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Issue 492 - 10th June

  • News Analysis

    • CDO

      • Trups trinity

        CDO trio, attractive spreads spark optimism

        The Trups CDO sector has shown signs of resurgence in recent months. A trio of new deals, improved performance and attractive secondary market opportunities have generated optimism about the asset class. StoneCastle Advisors set the wheels back in...

    • CLOs

      • Risky retail

        US retail exposure driving CLO differentiation

        US CLO exposure to retail names has come under closer scrutiny in the last couple of months as store closures and the shift to online shopping weigh on the industry. Against this backdrop, the success of specialty brands is driving differentiation ac...

    • RMBS

      • BTL stampede

        Loan issuance surges ahead of tax deadline

        Buy-to-let (BTL) lending in the UK surged in the weeks leading up to the recent stamp duty changes, with implications for RMBS. Lending rose from £3.6bn in February to £7.4bn in March, although the loan approval figures actually fel...

  • SCIWire

    • Secondary markets

      • US CLOs take a breather

        The US CLO secondary market is taking breather so far this week after last week's pick-up in activit...

      • Euro secondary stable

        The European securitisation secondary market continues to show stability. Secondary spreads across...

      • US CLOs solid

        Activity in the US CLO secondary market is maintaining a solid pace in the latter half of this week....

  • News

      • Euro SF risk overestimated?

        The amended external ratings based approach (EBRA) for calculating regulatory capital changes in European structured finance (SF) transactions has come under scrutiny in a recent report from Scope Ratings. Entitled 'External Rating Based Approach: On...

    • Structured Finance

      • SCI Start the Week - 6 June

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

        Pipeline The holiday-shortened week resulted in a slowing of the pace of pipeline additions. As well as eight new ABS there was an ILS, two RMBS and a CLO. The ABS were: CNY3.68bn Bavarian Sky China 2016-1; US$180m CCG Receivables Trust 2016-1; US...

      • Euro secondary liquidity 'healthy'

        Around 80% of European ABS BWICs have successfully traded over the last year, a sign that liquidity in the market remains healthy, according to TwentyFour Asset Management. The asset manager notes that €9.9bn worth of bond...

      • REMIC guidance provides clarity

        REMICs have long operated with only limited tax guidance, but two significant pieces of guidance have come out this month. The first is a Second Circuit Court of Appeals ruling concerning certain RMBS and the second is an IRS private letter ruling. ...

      • Rapporteurs push for tougher stance

        The European Parliament's ECON Committee rapporteurs have published their first drafts for resolutions on the proposed new European securitisation regulations. The tone of the documents suggests a preference for a tougher regulatory stance on securit...

    • CMBS

      • Gap exposure weighed up

        Morningstar Credit Ratings has identified 231 CMBS loans totalling US$13.89bn with exposure to struggling US retailer Gap. With more than half the loans backed by collateral where leases are set to expire in the ne...

    • RMBS

      • UK BTL portfolio sale planned

        UKAR plans to follow last year's £13bn Granite portfolio sale (SCI 15 November 2015) with the offloading of a further £16bn in mortgages, understood to be the pool backing Bradford & Bingley's outstanding Aire Valley master...

      • Non-prime RMBS debuts

        Caliber Home Loans is in the market with the first post-crisis RMBS backed by newly originated non-prime mortgage loans. Dubbed COLT 2016-1 Mortgage Loan Trust, the US$161.71m transaction is backed by 368 loans with credit scores (701) similar to leg...

  • Job Swaps

      • REIT pro snapped up

        Hunton & Williams has hired Robert Smith as a partner to its real estate capital markets pra...

      • Index research head named

        Markit has appointed Aram Flores as md and head of index research and development, based in New York...

      • Apollo reshuffles

        Apollo Investment has appointed Howard Widra as president, following on from his most recent role as...

    • Risk Management

      • ISDA expands board

        ISDA has appointed two new members to its board of directors after it decided earlier this year to e...

  • News Round-up

      • PACE deal sets landmark

        Renovate America has priced the largest PACE ABS to date, a US$305.3m designated green bond. HERO Fu...

    • Structured Finance
    • CDO

      • CFO deal prepped

        Astrea Capital, a subsidiary of Azalea Asset Management, is in the market with a collateralised fund...

    • CLOs

      • Mezz CLO fund offered

        AXA Investment Managers has launched the AXA IM Novalto - CLO Credit Fund, which will invest in mezz...

      • A/B loan transfers eyed

        Fitch reports an up-tick in US CMBS loss severities as more modified A/B loans transfer back to spec...

      • Liquidation volume climbs

        US CMBS liquidation volume climbed to US$854.5m in May, up from US$436m in March and US$501.5m in Ap...

    • Risk Management

      • SEC adopts more SBS rules

        The US SEC has adopted trade acknowledgement and verification rules for security based swaps (SBS),...


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