Issue 497 - 15th July
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News Analysis
- Structured Finance
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Financial worries
Derivatives uncertainties arise from Brexit
The UK's vote to leave the EU has ignited debate as to what deal the British government will carve out for its financial services industry, including the derivatives market. The need for counterparties to retain their passporting rights suggests that...
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Reputation management
Side pocket pros and cons debated
Side pockets are a portfolio management tool that can benefit both investors and managers alike. But having fallen from grace in the wake of the financial crisis, it is debatable whether they can regain their reputation as a viable liquidity manageme...
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- Marketplace Lending
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Next steps
Madden ruling creates landscape of uncertainty
On 27 June the US Supreme Court decided not to hear the Madden vs Midland case, resulting in a continued lack of clarity surrounding national and state usury rates. The move has led to marketplace lending platforms taking steps to adapt to the ruling...
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- Structured Finance
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SCIWire
- Secondary markets
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Euro secondary strengthens
Supported by the wider market rally the European securitisation secondary market is strengthening an...
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US CLOs confident
The US CLO secondary market is exhibiting a more confident tone almost three weeks on from the desta...
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Euro secondary stays light
Flows in the European securitisation secondary market continue to be light though sentiment remains...
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US CLOs rejuvenated
The US CLO secondary market is continuing to exhibit strong activity after a positive start to this...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 11 July
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline activity picked up again last week, with ABS leading the charge. There were nine ABS added to the pipeline, as well as an RMBS and a CMBS. The ABS were: Aurorus 2016; US$755m Capital Auto Receivables Asset Trust 2016-2; US$1bn...
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STC risk weights reduced
The Basel Committee has scaled down the risk weights for 'simple, transparent and comparable' (STC) securitisations and reduced the risk-weight floor for senior exposures from 15% to 10%. The move had largely been expected and, in general, is viewed...
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- CLOs
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Step-up tranches refinanced
Four US CLOs - ACAS CLO 2013-2, Carlyle Global Market Strategies CLO 2014-3 and Neuberger Berman CLO XII and XVI - have been refinanced over the last two weeks. None of the refinancings were plain vanilla, with three having been d...
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- Structured Finance
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Job Swaps
- Structured Finance
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MUFG poaches ABS head
Mitsubishi UFJ Securities has brought in Haan Ti as head of ABS for Australia and New Zealand. He jo...
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Hatteras acquisition completed
Annaly Capital Management has completed its exchange offer for all of the outstanding shares of comm...
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ABL vet joins middle market firm
Monroe Capital has hired asset-based lending veteran Marc Adelson as originations md. He will join B...
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Citizens hires for SF push
Citizens Bank has recruited Brent Hazzard as head of structured finance for its commercial banking b...
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Demica boosts origination team
Demica is continuing to build out its origination team with the addition of three new members. Angel...
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Corporate development team boosted
Z Capital Group has recruited David DeMilt as md in its corporate development team. He will be based...
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Debt, syndicate teams reshuffled
CaixaBank has appointed Ainhoa Landa to head its debt capital markets business as part of a broader...
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- CDO
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Manager replacement rejected
A second successor collateral manager has been rejected by Gramercy Real Estate CDO 2007-1 noteholde...
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- Risk Management
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Markit merger completed
IHS and Markit have completed their merger to form IHS Markit (SCI passim). The firm begins trading...
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Risk expert tapped
Andrew Davidson & Co has recruited Richard Cooperstein to lead its risk model management. Th...
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- RMBS
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Ginnie Mae RMBS chief named
Ginnie Mae has added Nancy Corsiglia as evp and coo, reporting to president Ted Tozer. She will admi...
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- Structured Finance
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News Round-up
- ABS
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Card ABS downgrades expected
As much as 25% of S&P-rated European credit card ABS ratings could be downgraded following t...
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Negative interest rates hit ETD deals
Legacy securitisations of Spanish electricity tariff deficit (ETD) debt are effectively charging int...
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RFC issued on fleet approach
Moody's is requesting comments on proposed changes to its methodology for rating ABS backed by renta...
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Ownership change lifts ABS ratings
Fitch has upgraded the Bosphorus Series 2015-A, 2015-B, 2015-C and 2015-D notes, as well as the Bosp...
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MPL ABS ratings confirmed
Moody's has confirmed its rating of Ba3 on the class C notes issued by the Prosper-loan backed Citi...
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- Structured Finance
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SME joint initiative launches
The European Investment Fund has teamed up with several national promotional institutions to launch...
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Progress 2014-SFR1 to prepay
Progress Residential plans to prepay the US$465.9m loan that serves as collateral for the Progress 2...
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Energy efficiency sale agreed
Susi Partners, managing authority of the SUSI Energy Efficiency Fund, is set to acquire €1...
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Macro fund prepped
Algebris Investments (UK) is launching a macro credit fund, managed by partner and macro strategies...
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- CDS
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Portugal Telecom auction set
An auction date of 21 July has been scheduled to settle CDS trades referencing Portugal Telecom Inte...
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- CLOs
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Conformance period extended
The US Fed has extended the conformance period for the Volcker Rule to 21 July 2017. While the exten...
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- CMBS
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CMBS balloon pay-offs plummet
The percentage of US CMBS loans that paid off on their balloon date slid sharply in June, according...
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Large loans push delinquencies up
US CMBS delinquencies last month increased by 20bp to 3.18%, according to Fitch's latest index resul...
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CMBS defaults move up
S&P's 12-month European CMBS loan maturity default rate moved up to 7.3% from 7% at the end...
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- Insurance-linked securities
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Foreign aid ILS mooted
London Market Group (LMG) has launched a white paper on an ILS solution for catastrophes in under-in...
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- NPLs
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FNMA completes NPL sale
Fannie Mae has completed its sixth NPL sale, this time consisting of around 9,300 loans totalling US...
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- Risk Management
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Bail-in protocol launched
ISDA has launched a new protocol to help market participants meet the EU Bank Recovery and Resolutio...
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Clearing phase-in eyed
ESMA has published a consultation paper proposing to change the phase-in period for central clearing...
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SEC adopts swap reporting rules
The US SEC has adopted amendments and guidance related to rules regarding the regulatory reporting a...
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- RMBS
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Freddie factor change announced
Freddie Mac is implementing a new factor methodology for its single-family and multifamily MBS. The...
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- ABS
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