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Issue 514 - 11th November

  • News Analysis

      • External mandates

        Growing number of AIFMs consider external valuers

        Since AIFMD came into force, institutions have interpreted the requirement for the 'proper and independent' valuations of an alternative investment fund's assets in different ways. The majority carry out the valuation process internally and employ a...

    • NPLs

      • Transfer pricing

        Italian ABS hindered by NPL valuation issues

        The securitisation of non-performing loans (NPLs) has been deemed a credible solution for Italian banks seeking to offload the assets from their balance sheets. Just one deal has launched to date, however. Getting a plausible valuation for the NPL po...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS distracted

        Activity in the European ABS/MBS secondary market continues to be light with participants focusing e...

      • US CLOs resilient

        The US CLO secondary market continues to hold up in the face of primary activity and the US election...

      • Euro secondary stable

        The European securitisation secondary market remains stable despite wider market volatility. The c...

      • US CLOs unmoved

        US CLO secondary spreads remain unmoved despite the election result. "It's certainly been interest...

  • News

    • ABS

      • Innovative aircraft ABS well-received

        The US$800m Blackbird Capital Aircraft Lease Securitization 2016-1 priced last week, with the senior notes heavily oversubscribed. The deal is noteworthy for featuring a super-senior tranche and a higher percentage of wide-body aircraft than most air...

    • Structured Finance

      • SCI Start the Week - 7 November

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

        Pipeline There was another pickup in pipeline additions last week, as four new ABS, three RMBS and six CMBS were announced. The ABS were US$150m Diamond Resorts Owner Trust 2016-1, E-CARAT 7, C$426m GMF Canada Leasing Trust Series 2016-1 and CNY4.2b...

      • KKR targets shipping loans

        Pillarstone, the platform set up by KKR to buy non-core and underperforming assets in Europe, seems set to take on underperforming shipping loans following the recruitment of former Frontline Management ceo Jens Martin Jensen. Indeed, the firm recent...

  • Talking Point

      • Uncertain intentions

        Valuers assess US election implications

        The US has had its 'Brexit moment', according to a panel of valuations experts at a Duff & Phelps press briefing in London yesterday (9 November). However, while the timing of the Brexit vote gave funds but a matter of days to reflect the imp...

  • Job Swaps

    • Structured Finance

      • Americas head named

        First Avenue has recruited Jess Larsen as a partner and head of Americas. He leads the firm's sales,...

      • Technology agreement inked

        CR has signed an agreement with Oxane Partners, which will see the two firms work in close cooperati...

      • Manager makes double grab

        ZAIS Group has hired Ahrash Daneshvar and Iris Arrington to its London office. Daneshvar takes up th...

      • Kroll adds SF vet

        Kroll Bond Rating Agency (KBRA) has appointed Patrick Welch as chief credit officer. He will report...

    • Insurance-linked securities

  • News Round-up

      • FFELP criteria revised

        Fitch has revised its criteria for rating US FFELP student loan ABS. The changes aren't expected to...

    • CDO

      • Legacy CDOs unwound

        Legal & General Group has unwound four CDOs, held within Legal & General Retirement,...

      • Pay-offs move higher

        The percentage of US CMBS loans that paid off on their balloon date moved modestly higher in October...

      • HMBS disclosures enhanced

        Ginnie Mae is enhancing the disclosures relating to HECM reverse mortgage pools data in the existing...

      • Reperforming loan bid wins

        Towd Point Master Funding (Cerberus) has been confirmed as the winning bidder on two pools of reperf...

      • Ocwen rankings affirmed

        Moody's has affirmed its master servicer assessment and servicer quality (SQ) assessments for Ocwen...


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