Weekly Issue Archive »

Issue 488 - 13th May

  • News Analysis

    • RMBS

      • Firm foundations

        RMBS breaks records, prepares for post-referendum issuance

        The £6.2bn Towd Point Mortgage Funding 2016-Granite1 RMBS that priced last month is the largest new issue in its sector since before the financial crisis. However, its effect on the market could be revolutionary for a different reason &#...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS starts slow

        It was another slow start to the week for the European ABS/MBS secondary market. Yesterday's sessi...

      • US CLOs ebb and flow

        The mezz rally in the US CLO secondary market halted last week and that part of the capital structur...

      • US CLOs pause

        The US CLO secondary market looks to be taking time to reflect this week. "It seems like the rally...

  • News

      • IFRS 9 calculation warning

        A recent study undertaken by Kamakura Corporation underlines the risks of using credit spreads to assess obligor creditworthiness in light of the upcoming IFRS 9 implementation and the FASB's current expected credit loss (CECL) model. The findings of...

    • ABS

      • Value to be had in card ABS

        The first euro-denominated credit card ABS of the year priced this week, helping to chip away at the dearth of primary supply. European credit card ABS distributed issuance is just €550m year-to-date, the second-lowest tally since 2011, so...

    • Structured Finance

      • SCI Start the Week - 9 May

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

        Pipeline Last week's pipeline additions consisted of eight ABS, two RMBS and a single CMBS. The ABS were: US$300m Exeter Automobile Receivables Trust 2016-2; US$1.105bn GM Financial Automobile Leasing Trust 2016-2; US$200m GLS Auto Receivables Tru...

      • Insurers' structured holdings slip

        Life insurers held more than US$380bn of structured products securities at the end of 2015, which Wells Fargo analysts note represents a decline of approximately US$20bn from year-end 2014. Insurers' balance sheets actually increased 2%, so the decre...

      • Treasury paper released

        The US Treasury has released a white paper on marketplace lending, which continues the work initiated by last year's request for information (RFI). It reviews over 100 responses from a range of key industry figures and makes recommendations for the c...

    • CMBS

      • Oil boom remits 'muted'

        April remittance reports showed muted activity for US CMBS 2.0 loans secured by properties located in oil boom regions compared to prior months, with only three such loans transferring to special servicing, according to Morgan Stanley CMBS strategist...

      • Court rejects class X claims

        A second judgment in less than a month has gone against CMBS class X noteholders. Last month, a judge ruled against the class X noteholders in Windermere VII, dismissing the plaintiffs' arguments (SCI 11 April), while the latest case concerned four t...

    • NPLs

      • China NPL challenges considered

        The Bank of China (BOC) has announced that it is proactively preparing for the pilot implementation of its NPL securitisation scheme. At the same time, Fitch has commented that NPL transactions in China will provide a challenge to i...

    • RMBS

      • SFIG TRID framework 'adequate'

        SFIG's draft proposal to standardise the framework for reviewing and grading loans for TILA-RESPA Integrated Disclosure (TRID) rule compliance is generally adequate to identify compliance risks that are likely to cause RMBS losses, says Moody's. Howe...

  • Job Swaps

    • Structured Finance

      • Credit solutions pro hired

        SCIO Capital has recruited Sebastian Stoecker as director, reporting to business development and inv...

    • CDS

      • DC secretary sought

        ISDA has issued an invitation to tender for the secretarial role on its credit derivatives determina...

      • Citi taps traders

        Faraz Naseer has been appointed as head of US high yield trading at Citi. He replaces James Nessell,...

    • CMBS

      • Production team bolstered

        Greystone has recruited two new executives to its CMBS lending team. Harris Heller, an md based in P...

      • Executive director sought

        The CRE Finance Council has selected Ferguson Partners to manage the search for a new executive dire...

    • Insurance-linked securities

      • ILS pro takes full reins

        Rafal Walkiewicz has been appointed as the sole ceo of Willis Capital Markets & Advisory (WC...

    • RMBS

      • Countrywide pay-out nears

        The New York Supreme Court last week received a proposed severance order and partial final judgement...

      • UKAR transfer finalised

        Computershare has been appointed to undertake mortgage servicing for UK Asset Resolution, following...

  • News Round-up

    • ABS

      • VW ABS ramping up

        Volkswagen Financial Services' (VWFS) ramping up of its ABS programme in Europe has seen it issue &a...

    • Structured Finance

      • Mid-market fund closes

        Czech Asset Management has closed its third direct lending fund complex, dubbed SJC III, with total...

      • Canada CMBS under fire

        The Fort McMurrary wildfire is adding stress to six Canadian CMBS, in particular, according to Fitch...

    • Insurance-linked securities

      • ILS affirmed on resets

        Fitch has affirmed its ratings on five tranches from four catastrophe bonds - Long Point R...

    • Risk Management

      • EU CCPs 'resilient'

        ESMA has published the results of its first EU-wide stress test exercise regarding central counterpa...

      • Loss criteria updated

        Fitch has updated its criteria for estimating losses on US RMBS mortgage pools, following the releas...


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