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

Pipeline
ABS additions to the pipeline finally dropped off last week, but RMBS, CMBS and CLOs continued to be added. The RMBS were US$165m Ajax Mortgage Loan Trust 2017-B, €900m HT Abanca RMBS II, US$883.8m JPMMT 2017-6 and Liberty Series 2017-4 Trust.

US$600m Atrium Hotel Portfolio Trust 2017-ATRM, US$1.395bn FREMF 2017-K729, US$560m GSMSC 2017-FARM, US$891m UBS 2017-C7, and US$300m WFCM Trust 2017-SMP accounted for the CMBS. The CLOs were US$509.95m Carlyle US CLO 2017-5, US$413m Elevation CLO 2017-8, US$610m Fortress Credit BSL V and the €375m Oak Hill European Credit Partners IV refi.

Pricings
The clear-out continued, as several deals departed the pipeline. In total there were seven ABS prints as well as five RMBS, three CMBS and eight CLOs.

The ABS were: CNY4bn Bavarian Sky China 2017-3 Trust; US$572.22m Conn's Receivables Funding Series 2017-B; US$150m Consumer Loan Underlying Bond Credit Trust 2017-NP2; US$50m Continental Credit Card ABS 2017-1; US$419.55m Finance of America Structured Securities Trust 2017-HB1; US$722.5m KDAC Aviation Finance; and US$1.5bn Nissan Auto Receivables 2017-C Owner Trust.

€6.025bn Brera Sec 2017, €2.55bn Caixabank RMBS 3, €172m SRF 2017-2, US$200m STACR 2017-HRP1 and US$365m Tricon American Homes 2017-SFR2 were the RMBS. The CMBS were US$140m BAMLL 2017-SCH, US$240m CSMC Trust 2017-PFHP and US$1.5bn FREMF 2017-K71.

The CLOs were: US$471.5m AIMCO 2015-AR; US$512.5m Allegro CLO VI 2017-2; US$563.15m CIFC Funding 2015-1R; US$460m CIFC Funding 2015-2R; US$463.79m Golub Capital Partners CLO 2015-22(B)R; €1.93bn IM Sabadell PYME 11; US$812.93m Sound Point CLO 2017-4; and US$820m Stewart Park CLO 2015-1R.

Editor's picks
Basel 4 proportionality expected: The Basel Committee has finalised the long-awaited Basel 4 reforms (SCI 8 December). The proposals have received an overall positive reception from the market, although much will depend on how the rules are translated into the CRR. Indeed, the prospect of proportionality at the EU level appears to be more promising (SCI 23 October)...
Debut SLABS more of a 'distressed bond': After a Brexit-related delay, the UK government has closed Income Contingent Student Loans 1 (2002-2006), its debut £3.94bn student loan securitisation (SCI 1 November and 29 March). The transaction has been hailed as a success by ABS analysts, but it may have deterred some traditional ABS investors and has led to suggestions that it's not a recognisable ABS product at all...
Directive to reform NPL landscape: The EBA has published further draft technical standards and guidelines relating to the updated payment services directive - PSD2 - which comes into effect next month. PSD2 will significantly affect the volume and management of European NPLs...
Debut Russian RMBS 'just the start': VTB Capital has closed an inaugural RMBS under the Russian government-backed AHML programme, which the bank suggests could be one of many securitisations to come, across a range of asset classes. The RUB48.2bn transaction - dubbed VTB24 - is secured by privately-owned apartments and features a single-tranche pass-through structure, offering a fixed annual coupon of 11.5%...
MPL sector shakes off reputational threats: With continued growth of the marketplace lending ABS sector and repeat issuance from a range of firms, the market appears to have shaken off its label as an esoteric asset class. At the same time, a potential resolution to the ongoing Madden case suggests that the sector could finally be overcoming its reputational issues...

Deal news
• Banca IFIS has closed two disposals totalling €336m of retail and corporate non-performing loans. The transactions coincide with a significant expansion of the bank's NPL division, which is currently shifting its focus to the salary-backed loan market.
• DBRS has downgraded its rating on the Debussy DTC class A notes to double-B (low) from triple-B (low) and placed the deal under review with negative implications. The move reflects the imminent decrease in credit characteristics of the UK CMBS, due to Toys 'R' Us's (TRU) proposed company voluntary arrangement (CVA), which could result in the transaction suffering an ICR trigger breach or interest payment default next year.
• Freddie Mac continues to expand its credit risk transfer remit, pricing two innovative securitisations last week. The first deal references relief refinance loans, while the second is backed by affordable single-family rental (SFR) properties.