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

Pipeline
Additions to the pipeline started to pick up pace last week. There were seven ABS and eight RMBS as well as a CMBS.

The ABS were: €549.1m Bumper 8; US$400m Exeter Automobile Receivables Trust 2017-1; US$410m Falcon Aerospace; US$529m Master Credit Card Trust II Series 2017-1; US$585m SMB Private Education Loan Trust 2017-A; US$420m State Board of Regents of the State of Utah Series 2017-1; and US$561m SoFi Professional Loan Program 2017-A.

The RMBS were: Apollo Series Trust 2017-1; €1.136bn FCT Credit Agricole Habitat 2017; FCT Elide 2017-01; US$1bn Invitation Homes; US$400m NRZ Advance Receivables Trust 2015-ON1 Series 2017-T1; REDS Trust Series 2017-1; US$742m STACR 2017-DNA1; and US$300m Station Place Securitization Trust 2017-1.

The CMBS was US$977m BAML Commercial Mortgage Trust 2017-BNK3.

Pricings
ABS accounted for the majority - nine out of 15 - of the week's prints. There was also an RMBS, three CMBS and two CLOs.

The ABS were: US$1.116bn Ally Auto Receivables Trust 2017-1; US$1.135bn CarMax Auto Owner Trust 2017-1; US$1bn Drive Auto Receivables Trust 2017-A; US$750.2m Enterprise Fleet Financing Series 2017-1; US$301.52m Flagship Credit Auto Trust 2017-1; US$750m GMF Floorplan Owner Revolving Trust Series 2017-1; US$529m Master Credit Card Trust II Series 2017-1; US$139m Mosaic Solar Loans 2017-1; and US$267.83m OneMain Direct Auto Receivables Trust 2017-1.

€1.16bn Claris RMBS 2017 was the RMBS, while the CMBS were US$1.3bn CD 2017-CD3, US$1.261bn FREMF 2017-K61 and US$365m Morgan Stanley Capital I Trust 2017-PRME. The CLOs were US$350m Allegro CLO 2014-1R and US$198m OFSI Fund 2013-5R.

Editor's picks
Heavy burden: Average US student debt levels have now swelled to a record US$30,000 plus, sparking concern that the US economy could be negatively affected by constrained home ownership and long-term consumption growth. At the same time, high-profile legal cases relating to the difficulty of debtors to discharge their debt through bankruptcy and the recent CFPB versus Navient case suggest that student debt could be pushed further under the spotlight...
Aligned interests: US funds continue to storm the Spanish NPL market for investment opportunities. They appear to be capitalising on funding structures and operational processes that match the asset characteristics of the large non-core disposal programmes seen in the country...
CRT variances examined: Fannie Mae's latest risk-sharing RMBS - the US$1.4bn CAS 2017-C01 - offered class 1B1 bonds are no longer first-loss portions of the capital structure and instead feature 50bp of credit support, in the form of another subordinate B tranche that it retained. In a new study, Wells Fargo structured product analysts suggest that the move is reflective of how credit enhancement levels have varied in credit risk transfer deals over the past few years...
US CLO mezz pauses: The US CLO secondary market mezz rally is pausing for breath this week so far. "Superficially, it's still very active, with a lot of paper coming in for the bid, but the volume of non-investment grade paper is half of what it was last week," says one trader. "Investment grade guys are still buying, but below that spreads are pretty much flat on the week, as everyone there is taking a breather..."
L-shaped retention debuts: Citi and Deutsche Bank are in the market with CD 2017-CD3, the first conduit CMBS to comply with the US risk retention rules by employing an 'L-shaped' structure. The US$1.3bn deal - rated by Fitch, KBRA and Moody's - is collateralised by 52 commercial mortgage loans secured by 59 properties...

Deal news
• The recent STORM 2017-I involved the sale of the largest publicly distributed senior Dutch RMBS tranche since the financial crisis, at €2bn (see SCI's primary issuance database). The deal, amid a number of other credit positives, suggests that the Dutch RMBS market could be poised for growth in 2017.
• Land Securities Capital Markets is expected to issue two additional classes of notes, the proceeds of which will be used to purchase a portion of the existing class A3, A4, A5 and A10 notes. Provisionally rated double-A by Fitch, the new class A12 and A13 notes will be issued under the SPV's £6bn multi-currency issuance programme, with which they will rank pari passu.
• Credit Agricole has mandated its first public French RMBS - €1.136bn FCT Credit Agricole Habitat 2017 (see SCI's pipeline). It is Credit Agricole's first public securitisation of French home loans and is the first pure funding transaction since the financial crisis.
• Moody's reports that the performance of Small Business Origination Loan Trust 2016-1, the first European securitisation of marketplace loans, has so far largely been in line with its initial expectations. Indeed, the transaction's sponsor - Funding Circle - has had to provide minimal support, repurchasing just 0.33% of loans.
• New Zealand's largest vehicle seller, Turners, has established a NZ$150m securitisation programme that will securitise the group's consumer loan portfolio. The programme will be implemented next month and the first receivable sales transactions are scheduled to occur in March.

Regulatory update
• Following recent court decisions, the Spanish government has announced a Royal Decree 1-2017, which requires banks to identify mortgage loans where the presence and operation of interest rate floor clauses were not originated with sufficient transparency. Fitch expects the move to clarify any impact on RMBS transactions.
• Société Générale has agreed to pay a US$50m civil penalty to the US Department of Justice to resolve claims under the Financial Institutions Reform Recovery and Enforcement Act related to its activities in connection with the marketing, sale and issuance of an RMBS dubbed SG Mortgage Securities Trust 2006-OPT2. As part of the agreement, the bank has acknowledged in writing that it made false representations to prospective investors in SG 2006-OPT2, which suffered significant losses.
• RBS is setting aside a further £3.1bn provision for various investigations and litigation matters relating to its issuance and underwriting of US RMBS. The extra £3.1bn takes the total aggregate of provisions to £6.7bn.