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

Pipeline
Last week six ABS, five RMBS, one CMBS and two CLOs were added to the pipeline. The CMBS was Taurus 2015-3 EU DAC and the CLOs were US$398m NewStar Commercial Loan Funding 2015-2 and US$512m York CLO-2.

The ABS were: US$131.2m CarNow Auto Receivables Trust 2015-1; US$310.4m CCG Receivables Trust 2015-1; Driver UK Three; US$1bn Hyundai Auto Receivables Trust 2015-C; CNY2.7bn Rongteng Individual Auto Mortgage-Backed Securitization 2015-2; and Silver Arrow Compartment 6.

The RMBS were: US$310.39m Agate Bay Mortgage Trust 2015-6; £102m Albion No.3; US$477.73m American Homes 4 Rent 2015-SFR2; A$460m Securitised Australian Mortgage Trust 2015-1 and STORM 2015-II.

Pricings
US$751m John Deere Owner Trust 2015-B was the sole ABS print, while the only RMBS was A$2bn Medallion Trust Series 2015-2. There was also a single CMBS - €191.5m REITALY Finance 2015.

Three CLOs also printed last week. These were US$417m Fifth Street Senior Loan Fund II, US$809.55m Voya CLO 2015-3 and US$511.75m York CLO 2015-1.

Editor's picks
Retail therapy: US CMBS players are keeping a cautious eye on struggling retailers with exposure to the asset class. Against this backdrop, asset diversity and the ability of loans to refinance are key differentiators...
CLO slice financing considered: Although the US CLO market has now surpassed its pre-crisis size, the number of managers issuing CLOs has decreased. With risk retention set to cull numbers further, vertical slice financing could provide managers with a solution...

Deal news
• August non-agency RMBS remittances show cash payouts for three DBALT deals in relation to the Monarch Alternative Capital representations and warranty settlement. A few HVMLT deals also received chunky subsequent recoveries during the month.
• Moody's is the first rating agency to upgrade CRT bonds after taking action on CAS 2014-C01 M1, STACR 2013-DN2 M1 and both STACR 2014-DN1 M1 and M2. Upgrades for a wave of newer deals are also anticipated.

Regulatory update
• The US SEC has approved a settlement concerning Taberna Capital Management (TCM) and its alleged involvement in fraudulently retaining fees belonging to CDO clients. RAIT Financial Trust, the parent company of TCM, says the agreed payment fee is US$21.5m.
• The World Federation of Exchanges (WFE) has written a letter to the European Commission expressing concern over delays and a lack of transparency in EMIR equivalence determinations for third country central counterparties (CCPs). The trade organisation believes these issues could present a challenge to economic growth and development in many emerging market economies.
• The Committee on Payments and Market Infrastructure (CPMI) and IOSCO have published a consultative report open for comment on the harmonisation of a first batch of key OTC derivatives data elements. The report refers to OTC derivatives other than unique transaction identifiers and unique product identifiers, which are subject to comment from a separate report published last month (SCI 20 August).
• Moody's says that the People's Bank of China's (PBOC) inaugural approval of issuance quotas for Chinese securitisations is a positive development for the country's securitisation market. Under the new system, issuers should have greater certainty about the size and number of deals that they can issue over a set period.

Deals added to the SCI New Issuance database last week:
Agate Bay Mortgage Trust 2015-5; Alterna Funding II 2015-1; Arbor Realty CRE 2015-FL2; BAMLL 2015-ASTR; Driver Master Compartment 4; FRESB 2015-SB1; FRESB 2015-SB2; John Deere Owner Trust 2015-B; Recette CLO ; Reitaly Finance; Shackleton 2015-VIII CLO; Shellpoint Co-originator Trust 2015-1; Wellfleet CLO 2015-1

Deals added to the SCI CMBS Loan Events database last week:
CGCMT 2006-C4; CGCMT 2007-C6; COMM 2005-F10A; COMM 2005-LP5; COMM 2013-CR9; COMM 2015-LC21; DECO 2006-E4; DECO 2007-E5; DECO 6-UK2; GSMS 2012-GC6; JPMBB 2014-C19; JPMCC 2007-LD11; MLCFC 2007-5; TAURS 2006-3; TITN 2006-1; TITN 2006-3; TITN 2006-5; TITN 2007-CT1; WBCMT 2006-C26; WFRBS 2011-C3; WINDM XIV