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

Pipeline
ABS names dominated the list of pipeline additions last week. There were eight new ABS added to the pipeline as well as an ILS, two RMBS and two CMBS.

The ABS were: US$1.414bn AmeriCredit Automobile Receivables Trust 2017-2; CNY4.12bn Driver China Six Trust; US$442.41m DT Auto Owner Trust 2017-2; US$250m Higher Education Student Assistance Authority (State of New Jersey) Student Loan Revenue Bonds Series 2017-1; C$490m MBARC 2017-A; US$308.65m Nissan Master Owner Trust Receivables Series 2017-A; US$308.65m Nissan Master Owner Trust Receivables Series 2017-B; and US$1.75bn Toyota Auto Receivables 2017-B Owner Trust.

US$125m MetroCat Re 2017-1 was the ILS, while the RMBS were A$500m Progress 2017-1 Trust and US$2.29bn Towd Point Mortgage Trust 2017-2. The two CMBS were US$272m CSMC Trust 2017-LSTK and US$223.1m Velocity Commercial Capital 2017-1.

Pricings
It was another week of considerable CLO issuance, split between new deals and refis. There were nine CLOs, along with five ABS, three RMBS and two CMBS.

Those ABS were: US$1bn CARDS II Trust 2017-1; US$900m Coinstar Funding Series 2017-1; C$540m Ford Auto Securitization Trust 2017-R2; US$268.47m HERO Funding 2017-1; and US$217.54m Renew 2017-1.

C$2bn Bicentennial Trust, US$402.6m COLT Mortgage Loan Trust 2017-1 and Freddie Mac SCRT Series 2017-1 were the RMBS. The CMBS were US$900.5m CD 2017-CD4 and US$1.55bn FREMF 2017-K64.

The CLOs consisted of: US$406.7m Jamestown CLO 2013-3R; US$386m Marathon CLO 2014-6R; US$400m Oaktree CLO 2014-1R; US$410.25m OZLM 2017-16; US$409.5m Parallel CLO 2017-1; US$406m Regatta IX Funding 2017-1; €412.5m Sorrento Park CLO 2014-1R; US$611.3m Voya CLO 2017-2; and US$512m ZAIS CLO 6 2017-1.

Editor's picks
Irish NPL wave expected: Allied Irish Bank last month sold €400m gross book value of non-performing buy-to-let loans to Goldman Sachs at a 50% discount to their original value. The transaction signals a shift in the seller base for non-performing loans from foreign banks and bad bank NAMA to domestic Irish lenders...
European CLO investor base expands: The European CLO investor base is broadening, thanks to less perceived volatility than in the US market. As well as the stability Europe offers, panellists at IMN's European CLOs and Leveraged Loans conference last month said that low defaults and strong collateral quality is driving renewed interest in European CLOs across the capital stack...
Brexit may see CLO managers up sticks: Article 50 may have recently been triggered following the Brexit referendum, but uncertainty remains rife about what it means for CLO managers in the UK. In combination with the slow-moving STS securitisation framework negotiations, CLO managers are consequently weighing up other jurisdictions and the possibility of issuing elsewhere in Europe...
Chinese NPL ABS to expand: The Chinese government is set to allow some mid-sized banks to issue non-performing loan ABS this year, providing them with a new channel to offload bad loans. The move is part of an attempt to establish a risk curve, which aims to increase the alternatives available in the credit market...
'Major uncertainy' from swap mismanagement: Notices have been released highlighting swap book mismanagement by 11 issuers in the E-MAC RMBS series. CMIS, which serves as loan servicer and SPV issuer administrator, has stepped in to cover certain fees, but in claiming for reimbursement has created what Rabobank analysts refer to as "a major uncertainty"...

News
• Credit Suisse is in the market with a single-asset/single-borrower CMBS secured by two of three land parcels beneath 885 Third Avenue in New York, known as the 'Lipstick Building'. Dubbed CSMC Trust 2017-LSTK, the US$272m transaction is sponsored by a joint venture between BVS Acquisition Co and Shanghai Municipal Investment (Group) USA.
• Italy's troubled flagship airline Alitalia has been placed under special administration. Should the company ultimately be liquidated, a number of aircraft ABS could face temporary cashflow disruptions as aircraft are repossessed, repaired and re-leased by the lessors.
• Several US credit card banks have reported higher-than-expected net charge-off rates on their card portfolios in their 1Q17 earnings reports. The move seemingly coincides with lenders taking on more risk based on perceived borrower quality and larger credit limits. At the same time, borrowers appear to be taking on too much debt relative to their income growth prospects.
• Sequant Re is looking to raise capital through a peer-to-peer platform which connects investors directly with companies and funds seeking to raise funds or gain market exposure. The novel approach may seem more suited to a technology start-up, but should bring new investors into the ILS market.