SCI Start the Week - 4 September

Category: ABS CDO CLOs


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

Pipeline
There were relatively few pipeline additions ahead of the Labor Day weekend. The final count consisted of four ABS and a trio of Australian RMBS.

CNY4bn Driver China Seven, £438.1m Driver UK Six, Motor 2017-1 and US$1.03bn Navient Student Loan Trust 2017-5 accounted for the ABS. The Aussie RMBS were Apollo Trust 2017-2, Firstmac Mortgage Funding Trust 2017-2 and A$470m La Trobe Financial Capital Markets Trust 2017-2.

Pricings
A significant number of deals cleared the pipe. There were four ABS prints along with five RMBS, three CMBS and three CLOs.

The ABS were: US$234.13m American Credit Acceptance Receivables Trust 2017-3; US$395m GMF Floorplan Owner Revolving Trust Series 2017-3; A$500m Latitude Australia Credit Card Loan Note Trust series 2017-2; and US$900m OneMain Financial Issuance Trust 2017-1.

The RMBS were: A$350m AFG 2017-1 Trust; US$210m Bayview Mortgage Fund IVc Trust 2017-RT3; €646m B-Arena NV/SA Compartment No.4; €347m Cartesian Residential Mortgages 2; and A$500m Liberty Series 2017-1 SME.

The CMBS were: US$482.2m BBCMS 2017-DELC; US$941.58m Citigroup Commercial Mortgage Trust 2017-B1; and US$2bn Motel 6 Trust 2017-MTL6.

Lastly, the CLOs were: US$479m Race Point CLO 2015-9R; US$531m Venture CDO 2013-13R; and US$391.5m West CLO 2014-1R.

Editor's picks
Direct issuance achieves CMBS firsts: The recent US single-asset/single-borrower CMBS from the Shidler Group - HMH Trust 2017-NSS (see SCI's primary issuance database) - debuted a new direct issuance model, at least post the financial crisis. The transaction features several innovations, including a unique risk retention structure and extra borrower control...
Hurricane Harvey impact weighed: While the picture is not yet clear in terms of the total damage inflicted by Hurricane Harvey, it looks set to impact several sectors across securitisation. RMBS and CMBS appear likely to be most affected, along with credit risk transfer transactions and potentially auto ABS...
CLO secondary trading slows: Primary CLO issuance is booming, although secondary market activity has dipped this year. The glut of refinancings seen earlier in the year appears to have played a significant part in this...

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