Weekly Issue Archive »

Issue 485 - 22nd April

  • News Analysis

      • IMA-CVA abandoned

        Industry disappointed by CVA framework revision

        The Basel Committee's recent decision to drop the use of IMA-CVA from its proposed CVA risk framework has taken many in the industry by surprise. The move is also likely to disappoint institutions that were anticipating capital savings as a result of...

    • Structured Finance

      • Bidding goodbye?

        BDCs face uncertain future as market turns

        BDCs and other listed vehicles are coming under increasing pressure - not least from their shareholders - to change the way they operate in the structured credit market. In some instances, they are being forced out of the sector a...

      • Green shoots

        Renewables ABS on the EU agenda

        A combination of private placements and the banking market should be able to meet the European renewables sector's financing needs in the short term, according to a new SCI/Renovate America research report entitled 'Green securitisation: harnessing i...

  • SCIWire

    • Secondary markets

      • Euro secondary stable

        The European securitisation secondary market continues to be stable despite wider market vacillation...

      • US CLOs remain robust

        The strong market tone in the US CLO secondary market is continuing and supporting ever-narrowing sp...

      • Euro ABS/MBS picks up

        Tone and volumes are on the rise across the European ABS/MBS secondary market. "The market has bee...

      • Euro CLOs active

        The European CLO secondary market continues to be active both on- and off-BWIC. "Despite limited d...

      • Euro secondary scrappy

        Activity continues to be scrappy in the European securitisation secondary market. Sentiment remain...

      • US CLO patterns persist

        Activity and trading patterns in the US CLO secondary market are persisting. "It's still busy with...

  • News

    • Structured Finance

      • SCI Start the Week - 18 April

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

        Pipeline Last week there were nine ABS deals added to the pipeline. A further three RMBS and two CMBS also joined. The ABS were: A$260m Flexi ABS Trust 2016-1; US$1.316bn Ford Credit Auto Owner Trust 2016-B; CNY2.736bn Fuyuan 2016-1 Retail Auto Mo...

    • CLOs

      • US CLO calls climb

        US CLO calls continued to increase last year, as JPMorgan analysts estimate 76 CLO 1.0s and 13 CLO 2.0s were called. While they expect prepayments to remain light in 2016, the analysts believe the recent rally in loan prices could see an even greater...

    • CMBS

      • Sport Chalet exposure gauged

        Morningstar believes that 11 CMBS loans - several of which have significantly elevated risk of term or maturity default - worth US$628.9m could be affected by Vestis Retail Group shuttering its Sport Chalet division in connection with its 18 April Ch...

      • 2016 vintage touted

        Recent capital markets volatility has resulted in tighter lending conditions where US CMBS originators are becoming more selective and conservative, while providing the B-piece buyer with greater buying power. Morgan Stanley CMBS strategists believe...

    • Insurance-linked securities

      • Cat bond issuance hits record

        Catastrophe bond issuance set new records for issuance in 1Q16, according to Aon Benfield's quarterly report on the sector. The ILS sector witnessed issuance of US$2.22bn across 10 transactions, an increase of more than 30% on the previous r...

  • Talking Point

    • Structured Finance

      • Chasing ubiquity

        Marketplace lending sector prospects discussed

        Representatives from Prosper Marketplace, MountainView Capital and Credit Suisse recently discussed the growth of marketplace lending during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking po...

  • Job Swaps

      • Ashurst promotes SF pro

        Ashurst has promoted Paul Jenkins to managing partner, which will see him join the firm's board. Thi...

      • Investment boost for TCP

        CNO Financial Group has invested in a non-controlling minority interest in Tennenbaum Capital Partne...

    • Insurance-linked securities

      • Global ILS head poached

        TigerRisk Partners has recruited Philipp Kusche as partner and global head of ILS and capit...

      • RMBS research head hired

        Vipul Jain has joined Wells Fargo's research and economics department as md and head of residential...

  • News Round-up

    • ABS

      • Navient extends more bonds

        Navient has extended the maturity date on an additional US$1.2bn of bonds backed by FFELP student lo...

    • Structured Finance

      • China hurdles laid out

        Moody's says that the Chinese securitisation market could gain valuable traction once a number of hu...

      • SIV extension sought

        Harrier Finance Funding is seeking to amend its transaction documents to allow its notes to be exten...

    • CDS

      • Peabody auction due

        An auction to settle the credit derivative trades for Peabody Energy Corporation CDS is to be held o...

    • CLOs

      • CVC CLO stake sold

        Electra Partners has made a £19m investment in CVC Credit Partner's Cordatus Loan Fund VI....

      • CLO default risks amp up

        US CLOs are becoming more exposed to the rising number of defaulted issuers, according to Fitch's la...

    • CMBS

      • Conduit CMBS LTVs decline

        The credit quality of US conduit/fusion CMBS as measured by Moody's LTV (MLTV) ratio improved in 1Q1...

      • CMBS loan drops examined

        Kroll Bond Rating Agency has published a report that provides insight into the nature of changes tha...

    • NPLs

      • NPL definitions mooted

        The Basel Committee has issued for consultation a document entitled 'Prudential treatment of problem...

    • RMBS

      • ATR claims 'non-existent'

        Fitch says that borrower claims against major US residential mortgage servicershave been non-existen...

      • RMBS hit by error

        Moody's has downgraded an RMBS Mexican certificate after correcting an error in its cashflow modelli...


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