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

Pipeline
New ABS transactions accounted for more than half of last week's pipeline additions. There were six of these as well as an ILS, three RMBS a CLO and a CDO.

The ABS were: US$1.168bn BMW Vehicle Lease Trust 2017-1; US$869.86m CNH Equipment Trust 2017-A; US$800m FOCUS Brands Funding Series 2017-1; US$130m JG Wentworth XXXVIII Series 2017-1; Latitude Australia Credit Card Loan Note Trust 2017-1; and US$300m Sierra Timeshare 2017-1.

US$300m Sanders Re 2017-1 was the ILS and the RMBS were European Residential Loan Securitisation 2017-PL1, US$395m Mill City Mortgage Loan Trust 2017-1 and Sequoia Mortgage Trust 2017-3. The CLO was Barings Euro CLO 2017-1 and the CDO was US$331.25m TruPS Financials Note Securitization 2017-1.

Pricings
It was another big week for completed issuance. There were 13 ABS and a dozen CLOs, with a selection of ILS, RMBS and CMBS also thrown in.

The ABS were: US$213.137m Arcadia Receivables Trust 2017-1; US$600m Avis Budget Series 2017-1; US$650m Chase Issuance Trust 2017-A2; US$409.2m ECMC Group Student Loan Trust 2017-1; US$1.25bn GM Financial Automobile Leasing Trust 2017-1; US$389m Kabbage Asset Securitization Series 2017-1; £571m LaSer ABS 2017; CNY4bn Rongteng 2017-1; CNY4bn Shanghe 2017-1; US$1bn Toyota Auto Receivables 2017-A Owner Trust; US$1.288bn Verizon Owner Trust 2017-1; US$703m Westlake Automobile Receivables Trust 2017-1; and US$704.21m World Omni Automobile Lease Securitization Trust 2017-A.

US$164.5m Buffalo Re Series 2017-1 and US$125m Citrus Re Series 2017-1 were the ILS, while the RMBS were €1.365m Domos 2017, US$1.62bn Freddie Mac Whole Loan Securities Trust Series 2017-SC01, US$757m New Residential Mortgage Loan Trust 2017-1 and A$850m Torrens 2017-1. The CMBS consisted of US$1.5bn FREMF 2017-K63, US$1bn GSMS 2017-GS5 and US$1.1bn JPMCC Commercial Mortgage Securities Trust 2017-JP5.

The CLOs were: US$407.9m AMMC CLO 2017-20; US$611.7m Carlyle Global Market Strategies 2017-1; US$715m Dryden 47; US$711m Goldentree US CLO 1; €321.7m Harvest CLO 2013-7R; US$348.5m Ocean Trails CLO V 2014-5R; US$453.75m Octagon Investment Partners XIX 2014-1AR; US$644m OHA Credit Partners CLO 2014-10R; US$613.8m OHA Loan Funding 2014-1R; US$406.3m Regatta V Funding 2014-1R; US$455m TIAA CLO II; and US$318.33m Tuolumne Grove CLO 2014-1R.

Editor's picks
Marketplace ABS disparate but stronger: Investor confidence in marketplace lending appears to have rebounded after a drop-off in 1H16, but the sector remains too fragmented to make broad conclusions about whether it has stabilised. The disparity between consumer and student loans originated online and the demise of the original peer-to-peer lending model make it difficult to gauge securitisation performance across the sector...
CMOA structure prepped: Acis Capital, an affiliate of Highland Capital, is prepping an innovative US$372m CLO. Dubbed ACIS CLO 2017-7, the transaction utilises a capitalised majority-owned affiliate (CMOA) risk retention strategy...
US CLO demand drives on: Activity and demand are growing once more in the US CLO secondary market, despite some challenges. "Overall buying demand is very, very strong - even though there are cross-currents going on that make it difficult for some investors," says one trader. "For example, there are a lot of currently callable bonds going out on BWIC that will trade beyond par, which is pricing many customers out of the market..."
UK NC clean-up calls considered: UK non-conforming RMBS clean-up calls have long been considered out-of-the-money options, but recent activity has changed that. Despite a rally in mezzanine UK non-conforming bonds since the beginning of the year, Deutsche Bank European securitisation analysts believe this option is not yet fully priced in...
Replacement risk weighing on BWIC volume?: International ABS BWIC volume totalled €9.7bn in 2016, according to JPMorgan figures. Average weekly BWIC volume of €186m last year fell by around 17% from 2H15 and has subsequently fallen to €96m per week in 2017 year to date, reflecting the lack of supply and replacement risk...

Deal news
• Greystone is in the market with its debut US$366.6m CRE CLO. Dubbed Greystone Commercial Real Estate Notes 2017-FL1, the transaction securitises 27 floating-rate mortgages secured by 27 transitional multifamily properties.
• Barings has established a warehouse securitisation to ramp up leveraged loans and high yield bonds ahead of the issuance of its forthcoming Barings Euro CLO 2017-1. The transaction comprises a senior funding facility (SFF) and a mezzanine funding facility (MFF), provisionally rated single-A and triple-B (low) by DBRS, and is subject to collateral quality and portfolio profile tests.
• Westlake is in the market with its latest ABS, Westlake Automobile Receivables Trust 2017-1. While the auto finance firm has previously issued a dozen other deals, its latest transaction differs from its previous ABS in significant ways, says S&P.
• Latitude Finance Australia is in the market with a rare Australian credit card ABS. Dubbed Latitude Australia Credit Card Loan Note Trust - Series 2017-1, the transaction is backed by a A$3.76bn pool of MasterCard, Visa and sales finance card receivables originated under retail partnership agreements.
• Focus Brands is readying a US$800m whole business securitisation. Focus Brands Funding Series 2017-1 is backed by royalties from 5,055 restaurant franchises within the Focus restaurant system and 80 company-operated restaurants.