SCI Start the Week - 8 January

Category: ABS Capital Relief Trades CDO

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

There were a few deals added to the pipeline in the first week of the year. These were four ABS, an RMBS, a CMBS and a CLO.

US$190m CPS Auto Receivables Trust 2018-A, Driver Japan Seven, E-CARAT 9 and US$1.24bn GM Financial Consumer Automobile Receivables Trust 2018-1 accounted for the ABS. The RMBS was Finsbury Square 2018-1, the CMBS was Natixis Commercial Securities 2018-TECH and the CLO was Cairn CLO X.

A couple of CMBS and a CLO went the other way. The CMBS were US$570m Atrium Hotel Portfolio Trust 2017-ATRM and US$800.5m FNA 2018-M1, and the CLO was US$331m Great Lakes CLO 2015-1R.

Editor's picks
Santander, Lloyds ride synthetic CMBS wave: Santander and Lloyds have each put together synthetic securitisations of commercial real estate portfolios. The financial guarantees and significant risk transfer deals are the first in a wave of post-crisis synthetic CMBS issuance...

CSP testing delay 'minor issue': Testing of the Common Securitization Platform (CSP) (SCI passim) has carried on into the New Year, slipping past the FHFA's original deadline. This is the second significant delay of the last 12 months, after the announcement in 1Q17 that Release 2 of the CSP was being pushed back to 2Q19 to allow extra time for testing...

Deal news
Banca IFIS has closed two new Italian NPL transactions totalling around €200m. The latest transactions bring the bank's NPLs under management at end-2017 to over €13bn, while confirming €5bn in total expected NPL acquisitions for 2017.
China Asset Leasing Group Holdings (CALC) has launched China's first ABS denominated and settled in a foreign currency. It is also China's first ABS in aircraft leasing in the public placement market.
Dynamica Retail has issued its first salary assignment and payment delegation loans transaction in Italy. The transaction has a subscribed amount of €166.1m and a maximum note amount of €263.5m. Dyret SPV is a revolving cash securitisation of consumer loan receivables.
• Willis Towers Watson placed €90m of ILS for Covea Mutual Insurance Group last month in a "unique transaction". The transaction was the first time a European catastrophe bond has supported capacity at the bottom of a traditional reinsurance programme and also the first time a European indemnity-trigger cat bond was placed on an annual aggregate basis, the company says.