Issue 510 - 14th October
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News Analysis
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Changing places
Consultancies driving European valuation recruitment
Valuation consultancies have been a key recruitment growth area over the past year - either through incumbent firms expanding their headcount or as a result of new market entrants. Valuations-based hiring at sell-side institutions is also a...
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- Structured Finance
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Excess baggage
Reg AB 2 loan-level disclosures weighed
Loan-level disclosure requirements under Regulation AB 2 are expected to have a limited impact on ABS issuers and investors when they come into effect on 23 November. While the rules aim to boost deal transparency, scepticism prevails about the value...
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- Marketplace Lending
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Scaling up
Platforms eager to issue further marketplace ABS
Funding Circle and Zopa intend to tap the securitisation market on a regular basis, following their debut transactions this year. Both platforms recently discussed their experiences issuing ABS at marketplace lending conference Lendit and expressed e...
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SCIWire
- Secondary markets
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Euro secondary solid
The European securitisation secondary market remains solid in the face of strong supply. Yesterday...
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Euro ABS/MBS active
The European ABS/MBS secondary market is staying active this week. "The busy primary market is tak...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 10 October
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline was once again dominated by auto-related ABS last week. Trios of CMBS and RMBS were also announced. The auto ABS that entered the pipeline were: US$206.34m CPS Auto Receivables Trust 2016-D, Securitized Term Auto Receivables...
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- CMBS
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Mall performance gauged
Regional mall liquidations amounting to US$3.89bn have since 2010 resulted in US$2.88bn in CMBS losses, or a 74% loss severity, according to Morningstar Credit Ratings. The agency estimates that a further US$3.81bn (or 7.8% of the balance) of loans b...
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Pari passu loans proliferating
A combined US$64.1bn (original balance) of pari passu loans have been issued across single-asset/single-borrower (SASB) and conduit CMBS 2.0 deals, according to Deutsche Bank figures. US$52bn of the loans were securitised in conduit CMBS and account...
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- RMBS
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Euro RMBS shelves debut
The inaugural rated deals from two new European RMBS programmes have been announced. Both platforms are backed by asset managers active in the structured finance space. The first transaction to hit the screens was London Wall Mortgage Capital's deb...
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- Structured Finance
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Job Swaps
- Structured Finance
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Illiquid credit head hired
ICBC Standard Bank has appointed Juliano Mattar to the newly created role of head of investor sales...
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Investor nabs loans vet
NN Investment Partners has hired Gabriella Kindert to its alternative credit boutique. She will be r...
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Senior management shuffled
Clayton Euro Risk has announced a number of changes to its senior management team. Among those affec...
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Private markets platform prepped
Man Group is set to acquire the entire issued share capital of Aalto Invest Holding and launch Man G...
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- CDO
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Manager replacement mooted
A meeting of the Stanton MBS I controlling class has been convened for 31 October to pass an extraor...
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- CLOs
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CLO vet poached
Brian Horton has joined Onex Credit as a portfolio manager. He will work with fellow portfolio manag...
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- Insurance-linked securities
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Law firm poaches ILS pro
Dentons has hired John Sarchio as partner in its insurance regulatory practice. He will advise on in...
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- Risk Management
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Electronic trading association launched
BrokerTec Europe, MarketAxess Europe, MTS Group and Tradeweb Europe have founded the Electronic Debt...
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- Structured Finance
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News Round-up
- ABS
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Conn's re-offers notes
Conn's has entered into an agreement to sell the previously retained class C notes issued as part of...
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Indian ABS collateral 'improving'
The underlying performance and asset quality of retail loans backing Indian ABS will improve over th...
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- Structured Finance
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Duration guidelines finalised
The EBA has published final guidelines on corrections to modified duration (MD) for debt instruments...
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Wireless spectrum deal prepped
Sprint Corporation is in the market with a rare wireless spectrum securitisation. Dubbed Sprint Spec...
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Securitisation revival supported
The European Parliament is due to discuss proposed amendments to the draft regulation for simple, tr...
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European issuance tracked
€40.2bn of securitised product was issued in Europe in 3Q16, according to AFME's latest da...
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Chinese slowdown APAC's 'biggest issue'
The slowing Chinese economy is the major issue for the Asia Pacific securitisation and covered bond...
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- CLOs
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Combo note criteria updated
Moody's has updated its methodology for rating securities backed by both secured debt and equity tra...
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- CMBS
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Defaults continue climbing
The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated univers...
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Delinquencies inch up
US CMBS delinquencies climbed slightly higher last month, largely due to the shrinking denominator,...
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Deutsche opts for horizontal slice
The first-ever risk retention-compliant single-borrower CMBS has hit the market. The US$214m COMM 20...
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Hurricane Matthew exposure eyed
KBRA has identified 1,307 properties that secure 1,016 loans with an aggregate allocated loan balanc...
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ACICS hit highlighted
Morningstar Credit Ratings believes that the US Department of Education's termination of its recogni...
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- Risk Management
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Cross-border thresholds proposed
The US CFTC has voted to propose rules and interpretations addressing the application of certain swa...
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Accounting provisions paper published
The Basel Committee has released a consultative document and discussion paper on policy consideratio...
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Debut collateral trade executed
Elixium, a multilateral trading facility (MTF) for collateral and secured deposits, has executed its...
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- RMBS
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Reperforming loans up for bid
Fannie Mae has begun marketing its first sale of reperforming loans, as part of its ongoing effort t...
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Data error reviewed
Moody's has placed the ratings of eight tranches from four RMBS issued by Nationstar HECM Loan Trust...
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Canadian housing data prioritised
In its 2016-2020 Corporate Plan, the Canada Mortgage and Housing Corp (CMHC) prioritised identifying...
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Model-implied tool launched
Fitch has launched a new online tool that will enable investors to conduct their own model-implied r...
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Risk-transfer re-REMIC announced
The first-ever re-REMIC securitising GSE credit risk-transfer securities has hit the market. The US$...
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Recovery rates set to improve
Securities backed by defaulted Italian mortgage loans may benefit from legislation aimed at expediti...
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- ABS
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