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

Pipeline
A lot of deals joined the pipeline last week, with a strong line-up of ABS leading the way. There were 11 ABS, as well as one ILS, three RMBS, three CMBS and four CLOs.

The ABS were: US$530m American Homes 4 Rent 2014-SFR3; US$750m CIT Equipment Collateral 2014-VT1; US$1.61bn Ford Credit Auto Owner Trust 2014-C; US$145m Gold Key Resorts 2014-A; US$151m Golden Credit Card Trust series enhancement notes; US$152.5m Indiana Secondary Market For Education Loan Series 2014; US$350m KAL ABS 15; US$758m Navient Student Loan Trust 2014-8; US$204m Oxford Finance Funding 2014-1; €1.5bn Sunrise Series 2014-2; and £275m Temese Funding 2.

The ILS was US$100m Residential Re 2014-2 and the RMBS were €787m Arena NHG 2014-II, Auburn Securities 8 and A$400m Liberty Series 2014-2 Trust, while US$1.44bn CDGJ Commercial Mortgage Trust 2014-BXCH, US$504m JPMCC 2014-FL6 and US$875m WFRBS 2014-C25 accounted for the CMBS. The CLOs consisted of €375m Arbour CLO II, US$465.4m Catamaran CLO 2014-3, US$500m Northwoods Capital XIV and US$861.75m OHA Loan Funding 2014-1.

Pricings
A considerable number of deals also printed. The week's issuance consisted of seven ABS, two ILS, three RMBS, three CMBS and four CLOs.

The ABS were: US$1bn AmeriCredit Automobile Receivables Trust 2014-4; US$1bn American Express Credit Account Master Trust Series 2014-4; US$516m American Express Credit Account Master Trust Series 2014-5; US$260m Diamond Resorts Owner Trust 2014-1; £1.6bn Gracechurch Card Programme Funding Series 2014-2; C$454m MBARC 2014-A; and US$826m Synchrony Credit Card Master Note Trust Series 2014-1.

The ILS were US$350m Kilimanjaro Re Series 2014-2 and US$350m Ursa Re 2014-1. As for the RMBS, those consisted of A$500m Avoca Series 2014-1, £200m Precise Mortgage Funding 2014-2 and US$341.71m Sequoia Mortgage Trust 2014-4.

US$463.9m MSCI 2014-MP, US$550m NYCHDC 2014-8SPR and US$725m Starwood Retail Property Trust 2014-STAR accounted for the CMBS. Lastly, the CLOs were US$609m Dryden 36 Senior Loan Fund, US$411m Jamestown CLO V, US$411m Ocean Trails V and US$722m Octagon XXII.

Markets
US non-agency RMBS secondary supply was fairly strong last week, including nearly US$800m in BWIC volume on Thursday, as SCI reported (SCI 14 November). Many of the bid-lists from that session were presented all-or-none, with SCI's PriceABS data revealing a significant number of covers.

In the US CMBS market, secondary spreads widened out in mid-week as BWIC supply began to pick up (SCI 13 November). BWIC volume for Wednesday's session was over US$270m, with a bias toward post-crisis paper.

Deal news
• In light of Punch's latest results, Punch A bonds continue to offer better value than Punch B across the capital structure, say Barclays Capital analysts. While both Punch A and Punch B may be refinanced in a couple of years, Punch B seniors are pricing in some probability of refinance already.
• November remittances so far suggest that BSCMS 2005-PW10's delinquent pipeline has been cleaned out, while JPMCC 2007-CB19 appears to have been hit by unusually large interest shortfalls.
• The sale of the final four properties of the £25.86m Workspace Portfolio loan, securitised in Eclipse 2007-1, has been completed for a purchase price of £8.6m. Trepp notes that expected net recovery proceeds will likely result in a principal loss of at least £17.26m, resulting in the full write-down of the class D notes and a partial write-down of the class Cs.
• BNP Paribas has assigned its investment manager obligations for the Kintyre CLO I and Gillespie CLO transactions to BNP Paribas Asset Management. The novation deeds received the consent of 100% of the noteholders. Moody's has confirmed that the move will not affect the current ratings of the notes.
• Five-year CDS on Caesars Entertainment Operating Company spiked 50% yesterday to an all-time wide, says Fitch Solutions. The change follows news that the company has reached an agreement with creditors that would include bankruptcy.
• Five-year CDS on Genworth Financial are pricing 143% wider compared to a week ago, according to Fitch Solutions. This comes after the company reported a reserve charge of over US$500m relating to its struggling long-term care business and the potential for further charges in 4Q14.

Regulatory update
• The US CFTC has further implemented the trade execution requirement for certain interest rate and credit default swaps. The Commission previously provided no-action relief for certain swaps required to be traded on a swap execution facility (SEF) or designated contract market (DCM) to the extent that those swaps were part of a package transaction.
• ISDA has opened the ISDA 2014 Resolution Stay Protocol for adherence. Eighteen major banks have signed it at launch, as they pledged to do last month (SCI 13 October).
• SFIG has established a new working group: the High Quality Securitization (HQS) Task Force. The HQS Task Force will serve as the forum through which SFIG will respond to recent initiatives that seek to define 'qualifying securitisations', such as the EBA's recent discussion paper on simple standard and transparent securitisation (SCI passim).

Deals added to the SCI New Issuance database last week:
Ally Master Owner Trust Series 2014-5; AMMC CLO XV; Bank of the West Auto Trust 2014-1; Bumper 6 (NL) Finance; Carlyle Global Market Strategies CLO 2014-5; CarMax Auto Owner Trust 2014-4; Chase Issuance Trust 2014-7; Colony Multifamily Mortgage Trust 2014-1; Covenant Credit Partners CLO II; Cronos Containers Program I Series 2014-2; CSMC 2014-TIKI; FCT Opera 2014; First Investors Auto Owner Trust 2014-3; FREMF 2014-K40; FREMF 2014-K503; Hawaii Green Energy Market Series 2014-A; Intu (SGS) Finance series 3; Invitation Homes 2014-SFR3 Trust; NextGear Floorplan Master Owner Trust series 2014-1; OCP CLO 2014-7; Paragon Mortgages 21; Securitised Australian Mortgage Trust 2014-1; SMART ABS Series 2014-4 Trust; SoFi Professional Loan Program 2014-B; TMSQ 2014-1500; World Financial Network Credit Card Master Note Trust Series 2014-C; Ziggurat CLO

Deals added to the SCI CMBS Loan Events database last week:
BACM 2001-1; BACM 2004-5; BACM 2004-6; BACM 2005-2; BACM 2006-2; BACM 2007-1; BACM 2007-2; BSCMS 2005-PW10; CD 2006-CD3; CGCMT 2004-C2; CGCMT 2007-C6; COMM 2005-C6; COMM 2006-C7; COMM 2006-C8; COMM 2013-LC13; CSFB 2003-CPN1; CSFB 2004-C1; CSFB 2005-C1; CSFB 2005-C6; CSMC 2006-C4; CSMC 2007-C1; CSMC 2007-C4; CSMC 2007-C5; CWCI 2007-C3; DECO 2006-E4; ECLIP 2006-2; ECLIP 2007-1; EURO 28; FUBOA 2001-C1; GCCFC 2005-GG3; GCCFC 2005-GG3 & MSC 2005-HQ5; GCCFC 2007-GG11; GECMC 2003-C1; GMACC 2004-C1; GMACC 2004-C2; GSMS 2005-GG4; GSMS 2006-GG8; JPMBB 2014-C22; JPMCC 2005-LDP1; JPMCC 2006-CB16; JPMCC 2006-LDP7; JPMCC 2006-LDP9; JPMCC 2007-CB19; JPMCC 2007-LDPX; LBUBS 2005-C1; LBUBS 2005-C7; LBUBS 2006-C1; LBUBS 2006-C6; LBUBS 2007-C7; MLCFC 2006-2; MLCFC 2007-5; MLCFC 2007-8; MLMT 2007-C1; MSBAM 2013-C12; MSC 2005-HQ5; MSC 2005-IQ10; MSC 2005-IQ9; MSC 2006-HQ9; MSC 2007-HQ13; MSC 2007-IQ14; TITN 2007-1; TITN 2007-CT1; WBCMT 2005-C17; WBCMT 2005-C17 & WBCMT 2005-C18; WBCMT 2005-C20; WBCMT 2005-C21; WBCMT 2006-C26; WBCMT 2006-C27; WBCMT 2007-C32; WFCMT 2013-BTC; WFRBS 2012-C7