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Issue 504 - 2nd September

  • News Analysis

      • Internal versus external

        Third-party valuation engagements assessed

        The AIFMD's stipulation that alternative investment funds must engage the services of a third-party valuation firm has prompted a growing trend for independent firms to be employed as part of a fund's internal valuation process. Very few managers wis...

    • ABS

      • Picking up PACE

        Ygrene seeking to make its mark in ABS

        Ygrene Energy Fund is planning a securitisation before year-end that will offer a unique pool of PACE assets. At the same time, the company has begun building out a team of new recruits to facilitate its long-term securitisation plans. Ygrene's chi...

    • CLOs

      • Triple crown

        Rising rates spur CLO resets, equity squeeze

        Rising interest rates are having a three-pronged effect on the US CLO market. Not only are step-up coupons increasingly being refinanced, but CLO debt holders are also benefitting from wider spreads, while CLO equity holders are being squeezed by Lib...

    • Marketplace Lending

      • Secondary education

        Liquidity, accurate valuations could stabilise sector

        The first half of 2016 brought several challenges for the marketplace lending industry in the US, with the Q2 results of many platforms confirming falling origination volumes and revenues, largely due to a pullback from investors. While this may rais...

  • SCIWire

    • Secondary markets

      • Euro secondary stable

        The European securitisation secondary market remained stable throughout August and that looks unlike...

      • US CLOs power on

        The US CLO secondary market powered on through August while most other securitisation sectors experi...

  • News

    • CLOs

      • Mid-market CLO breaks new ground

        Churchill Asset Management returned to the US CLO market last week with a deal of several 'firsts'. It is Churchill's first 2.0 deal and first deal since the old Churchill Financial team was brought into TIAA-CREF, it is the first middle-market CLO t...

      • August boost as CLO activity drops

        Secondary CLO activity in 2016 so far is down on 2015 in both TRACE reported volume and BWICs. However, the traditional summer slowdown trend has been bucked, with JPMorgan CLO analysts noting significant activity in August. Along with January and...

    • CMBS

      • CMBS defaults anticipated

        More than a quarter of current US non-agency CMBS loans maturing through year-end 2017 will face difficulty refinancing, says Kroll Bond Rating Agency. A spike in maturity defaults is expected in 2Q17. KBRA believes 26.1% (US$33.4bn) of loans matur...

    • Insurance-linked securities

      • Payment history scrutinised

        The ability and willingness of catastrophe bond issuers to pay claims in a timely manner continue to be questioned, according to S&P. To test the industry's concerns, the agency identified 13 cat bonds that made claims payments following the...

    • RMBS

      • Coupon floor fix?

        Obvion is in the market with its latest Dutch prime RMBS - Storm 2016-II. Provisionally sized at €1.15bn, the transaction is noteworthy because the lender aims to sell the single offered tranche at above par and the pool will be f...

      • Second-loss CAS bonds rated

        Marking a first for the market, Fitch has assigned ratings to eight previously unrated M2 bonds from five Fannie Mae credit risk-transfer RMBS issued between 2013 and 2015. The agency had originally only rated the M1 classes in the five transactions,...

  • Job Swaps

    • Structured Finance

      • Interim chief named

        Stephen Joynt has been appointed interim ceo of DBRS. He will continue to serve as executive chairma...

      • SF department launched

        Gattai Minoli Agostinelli & Partners has launched a structured finance department. It will b...

      • Ashurst trio poached

        Paul Hastings has recruited a trio of structured finance partners - Michael Smith, Diala Minott and...

      • TPG raises stakes

        TPG Specialty Lending (TSLX) has written to the independent directors of TICC Capital Corp - Steven...

    • CDO

      • ABS CDO manager replaced

        Dock Street Capital Management has replaced Declaration Management & Research as collateral...

      • Ischus management affirmed

        Moody's has issued another change of control notice in connection with a Resource America entity, fo...

    • Insurance-linked securities

      • Vario adds ex-JPM pair

        Vario Partners has appointed Markus Gesmann as head of research and modelling and Mike Kontaratos as...

  • News Round-up

    • CLOs

      • CLO pay-downs slow

        CLO pay-downs in JPMorgan's CLO index (CLOIE) dropped since the July rebalance through 31 August to...

      • Multi-borrower NOI up

        Net operating income (NOI) for properties within Fitch-rated US multi-borrower CMBS increased by 3%...

      • Dispositions inch up

        August US CMBS disposition volume inched up slightly from July and came in above the six-month avera...

    • NPLs

      • Colony offloads NPLs

        Colony Starwood Homes has sold a US$266m portfolio of 1,675 NPLs to an affiliate of Starwood Capital...

      • SIMM facility launched

        ICE Benchmark Administration (IBA) has launched a crowdsourcing facility for the ISDA Standard Initi...

    • RMBS

      • NPL RMBS tranche pays off

        The first Fitch-rated post-crisis RMBS tranche backed partly by NPLs has paid off. The single-A rate...


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