Structured Credit Investor SCI’s 5th Annual Capital Relief Trades Seminar 17 October 2019, London
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  • News

    • SCI Start the Week - 12 August

      A review of securitisation activity over the past seven days

      SCI CRT awards Don't miss out on your chance to win: the submissions deadline for the inaugural SCI Capital Relief Trades Awards is Friday (16 August). The aim of the awards is to recognise excellence in, and help bring mainstream attention to, the...

      12 August 2019

  • News

    • SCI Start the Week - 5 August

      A review of securitisation activity over the past seven days

      Market commentary Portuguese RMBS outperformed other securitisation asset classes last week, boosted by the surprise call of the Lusitano Mortgages No. 2 transaction (SCI 22 July). The sector is expected to continue to perform strongly at tight leve...

      5 August 2019

  • News

    • SCI Start the Week - 29 July

      A review of securitisation activity over the past seven days

      Transaction of the week Unusual securitisation backed by music rights collateral (SCI 23 July) SESAC, a music rights firm acquired by Blackstone in 2017, is marketing an inaugural whole-business securitisation. Dubbed SESAC Finance 2019-1, the US$...

      29 July 2019

  • News

    • SCI Start the Week - 22 July

      A review of securitisation activity over the past seven days

      Market commentary Activity eased up across the US CLO market last week, driven by both macro and seasonal factors (SCI 17 July). "In general, new issue pricing is spotty - prices are really moving around," said one trader. "It seems like...

      22 July 2019

  • News

    • SCI Start the Week - 15 July

      A review of securitisation activity over the past seven days

      Transaction of the week Rarely seen Spanish assets are behind the latest non-performing loan RMBS currently marketing. Dubbed ProSil Acquisition, the transaction is backed by a €494.7m by gross book value (GBV) portfolio consisting of most...

      15 July 2019

  • News

    • SCI Start the Week - 8 July

      A review of securitisation activity over the past seven days

      Market commentary Activity levels were high across the European ABS/MBS and CLO markets last week and they looked set to continue (SCI 3 July). "It's very busy in both primary and secondary," confirmed one trader. "It feels like the usual rush bef...

      8 July 2019

  • News

    • SCI Start the Week - 1 July

      A review of securitisation activity over the past seven days

      Transaction of the week Blackstone is marketing an inaugural US$264.5m forward-mortgage RMBS featuring unique collateral characteristics pertaining to underwriting and property concentration. Dubbed FWD 2019-INV1, the transaction is backed by 1,724...

      1 July 2019

  • News

    • SCI Start the Week - 24 June

      A review of securitisation activity over the past seven days

      Transaction of the week Jack in the Box is marketing an inaugural US$1.45bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US (SCI 19 June). Dubbed Jack in the Box Funding 2019-1, the transa...

      24 June 2019

  • News

    • SCI Start the Week - 17 June

      A review of securitisation activity over the past seven days

      Transaction of the week Fair Oaks recently priced its debut European CLO, Fair Oaks Loan Funding, backed by an ESG-compliant portfolio. Between marketing and pricing, the €332.6m transaction underwent some structural changes, ultimately re...

      17 June 2019

  • News

    • SCI Start the Week - 10 June

      A review of securitisation activity over the past seven days

      Market commentary Activity levels have been high across European ABS/MBS and CLOs of late, but last week appeared to be easing up ahead of the Global ABS conference (SCI 5 June). "It's been pretty busy in both primary and secondary over the past c...

      10 June 2019

  • News

    • SCI Start the Week - 3 June

      A review of securitisation activity over the past seven days

      Transactions of the week The buy-to-let RMBS market continues to see heavy issuance in Europe with two new transactions marketing this week (SCI 29 May). One is a prime inaugural securitisation from UK marketplace lending firm LendInvest, while the...

      3 June 2019

  • News

    • SCI Start the Week - 20 May

      A review of securitisation activity over the past seven days

      Market commentary The US CLO market last week made up some lost ground after a tough start to the year (SCI 16 May). "We're at last heading in the right direction, after five to six months of widening or trading sideways," said one trader. "The...

      20 May 2019

  • News

    • SCI Start the week - 13 May

      A review of securitisation activity over the past seven days

      Transaction of the week Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Ireland. Dubbed Pembroke Property Finance, the €228.6m transaction is backed by 139 loans on 244 seasoned small CRE loans loca...

      13 May 2019     Free

  • News

    • SCI Start the Week - 29 April

      A review of securitisation activity over the past seven days

      Deal-related news EJF Capital is eyeing opportunities in Europe, as bank consolidation pressures grow and rates continue to rise. However, the firm's plans remain at an early stage, given that European consolidation lags behind that of US banks...

      29 April 2019

  • News

    • SCI Start the Week - 15 April

      A review of securitisation activity over the past seven days

      SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or to register, click here. SCI's 1st Annual Middle Market CLO Seminar will be held on 26 June in New York. For more information o...

      15 April 2019

  • News

    • SCI Start the Week - 8 April

      A review of securitisation activity over the past seven days

      SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or to register, click here. SCI's 1st Annual Middle Market CLO Seminar will be held on 26 June in New York. For more information o...

      8 April 2019

  • News

    • SCI Start the Week - 1 April

      A review of securitisation activity over the past seven days

      SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or to register, click here. SCI's 1st Annual Middle Market CLO Seminar will be held on 26 June in New York. For more information o...

      1 April 2019

  • News

    • SCI Start the Week - 25 March

      A review of securitisation activity over the past seven days

      NPL seminar Early-bird registration for SCI's 2nd NPL Securitisation Seminar on 13 May is now open. Hosted by Orrick in Milan, the event will cover the Italian guarantee scheme, regulations, deal performance, servicing strategies, new entrants and i...

      25 March 2019

  • News

    • SCI Start the Week - 18 March

      A review of securitisation activity over the past seven days

      Market commentary The news that Volkswagen's VCL 28 auto lease ABS is the first securitisation to be awarded the STS label was well-received last week (SCI 14 March). However, one trader said that while the market has expressed a lot of "noise" abou...

      18 March 2019

  • News

    • SCI Start the Week - 11 March

      A review of securitisation activity over the past seven days

      Market commentary A stronger tone emerged in the ABS market on both sides of the Atlantic last week. Mezzanine CLO tranches, in particular, saw a tightening trend (SCI 5 March). "We were seeing a Norinchukin bid of around 130bp versus a non-Norinc...

      11 March 2019

  • News

    • SCI Start the Week - 4 March

      A review of securitisation activity over the past seven days

      Transaction of the week Ellington Residential Holdings Ireland is in the market with a €620m Irish re-performing RMBS dubbed Jepson Residential 2019-1 (SCI 26 February). The transaction is a refinancing of European Residential Loan Securit...

      4 March 2019

  • News

    • SCI Start the Week - 25 February

      A review of securitisation activity over the past seven days

      Market commentary European secondary ABS activity was on hold last week ahead of a large BWIC auction due on 28 February (SCI 21 February). "Secondary activity has dampened down in the run-up to the auction," confirmed one trader. "The BWIC has a...

      25 February 2019

  • News

    • SCI Start the Week - 18 February

      A review of securitisation activity over the past seven days

      Market commentary European ABS traders continued to focus on the secondary market last week, as the market waits for regulatory clarification (SCI 15 February). "In European RMBS, we are focusing mainly on secondary paper," said one trader. "The t...

      18 February 2019

  • News

    • SCI Start the Week – 11 February

      A review of securitisation activity over the past seven days

      Transaction of the week Banco BPM has completed a €7.4bn (GBV) securitisation of secured and unsecured Italian non-performing loans dubbed Leviticus SPV (SCI 8 February). The transaction involves the transfer of the bank's servicing platfo...

      11 February 2019

  • News

    • SCI Start the week - 4 February

      A review of securitisation activity over the past seven days

      Transaction of the week Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Manitoulin. The US$92.5m 7.3-year financial guarantee pays Libor plus 12.75%. The transaction has been rated as triple-A on the clas...

      4 February 2019

  • News

    • SCI Start the Week - 28 January

      A review of securitisation activity over the past seven days

      Market commentary European ABS secondary market activity picked up last week, following a quiet start to the year (SCI 22 January). However, the primary market continued to experience its "slowest start to a year since 2011", as STS and Brexit uncer...

      28 January 2019

  • News

    • SCI Start the Week - 21 January

      A review of securitisation activity over the past seven days

      Transaction of the week The European securitisation pipeline remains all but empty as regulatory uncertainty continues to hamper new issuance activity. Upcoming optional redemption dates could provide a much-needed source of supply, however, with th...

      21 January 2019

  • News

    • SCI Start the Week - 14 January

      A review of securitisation activity over the past seven days

      Transaction of the week BBVA has completed an innovative transaction that synchronises credit events with IFRS 9 lifetime expected loss provisions, while also being the first synthetic securitisation to incorporate blockchain technology (SCI 21 Dece...

      14 January 2019

  • News

    • SCI Start the Week - 7 January

      A review of securitisation activity over the past seven days

      Transaction of the week Santander has launched an unusual synthetic securitisation of auto loans, dubbed Santander Consumer Spain Synthetic Auto 2018-1. The transaction comprises a €60.6m twelve-year CLN that references a €1.01b...

      7 January 2019