SCI Start the Week - 18 September

Category: ABS CDO CLOs

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

There was greater variety to last week's pipeline additions, with significantly fewer ABS added. There were four ABS, three RMBS, seven CMBS and four CLOs/CDOs added to the list.

US$650.5m Globaldrive Auto Receivables 2017-A, Scandinavian Consumer Loans VI, Silver Arrow UK 2017-1 and CNY5.9bn Silver Arrow China 2017-2 accounted for the ABS. The RMBS were US$366.6m Mill City Mortgage Loan Trust 2017-3, Shellpoint Co-Originator Trust 2017-2 and Together Asset Backed Securitisation 1.

The CMBS were: US$1.1bn 280 Park Avenue 2017-280P; US$1.2bn BANK 2017-BNK7; US$9165m COMM 2017-COR2; US$858.9m CSAIL 2017-CX9; Citigroup Commercial Mortgage Trust 2017-P8; US$1.4bn FREMF Series 2017-K727; and GS Mortgage Securities Corporation Trust 2017-375H.

The CLOs consisted of Neuberger Berman CLO XV, US$652m PFP 2017-4 and US$501.58m RR 2. There was also a single CDO in the shape of US$431m RIN CDO.

There were 14 ABS prints, as well as a couple of RMBS and a pair of CLOs.

The ABS were: US$206m Consumer Loan Underlying Bond Credit Trust 2017-P1; US$1.4bn DB Master Finance Series 2017-1; US$550m Exeter Automobile Receivables Trust 2017-3; US$750m Fifth Third Auto Trust 2017-1; US$1.35bn Ford Credit Auto Owner Trust 2017-REV2; US$450m Hertz Vehicle Financing II Series 2017-1; US$350m Hertz Vehicle Financing II Series 2017-2; £590m-equivalent Motor 2017-1; US$419.3m OSCAR US 2017-2; US$905m Santander Drive Auto Receivables Trust 2017-3; US$275m-equivalent Shinhan Card 2017-3; US$500m SoFi Consumer Loan Program 2017-5; US$457m USAA Auto Owner Trust 2017-1; and US$325m Vistana 2017-1.

A$414.5m La Trobe Financial Capital Markets Trust 2017-2 and A$1.5bn SMHL Securitisation Fund 2017-1 were the two RMBS. The CLOs were US$1.3bn CBAM CLO Management 2017-3 and US$564m ZAIS CLO 2017-2.

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