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News
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SCI Start the Week - 23 December
A review of securitisation activity over the past seven days
Transaction of the week A pair of Italian non-performing loan securitisations – dubbed Futura 2019 and Iseo SPV – have closed. The former is notable for being only the second Italian NPL ABS to not benefit from a GACS guarantee,...
23 December 2019
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SCI Start the Week - 16 December
A review of securitisation activity over the past seven days
Transaction of the week The National Bank of Greece has completed its first secured non-performing loan transaction. Dubbed Project Symbol, the €900m portfolio is riding a wave of secured NPL transactions in Greece. The portfolio reference...
16 December 2019
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SCI Start the Week - 9 December
A review of securitisation activity over the past seven days
Transaction of the week NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly exclusionary loan section process. The €410m transaction is expected to be the first of many ESG-compliant transactions fr...
9 December 2019
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SCI Start the Week - 2 December
A review of securitisation activity over the past seven days
Transaction of the week Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiaries of Credit Agricole Consumer Finance Nederland (CACF NL). Dubbed Magoi, the transaction references a €418m eight-month...
2 December 2019
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SCI Start the week - 25 November
A review of securitisation activity over the past seven days
Transaction of the week Hercules tapped Alpha Bank is set to securitise a €12bn mixed portfolio of retail secured and unsecured loans, mortgage and wholesale non-performing loans in 1H20. Dubbed Project Galaxy, the transaction protects s...
25 November 2019
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SCI Start the Week - 18 November
A review of securitisation activity over the past seven days
Transaction of the week UniCredit has completed what is believed to be the largest European ABS transaction post-crisis. Dubbed Impresa Two, the deal is a departure from previous securitisations, given the inclusion of large corporate loans in the p...
18 November 2019
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SCI Start the Week - 11 November
A review of securitisation activity over the past seven days
Stories of the week Pursuing illiquidity premia Corbin Capital answers SCI's questions Risk transfer return Bank of Ireland issues mezzanine tranche Tactical opportunity? Downturn could spur CRT secondary activity Other deal-related new...
11 November 2019
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SCI Start the Week - 4 November
A review of securitisation activity over the past seven days
Transaction of the week Goldman Sachs is in the market with an unusual UK buy-to-let RMBS secured by properties owned primarily by residents of the Republic of Ireland. The mortgages backing the £111.82m Banna RMBS transaction were originat...
4 November 2019
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SCI Start the Week - 28 October
A review of securitisation activity over the past seven days
Transaction of the week Fannie Mae has priced its first credit risk transfer transaction referencing a pool of multifamily loans. Dubbed Multifamily Connecticut Avenue Securities (MCAS) Series 2019-01, the landmark US$472.7m securitisation complemen...
28 October 2019
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SCI Start the Week – 21 October
A review of securitisation activity over the past seven days
CRT awards winners The winners of SCI's inaugural Capital Relief Trades Awards were revealed at the annual SCI CRT Seminar last week. The selections reflect the vibrancy and innovation evident across the risk transfer market over the last 12 months...
21 October 2019
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SCI Start the Week - 14 October
A review of securitisation activity over the past seven days
SCI CRT Seminar The line-up for SCI's 5th Annual Capital Relief Trades Seminar on 17 October has been finalised. Hosted by Allen & Overy, the event will take place at One Bishops Square, London and features for the first time an industry awards...
14 October 2019
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SCI Start the Week – 7 October
A review of securitisation activity over the past seven days
Transaction of the week RMF is marketing its first private RMBS backed by jumbo proprietary reverse mortgages loans and, according to KBRA, the first RMBS backed by newly-originated reverse mortgages since the financial crisis. Dubbed RMF P...
7 October 2019
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SCI Start the Week - 30 September
A review of securitisation activity over the past seven days
Transaction of the week FirstKey Mortgage is marketing the first securitisation backed by manufactured homes (MH) since the financial crisis (SCI 16 January), with over half the collateral balance comprising contracts secured from collapsed securiti...
30 September 2019
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SCI Start the Week - 23 September
A review of securitisation activity over the past seven days
Transaction of the week Deutsche Bank is marketing a £114m UK CMBS, dubbed Deco 2019-RAM. The transaction mainly comprises a £150m CRE loan backed by Intu Derby, a regional shopping centre in Derby, England, to The Wilmslow, a newl...
23 September 2019
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SCI Start the week - 16 September
A review of securitisation activity over the past seven days
Transaction of the week Alior Leasing has launched a 12 month revolving cash securitisation of auto leasing loans and leases extended to sole traders and SME obligors in Poland. Dubbed AL Poland Securitisation 01, the transaction is the first to re...
16 September 2019
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SCI Start the Week - 9 September
A review of securitisation activity over the past seven days
Transaction of the week The EIF has launched two new funding initiatives to support SMEs in Europe, including a first-of-its kind initiative in Finland. The second provides funding support for Lithuanian micro businesses and SMEs. The Finnish prog...
9 September 2019
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SCI Start the Week - 2 September
A review of securitisation activity over the past seven days
Market commentary A new Fitch study shows that there is a wide range in trustee reported market values for defaulted loans held by US middle market CLOs, highlighting the illiquidity of the sector. For example, term loans of Dimensional Dental Manag...
2 September 2019
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SCI Start the Week - 19 August
A review of securitisation activity over the past seven days
Transaction of the week CFO backed by PE portfolio (SCI 13 August) Nassau Alternative Investments is marketing a collateralised fund obligation (CFO) comprising private equity (PE) fund commitments acquired by Nassau Life Insurance Company (NNY). T...
19 August 2019
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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