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Issue 480 - 18th March

  • News Analysis

    • Structured Finance

      • ABS bound

        European marketplace lending to see securitisation stimulus

        KPMG and Cambridge University's alternative finance centre both agree that securitisation will play a vital role in the continuing growth of marketplace lending. The bodies recently partnered on a report that highlights the growth seen to date in mar...

      • Final curtain?

        FRTB to constrict liquidity, trading

        The Basel Committee's finalised fundamental review of the trading book (FRTB) marks another milestone in regulators' long and conflicted relationship with securitisation. While the final draft is less punitive than early versions suggested it might b...

  • SCIWire

    • Secondary markets

      • Euro secondary sluggish

        Despite last week ending strongly in wider credit the European securitisation secondary market remai...

      • Euro CLOs take off

        Following last Thursday's ECB announcement the European CLO secondary market has finally taken off i...

      • US CLO shift

        The tone in the US CLO secondary market continues to shift in a positive direction, but it will be t...

      • Euro secondary mixed

        The European securitisation secondary market is seeing mixed activity and results as the&am...

      • Euro secondary upswing

        The European securitisation secondary market is seeing an upswing in activity once again. Yesterda...

  • News

    • Structured Finance

      • SCI Start the Week - 14 March

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

        Pipeline Last week's pipeline additions were heavily weighted toward ABS. There were seven new ABS, one ILS, three RMBS and two CLOs added. The ABS were: US$422.841m Element Rail Leasing II 2016-1; US$1bn Ford Credit Auto Lease Trust 2016-A; US$39...

    • CDS

      • Indices ready to roll

        Markit iTraxx indices roll to Series 25 on Monday 21 March. There are set to be 12 name changes for the Crossover index and four for iTraxx Main, while the senior and sub financials indices will be unchanged. Bank of America Merrill Lynch analysts...

    • CLOs

      • Mixed approaches to Valeant risk

        Valeant, the single biggest obligor in US 2.0 CLOs, continues to generate negative headlines. However, CLO managers appear to be divided on Valeant risk. Valeant has missed its 4Q15 forecasts and offered a bleaker forward outlook than the market ex...

    • CMBS

      • CMBS 'looking cheap'

        US CMBS spreads remain significantly wide of competing corporate spreads. Despite extra volatility justifying some spread pick-up, single-A CMBS paper is now looking particularly cheap. Double-As are 125bp wider than corporate single-A seven- to 10...

    • RMBS

      • SFR exposure encouraged

        SFR transactions offer value to STACR, CAS, legacy RMBS and consumer ABS deals, argue Wells Fargo analysts. However, there is only limited upside when compared to single-borrower and large loan CMBS. "We believe that triple-A and double-A rated SFR...

      • Safe harbour RMBS debuts

        JPMorgan is in the market with what is believed to be the first US RMBS structured to comply with the FDIC's 'safe harbour' rule, which became effective on 30 September 2010 (SCI 6 October 2010). The US$1.89bn Chase Mortgage Trust 2016-1 transaction...

  • Job Swaps

      • EMEA trust head appointed

        BNY Mellon has promoted Tom Ahern to head its corporate trust business in the EMEA region. He previo...

    • Risk Management

      • Quant leader appointed

        Marketplace lending analytics provider PeerIQ has hired Wilfred Daye as md, quantitative strategies....

  • News Round-up

      • Solar ABS breaking out

        US solar securitisation is set to become a mainstream financing option in the ABS market in 2016 and...

      • Italian SPV rules amended

        The Bank of Italy has updated its supervisory instructions for banks and financial intermediaries co...

    • CDS

      • Energy credit event called

        ISDA's Americas Credit Derivatives Determinations Committee has resolved that a failure to pay credi...

      • ICE expands CDS clearing

        ICE has introduced CDS clearing for the iTraxx Australia and iTraxx Asia ex-Japan IG indices, as wel...

      • CDS pricing service sold

        Markit has acquired Fitch's CDS pricing service. As part of the agreement, Fitch will integrate Mark...

    • CLOs

      • Energy weighs on CLOs

        The energy sector is driving credit deterioration within US CLOs, observes Moody's, which was a key...

    • Insurance-linked securities
    • Risk Management
    • RMBS

      • Aussie arrears push up

        The 30-plus day delinquency rate for Australian prime RMBS increased in from 1.14% in 3Q15 ...


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