Issue 512 - 28th October
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News Analysis
- ABS
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Rights issues
Tax lien ABS growing, but third-party servicers scarce
The US tax lien ABS sector has grown steadily since 2014 in terms of both issuance and investor interest. While it provides several opportunities for investors, its growth could be hampered by unique challenges, in particular a lack of third-party se...
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Bail-in priced in?
European bank CDS put to the test
Mounting concerns over Deutsche Bank's financial health, along with bail-in speculation have coincided with significant widening in the bank's CDS - both at a senior and subordinated level. However, whether financial CDS prices are reflecti...
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- Structured Finance
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Safe haven?
Securitised sovereign bonds could bring economic stability
A European bond comprised of securitised sovereign bonds from multiple European countries could help bring funding and economic stability to the eurozone. This is according to a group of leading economists, who have drafted a proposal for so-called E...
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- ABS
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SCIWire
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Euro ABS/MBS quiet
This week has continued to be slow across the European ABS/MBS secondary market. "There's nothing...
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- Secondary markets
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US CLOs partly pause
Aside from a busy equity space, the US CLO secondary market is taking something of a pause. "Last...
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Euro secondary starts slow
It was a slow start to the week in the European securitisation secondary market, but a large CDO liq...
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US CLOs tick over
US CLO secondary market continues to tick over despite continued distraction from primary. After a...
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News
- ABS
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Utilisation drop hits container deals
Two container ABS deals - BEACN 2012-1A and GCA 2013-1A - have been called so far this month, removing about US$300m of bonds from the market. Both of the transactions had experienced declines in average utilisation rate and average portfol...
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Timeshare default repurchases climb
Timeshare ABS default rates are rising and there is a growing trend of default repurchases and substitutions, although Wells Fargo analysts believe investors should be well protected. Borrowers are increasingly being advised not to make payments on t...
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- Structured Finance
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SFR refi incentive boosted
Total home equity has increased by 27% since issuance across the 71,955 properties underlying the 18 single-family rental securitisations issued in 2013-2015, according to Deutsche Bank figures. The trend is expected to boost SFR issuers' refinance i...
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SCI Start the Week - 24 October
A look at the major activity in structured finance over the past seven days.
Pipeline The balance appeared to shift last week, as fewer deals joined the pipeline and far more departed. The week's additions were four ABS, two RMBS, two CMBS and four CLOs. US$640m Apollo Aviation Securitization Equity Trust 2016-2, US$840.78...
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- CMBS
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CMBS market craving liquidity
Investors believe CMBS offers the best relative value compared to other asset classes, according to a recent Deutsche Bank survey. It also finds that CMBS investors' main concern is lack of secondary market liquidity, which could be having a knock-on...
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Servicer performance scrutinised
A new Morningstar Credit Ratings study of aggregated consent-processing times of four large-volume US CMBS master servicers - Wells Fargo Commercial Mortgage Servicing, Midland Loan Services, KeyBank and Berkadia Commercial Mortgage - indicates that...
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- ABS
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Job Swaps
- Structured Finance
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Ratings complaints prepped
The US Department of Justice (DOJ) is preparing a civil complaint against Moody's in the US District...
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Replacement chairman named
RAIT Financial Trust has separated its offices of chairman and ceo, which were previously both held...
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Group sells debt division
3i Group has sold its debt management business, 3iDM, to Investcorp. The sale will generate ...
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Private debt team bolstered
Ardian has expanded its private debt offering with the appointment of Mark Brenke as co-head of Ardi...
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- CLOs
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Credit manager adds partner
River Birch Capital has recruited a former Pine River Capital Management portfolio manager. Gaurav T...
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Tikehau takes over senior debt funds
Tikehau Capital has reached an agreement with Lyxor UK to manage the investments of Lyxor's European...
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- Insurance-linked securities
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ILS analytics firm acquired
Verisk Analytics has acquired Analyze Re. The software analytics provider will become part of AIR Wo...
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Strategic relationship formed
New Ocean Capital Management, together with its major shareholders XL Group and Stone Point Capital,...
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- Risk Management
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Credit solutions service expands
NewOak Credit Services has expanded its capabilities to service the private credit market. The newly...
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FICC beefs up
Jim Hraska has been named md and general manager of DTCC's Fixed Income Clearing Corporation (FICC)....
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- Structured Finance
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News Round-up
- ABS
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Gas-alternative recoveries analysed
Continued low gas prices have reduced Americans' appetite for hybrid-electric and all-electric vehic...
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Debut aircraft ABS prepped
The first securitisation of aircraft managed by Air Lease Corporation (ALC) has been assigned prelim...
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- Structured Finance
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Indian supply nears high
Indian securitisation volume has jumped to R45,000 crore in the first six months of the current fisc...
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APAC ratings affirmed
Fitch has affirmed the long-term ratings on 161 publicly-rated Asia-Pacific structured finance (SF)...
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ABCP attracts new sellers
US ABCP outstandings remained stable during 1H16, at approximately US$209bn, according to Moody's. T...
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Landmark SME deals closed
The EIB has disclosed its recent participation in two European SME securitisations - ROOF...
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- CLOs
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CLO defaults slow down
US CLO loan defaults have slowed down in Q3, though the pull-back will be short-lived, according to...
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Flurry of CLOs continues
US CLO issuance rose last quarter, along with refinancing activity on existing CLOs, according to Fi...
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- CMBS
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CMBS conduit loan credit quality up
The credit quality of conduit loans backing US CMBS deals improved in 3Q16, notes Moody's. Conduit l...
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Borrower advocate role recognised
Morningstar Credit Ratings has awarded a MOR CV2 ranking to 1st Service Solutions for its extensive...
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CMBS A/B mod considered
The US$47.5m Herndon Square Office Park loan securitised in CGCMT 2007-C6 appears set for a modifica...
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Aussie CMBS has RMBS elements
Think Tank Group is in the market with a CMBS deal which includes features more typically found in R...
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Large loss recorded
The One HSBC Center property - securitised in GSMS 2005-GC4 - has been sold for US$14.4m, equating t...
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- Insurance-linked securities
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Calypso cat bonds upgraded
S&P has upgraded the Calypso Capital II class A and class B notes, following the advent of t...
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- Risk Management
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Margin functionality introduced
Smart Communications and IHS Markit have launched new functionality for the ISDA 2016 Credit Support...
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- RMBS
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Russian RMBS risks recognised
High LTV Russian RMBS loans are twice as likely to default as lower LTV loans, says Moody's. There a...
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UKAR sells as BAWAG preps
UKAR has launched the sales process for the Bradford & Bingley assets. Coinciding with the a...
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New CIRT structure trialled
Fannie Mae has secured commitments for a new front-end credit insurance risk transfer (CIRT) structu...
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Loan origination tool enhanced
Freddie Mac is set to add new capabilities to its Loan Advisor Suite in the spring. The GSE says tha...
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Spanish special servicers 'key'
Loss severities on Spanish mortgage foreclosures have increased again this year, says Fitch, despite...
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Above par pricing anticipated
Achmea Bank is in the market with its second swapless RMBS. The €690.5m Dutch Residential...
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Deleveraging programme completed
Permanent TSB has finalised the sale of £2.29bn worth of loans by its UK subsidiary, Landsd...
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- ABS
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