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

Pipeline
The pace of pipeline additions slowed last week due to Thanksgiving. The final count consisted of three ABS, one ILS, one RMBS, three CMBS and one CLO.

US$713m Castlelake Aircraft Securitization Trust 2015-1, A$190m Liberty Series 2015-1 Auto and SC Germany Consumer 2015-1 accounted for the ABS. The ILS was US$200m Nakama Re 2015-1 and the RMBS was US$590m STACR 2015-HQA2.

US$766.5m CSMC 2015-GLPA, US$764m CSMC 2015-GLPB and US$1.25bn FREMF 2015-KF12 were the CMBS. The CLO was US$504.25m Jamestown CLO VIII.

Pricings
There were nine ABS prints, just as there had been in the week before. There were also three RMBS, three CMBS and two CLOs.

The ABS were: €316m A-Best 13; €800.4m Bavarian Sky 4; £3.3bn Driver UK Master 2015; US$400m NRZ Advance Receivables Trust 2015-ON1 2015-T3; US$400m NRZ Advance Receivables Trust 2015-ON1 2015-T4; €724m ProFamily Securitisation 2015; US$198.4m South Carolina Student Loan Corp 2015-A; Sfr337.6m Swiss Car ABS 2015-1; and €882.2m VCL Master Residual Value Compartment 2.

€726m Grecale RMBS 2015, US$217.3m Nationstar HECM Loan Trust 2015-2 and US$520m New Residential Mortgage Loan Trust 2015-2 were the RMBS, while the CMBS were US$1.5bn FREMF 2015-K50, US$705m Lone Star Portfolio Trust 2015-LSP and US$176m Ready Capital Mortgage Trust 2015-2. The CLOs were €2.53bn FONCAIXA PYMES 7 and US$400m KKR CLO 13.

Editor's picks
Utility factor: Puerto Rico Electric Power Authority (PREPA) plans to exchange newly issued utility cost recovery charge ABS bonds to its uninsured bondholders as part of an agreement to reduce its debt burden. The deal remains in limbo for now, however, as PREPA continues thrash out details with the bondholders yet to sign up...
Fighting Irish: The performance of Irish RMBS continues to improve against the backdrop of a stable economy. A potential slowdown in the recovery and lingering NPLs point to a number of challenges, but a dramatic downturn is not anticipated...
Euro secondary stays strong: Despite weaker global markets and reduced volumes, the European securitisation secondary market is still showing some strong signs. "Tuesday was a bit quieter, with flows minimal across most sectors as a result of weakness in broader credit, thanks to increasing global political tension," says one trader. "However, we saw some strong activity and prints around BWICs..."

Deal news
• Renovate America has issued the first ever 'green' PACE securitisation. HERO Funding Trust 2015-3 represents 8,939 home improvements made to reduce energy or water consumption or produce renewable energy.
• Latitude Financial Services - the renamed GE Consumer Finance business acquired by KKR, Varde Partners and Deutsche Bank - has closed a pair of revolving ABS transactions. Rated by Fitch, the NZ$972.9m New Zealand Sales Finance and Credit Cards Trust and A$3.76bn Australian Sales Finance and Credit Cards Trust programmes are backed by New Zealand and Australian consumer receivables respectively.
• BSEC has launched a trade receivables securitisation for Debbané Frères, a provider of agricultural solutions in Lebanon. Dubbed Debbane Agri SIF, the US$13.3m transaction is believed to the first of its kind in the local market and channels financing to support agriculture, an underserved vital economic sector in Lebanon.
• Victory Park Capital (VPC) has closed a pair of securitisation financings: a A$100m ABS warehouse programme with zipMoney, an Australian digital retail finance provider; and a US$175m marketplace lending transaction - dubbed zipMoney Trust 2015-1 - alongside KKR.
• Freddie Mac has obtained the largest insurance policy to date under its Agency Credit Insurance Structure (ACIS) programme. The transaction transfers much of the remaining credit risk associated with the fourth actual loss STACR offering, STACR Series 2015-DNA3.
• Hayfin Capital Management has made a request to the English High Court to decide how interest should have been calculated on the payment of class X notes in Windermere VII CMBS. The bonds were structured to continue paying following the default of the underlying loans.
• Patriarch Partners has filed a Chapter 11 bankruptcy petition for Zohar CDO 2003-1. The firm says its actions are a result of it trying to protect against efforts by MBIA to obtain the assets of the transaction.
• S&P has withdrawn its ratings on all notes, except one, issued by Ballantyne Re. The agency says it received a request from the sponsor of the ILS, Scottish Re (US), to withdraw the ratings in 2010 but opted to maintain unsolicited ratings due to potential market interest.

Regulatory update
• The Australian Prudential Regulation Authority (APRA) has released a paper that sets out revisions to the country's prudential framework for securitisation. The regulatory body intends to simplify the rules, in order to strengthen the funding profile for market players and add clarity for entrants looking for capital benefits.
• The US Bipartisan Budget Act of 2015 - signed earlier this month - is set to impact the tax treatment of a variety of securitisation structures. The act replaces a longstanding set of statutory provisions governing the audit and adjustment of partnership income tax returns.
• The China Asset Securitisation and Structured Finance Professional Committee has held its inaugural meeting, after being established under the leadership of the People's Bank of China. The committee, also known as the Inter-Bank Market Dealers Association, will explore ways of improving institutional arrangements for securitisation in China, specifically through conjunction with regulatory authorities.
• ESMA and the Securities and Futures Commission (SFC) of Hong Kong have concluded a memorandum of understanding that will allow the exchange of information on derivative contracts held in trade repositories. The agreement allows both regulatory bodies to have indirect access to trade repositories established in the EU and Hong Kong respectively.
• The Hong Kong Securities and Futures Commission (SFC) has opened a consultation on proposals to update the guidelines for regulating automated trading services (ATS). The proposals are presented in a paper which primarily covers potential regulatory changes to encompass OTC derivative transactions.

Deals added to the SCI New Issuance database last week:
AMMC CLO 17; Avery Point VII CLO; B2R Mortgage Trust 2015-2; Bavarian Sky China Trust 2015-2; Bavarian Sky Compartment Germany Auto Leases 4; Canadian Commercial Mortgage Origination Trust series 2015-3; CNH Capital Canada Receivables Trust series 2015-2; CSMLT 2015-2 Trust; Driver UK Master Compartment 2 series 2015-1; Eagle Credit Card Trust 2015-1; Freddie Mac Whole Loan Securities Trust series 2015-SC02; FREMF 2015-K50; Genesis Trust II series 2015-2; Go Financial Auto Securitization 2015-2; HERO Funding Series 2015-3; Hudson's Bay Simon JV Trust 2015-HBS; JPMBB 2015-C33; MSBAM 2015-C27; SMART ABS series 2015-4E Trust; SoFi Professional Loan Program 2015-D; Swiss Car ABS 2015-1; TCF Auto Receivables Owner Trust 2015-2; VCL Master Residual Value Compartment 2 2015; Westgate Resorts 2015-2; WFCM 2015-NXS4

Deals added to the SCI CMBS Loan Events database last week:
COMM 2013-CR10; CSMC 2006-C4; CSMC 2006-C5; EURO 30; GMACC 2006-C1 & GECMC 2006-C1; JPMCC 2010-C1; TITN 2006-3; TMAN 5; WBCMT 2006-C23; WBCMT 2007-C31; WFCM 2010-C1; WFRBS 2011-C3; WINDM VII; WINDM X; WTOW 2007-1