Weekly Issue Archive »

Issue 477 - 26th February

  • News Analysis

    • Structured Finance

      • Drifting out

        High-beta spread dislocation continues

        As markets sell off and become increasingly volatile, European high-beta securitised paper has widened considerably. This has been driven by several factors - not least regulation - and has concerning implications for liquidity an...

    • CLOs

      • Stabilisation sought

        CLO equity arb, risk retention remain challenging

        Signs of stabilisation in the US CLO market are emerging, after a volatile start to the year that brought spread widening and a halt to new issuance. However, equity arbitrage remains challenging and risk retention requirements still appear to be cas...

    • ABS

      • Downgrade possible

        Marketplace ABS ratings review sparks concerns

        Moody's has placed the subordinated notes of three marketplace lending securitisations on review for possible downgrade, less than a year after the deals priced. The move has sparked concerns about the rating process for and collateral performance of...

    • Capital Relief Trades

      • Supply and demand

        Capital relief trade pricing, liquidity discussed

        Demand for capital relief trades has outweighed supply in recent years, driving prices lower, according to panellists at SCI's inaugural capital relief trades conference in December. Liquidity remains thin, however, and the spectre of volatility is a...

    • RMBS

      • Mortgage movers

        Non-bank lenders reshaping UK RMBS

        Tough capital constraints are weighing on the incentive of large incumbent lenders to maintain a strong presence in the UK RMBS market. This has paved the way for a variety of new lenders - including asset managers - to enter the sector, pr...

  • SCIWire

    • Secondary markets

      • Euro secondary solid

        The European securitisation secondary market remained solid on Friday despite broader market weaknes...

      • US CLOs steady

        The US CLO secondary market looks to have stabilised but remains fairly quiet. "It seems like thin...

      • Euro secondary mixed

        The European securitisation secondary market continues to experience mixed fortunes. "Liquidity re...

      • US CLO spike

        The US CLO secondary market is seeing a spike in activity today. "Today is busier as month-end com...

      • Euro ABS/MBS softens

        Weaker wider markets have softened the tone across the European ABS/MBS secondary market. Broader...

      • Euro CLO comeback?

        Increasing activity could be a sign of a return to form for the European CLO secondary market, but i...

      • Euro secondary slips

        Activity and pricing levels have slipped further in the European securitisation secondary market. ...

  • News

    • Structured Finance

      • SCI Start the Week - 22 February

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

        PipelinePipeline entrants were dominated by ABS issuers last week. A handful of CDOs/CLOs and CMBS deals also began marketing. Auto ABS continues to be well represented, with the US$1.02bn Ally Auto Receivables Trust 2016-2, US$810.82m Ford Credit...

      • UK risk over-represented

        Some €6.5bn of European ABS paper has traded off BWICs in the last nine months, according to JPMorgan figures, implying healthy secondary trading across the region. An analysis undertaken by European securitisation analysts at the bank show...

      • Brexit implications weighed

        The UK will hold a referendum on 23 June to decide whether to stay within the EU. Uncertainty about a potential 'Brexit' is expected to cause technical weakness in UK securitisation markets in the meantime. JPMorgan European ABS analysts expect inv...

      • Puerto Rico counter offer criticised

        A number of mutual funds that hold over US$10bn invested in Puerto Rico and its public corporations have warned against a counter offer made to the commonwealth's debt restructuring plan. In a letter to Puerto Rican House Representa...

    • CDS

      • Long iTraxx positions 'vulnerable'

        Net long non-dealer positions have been cut by almost US$17bn over the past week or so across the Markit iTraxx Main index, marking the largest two-week risk reduction for the series since early 2011, according to Bank of America Merrill Lynch Europe...

    • CLOs

      • CLO retention rules challenged

        The LSTA yesterday testified in front of the US House Committee on Financial Services' capital markets subcommittee to extol the virtues of a 'qualified CLO' (QCLO) proposal as an alternative to the currently agreed 5% retention requirement. The asso...

  • Talking Point

    • Structured Finance

      • Lending harmony?

        CMU set to transform SME investment landscape

        Funding Circle is optimistic about the finalisation of the Capital Markets Union (CMU) and the possibility of a harmonised European regulatory framework to facilitate cross-border lending and investment. In particular, the firm believes that the regu...

  • Provider Profile

    • Structured Finance

      • Solar effect

        BBOXX ceo and co-founder Mansoor Hamayun answers SCI's questions

        Q: How and when did BBOXX become involved in the securitisation market? A: You need to look at the core of our business first, which is around designing, distributing and financing solar systems to improve access to energy across Africa and other...

  • Job Swaps

    • Structured Finance

      • Transportation pro hired

        Pillsbury has recruited transportation and structured finance lawyer Jonathan Goldstein as partner i...

      • Demica beefs up

        Demica has appointed Jen Collet, Giovanni Lazzeri and Karel Krejci as coo, director, origination and...

    • CDO

      • CRE CDO transferred

        RE CDO Management has assigned its interest in the collateral management agreement for Sorin Real Es...

      • Disputed swaps case due

        BNY Mellon Corporate Trustee Services and Citicorp Trustee Company have commenced proceedings in the...

    • Insurance-linked securities

  • News Round-up

      • Healthcare loan ABS touted

        New research by MIT Sloan professor Andrew Lo, Dana-Farber Cancer Institute's David Weinstock and MI...

    • Structured Finance

      • Italian SME data differs

        Significant differences exist between static vintage default data and empirical default rates used t...

    • CLOs

      • Top CLO managers unveiled

        CIFC Asset Management remained the US leader in Moody's latest CLO manager league tables, managing 3...

      • Change in use eyed

        Kroll Bond Rating Agency says it is monitoring the third largest loan in the US$830.7m JPMBB 2015-C2...

      • Resi oil exposure eyed

        The credit performance of oil and gas-focused metropolitan areas has worsened on a relative basis wi...


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