A look at the major activity in structured finance over the past seven days. Print last week's news here.

Pipeline
The final week of July brought six new ABS deals to the pipeline, as well as two CMBS and four CLOs.

The ABS were: US$1.025bn AmeriCredit Automobile Receivables Trust 2016-3; US$250m MVW Owner Trust 2016-1; US$1.25bn Nissan Auto Receivables 2016-C Owner Trust; US$1.25bn Toyota Auto Receivables 2016-C Owner Trust; US$475.26m Utility Debt Securitization Authority Restructuring; and US$561.5m Wheels SPV 2 Series 2016-1.

£370m BAMLL 2016-ISQR and US$1.bn FREMF 2016-K56 accounted for the CMBS. The CLOs were US$411.5m Babson CLO 2016-II, US$612.32m Dryden 43 Senior Loan Fund, €1.75bn IM Sabadell PYME 10 and €647.77m Sinepia.

Pricings
Several deals also departed the pipeline. There were 10 ABS prints as well as three RMBS, two CMBS and five CLOs.

The ABS were: US$500m Barclays Dryrock Trust Series 2016-1; US$916m Castlelake Aircraft Securitization Trust 2016-1; US$190m Earnest Student Loan Program 2016-C; US$137m EDvestinU Private Education Loan Issue No.1; €1bn IM BCC Cajamar PYME 1; US$600m Kubota Credit Owner Trust 2016-1; US$1.01bn Navient Student Loan Trust 2016-5; €1.5bn SC Germany Auto 2016-2; US$480.55m SoFi Consumer Loan Program 2016-2; and €3.1bn UBI SPV Lease 2016-1.

€3bn BPCE Master Home Loans FCT 2016-01, US$2.645bn Chase Mortgage Trust 2016-2 and €703m SapphireOne Mortgages 2016-1 were the RMBS. The CMBS were US$264m COMM 2016-GCT and US$800m DBJPM 2016-C3.

Lastly, the CLOs were: US$409m Apidos XXIV; US$141m Ares Enhanced Loan Investment Strategy 20; US$406m ICG US CLO 2016-1; €454m Griffith Park CLO; and US$406m Park Avenue Institutional Advisers CLO 2016.

Markets
Buyers poured in to the US CLO secondary space last week, as SCI reported on Thursday (SCI 28 July). "I think a lot of it is hedge fund money trying to tap into the liquidity as the rally goes in, so it's keeping the market strong," says one trader. "The exception is the triple- to single-A range, where sellers are not really surfacing right now."

The European CLO market became much more fluid last week (SCI 28 July). "We've seen good two-way flows across the board. There's not really any sector lagging, but if I had to pick one I'd say single-B 2.0s are generating slightly less interest," comments one trader.

European ABS and MBS secondary markets have quietened down (SCI 26 July), as flows have reduced and BWIC volumes have become subdued. There is a lack of volatility and the summer lull appears to have well and truly begun. However, one trader notes there have been some enquiries in UK paper on the back of the Lanark transaction. "Overall spreads continue to tighten across all ABS/MBS sectors including UK non-conforming post-Brexit, though movement there is restricted to 2.0s and seniors," they say.

Editor's picks
Foreign policy: A surge in foreign interest in US agency MBS over recent months is adding a broader dynamic to the sector. Asian and European accounts are leading the charge in demand, with the latter emerging as a new investor frontier.
Auditing issues: Auditing the accuracy of a client's most complex fair value measurements is no mean feat. There are several factors that make the process more challenging, however. Top of the list is the ability to gain sufficient transparency into the assumptions used by firms that provide prices on subordinated and equity positions...

Deal news
• Verizon's debut securitisation of device payment plan agreements (DPPAs) earlier this month marked the successful launch of a new asset class, which has the potential to become an on-the-run benchmark consumer ABS sector. Heavy oversubscription of the US$1.69bn transaction - dubbed Verizon Owner Trust 2016-1 - and a tight print, together with rising handset receivables volumes, are expected to entice other wireless carriers to tap the market in the coming months.
• Wells Fargo - as trustee for Soloso CDO 2005-1 - has conducted a series of public and private sales of portfolio collateral, in accordance with a New York Court order and pursuant to directions received from Lansuppe Feeder as requisite noteholder. The sale of 43 assets resulting in liquidation proceeds of US$159.05m has been settled.
• A trio of CLOs have amended their collateral management agreements following on from NewStar Capital's acquisition of Feingold O'Keeffe Capital last year (SCI 17 September 2015). The affected CLOs are Avery Street CLO, Emerson Place CLO and Lime Street CLO.
• Freddie Mac has completed its first-ever structured loan sale following the auction of a US$198.9m pool of 846 seasoned loans. Chimera Investment was the winning bidder for the JPMorgan-serviced loans, marking the beginning of Freddie's expansion of its re-performing loan securitisation and NPL sales programmes.

Regulatory update
• The administrator of the Credit Suisse Bulk Settlement Practice (BSP) Fair Fund has called for eligible claimants to submit a proof of claim form by 15 November 2016. The BSP fund was created for the disgorgement, interest and penalties paid by Credit Suisse, following the US SEC's cease-and-desist proceedings against Credit Suisse Securities (USA), DLJ Mortgage Capital, Credit Suisse First Boston Mortgage Acceptance Corp, Credit Suisse First Boston Mortgage Securities Corp and Asset Backed Securities Corporation.

Deals added to the SCI New Issuance database last week:
Adagio V CLO; American Credit Acceptance Receivables Trust 2016-3; Apidos CLO XXIV; BBVA Consumo 8; BlueMountain CLO 2016-2; Capital One Multi-asset Execution Trust 2016-3; CARDS II Trust Series 2016-1; CAS 2016-C04; Chase Issuance Trust 2016-4; Chase Mortgage Trust 2016-2; CIFC Funding 2012-1 (refinancing); CPS Auto Receivables Trust 2016-C; Dryden 43 Senior Loan Fund; FCT Ginkgo Compartment Personal Loans 2016-1; Ford Credit Floorplan Master Owner Trust A Series 2016-3; Ford Credit Floorplan Master Owner Trust A Series 2016-4; FREMF 2016-KS05; FRESB 2016-SB19; Golub Capital Investment Corporation CLO 2016(M); Harvest CLO XVI; John Deere Owner Trust 2016-B; Jubilee CLO 2016-XVII; KKR Financial CLO 2013-2 (refinancing); Lanark Master Issuer 2016-1; Marlette Funding Trust 2016-1; Progress Residential 2016-SFR1 Trust; SMB Private Education Loan Trust 2016-B; SoFi Professional Loan Program 2016-C; Sound Point CLO XII; Triton Trust No. 7 Bond Series 2016-1; Volta IV; World Financial Network Credit Card Master Note Trust Series 2016-A

Deals added to the SCI CMBS Loan Events database last week:
CWCI 2007-C2; DECO 2007-5; DECO 2007-6; GSMS 2011-GC5; JPMCC 2010-C2; JPMCC 2012-CBX; UBS-Barclays 2012-C3; WBCMT 2004-C15; WBCMT 2006-C26; WBCMT 2007-C33