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SCI Start the Week - 3 September

Category: ABS CLOs CMBS


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

Pipeline
A small handful of deals remained in the pipeline ahead of the Labor Day holiday in the US. RMBS accounted for the majority of newly-announced securitisations last week.

The RMBS currently in the pipeline are €526.89m Dutch Property Finance 2018-1, US$476.06m Flagstar Mortgage Trust 2018-5 and €1.08bn Storm 2018-II. The other newly-announced deal last week was CNY3.92bn VINZ 2018-3, a Chinese auto ABS.

Pricings
CLO issuance continued apace last week. An auto ABS, a student loan ABS, a CMBS and an RMBS made up the remaining pricings.

Last week’s CLO prints included: €411m Anchorage Capital Europe CLO 2, US$515.65m Buttermilk Park CLO, US$513m Atlas XII, US$510m Dryden 65 CLO, US$519m HPS Loan Management CLO 13-2018, US$509m Neuberger Berman CLO 29, US$462m Voya CLO 2013-3 (refinancing), US$508.6m Wellfleet CLO 2018-2 and US$458m WhiteHorse XII CLO. The ABS pricings were €743m Driver Fifteen and US$495.7m Nelnet Student Loan Trust 2018-4, while the £91m Elizabeth Finance 2018 CMBS and A$297.6m Sapphire XIX Series 2018-2 RMBS rounded out the issuance.

Editor’s pick
Landmark disposal completed: Bank of Cyprus has agreed to sell a landmark €2.7bn (GBV) real estate portfolio to Apollo dubbed Project Helix. The large size of the deal demonstrates the Cypriot market’s ability to attract large private equity funds and is expected to spur further non-performing loan transactions…

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