Weekly Issue Archive »

Issue 503 - 26th August

  • News Analysis

    • Structured Finance

      • Singular circumstances

        Regulatory changes fuelling rise of 'special situations'

        European banks are fundamentally changing the way they structure and sell securitisations. A rise in bilateral trades and capital relief trades - which, along with increasing non-core asset disposals, is leading some to apply the special si...

    • RMBS

      • British steel

        Rate cut troubles for UK RMBS overstated?

        The Bank of England's decision to cut interest rates earlier this month was widely viewed as positive for the UK economy, but sparked concerns about the impact on UK RMBS issuance. However, the recent surge of alternative lenders could counteract any...

  • News

    • ABS

      • FFELP SLABS 'info lacking'

        Model risk remains high and collateral transparency remains limited in FFELP student loan ABS, say Wells Fargo structured product analysts. Inconsistency among the rating agencies leads the analysts to recommend investors wait for rating actions befo...

      • Call variability observed

        Most subprime auto ABS issuers have exercised clean-up calls in a relatively efficient manner, calling deals at the clean-up call threshold or within 1-3 months after, according to a recent Wells Fargo study. However, some variability among issuers h...

    • Structured Finance

      • ECON amendments weighed

        The European Parliament's ECON committee recently published 526 amendments to the proposed new European securitisation regulations. While the additional amendments include proposals for further tightening of the rules, there are also many amendments...

      • SCI Start the Week - 22 August

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

        Pipeline The outstanding deal pipeline has shrunk significantly over the past few weeks as the yearly August slowdown has come into effect. A marketplace lending ABS deal from loanDepot is understood to be in the works, but only one named deal &...

    • Capital Relief Trades

      • Nordea completes synthetic deal

        Nordea Bank has sold a synthetic securitisation referencing €8.4bn in SME and corporate loans. Investors have taken notes linked to the junior credit risk of the portfolio. The synthetic structure means no assets will be derecognised from...

    • RMBS

      • HLTV refinance programme planned

        Fannie Mae and Freddie Mac are set to implement next year a new refinance offering aimed at borrowers with high loan-to-value (HLTV) ratios. The move is designed to provide liquidity for borrowers that are current on their mortgages, but are unable t...

  • Job Swaps

    • Structured Finance

      • CIFC's search ends

        FAB Partners is set to acquire CIFC for approximately US$333m in cash. Under the terms of the merger...

      • SF heads announced

        US Bank has hired Joe Nardi to lead its global structured finance group, providing services that sup...

      • THL taps marketing pro

        THL Credit Advisors has recruited Katherine Taylor as a director in its New York office, where she w...

      • Mid-market pro recruited

        Sterling National Bank has hired Mark Smith as md, responsible for expanding the bank's pre...

    • CDS

      • Trading co-head hired

        Gramercy Funds Management has brought in Chris Tackney as md and co-head of its trading desk, along...

    • Insurance-linked securities

      • Willis ceo announced

        Willis Re has appointed Chris McDowell as ceo of Willis Re Bermuda. On 1 January 2017, he will offic...

    • Risk Management

      • BRAIS acquisition closed

        Bloomberg has completed its acquisition of Barclays Risk Analytics and Index Solutions (BRAIS) from...

      • Valuation pro recruited

        Brian Sciacca has been appointed global head of valuation policy, reporting and analytics at Citi. I...

  • News Round-up

    • ABS

      • FFELP notes upgraded

        Moody's has upgraded 14 classes of notes and affirmed eight additional tranches across 19 FFELP stud...

      • Zero floor inserted

        Santander has amended the transaction documents for Bilkreditt 6, its 2014 Norwegian auto loan ABS,...

    • Structured Finance
    • CDS

      • Isolux Corsan CDS settled

        The final price of Grupo Isolux Corsan Finance CDS has been settled at 15.75. At yesterday's auction...

    • CLOs

      • CLO resets to rise?

        US CLO refinancing and reset activity is expected to rise in 4Q16, as investors and collateral manag...

      • 'Quick' pay-offs reviewed

        The large volume of maturing US CMBS loans in 2016 and 2017 has sparked concern about the transfer o...

    • RMBS

      • Liquidity warning issued

        KBRA is calling for regulators and policymakers to take notice of dwindling liquidity and capital to...

      • Non-QM RMBS closed

        Angel Oak Capital Advisors has completed its second RMBS backed primarily by non-qualified mortgages...


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