Monday 16 March 2020 10:58 London/ 05.58 New York/ 18.58 Tokyo

A review of securitisation activity over the past seven days

SCI NPL Securitisation Awards 2020
As a result of COVID-19, the SCI NPL Securitisation seminar has unfortunately had to be postponed and along with it the inaugural SCI NPL Securitisation Awards ceremony. Nominations remain open and a revised deadline for them will be announced in due course. Further information and details of how to pitch can be found here.

This week's stories
AMC uncertainty
Trade deal clouded by uncertainties for NPLs
Definition debate
Call for coalescence around ESG standards
Mortgage moratoriums
Impact of payment suspensions to be limited
Multi-tranching?
Investor diversification raises triple-tranche prospects
Regulatory events
Standard Chartered amends Gongga SRT terms

Other deal-related news

  • A borrower of a €10m loan securitised in the Alhambra SME Funding 2019-1 transaction has missed its February interest payment (SCI 10 March).
  • Toorak Capital Partners has priced a US$400m securitisation of residential bridge loans, the largest ever issuance in the asset class (SCI 10 March).
  • The Dutch tax authorities are currently considering the term of a grace period in connection with the VAT due on CLOs domiciled in the Netherlands (SCI 10 March).
  • DBRS Morningstar has published its approach to ESG risk factors in credit ratings (SCI 10 March).
  • The Technical Expert Group on Sustainable Finance (TEG) has published its final reports and recommendations to the European Commission on the EU Taxonomy (SCI 10 March).
  • Moody's is now offering its research and views on the credit and economic impact of COVID-19 via a dedicated website, available to the public free of charge at moodys.com/coronavirus (SCI 11 March).
  • Figure Technologies has issued the first-ever securitisation backed by loans originated, serviced, financed and sold on blockchain via a platform dubbed Provenance (SCI 13 March).
  • The asset performance of almost 90% of structured finance transactions globally have high or moderate vulnerability to disruptions as a result of the coronavirus and containment efforts, according to a Fitch report (SCI 13 March).

New MRT report
SCI has published a new Special Report on the US Mortgage Risk Transfer sector - it can be downloaded for free here.

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