SCI Start the Week - 16 October

Category: ABS CDO CLOs

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

Additions to the pipeline last week were heavily skewed towards ABS. There were 20 ABS names added, along with two RMBS, a CMBS and two CLOs.

The ABS were: €958.4m Alba 9; US$235m Ascentium Equipment Receivables 2017-2 Trust; US$1.182bn BMW Vehicle Lease Trust 2017-2; US$1.05bn CarMax Auto Owner Trust 2017-4; US$350m Credit Acceptance Auto Loan Trust 2017-3; US$999.62m Dell Equipment Finance Trust 2017-2; US$157m Elara HGV Timeshare Issuer 2017-A; US$600m Enterprise Fleet Financing 2017-3; C$396m GMF Canada Leasing Trust Series 2017-1; US$297.8m Marlette Funding Trust 2017-3; US$605.5m METAL 2017-1; MOCA 2017-1; US$307.5m Mosaic Solar Loans 2017-2; US$437.35m NextGear Floorplan Master Owner Trust Series 2017-2; US$200m PFS Financing Corp Series 2017-C; US$200m PFS Financing Corp Series 2017-D; Renew 2017-2; SCF Rahoituspalvelut Kimi VI; US$369.38m Utility Debt Securitization Authority Restructuring Bonds Series 2017-1; and €1bn VCL 25.

Sapphire 2017-2 and Warwick Finance Residential Mortgages Number Three were the RMBS, while the CMBS was US$1.1bn JPMDB 2017-C7. The CLOs were €361.2m Cairn CLO VIII and €435m St Paul's CLO IV.

There were also half a dozen ABS prints, five RMBS, three CMBS and 13 CLOs.

The ABS were: US$196.3m CPS Auto Receivables Trust 2017-D; US$300m First National Master Note Trust Series 2017-2; US$662.2m Navient Private Education Loan Trust 2017-A; €900m Sunrise 2017-2; €486.5m TitriSocram 2017; and US$1.4bn Verizon Owner Trust 2017-3.

The RMBS were: A$750m HBS Trust 2017; US$1.07bn New Residential Mortgage Loan Trust 2017-6; A$1.63bn Securitised Australian Mortgage Trust 2017-1; US$670m STACR 2017-HQA3; and £255m Tower Bridge 1.

The CMBS were: US$955m BX Trust 2017-IMC; US$460m DBUBS 2017-BRBK; and US$410m Hyatt Hotel Portfolio Trust 2017-HYT2.

The CLOs were: US$507.75m Auburn CLO; €298.8m Babson Euro CLO 2015-1R; US$472.45m Barings CLO 2015-2R; US$395.65m BlueMountain CLO 2013-2R; €246m Cairn CLO 2013-3R; US$405m Halcyon Loan Advisors Funding 2015-1R; US$461.3m Halcyon Loan Advisors Funding 2017-2; €358.5m Harvest CLO 2015-14R; US$510m Marble Point CLO X; £294m Newday Partnership Funding 2017-1; US$406.715m NXT Capital CLO 2017-2; US$611m OZLM 2017-19; and US$455.9m Park Avenue Institutional Advisers CLO 2017-1.

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• The latest reform of the French finance sector introduces a new category of financing vehicle that is expected to benefit both classic securitisation and risk transfer structures. The reform - the first phase of which is due to be finalised in January 2018 - also expands the legal tools available to French banks for refinancing their loan exposures.