Monday 12 August 2019 11:43 London/ 06.43 New York/ 19.43 Tokyo

A review of securitisation activity over the past seven days

SCI CRT awards
Don't miss out on your chance to win: the submissions deadline for the inaugural SCI Capital Relief Trades Awards is Friday (16 August). The aim of the awards is to recognise excellence in, and help bring mainstream attention to, the risk transfer industry. The winners will be announced at the SCI Capital Relief Trades Seminar on 17 October. Further information and details of how to pitch can be found here.

Transaction of the week
Venture ABS prepped (SCI 9 August)
Horizon Technology Finance is marketing an ABS backed by secured liens on non-investment grade performing loans made to growth stage companies in the technology, life sciences and healthcare sectors. Venture debt ABS is an emerging asset class, but is expected to remain constrained by the very nature of the market.

The assets in venture debt ABS are distinct from traditional CLO assets, given that the underlying companies are in their early growth stages, usually generate small earnings and feature at least one round of private equity financing. Furthermore, there are fewer participants than in the middle market and broadly syndicated loan market.

Stories of the week
Keeping it private
Public European middle market CLOs are struggling, but private deals are booming
New ventures
Asset manager building out structured credit strategies
Senior mezz eyed
CRT issuers target asset managers
Track record
Middle market origination processes scrutinised

Other deal-related news

  • Two US whole business securitisations are marketing, representing debut transactions from both firms. The deals comprise the US$250m Primrose Funding 2019-1, from an early childcare education company and the second is a US$355m ABS dubbed PSP Funding 2019-1, from a company that provides pet supplies (SCI 6 August)
  • First Financial Network has announced the offering of three pools of Ukrainian non-performing loans totalling US$1.35bn (SCI 6 August)
  • Funding Circle Holdings is in the market with its first ABS collateralised by loans made to SMEs incorporated in the US. Dubbed Small Business Lending Trust 2019-A, the US$198.45m transaction is backed by 1,394 loans originated via the Funding Circle online lending platform (SCI 7 August)
  • Two disposals of Italian non-performing and performing loans (NPLs) originated by Unicredit and ING have been sealed. The first transaction comprises a portfolio of unsecured SME NPLs while the second, from ING, comprises performing and non-performing real estate leasing positions (SCI 8 August)
  • Briefs have been filed in connection with a lawsuit - brought by Silian Ventures - seeking to determine whether BNY Mellon, as trustee, should pay IO noteholders of Countrywide RMBS based on the mortgages' original rates or the rates that were modified to lower levels after the onset of the financial crisis. This could affect 278 legacy transactions, according to Moody's (SCI 9 August)

Data

 

Pricings
Deals that priced last week included:
ABS
Barclays Dryrock Issuance Trust Series 2019-1; CarNow Auto Receivables Trust 2019-1; Chesapeake Funding II 2019-2; ECMC Group Student Loan Trust 2019-1; GLS Auto Receivables 2019-3; GM Financial Automobile Leasing Trust 2019-3; Hilton Grand Vacations Trust 2019-A; Hyundai Auto Lease Securitization Trust 2019-B; Rongteng 2019-2; SoFi Professional Loan Program 2019-C; Toyota Auto Receivables 2019-C
CLO
2019 Popolare Bari SME; Aurium I Reset; CIFC 2019-V; Crown Point CLO 8; Dunedin Park CLO 2019-1; Garrison MML CLO 2019-1; Octagon Investment Partners 43 CLO 2019-4; OZLME CLO 2016-1 (refinancing); Peaks CLO 2017-2 (refinancing); Madison Park Funding XXIV (refinancing); TICP CLO XIV
CMBS
Citigroup Commercial Mortgage Trust 2019-GC41
RMBS
Verus Securitization Trust 2019-3

BWIC volume

 

Upcoming SCI event
Capital Relief Trades Seminar, 17 October, London


×