Weekly Issue Archive »

Issue 473 - 29th January

  • News Analysis

    • Structured Finance

      • Retention return?

        Retained issuance revival surprises market

        Retained issuance volume in Europe was 63% lower in 2015 than it had been in 2014, but this decline was turned on its head in the final months of last year. Such a reversal came as something of a surprise and could signal a long-term change of direct...

  • SCIWire

    • Secondary markets

      • Euro secondary strengthens

        Tone in the European securitisation secondary market continued to strengthen into the last week's cl...

      • Euro secondary similar

        Patterns in the European securitisation secondary market remain similar despite the continuing volat...

      • US CLO surge

        The US CLO secondary market is set for a surge in activity today, but wider market volatility may ha...

      • Euro secondary on the up

        Activity and pricing levels are on the up in some sectors of the European securitisation secondary m...

      • US CLOs seek clarity

        The US CLO secondary market is still struggling for price clarity. "We are seeing some secondary t...

  • News

    • ABS

      • Eurotunnel refi expected

        Eurotunnel has reported strong revenue growth, increasing the likelihood that it will refinance its Channel Link Enterprises Finance (CLEF) A3 and A4 bonds before year-end. The deal's euro liquidity notes appear particularly attractive. Eurotunnel...

      • Reg AB-compliant deals emerge

        Four ABS sponsors - Ally, AmeriCredit, Discover and Ford - have completed Reg AB 2-compliant transactions so far this year. The new regulation went into effect in November and Ford was the first to issue a compliant deal, FORDO 2015-C (SCI 21 Septemb...

    • Structured Finance

      • SCI Start the Week - 25 January

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

        Pipeline ABS deals accounted for more than half of last week's pipeline additions. There were six new ABS announced, as well as two RMBS and three CMBS. The ABS were: CNY1.31bn Autopia China 2016-1 Retail Auto Mortgage Loan Securitization Trust; U...

    • CDS

      • Antitrust settlement progressing

        A distribution plan has been released in connection with the CDS antitrust settlement agreed last year involving a dozen banks, ISDA and Markit (SCI 15 September 2015). In addition, a 'fairness hearing' is scheduled for 15 April, to approve the propo...

    • CLOs

      • Energy stress surging

        The beginning of 2016 has seen a number of stressed loan issuers - particularly in the oil and gas sector - moving closer to potential default. Wells Fargo CLO strategists highlight five recently troubled names, which account for...

    • CMBS

      • Court rules against Canary Wharf

        Canary Wharf Group sold 10 Upper Bank Street for £790m in June 2014 and used the proceeds to prepay £578m of the class A1 fixed-rate notes of its CMBS at par (SCI 2 July 2014). The spens amount of £169m was placed...

    • NPLs

      • NPL guarantee hailed

        The Italian government is set to introduce rules establishing a guarantee mechanism, dubbed Garanzia Cartolarizzazione Sofferenze (GACS), to facilitate the transfer of non-performing loans from the books of commercial banks to securitisation vehicles...

  • Talking Point

    • Capital Relief Trades

      • Synthetic disorder

        Risk transfer deals seek regulatory breakthrough

        Panellists at SCI's inaugural capital relief trades conference last month discussed regulatory developments in the sector and the push towards accommodating synthetic securitisations under the new umbrella of standardisation. However, doubts persist...

  • Job Swaps

    • Structured Finance

      • Goldman alumni join forces

        Former Och-Ziff Capital Management partner Antonio Batista and ex-Goldman Sachs md William Douglas h...

      • Private asset head hired

        Nicholas Bamber has joined Legal & General Investment Management (LGIM) in the newly created...

      • New shop for Oaktree duo

        Adams Street Partners has appointed Bill Sacher and Shahab Rashid to build a private credit platform...

      • AIG overhauls structure

        AIG has announced a series of strategic actions and organisational changes designed to create a lean...

      • Law firm promotes SF pros

        Cadwalader has elected new partners and made promotions to special counsel, with a number of structu...

      • Bibby ceo appointed

        Bibby Financial has appointed Steven Box as international ceo, expanding his role from European ceo....

    • CLOs

      • CIFC sale considered

        CIFC has retained JPMorgan to assist it in exploring a range of strategic alternatives to enhance sh...

  • News Round-up

      • PREPA deal collapses

        The deadline for an agreement on PREPA's US$8bn debt restructuring deal was missed, following&nb...

      • PREPA deal back on

        PREPA and its Ad Hoc Group of bondholders have reopened talks regarding the potential US$8bn restruc...

      • Armenia deal debuts

        Armenia has seen the launch of its first securitisation, listed on the country's stock exchange NASD...

      • Refinance SLABS debuts

        Online lender Earnest Operations is in the market with its inaugural rated term securitisation. The...

    • Structured Finance
    • CDO

      • Trups defaults drop again

        Combined defaults and deferrals for US bank Trups CDOs decreased to 17.5% at the end of December, af...

    • CDS

      • External review extended

        ISDA's EMEA Determinations Committee has extended the external review schedule in connection with th...

      • Maturity wall diminishing

        Falling US CMBS delinquencies and the slowing pace of special servicing loan transfers year-over-yea...

    • Insurance-linked securities

      • CAA hits ILS ratings

        S&P has lowered its ratings on the class A and B notes issued by Vitality Re V Series 2014 a...

    • Risk Management

      • SEFs officially registered

        The US CFTC has granted registration to 18 SEFs, which had previously operated under temporary regis...


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