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

Pipeline
The outstanding deal pipeline has shrunk significantly over the past few weeks as the yearly August slowdown has come into effect. A marketplace lending ABS deal from loanDepot is understood to be in the works, but only one named deal - US$373.7m ECMC Group Student Loan Trust 2016-1 - joined the pipeline last week and stayed there until the close of business on Friday.

Pricings
The week's prints total was also modest. In total there were four ABS, two RMBS, a CDO and three CLOs.

US$1.1bn COMET 2016-A4, US$625m COMET 2016-A5, US$178.15m Foundation Finance Trust 2016-1 and US$1.5bn Honda Auto Receivables 2016-3 Owner Trust Notes accounted for the ABS. The RMBS were US$505m Mill City Mortgage Loan Trust 2016-1 and US$237.21m Nationstar HECM Loan Trust 2016-3.

US$333.75m Trups Financials Note Securitization 2016-1 was the CDO. The CLOs were US$354.1m Ballyrock CLO 2016-1, €323m Toro European CLO II and US$409m Trinitas CLO V.

Editor's picks
Retention span: The race to originate and structure US CMBS is reaching a critical stage, with the implementation of risk retention rules just over four months away. The recent issuance of the US$870.6m WFCM 2016-BNK1 kick-started a new era for the asset class, marking the first retention-compliant deal and precipitating a positive market reaction...

Deal news
• About US$3.64bn in loans securitised in CMBS issued since 2010 could be impaired by Macy's recently announced round of store closures, according to Morningstar Credit Ratings. The agency has identified 28 Macy's locations that reported below-average tenant sales and are the most at risk of closing.
• The final price for Commonwealth of Puerto Rico CDS was determined to be 58.5. Six dealers submitted initial markets, physical settlement requests and limit orders to the auction to settle trades across the market referencing the entity (SCI 19 July).

Regulatory update
• The Committee on Payments and Market Infrastructures (CPMI), IOSCO and the Financial Stability Board (FSB) have issued reports advancing the regulatory agenda on CCPs. The CPMI and IOSCO reports are aimed at enhancing the resilience of CCPs, while the FSB paper covers CCP resolution planning.
• The Committee on Payments and Market Infrastructures (CPMI) and IOSCO have published for public comment a second consultative report on harmonisation of the unique product identifier (UPI). The harmonised global UPI is intended to uniquely identify OTC derivatives products which authorities require to be reported to trade repositories.
• The US$4.5bn JPMorgan RMBS settlement was last week approved by the court, which overruled the final objector to the agreement. Proceeds could potentially be distributed within 12 months of the next remittance period.