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

Pipeline
Last week's additions to the pipeline took a slightly heavier skew towards ABS. There were nine ABS deals added, as well as five RMBS and three CMBS.

The ABS were: US$1bn Ally Auto Receivables Trust 2017-2; US$1bn Drive Auto Receivables Trust 2017-B; €448m Driver France 3; Sfr297m First Swiss Mobility 2017-1; US$1.282bn Honda Auto Receivables 2017-1 Owner Trust; US$257.44m Marlette Funding Trust 2017-1; US$1bn Nissan Auto Receivables Owner Trust 2017-A; US$461.5m SoFi Professional Loan Program 2017-B; and €783m Sunrise 2017-1.

The RMBS were A$1.7bn Firstmac Mortgage Funding Trust No.4 Series 1-2017, A$500m Liberty Series 2017-1, Light Trust 7, US$280.38m Shellpoint Co-Originator Trust 2017-1 and €400m SRF 2017-1. The CMBS consisted of US$900m CARS-DB4, DB5, DB6, DB7, DB8, DB11, CNI-2 Series 2017-1, US$758.8m LSTAR 2017-5 and US$637.5m WFCM 2017-RB1.

Pricings
The week's prints consisted of seven ABS, an ILS, three RMBS, four CMBS and 14 CLOs.

The ABS were: US$1.168bn BMW Vehicle Lease Trust 2017-1; US$869.86m CNH Equipment Trust 2017-A; US$131.78m JG Wentworth XXXVIII Series 2017-1; US$921.4m Navient Student Loan Trust 2017-2; US$312.9m OSCAR US 2017-1; PLN1.33bn SC Poland Consumer SP ZOO 1 (restructuring); and US$350m Sierra Timeshare 2017-1.

US$480m Aozora Re 2017 was the ILS and the RMBS were €2.72bn Caixabank RMBS 2, US$1.33bn CAS 2017-C02 and A$300m La Trobe Financial Capital Markets Trust 2017-1. The CMBS consisted of US$218.6m CSMC 2017-HD, US$1.02bn CST 2017-SKY, US$366.6m Greystone CRE 2017-FL1 and US$1bn JPMDB 2017-C5.

The CLOs were: US$484.3m A Voce CLO 2014-1R; €414.85m ALME Loan Funding III 2014-3R; US$439.5m Ares CLO 2013-3R; €1.185bn Asti Group PMI 2017; US$863.75m Atrium XI CLO 2014-11R; €419m Avoca CLO 2014-12R; €247.5m BNPP IP Euro CLO 2015-1R; US$345.8m Cutwater 2014-2R; US$330.25m CVP Cascade CLO 2013-1R; US$412.75m CVP Cascade CLO 2014-2R; US$322m ICG US CLO 2014-2R; €373.4m Jubilee CDO 2014-11R; US$493.8m Northwoods Capital XI CLO 2014-11R; and US$468.49m Palmer Square CLO 2013-2R.

Editor's picks
Landmark green SRT introduced: Mariner Investment Group and Crédit Agricole have collaborated to create the first green capital relief trade, the French lender's largest synthetic issuance to date. Dubbed Premium Green 2017-2, the innovative US$3bn risk transfer transaction combines capital management best practices with the objectives of socially responsible investing...
European AMC to create 'positive feedback loop': Further details have emerged about the EBA's proposed state-funded, pan-EU asset management company (AMC) (SCI 3 February). The initiative is expected to attract more investors to the European NPL market and by extension free up bank capital and spur more lending...
Greek servicing shift underway?: Piraeus Bank has hired Christos Megalou, a former Eurobank director, as its chief executive. The appointment signals a growing shift in Greek banks' NPL strategies towards the outsourcing of servicing needs to external servicers...
Innovative GARC transaction prints: Intesa Sanpaolo has printed an innovative risk transfer transaction - and the largest to date - from its GARC programme, with Banca IMI acting as arranger. The €2.5bn GARC SME-5 synthetic securitisation references a granular portfolio of Italian SME loans...
Loan tapes suggest auto trends are 'in line': Loan and pool level stratifications in US auto ABS show credit trends in line with economic expansion and the credit cycle. Rising rates and increasing lender competition could alter this dynamic, according to a new JPMorgan study, which analyses early stage delinquencies and loan modifications across 10 auto loan tapes from seven pools (averaging 60,000 loans per tape)...
Euro secondary strengthens: Tone and levels if not volumes continue to strengthen across the European securitisation secondary market. The large CDO liquidation BWIC last Friday bolstered the market's already strong tone, as expected...

Deal news
• The second US CMBS conduit transaction to use an eligible horizontal residual interest, and the first to have that horizontal interest held solely by a third-party purchaser, is currently marketing. JPMDB 2017-C5 is a US$1bn transaction rated by Fitch, Kroll Bond Rating Agency, Moody's and S&P (see SCI's pipeline).
• Multilease is prepping a debut Sfr297m auto lease ABS. Dubbed First Swiss Mobility 2017-1, it is a 32-month revolving cash securitisation of auto lease contracts extended to obligors in Switzerland.
• The roll of the IHS Markit CDS indices next week is expected to result in a number of lower quality constituents entering the reference portfolios. Ahead of the roll, Morgan Stanley credit derivatives analysts reiterate their long-term preference for Europe over the US via a long Crossover position versus CDX HY and buying upside options in the iTraxx Main versus CDX IG.

Regulatory update
• A number of positive developments have boosted the marketplace lending sector this week. Among them is the publication by the OCC of further guidelines for fintech firms applying for bank charter applications.