves

      • Market moves - 5 October

        New hires and company developments in the structured finance sector

        Europe Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously gl...

        5 October 2018

  • News Analysis

      • Compliance costs

        Private securitisations caught by disclosure requirements

        ESMA’s regulatory technical standards (RTS) regarding securitisation disclosures (SCI 6 September) are expecte...

        5 October 2018

  • News

  • Market Reports

      • Heavy supply?

        European primary ABS market update

        A new RMAC UK non-conforming RMBS has been announced, while the BPCE Home Loans 2018 deal is expected to be sized at alm...

        5 October 2018

  • News Analysis

      • Perfect ingredients

        Liquidity boosts Euro CLO pipeline

        Increased liquidity and strong demand suggest that the European CLO pipeline will continue to be busy for the rest of th...

        5 October 2018

  • Market Reports

      • Double counting

        US CLO primary market update

        Up to 30 US CLO transactions are being prepped in the primary market this week, with four or five seen in the European m...

        4 October 2018

  • News Analysis

      • Regulatory boost

        Positive prospects for project finance CRTs

        Santander has completed Fitzroy 2018-1 CLO, a financial guarantee and significant risk transfer transaction that referen...

        3 October 2018

  • Market Reports

      • ABS lull

        European ABS primary market update

        The European ABS primary market is seeing a lull in activity, which is leaving some traders uncertain as to what the fin...

        3 October 2018

  • News

      • Automated validation

        Mobile app streamlines RMBS underwriting

        Atom Bank is readying its debut UK prime RMBS. Dubbed Elvet Mortgages 2018-1, the £571.58m transaction is beli...

        2 October 2018

  • News

      • SCI Start the Week - 1 October

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

        Conference SCI’s 4th Annual Capital Relief Trades Seminar is taking place on 16 October at One Bishops Squa...

        1 October 2018

  • News

      • CDO misconduct alleged

        Goldman Sachs in court over legacy CDO

        Astra Asset Management is suing Goldman Sachs over allegations that the bank engaged in misconduct toward investors, inc...

        28 September 2018

        CDO

  • Market Moves

      • Market moves - 28 September

        The latest hires and company developments in the structured finance market

        Canadian pension partnership Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-own...

        28 September 2018

  • News

      • Funding options

        Charles Street securitisation increased

        Together has increased its Charles Street Conduit Asset Backed Securitisation 1 (CABS) to £1.25bn through refi...

        28 September 2018

  • Market Reports

      • Primary focus

        European ABS and RMBS market update

        Few BWICs were out for the bid in the European secondary ABS market this week, with light trading activity due to the hi...

        28 September 2018

  • News

  • Market Reports

      • Weaker pools penalised

        US CLO primary market update

        The supply of US CLO deals coming off of 2016-vintage refinancings is expected to keep spreads ranging broadly upwards u...

        27 September 2018

  • News

      • Risk transfer return

        Standard Chartered completes trade finance CRT

        Standard Chartered has printed its first capital relief trade in three years, dubbed Trade Finance Transaction 2018-1. T...

        27 September 2018

  • News Analysis

      • UCITS constrained

        Regulatory impact on mutual fund demand gauged

        The impact of the new EU securitisation regulation on mutual funds domiciled in Europe has sparked concern among some US...

        27 September 2018

  • News Analysis

      • US CMBS 'not fixed'

        Wave of CMBS litigation may arise from systemic sector problems

        US CMBS litigation is currently in the spotlight, with one of the largest ever US fraud investigations looking at a pote...

        26 September 2018

  • News

      • CRT line-up finalised

        SCI seminar to assess regulatory threats and opportunities

        The line-up for SCI’s 4th Annual Capital Relief Trades Seminar – taking place on 16 October at One B...

        25 September 2018     Free

  • News

      • SCI Start the Week - 24 September

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

        Pipeline RMBS dominated the newly-announced deals remaining in the pipeline by the end of last week. A handful of CLOs...

        24 September 2018

  • Market Moves

      • Market moves - 21 September

        All the latest company developments and new hires in the structured finance sector

        Acquisitions HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamo...

        21 September 2018

  • News Analysis

      • GACS expansion?

        UTP extension questioned

        The recent extension of the GACS guarantee scheme is expected to further fuel Italian non-performing loan securitisation...

        21 September 2018

  • News Analysis

  • Market Reports

      • Widening spreads eyed

        US CDO secondary market update

        Several ABS CDO bonds are expected to be in high demand today, which have not been prevalent on the secondary market for...

        20 September 2018

        CDO

  • Market Reports

      • Aussie slow-down

        Australian RMBS primary market update

        Activity in the Australian RMBS primary market is slowing down due to overcrowding. Four Australian lenders are currentl...

        19 September 2018

  • Market Reports

      • Irish RMBS focus

        European ABS market update

        A rare Irish non-conforming RMBS has caught the attention of European ABS market participants, following the deal&rs...

        18 September 2018

  • News Analysis

      • Revised NPL templates published

        Insolvency data rendered more dynamic

        The EBA last week published a revised version of its standardised non-performing loan data templates - first published i...

        17 September 2018

  • News

      • SCI Start the week - 17 September

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

        Pipeline ABS is still dominating the pipeline, with several deals coming from the auto space. These include: US$534....

        17 September 2018

  • Market Reports

      • Preference for yield

        Conference delays new issues

        The US ABS secondary market is seeing a big demand for higher-yielding sectors like renewables, even if it means giving...

        14 September 2018

        ABS

  • Market Moves

      • Market moves - 14 September

        New hires and company developments in the structured finance sector

        CDS ETF Launched Tabula has launched a European CDS ETF which offers passive exposure to European credit through an in...

        14 September 2018

  • Market Reports

      • Euro ABS activity surges

        Investors finding value across asset classes

        The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS is also attracting at...

        14 September 2018

        ABS

  • News

  • Market Reports

  • Market Reports

      • US CLO secondary spikes

        The US CLO market is seeing a big spike in secondary market activity this week ahead of ABS East and expected r...

        12 September 2018

  • News Analysis

  • News Analysis

  • Market Reports

      • Short duration in demand

        Spreads diverge between long and short CLO paper

        The volume of US paper in the secondary CLO market is down in the first week of September, with spreads diverging betwee...

        11 September 2018

  • Market Reports

      • Euro RMBS picks up

        Markets moving again after summer lull

        In the first week of September the market seems to be coming back to life after the lull of August and July. According t...

        10 September 2018

  • News

  • Market Moves

      • Market moves - 7 September

        New hires and company developments in the structured finance industry

        CRT expert wanted Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants...

        7 September 2018

  • News

  • News Analysis

      • Chain reaction

        ABS issuers exploring distributed ledger technology

        Numerous ABS issuers are exploring how to leverage blockchain technology to execute traditional securitisation structure...

        7 September 2018

  • News Analysis

  • News

  • The Structured Credit Interview

  • News Analysis

      • GACS extended

        European Commission approves guarantee extension

        The European Commission has approved a second extension of the GACS guarantee scheme for the senior tranches of Italian...

        5 September 2018

  • News

      • SME SRT completed

        Intesa taps Italian government guarantee fund

        Intesa Sanpaolo has completed a guarantee agreement with Fondo Centrale di Garanzia, the Italian government guarantee fu...

        3 September 2018

  • News Analysis

      • Chinese online ABS develops

        Regulation, data inconsistencies hamper industry

        Fitch recently rated its first ever ABS backed by Chinese online consumer loans, in the form of the CNY1bn JD ABN 2018-1...

        3 September 2018

        ABS

  • News

      • SCI Start the Week - 3 September

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

        Pipeline A small handful of deals remained in the pipeline ahead of the Labor Day holiday in the US. RMBS accounted for...

        3 September 2018

  • Market Moves

      • Market moves - 31 August

        The latest hires and company developments in the structured finance market

        Acquisition Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash transaction valued...

        31 August 2018

  • News

      • Landmark disposal completed

        Project Helix sets optimistic tone for Cypriot NPLs

        Bank of Cyprus has agreed to sell a landmark €2.7bn (GBV) real estate portfolio to Apollo dubbed Project Helix....

        31 August 2018

  • News

  • Market Moves

      • Market moves - 24 August

        The week's structured finance hires and company developments, all in one place.

        Consent solicitation NN Bank has issued a consent solicitation seeking investor approval for the early redemption o...

        24 August 2018

  • News

      • CLO issuer explores new ground

        Blackstone/GSO in middle-market first

        GSO Capital Partners, a Blackstone subsidiary, is marketing its first CLO backed by a portfolio of primarily first lien,...

        23 August 2018

  • News Analysis

      • Firms favour floating rate

        Investors find relative value in range of SF asset classes

        US investors are seeing relative value in a number of pre- and post-crisis securitised asset classes, including non-agen...

        22 August 2018

  • News

      • Disposal partnership inked

        Fintech set to unlock CSEE NPL markets

        Trace Capital Advisors and Debitos have formed a partnership that could prove to be a turning point for non-performing l...

        22 August 2018

  • News Analysis

      • Firms favour floating rate

        Investors find value in range of SF asset classes

        US investors are seeing relative value in a number of pre- and post-crisis securitised asset classes, including non-agen...

        22 August 2018

  • News Analysis

      • Retail opportunity

        Singapore CFO adds to PE fund investment products

        The launch of the US$510m-equivalent Astrea IV collateralised fund obligation in June marked the first time that a secur...

        21 August 2018

        CDO

  • News

      • SCI Start the Week - 20 August

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

        Pipeline The pipeline was quite sparse by the end of last week. A handful of ABS were still marketing, as well as a CLO...

        20 August 2018

  • Market Moves

      • Market moves - 17 August

        Company developments and new hires in the structured finance sector

        Acquisitions Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s glob...

        17 August 2018

  • News

  • News

  • News Analysis

      • SMEs supported

        Supranationals driving new credit ecosystem

        A new ecosystem is gaining traction in the securitisation market, with supranational institutions stimulating organic or...

        16 August 2018

  • News Analysis

      • Integrated fund structure developed

        Innovative, single structure could benefit ILS investors

        A new fund structure has been devised, which combines the fund and insurance elements of ILS structuring and investment....

        15 August 2018

        ABS

  • News

      • SCI Start the Week - 13 August

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

        Pipeline The pipeline remained subdued last week, albeit a good mix of asset classes were represented. ABS accounted fo...

        13 August 2018

  • News

      • Market moves - 10 August

        Company developments and new hires in the structured finance sector

        CDOs transferred Dock Street Capital Management has replaced Deerfield Capital Management as collateral manager of the...

        10 August 2018

  • News

      • CEE foothold extended

        AnaCap acquires its first Slovenian NPL pool

        AnaCap has acquired a corporate debt portfolio of performing and non-performing first-lien loans from Nova KBM, Slovenia...

        10 August 2018

  • News

  • News

  • News Analysis

      • Retention questioned

        Call for NPL regulatory differentiation

        Questions are emerging over the relevance of risk retention in the context of European non-performing loan securitisatio...

        7 August 2018

  • News

      • Project Glas completed

        PTSB disposal raises prospects for private dwelling house transactions

        Permanent TSB has completed the sale of Project Glas - a €2.1bn (GBV) portfolio of Irish buy-to-let properties...

        7 August 2018

  • News Analysis

  • News

      • SCI Start the Week - 6 August

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

        Pipeline The pipeline was once again dominated by ABS deals last week. A handful of CMBS and RMBS were also announced. ...

        6 August 2018

  • News

      • Market moves - 3 August

        Company developments and new hires in the structured finance sector

        Acquisitions Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners...

        3 August 2018

  • News

      • Chinese MPL ABS prepped

        Online lender brings debut rated deal

        Beijing Jingdong Century Trade Co is marketing a consumer ABS under the asset-backed notes (ABN) with a special purpose...

        3 August 2018

        ABS

  • News

      • ARAs on the rise

        Increased stress emerging in CMBS 2.0?

        The volume of appraisal reduction amounts (ARAs) in the US CMBS 2.0 universe is on the rise, effecting 111 loans. A sign...

        2 August 2018

  • News Analysis

      • Tender saga moves to High Court

        Issuer seeks to invalidate administration announcement

        The Clifden IOM No.1 tender for the Fairhold Securitisation CMBS (SCI passim) recently entered a new phase when an annou...

        1 August 2018

  • News

      • SCI Start the Week - 30 July

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

        A fairly broad range of transactions are in the pipeline although new issuance is leaning towards the light side &nd...

        30 July 2018

  • News

      • Cypriot NPL portfolio markets

        Bank of Cyprus transaction attracts global investor interest

        Bank of Cyprus is currently marketing a €5bn, by gross-book value (GBV), mixed NPL portfolio of secured and uns...

        27 July 2018

  • Market Moves

      • Market moves - 27 July

        Company developments and new hires in the structured finance sector.

        Acquisitions American Mortgage Consultants (AMC), has announced the acquisition of certain personnel and the operation...

        27 July 2018

  • News

  • News

  • News Analysis

      • Testing time

        European ABS succumbs to widening pressures

        Poor new issue execution has seen the European securitisation market finally succumb to widening pressure, in line with...

        24 July 2018

  • News

      • SCI Start the Week - 23 July

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

        Pipeline The pipeline returned to full flow last week. Unusually, CMBS accounted for the majority of newly-announced de...

        23 July 2018

  • Market Moves

      • Market moves - 20 July

        A weekly breakdown of new hires and company developments in the global structured finance industry.

        Acquisition agreed Stone Point Capital’s Trident VII fund is set to acquire Sabal Capital Partners, with Sab...

        20 July 2018

  • News

      • CLO investor breaks into US

        UK firm thinking long term, credit cycle in sights

        Pearl Diver Capital recently opened its first US office and also closed two new CLO funds. While the loan and CLO market...

        20 July 2018

  • News

      • Fight for control eyed

        Rapid amortisation event 'unlikely' to occur

        Allegations of embezzlement and a fight for control of Harley Marine Services (HMS) have emerged less than two months af...

        20 July 2018

        ABS

  • Talking Point

      • Fit for purpose?

        Efficacy of STS label questioned

        Once portrayed as the initiative to revitalise European securitisation, the STS label has been variously hailed as a gam...

        18 July 2018

  • News

      • Inaugural infrastructure CLO markets

        Singapore-supported firm's first transaction backed by Asia, ME project finance loans

        Clifford Capital is marketing an inaugural US$480m CLO. The transaction, dubbed Bayfront Infrastructure Capital, is back...

        18 July 2018

  • News

      • SCI Start the Week - 16 July

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

        Pipeline Marketing of new securitisations continued to gain momentum last week, following the Independence Day holiday....

        16 July 2018

  • News Analysis

      • Return to form?

        More traditional synthetic CRE deals emerging

        A number of issuers are working on CRE capital relief trades, including some UK banks that issued CRE deals in 4Q17 (see...

        13 July 2018

  • News Analysis

      • Multi-originator GACS deal debuts

        Iccrea Banca completes landmark NPL securitisation

        Iccrea Banca, the cooperative group owned by multiple Italian mutual banks, has issued a €1bn NPL securitisatio...

        13 July 2018

  • Market Moves

      • Market moves - 13 July

        A weekly breakdown of recent hires and company developments in the structured finance industry.

        Acquisitions and investments Alantra has acquired KPMG UK’s portfolio solutions group business, which specia...

        13 July 2018

  • News

      • NPL SPV established

        Barclays financing portfolio acquisition

        Barclays, Varde Partners and Guber Banca have acquired a €1.4bn non-performing loan portfolio originated by 53...

        12 July 2018

  • Provider Profile

      • Lender looks to bolster defences

        Private transactions may 'resemble securitisations'

        With a change in the credit cycle anticipated, some UK real estate lenders are adopting a more cautious strategy. One su...

        12 July 2018

  • News

      • SCI Start the Week - 9 July

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

        Pipeline With 4 July having a typically big impact on the issuance calendar, the pipeline was light last week. A smatt...

        9 July 2018

  • News

      • Article 14 negotiations begin

        Amendment to reduce securitisation compliance requirements

        Trilogue discussions between the European Parliament, the European Commission and the European Council have begun on a c...

        9 July 2018

  • News Analysis

      • European CMBS surge continues

        Structural nuances also on the rise

        European CMBS is experiencing a bumper year and new deals continue to hit the market, making 2018 the strongest year for...

        6 July 2018

  • News

  • Market Moves

  • News

      • Landmark UTP deal completed

        Inaugural large-scale, pure UTL transaction inked

        Bain Capital Credit has acquired a portfolio of unlikely-to-pay (UTP) corporate loans, dubbed Project Valery, from the I...

        4 July 2018

  • News

      • SCI Start the Week - 2 July

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

        Pipeline The pipeline has been dominated by UK transactions ahead of the Independence Day holiday. A pair each of CMBS...

        2 July 2018

  • News

  • News Analysis

      • Green ABS branches out

        Commercial PACE and renewables gain traction as green ABS expands

        PACE is catching on in both the US and Europe. An April whitepaper from the New York State Energy Research and Developme...

        29 June 2018

  • News Analysis

      • Multi-seller GACS deals pending

        Large portfolio sizes facilitate critical mass

        Multi-seller GACS securitisations brought by smaller Italian banks are emerging, with at least two transactions in the p...

        29 June 2018

  • News

      • Multi-currency CLO launched

        Large transaction appeals to broad investor base

        Barclays has launched an unusual multi-currency CLO based on a £4.5bn portfolio of corporate loans made by the...

        29 June 2018

  • Market Moves

  • News Analysis

  • News Analysis

      • NPL issuance surging

        Italian lenders look to beat GACS deadline

        Banco di Sardegna has completed a €253m non-performing loan securitisation called 4Mori Sardegna, the senior no...

        28 June 2018

  • News Analysis

  • News

      • SCI Start the Week - 25 June

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

        Pipeline The securitisations remaining in the pipeline at the end of last week were fairly evenly split between ABS, CM...

        25 June 2018

  • News

      • Fastnet refi completed

        Permanent TSB has completed a €1.44bn RMBS, dubbed Fastnet Securities 14. The collateral previously formed part...

        25 June 2018

  • News Analysis

  • News Analysis

  • News

  • Market Moves

  • News Analysis

  • Talking Point

  • News Analysis

  • News

      • SCI Start the Week - 18 June

        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 once again accounted for...

        18 June 2018

  • News Analysis

  • News

  • Talking Point

      • CRI explained

        Stephen Taylor, head of structured and capital solutions EMEA at Aon Risk Solutions, outlines the be...

        Q: What is credit risk insurance? A: Credit risk insurance (CRI) is used to transfer credit risk to insurers. One of...

        15 June 2018

  • Market Moves

  • News

      • Innovative RMBS prepped

        Mars Capital is in the market with a non-standard multi-lender £271.055m UK RMBS, dubbed Trinidad Mortgage Sec...

        13 June 2018

  • News

  • News

  • News

      • SCI Start the Week - 11 June

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

        Pipeline Non-auto related ABS deals have dominated the pipeline recently. Indeed, transactions representing a broad mix...

        11 June 2018

  • Market Moves

  • News

      • UTP loans raise AI prospects

        Resolving unlikely to pay (UTP) loans is becoming more important for Italian banks, but the challenges involved can be p...

        7 June 2018

  • Provider Profile

  • News Analysis

  • News

  • News Analysis

  • News

      • SCI Start the Week - 4 June

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

        Pipeline ABS and RMBS made up the majority of the transactions remaining in the pipeline at the end of last week. A tri...

        4 June 2018

  • News Analysis

  • Provider Profile

  • Market Moves

  • News Analysis

      • RRBs on the rise?

        Signs of an uptick in the US rate reduction bond (RRB) market are emerging, albeit the sector remains a relatively small...

        30 May 2018

        ABS

  • News Analysis

      • GACS issuance surge expected

        Investor appetite for GACS non-performing loan securitisations will be tested this year, as a strong pipeline of deals c...

        29 May 2018

  • News

  • News Analysis

  • News

  • News Analysis

  • Market Moves

  • News Analysis

  • Talking Point

      • Risk-based pricing after IFRS 9

        Raymond Zhu, senior manager, and Jan-Hinnerk Fahrenkamp, director from Deloitte's Financial Services...

        When IFRS 9 came into force in January 2018, many in the credit risk world thought the hard part was over. After all, co...

        24 May 2018

  • News Analysis

  • News

  • News Analysis

      • Synthetic access welcomed

        The launch of the CRTx credit risk transfer index (SCI 11 May) has been welcomed by RMBS traders for the ability to put...

        21 May 2018

  • News

      • SCI Start the Week - 21 May

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

        Pipeline The transactions remaining in the pipeline by the end of last week were spread fairly evenly across ABS, CMBS...

        21 May 2018

  • News Analysis

  • Market Moves

  • News Analysis

  • Talking Point

  • News

      • SCI Start the Week - 14 May

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

        Pipeline ABS accounted for the majority of the deals remaining in the pipeline at the end of last week. A handful of C...

        14 May 2018

  • News Analysis

  • Market Moves

  • News Analysis

  • News

      • BMPS deal taps ReoCo

        Banca Monte dei Paschi di Siena (BMPS) has completed its much-anticipated non-performing loan securitisation (SCI passim...

        11 May 2018

  • News

  • News Analysis

  • News Analysis

      • NPL recovery boost expected

        Greek systemic banks are teaming up to create a platform that will manage and settle mortgage and retail non-performing...

        4 May 2018

  • Market Moves

  • News Analysis

  • News

  • News Analysis

      • CLO trends ring alarm bells

        Ever loosening loan documentation and manager drift are giving CLO investors pause for thought, particularly those highe...

        3 May 2018

  • The Structured Credit Interview

  • News

      • SCI Start the Week - 30 April

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

        Upcoming event SCI NPL Securitisation Seminar – 9 May, London SCI’s NPL Securitisation Seminar p...

        30 April 2018

  • Market Moves

  • News

  • News Analysis

  • News Analysis

  • Talking Point

      • ECB encourages action on NPLs

        Gifford West, md, international operations and business development at DebtX, examines the ECB's cal...

        At a recent NPL industry event, a banker credited with completing some of the largest European NPL sales observed: &...

        26 April 2018

  • News Analysis

  • News Analysis

  • News

  • News

      • SCI Start the Week - 23 April

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

        Pipeline Auto ABS dominated the pipeline once again last week. A handful of other ABS, as well as CMBS and RMBS were al...

        23 April 2018

  • Market Moves

  • News Analysis

  • News

  • News

  • News

      • NPL partnership inked

        Intesa Sanpaolo and Intrum have agreed to form a strategic partnership in respect of non-performing loans. The agreement...

        18 April 2018

  • News Analysis

  • News

      • SCI Start the Week - 16 April

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

        Pipeline The newly-announced transactions remaining in the pipeline at the end of last week comprised ABS and RMBS. The...

        16 April 2018

  • Market Moves

  • News Analysis

  • News Analysis

  • News Analysis

      • Provisioning impact muted

        The ECB and European Commission have both put forward new rules for minimum loss coverage, which are a step towards impr...

        11 April 2018

  • News

  • News

  • News Analysis

  • News

      • 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 annou...

        9 April 2018

  • Market Moves

  • News

  • Market Moves

  • News Analysis

  • News Analysis

  • News

  • News

      • LoanDepot RMBS debuts

        The first RMBS entirely backed by loans underwritten by marketplace lender loanDepot.com has hit the market. Mello Mortg...

        28 March 2018

  • News

  • News Analysis

  • News

      • SCI Start the Week - 26 March

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

        Pipeline An even mix of ABS, CMBS and RMBS remained in the pipeline at the end of last week. Another CRE CLO was also a...

        26 March 2018

  • News

  • News Analysis

  • News

  • News Analysis

  • News Analysis

  • News

  • News Analysis

  • News

  • News

      • Greek lease ABS prepped

        Hertz franchisee Autohellas is in the market with AutoWheel Securitisation, an ABS backed by operational auto leases ext...

        19 March 2018

        ABS

  • News

      • SCI Start the Week - 19 March

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

        Pipeline There was a somewhat more measured pace of pipeline additions last week. The final count consisted of eight A...

        19 March 2018

  • Market Moves

  • News Analysis

  • News Analysis

  • News

      • Split-mortgage RMBS eyed

        Securitisations of split mortgages could emerge in Ireland, according to DBRS, given improving fundamentals and the clea...

        14 March 2018

  • News

      • Mortgage ILS prepped

        Essent Guaranty is marketing a mortgage insurance securitisation, only the second such transaction to be publicly rated...

        12 March 2018

  • News

  • News

  • Market Moves

  • News Analysis

  • News Analysis

  • News Analysis

  • News Analysis

  • News

  • News

      • Innovative RMBS pair prepped

        Two innovative US RMBS transactions are marketing from both sides of the agency/non-agency divide. AIG has brought its d...

        7 March 2018

  • News

  • News Analysis

  • News

      • 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 CL...

        6 March 2018

  • News

  • News

      • 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 Securit...

        5 March 2018

  • News Analysis

  • Market Moves

  • News

  • News Analysis

  • News

      • PACE underwriting boosted

        Consumer protection legislation passed in California last October will collectively strengthen PACE underwriting practic...

        28 February 2018

        ABS

  • News

  • News

  • News Analysis

  • News

      • SCI Start the Week - 26 February

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

        Upcoming event SCI Risk Transfer & Synthetics Seminar - 13 March, New YorkSCI's Synthetic Securitisation Seminar...

        26 February 2018

  • Market Moves

  • News Analysis

  • News

  • News Analysis

      • Synthetics spur CDS expansion

        An evolving synthetic securitisation landscape is fuelling the expansion of the CDS market and CDS-linked products. Howe...

        21 February 2018

        CDS

  • News Analysis

      • Busy start for UK RMBS

        UK RMBS has come flying out of the blocks in 2018, with the end of the Term Funding Scheme (TFS) and Funding for Lending...

        21 February 2018

  • News

  • Market Moves

  • News

      • Longer WAL RMBS preplaced

        Obvion has preplaced a static RMBS that does not feature a time call option. Dubbed FORDless Storm 2018, the €...

        16 February 2018

  • News Analysis

  • News Analysis

  • News Analysis

  • News Analysis

  • News

  • News

      • CRE CLOs quick off the line

        Two more firms have launched inaugural CRE CLOs, with a US$480.4m transaction from Argentic Silverpeak and a US$510.2m t...

        12 February 2018

  • News Analysis

  • News

      • SCI Start the Week - 12 February

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

        Pipeline It was yet another busy week of pipeline additions. There were nine ABS, 11 CLOs, three CMBS and five RMBS. ...

        12 February 2018

  • News

  • Market Moves

  • News

      • GNMA aims to stop churn

        In a move which should be a net benefit to RMBS, Ginnie Mae has taken steps to address churning in its RMBS programme, b...

        9 February 2018

  • News

  • News

  • News

  • News Analysis

      • Key CMBS pillars hold steady

        New US CMBS transactions are generally seeing signs of improving credit quality. This challenges recent rating agency cr...

        7 February 2018

  • News Analysis

  • News Analysis

  • News

      • SCI Start the Week - 5 February

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

        Pipeline The pipeline was dominated by ABS transactions last week, including a pair of structured settlement securitisa...

        5 February 2018

  • News

  • Market Moves

  • News

  • News Analysis

      • Distressed exchange queried

        China Huarong Asset Management, one of China's largest state-owned distressed debt managers, yesterday launched a Beijin...

        2 February 2018

  • News Analysis

  • News

      • 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...

        2 February 2018

  • News

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  • News

      • 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 dif...

        31 January 2018

  • News

  • News

      • Turkish auto deal prepped

        The first public Turkish ABS transaction, Driver Turkey Master (see SCI's deal pipeline), has been provisionally rated b...

        31 January 2018

        ABS

  • News

      • BEV auto ABS prepped

        Tesla is marketing an inaugural US$608.08m securitisation backed by 8,879 retail auto lease contracts originated by the...

        30 January 2018

        ABS

  • News Analysis

  • News

      • 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 anothe...

        29 January 2018

  • News

      • UK sukuk 'RMBS' first

        Al Rayan Bank is marketing its first £250m sharia-compliant UK securitisation. Dubbe...

        29 January 2018

  • News Analysis

      • Latin America poised to grow

        The Latin American structured finance market is expected to be boosted by an improving economic environment across the r...

        26 January 2018

        ABS

  • News Analysis

  • Market Moves

  • News

      • CRE CLO market tapped

        Värde Partners is tapping the market with a debut US$368.1m cashflow CRE CLO. The transaction, entitled VMC Fin...

        25 January 2018

  • News

      • Toys R Us impact eyed

        Toys 'R' Us is set to close 182 stores, accounting for seven million square-feet or about a fifth of its US footprint, b...

        25 January 2018

  • News Analysis

  • Talking Point

      • Going green

        Current status of green ABS market discussed

        Representatives from Clifford Chance, TMF and Ygrene Energy Fund recently discussed the current status of green ABS duri...

        25 January 2018

  • News

  • News Analysis

  • News Analysis

  • News

      • SCI Start the Week - 22 January

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

        Pipeline Last week saw pipeline additions return to favouring ABS. There were seven ABS added, along with three RMBS, f...

        22 January 2018

  • News Analysis

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  • News

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  • News

      • SCI Start the Week - 15 January

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

        Pipeline Last week saw a ramping up of additions to the pipeline, led by ABS and RMBS. There were seven ABS and an ILS...

        15 January 2018

  • Talking Point

      • Scenario analysis

        Elena Rinaldi, portfolio assistant at TwentyFour Asset Management, examines how robust CLOs are thro...

        ABS is an asset class that lends itself well to detailed underwriting, from onsite due diligence through to cashflow and...

        12 January 2018

  • News

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      • SCI Start the Week - 8 January

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

        Pipeline There were a few deals added to the pipeline in the first week of the year. These were four ABS, an RMBS, a CM...

        8 January 2018

  • News Analysis

  • News

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      • Dynamica makes ABS bow

        Dynamica Retail has issued its first salary assignment and payment delegation loans transaction in Italy. The transactio...

        3 January 2018

        ABS

  • News Analysis

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