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SCI Start the Week - 20 August

Category: ABS Capital Relief Trades CLOs


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

Pipeline
The pipeline was quite sparse by the end of last week. A handful of ABS were still marketing, as well as a CLO and a CMBS.

The newly announced ABS were: US$251.67m CCG Receivables Trust 2018-2, US$2.25bn Honda Auto Receivables 2018-3 Owner Trust, US$500.5m Prosper Marketplace Lending Issuance Trust 2018-2, NZ$150m Q Card Trust 2018-1 and CNY8.01bn Silver Arrow China 2018-1. The US$530m CSWF 2018-TOP CMBS and US$460.2m Marathon CLO XII were also marketing.

Pricings
ABS and CLOs accounted for the majority of last week’s prints. A pair of CMBS and an RMBS also priced.

The auto ABS new issues comprised US$398.3m Credit Acceptance Auto Loan Trust 2018-3, US$297.28m Flagship Credit Auto Trust 2018-3, US$979m Santander Drive Auto Receivables Trust 2018-4, US$1.9bn Toyota Auto Receivables 2018-C Owner Trust and US$1.1bn Westlake Automobile Receivables Trust 2018-3. The non-auto ABS pricings were US$70m CLIF V Holdings Series 2018-1, US$400m Diamond Resorts Owner Trust 2018-1 and US$373.44m Willis Engine Structured Trust IV.

Meanwhile, last week’s CLO refinancings included €411.7m CVC Cordatus Loan Fund VII, US$567.61m Magnetite XII, US$415.8m Marathon CLO VIII, US$509.4m MP CLO VII and US$365.7m Park Avenue Institutional Advisers CLO 2016-1. The CLO new issues were US$444.15m Ares XXVIIIR CLO, US$435.16m Golub Capital Partners CLO 37(B), US$509.6m Myers Park CLO and US$409m TICP CLO XI.

The US$505m FRESB 2018-SB52 and US$212m MSC 2018-BOP CMBS, together with the US$998.97m JP Morgan Mortgage Trust 2018-8 RMBS rounded out last week’s issuance.

Editor’s picks
SMEs supported: A new ecosystem is gaining traction in the securitisation market, with supranational institutions stimulating organic origination by non-bank lenders. By facilitating the flow of credit and acting as a bridge to the capital markets, the prevalence of their activity – especially in the SME sector – is creating a new sub-category of transactions…
Integrated fund structure developed: A new fund structure has been devised, which combines the fund and insurance elements of ILS structuring and investment. Dubbed the “fund of one”, it aims to simplify the ILS investment process by aggregating the disparate jurisdictional and regulatory requirements that currently hamper the ILS sector…

Deal news

  • The EIF has completed a guarantee agreement with Banca Popolare di Bari under the SME Initiative for Italy. The transaction consists of a number of structural features designed to reduce moral hazard.
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