Issue 494 - 24th June
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News Analysis
- Structured Finance
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Stepping up
Double boost for FFELP SLABS market
Industry efforts to address the FFELP student loan ABS maturity issue have stepped up a gear with the launch of Nelnet's investor forum via the DealVector platform (SCI 17 June). The market received a further boost last week when Moody's released its...
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Sufficient scrutiny?
MPL verification enhancements sought
The resignation of Lending Club ceo Renaud Laplanche and the subsequent disclosure of 'control deficiencies' at the platform shocked the marketplace lending sector. Investors have pulled back and getting them onside again is dependent on demonstratin...
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- Structured Finance
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SCIWire
- Secondary markets
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Euro secondary solid
The European securitisation secondary market remains solid ahead of Thursday's UK EU referendum. T...
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US CLOs cautious
The US CLO secondary market is in cautious mood ahead of the UK EU referendum. "There's been a num...
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Euro secondary settles down
After a flurry of activity over the past two sessions the European securitisation secondary market h...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 20 June
A look at the major activity in structured finance over the past seven days
Pipeline The industry conference in Barcelona reduced primary market activity last week. There were four ABS as well as one RMBS and two CMBS added to the pipeline. US$811m Ford Credit Auto Owner Trust 2016-REV2, US$123m Golden Bear Funding Notes...
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Brexit effects
The immediate financial market reaction to the UK's decision to leave the EU has been pronounced, with spreads on senior financials and subordinated CDS indices higher by around 30bp and 70bp respectively. In the European securitisation secondary mar...
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- Structured Finance
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Job Swaps
- Structured Finance
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Trading head switches to rival
Mehdi Kasani has joined BNP Paribas to head its European ABS trading team, based in London. He joins...
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Atrato boosts research expertise
Atrato Advisors has hired Andy Vantine to lead its credit and event-driven strategy research, report...
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Pillarstone brings in trio
Pillarstone has made three new hires as part of its continued European push. The appointments are Jo...
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Marathon bolstered
Blackstone Strategic Capital Holdings Fund has acquired a passive, minority interest in Marathon Ass...
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Agency recruits trio
Morningstar Credit Ratings has made a trio of new hires in New York, including Lea Overby as md, lea...
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- CDO
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Second successor manager selected
The holders of a majority of the controlling class of Gramercy Real Estate CDO 2007-1 have selected...
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- CMBS
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Business development head hired
Solutus has recruited Gareck Wilson from Brookland Partners in a senior role to develop its UK busin...
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- Risk Management
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Valuations vendor acquired
Markit is set to acquire Prism Valuation, a provider of independent valuation and risk analysis of d...
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LatAm partnership agreed
Numerix has partnered with Mexico's Proveedor Integral de Precios (PiP), the leading independent pri...
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- RMBS
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MERS set for 'modernisation'
ICE is set to acquire a majority equity position in MERSCORP Holdings, owner of Mortgage Electronic...
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- Structured Finance
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News Round-up
- ABS
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ABL role for British Steel purchase
Funds advised by Greybull Capital have completed the acquisition of British Steel's long products bu...
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PACE, solar deals come to fore
The US solar and PACE ABS market has been busy this week, led by Spruce Finance bringing th...
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- Structured Finance
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Opportunities fund closes
Asset manager Hamilton Lane has closed the Hamilton Lane Strategic Opportunities Fund 2016, which re...
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Cracks emerging in US housing
A robust housing market has not prevented a number of 'minor' cracks from opening up within...
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NPLs sold to repeat bidder
Freddie Mac has sold its latest batch of NPLs, auctioning off an additional 2,879 in deeply delinque...
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'Transformative' changes for Indian ABS
The introduction of three significant regulatory changes over the past two months could have transfo...
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Securitisation SPC prepped
China Bank Capital Corporation is set to establish a special purpose corporation known as CBC Assets...
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Asset finance targeted
The British Business Bank has opened its enterprise finance guarantee (EFG) accreditation process fo...
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MPL webinar scheduled
SCI is hosting a complimentary webinar exploring how the marketplace lending sector is responding to...
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Strategic initiatives fund launched
DFG Investment Advisers has completed a US$100m first closing for a fund that will enable it to purs...
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MPL conference line-up confirmed
Panellists have been confirmed for SCI's Second Annual Marketplace Lending Securitisation Seminar, w...
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- CDO
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MBIA-wrapped CDOs downgraded
S&P has lowered the ratings on 11 classes of notes from six US CDOs to triple-C from single-...
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- CDS
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Norske auction settled
Yesterday's CDS auction for Norske Skogindustrier ASA comprised four buckets, with 10 dealers submit...
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- CLOs
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Anchor investment proposed
The IFC has disclosed that it is considering becoming an anchor investor in United Asia Loan Funding...
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- CMBS
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CRE 'storm' predicted
US commercial real estate (CRE) prices could drop as much as 5% over the next 12 months, according t...
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Hope note provisions 'provide fix'
Provisions that exclude hope notes in determining who controls a CMBS transaction correct a potentia...
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Multifamily supply ups risk
While multifamily CMBS ratings should be unaffected, Fitch says that there is rising risk of class A...
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- Risk Management
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State Street risk tool updated
State Street has teamed up with Northfield Information Services and Morningstar to enhance...
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Risk model proposals criticised
The GFMA, ISDA, IACPM and JFMC have issued a joint response to the Basel Committee's consultation&am...
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- RMBS
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RMBS downgraded on correction
Moody's has downgraded the rating of the Navigator Mortgage Finance No. 1 €10m class C not...
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Interest deferral supports Spanish RMBS
Performance among S&P-rated Spanish RMBS has improved over the past 24 months, with the agen...
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Single-tranche Russian RMBS debuts
VTB Capital has completed the first-ever single-tranche Russian RMBS, sponsored by Metallinvestbank....
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- ABS
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