Issue 447 - 24th July
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News Analysis
- CLOs
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Sterling effort
European CLOs testing creative palette
European CLOs remain an attractive option for yield-hungry investors, but a shortage in quality collateral persists. As managers attempt to broaden the investor universe, a fresh phase of innovation has expanded the structural scope of new transactio...
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- CMBS
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Expanding brand
CRE appetite spurs European CMBS variety
European CMBS primary issuance remains slow in relative terms, but the sector continues to innovate. Regulatory pressures are driving alternative options to rated CMBS, as demand for real estate continues. A recent Paul Hastings report suggests tha...
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- CLOs
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SCIWire
- Secondary markets
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Euro secondary stays positive
European securitisation secondary markets are remaining positive, although activity is still limited...
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Euro ABS/MBS coming back to life
The European ABS/MBS secondary market is slowly coming back to life. Yesterday saw a continuation...
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US CLOs stay slow
The US CLO secondary market remains quiet despite a few BWICs appearing on this week's schedule. "...
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Euro secondary sees slow progress
The European securitisation secondary market continues to see improvement, but progress is still slo...
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US CMBS drifts
US non-agency CMBS secondary market tone is improving but spreads and activity levels appear to be d...
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Euro secondary improves again
The European securitisation secondary market volume again saw a little improvement yesterday as spre...
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US RMBS elevates
The US non-agency RMBS secondary market is seeing elevated trading volumes this week. "Things have...
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Euro secondary stays firm
Tone and spreads in the European securitisation secondary market are staying firm. Yesterday saw a...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 20 July
A look at the major activity in structured finance over the past seven days
PipelinePipeline activity continued to normalise last week. There were eight ABS, five RMBS and five CMBS additions. The ABS were: US$203.1m Access Funding 2015-1; US$170m Diamond Resorts Owner Trust 2015-1; US$460m Driven Brands Funding Series 201...
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- CDS
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Crossover tranchelet trades touted
Investors are increasingly looking to trade slices of the 0%-10% equity tranche of the on-the-run iTraxx Crossover S22 portfolio. With the opportunity to express views either through a 0%-5% tranchelet or 5%-10% tranchelet, Bank of America Merrill Ly...
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- CLOs
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No-action impact gauged
Prior to publication of the US SEC's no-action letter (SCI 21 July), an estimated US$261bn of US CLOs had to refinance before 24 December 2016 to avoid risk retention for the refinanced tranches. The ruling means that an additional US$152bn of CLOs s...
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- Structured Finance
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Job Swaps
- ABS
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ABS syndicate head appointed
Lloyds Bank Commercial Banking has promoted Kristan Gochee to head of North America ABS syndicate. S...
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- Structured Finance
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Private debt pro recruited
CVC Credit Partners has brought in Chris Fowler as md for its private debt team. He will be...
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Capital markets vet hired
Patrick Beranek has joined Mischler Financial Group's capital markets division as md, structured pro...
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UK SME fund prepped
Beechbrook Capital is launching a new fund to support UK SME businesses turning over between ...
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Energy pro brought in
Khalil Qasimi has joined Empower Energies as senior director, structured finance. Working with Empow...
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REIT ceo replaced
Kevin Keyes has been appointed ceo of Annaly Capital Management, while retaining the title...
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Financial risks head tapped
RKH Specialty, a subsidiary of Hyperion Insurance Group, has appointed Gert Schlossmacher as co-md o...
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- CDO
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Dock Street continues CDO grab
Cambridge Place Investment Management is set to be replaced as collateral manager for the Camber 3 A...
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- CLOs
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European CLO team boosted
Tikehau has hired Alison Goold as a portfolio manager for its European CLO business. She will be par...
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- Insurance-linked securities
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Axis amends PartnerRe terms
AXIS Capital and PartnerRe have agreed to enhanced merger terms, providing common shareholders with...
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ILS team reinforced
SCOR Investment Partners has recruited Sidney Rostan and Pierre Mouilhade as portfolio managers for...
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Business development pro poached
Mt Logan RE has hired Chris Caponigro as head of business development. He joins from Platin...
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EXOR offer increased again
EXOR is offering PartnerRe common shareholders a pre-closing dividend of US$3 per...
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PartnerRe opens EXOR talks
PartnerRe has responded to a revised proposal from EXOR offering a special dividend of US$3 per comm...
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- RMBS
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Housing scheme chief revealed
Venn Partners has hired Roger Bright as chairman of its subsidiary Private Rented Sector Operations....
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Record MBS settlement reached
JPMorgan has agreed to pay US$388m to settle a suit of investors represented by Robbins Gel...
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- ABS
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News Round-up
- ABS
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Redemption to avoid EOD
Access Group says it intends to redeem the US$89.1m ACCSS 2004-2 A2 bond in full at its legal final...
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SLABS rating corrections made
Moody's recently placed on review for downgrade one US FFELP student loan ABS tranche and corrected...
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CPUK note exchange due
A tender offer for CPUK Finance class B notes has been launched in connection with the acquisition o...
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Madden ruling fuels ABS doubt
A recent federal appeals court decision in Madden v. Midland Funding could have negative implication...
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Hertz acceleration avoided
Hertz has filed its 2014 10-K, including restated financials for 2012-2013 and some restated financi...
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Italian ABS legal risks identified
Fitch says that Italian ABS issuers are exposed to legal risks when the securitised pools contain lo...
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Credit enhancement upped for marketplace ABS
Citi is in the market with a US$376.7m marketplace lending securitisation, dubbed Citi Held for Asse...
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Multi-state PACE deal debuts
Ygrene Energy Fund has completed the first property-assessed clean energy (PACE) securitisa...
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- Structured Finance
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Final STC criteria published
The Basel Committee and IOSCO have released their final criteria for identifying simple, transparent...
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Survey suggests bearish stance
The results of JPMorgan's latest international ABS survey - which gauges both investor and issuer at...
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- CLOs
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Refinancing relief confirmed
The US SEC last week issued a no-action letter clarifying that CLOs originally issued before Decembe...
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Collateral supply leads CLO concerns
Reduced collateral supply is considered a bigger risk to US CLO issuance than risk retention require...
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- CMBS
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CMBS delinquencies dip
The European CMBS 12-month-rolling loan maturity default rate increased slightly to 25% from 24.6%,...
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A&P bankruptcy stirs CMBS
Kroll Bond Rating Agency says it is monitoring the potential impact that Great Atlantic &am...
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CRE rating approach inserted
Moody's has revised its approach to rating EMEA CMBS transactions. The methodology has bee...
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- NPLs
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Second batch of NPLs offered
Fannie Mae is marketing the sale of its second round of NPLs, wh...
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Volatility may hit NPL ratings
Volatile and uncertain cashflows may prevent Fitch from rating new Italian NPL securitisations for t...
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- Risk Management
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Derivatives targets set out
ISDA says that although significant progress has been made in implementing derivative market reforms...
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RWA consistency considered
The EBA has published two reports covering the consistency of risk weighted assets (RWAs)&a...
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Blockchain adoption polled
Global financial services firms are exploring ways to adopt the technology behind Bitcoin for use in...
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- RMBS
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SFR substitution risks outlined
Provisions that allow single-family rental operators to replace properties in securitised portfolios...
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- ABS
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