Issue 507 - 23rd September
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News
- Structured Finance
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SCI Start the Week - 19 September
A look at the major activity in structured finance over the past seven days.
Pipeline After the flood of additions in the week before, last week's pipeline activity was calmer. There were three new ABS added, as well as an RMBS, two CMBS and two CLOs. Bavarian Sky German Auto Loans 5, €726m PSA 2016 and ̈́...
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- CDS
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CDS index rolls provide opportunities
The roll to CDX IG27 may be uneventful in terms of names changes, but Morgan Stanley analysts believe that it does offer investors a good opportunity to move existing longs from cash into synthetic credit, given a sharp compression in the cash-CDS ba...
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- CLOs
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Reported CLO WAS levels diverging
Deal-reported weighted average spread (WAS) of collateral in European CLOs has been rising, while for US CLOs it has been falling. This has pushed WAS test cushions close to breaching for US CLOs and is expected to impact equity cash distributions. ...
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High CLO supply
US CLO supply last week was the highest for the year as four new issues and two refis priced for a total of US$3.61bn. The rolling four-week average of new issuance has been trending higher all year and has reached US$2.3bn. Year-to-date supply is...
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- Structured Finance
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Job Swaps
- Structured Finance
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Virtus expands European arm
Virtus Partners has made three senior hires as it expands its European activities. Dean Fletcher is...
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DBRS strengthens non-bank focus
DBRS intends to expand coverage of both corporate and structured finance ratings tied to the non-ban...
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Bank shuffles SF pros
Credit Suisse has made a series of changes to its asset finance team, with a number of structured fi...
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- CMBS
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Dock Street brought in for CRE CDO
Dock Street Capital Management has been named as replacement collateral administrator to JPMorgan-CI...
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- Insurance-linked securities
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ILS firm hires industry vet
Markus Schmutz has joined Rewire Securities. He will work at the investment bank to boost its analyt...
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- Structured Finance
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News Round-up
- ABS
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Bumper week for ABS issuance
Last week brought the highest number and dollar total of new ABS for any week for the past three yea...
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Many Navient rating actions taken
Moody's has upgraded 15 classes of notes and downgraded 14 classes in securitisations sponsored or a...
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Delinquencies down for Italian SME ABS
Total delinquencies of Italian SME ABS have decreased from April 2016 to July 2016, from 6.2% to 5.1...
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Autos see credit deterioration
US auto loan and lease credit performance is likely to continue to deteriorate in 2H16 and into 2017...
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Biggest PACE deal issued
Renovate America is in the market with its eighth securitisation of PACE bonds. Dubbed HERO Funding...
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- CLOs
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CLO market 'focus on technicals'
The US CLO market is focussed on technicals, with fundamentals and credit concerns taking a back sea...
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- CMBS
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CMBS 'unaffected' by floods
Recent floods in Louisiana could stress the state's cash balance but CMBS deals there are unlikely t...
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Bankruptcy poses CMBS concerns
Morningstar Credit Ratings finds elevated risk in 17 commercial mortgages with exposure to Golfsmith...
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Fresh Sears closures announced
Seritage Growth Properties, the Sears REIT spin-off, has exercised its right to terminate the leases...
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Macy's impact considered
While Macy's is yet to release a list of which stores will be closing (SCI 18 August), closures are...
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Commercial mortgage defaults down
US commercial mortgage annual loan defaults have continued to decline from their 2010 peak, with Kro...
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CMBS loan collateral value drops
The value of the collateral behind the US$57.5m PNC Corporate Plaza loan has reduced sharply, notes...
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- Marketplace Lending
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Rated UK MPL ABS prepped
Zopa is in the market with its inaugural rated consumer loan securitisation, which is the first rate...
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- NPLs
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'Increased scrutiny' for Italian banks
The asset quality of Italian banks will come under increased scrutiny if the ECB's guidance on non-p...
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- Risk Management
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ICE meets EMIR standards
The Bank of England has authorised ICE Clear Europe as a CCP in accordance with EMIR. It says that I...
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Threshold extension requested
Timothy Massad, CFTC chairman, has recommended a one-year extension to the swap dealer de minimis th...
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ESMA seeks derivatives comments
ESMA has published a discussion paper regarding the trading obligation under MiFIR. The trading obli...
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FpML recommendations published
ISDA has published recommendations for an updated version for Financial products Markup Language (Fp...
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- RMBS
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Mexican RMBS ratings amended
Moody's has changed the ratings on several Mexican RMBS transactions to reflect a correction to its...
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Record involvement for new CIRTs
Fannie Mae has completed two more credit insurance risk transfer (CIRT) transactions, worth US$14.4b...
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Settlement talks watched closely
Final settlements reached by European banks with the US Department of Justice (DoJ) for the issuance...
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South African RMBS 'robust'
South African RMBS will remain robust despite subdued growth expected for the country's economy, acc...
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GS meeting settlement requirements
Goldman Sachs is meeting its consumer relief requirements as part of its US$5bn RMBS settlement, say...
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Australian mortgage arrears rise
Mortgage arrears in Australia have risen 4bp to 1.14% in 2Q16, which comes as a surprise to the mark...
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RFC on RMBS methodology
DRBS has issued a request for comment on the proposed UK addendum to its European RMBS methodology,...
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- ABS
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