Issue 515 - 18th November
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News Analysis
- RMBS
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Fresh faces
New breed of RMBS issuer steps up
A slew of issuance from private equity companies and other non-traditional issuers is changing the face of the European RMBS market. The trend can be seen in multiple jurisdictions, with deal structures evolving as a result. In the UK, investor rea...
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- CLOs
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Fine tailoring
CLOs to remain buoyant into 2017, despite loan fund competition
Open-ended loan funds in Europe have grown in volume, attracting institutional investors hungry for yield, while fears over a Fed rate rise has reversed outflows from loan funds in the US. Although loan funds globally could pose a threat to CLOs in t...
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- RMBS
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SCIWire
- Secondary markets
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Euro secondary softens
Declines in the bond market have begun to feed into the European securitisation secondary market. ...
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US CLOs slow
Activity in the US CLO secondary market continues to be very light post-election and last Friday's h...
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Euro ABS/MBS unchanged
There's been little movement in the European ABS/MBS secondary market this week, so far. While sen...
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US CLOs trundle on
The US CLO secondary market continues to trundle on in a positive manner albeit without a resurgence...
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- Secondary markets
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News
- ABS
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Container ABS decline persists
Container ABS volumes have continued to fall in Q3. This follows sluggish demand for containers, which has provided headwinds for the sector through 2016. Container ABS outstandings have fallen to around US$4.8bn, down by nearly US$2.5bn since the...
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- Structured Finance
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SCI Start the Week - 14 November
A look at the major activity in structured finance over the past seven days.
Upcoming SCI event Panellists are being finalised for SCI's latest Capital Relief Trades Seminar, 'Navigating the Cash vs Synthetic Debate, Weighing the Cost of Capital', which is being held on 22 November in London. Please email for a conference re...
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'Transformational' capital offered
TCA Fund Management Group has closed the first investment made by its new fund. Touted as a hybrid opportunity fund, it features an innovative combination of private equity and credit characteristics. The idea behind the new fund is to take a big c...
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- ABS
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Talking Point
- Structured Finance
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Disruptive opportunities
Bijesh Amin, co-founder of Indus Valley Partners, discusses the emerging high-frequency lending mode...
Alternative asset managers see scope for investment opportunities in structured credit resulting from post-crisis regulatory changes, combined with the emergence of disruptive technologies, such as big data, P2P and AI. However, caveat emptor remains...
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- Structured Finance
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Job Swaps
- Structured Finance
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REIT engagement requested
RAIT Financial Trust has responded to an amended Schedule 13D filed last week by Highland Capital Ma...
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CLO duo promoted
Oaktree Capital has promoted James Turner and Madeleine Jones to jointly lead the European credit te...
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Accounting method queried
Fifth Street Asset Management (FSAM) has postponed the filing of its Form 10Q and related earnings c...
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Investment firm adds advisors
Strategic Value Partners has added Goran Puljic and David Weaver to its advisory council. Puljic was...
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- CLOs
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CLO vet poached
Nassau Re has hired Alex Jackson as md for bank loan portfolio management. In his new role, he will...
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- Insurance-linked securities
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Reinsurance pro brought in
TigerRisk Partners has appointed reinsurance industry veteran Patrick Denzer as partner, with a part...
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- Risk Management
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Margin initiative chief replaced
ISDA has appointed Tara Kruse as head of its working group of margining requirements initiative. She...
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Markit Analytics leader appointed
IHS Markit has appointed Andrew Aziz as global head of Markit Analytics. He has two decades of exper...
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APAC head appointed
ICAP has named Guy Rowcliffe, ceo of RESET, as head of Asia Pacific for its Post Trade Risk and Info...
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- Structured Finance
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News Round-up
- ABS
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Cali tax vote 'ABS negative'
The passing of California's Proposition 56 - which will increase the state's tobacco tax ra...
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Overcollateralisation errors identified
Moody's has affirmed the ratings of six tranches from two student loan ABS sponsored by Darien Roway...
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Euro tranche debuts
FirstRand Bank is in the market with its latest UK auto ABS, Turbo Finance 7. The deal, which is pro...
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Virgin handset deal closed
Royal Bank of Canada has arranged a £125m mobile handset securitisation programme for Virgi...
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Auto ABS restructured
Italian auto loan ABS A-Best 14 - which closed on 11 May (see SCI's new issuance database)...
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Navient bonds extended
Navient has amended the transaction agreements for Navient Trust 2014-8, totalling US$469m of FFELP...
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First prime HUNT ABS of the year
Huntington National Bank is in the market with its first prime retail auto ABS issuance of 2016. The...
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- Structured Finance
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Mutual fund launched
Palmer Square Capital Management has rolled out its ultra-short duration investment grade strategy i...
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Counterparty replacement warning
Pending derivative regulations including swap margin posting requirements are creating uncertainties...
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UK inflation to affect ABS, RMBS
Brexit-driven inflation in the UK will be credit negative for securitisations backed by mortgages, a...
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Green bond tool readied
S&P has published an updated outline of its green bond evaluation framework, following the c...
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Default guidelines consultation announced
The EBA has launched a consultation on its draft guidelines on the estimates of risk parameters for...
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CRT line-up finalised
Panellists are being finalised for SCI's latest Capital Relief Trades Seminar, which is being held o...
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CRA guidelines finalised
ESMA has published its final report on guidelines on credit rating agencies' methodologies. The guid...
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- CMBS
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Retail pushes delinquencies up
US CMBS delinquencies climbed by 7bp to 3.25% last month, as retail late-pays continue to increase,...
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CMBS tools developed
DBRS has introduced commercial real estate Market Index and Market Rank tools for the US and Canada....
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Exchangeable CMBS retention tested
Deutsche Bank and Citi are working together to bring another risk retention-compliant US CMBS to the...
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- Risk Management
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Evaluation score introduced
Thomson Reuters has launched the Thomson Reuters Pricing Service Evaluation Score (TRPS Score), whic...
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Call for clearing delay
ESMA has published a report on OTC derivatives central clearing, calling for a delay to the implemen...
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- RMBS
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RMBS, re-REMIC criteria updated
Fitch has updated its criteria for analysing outstanding US RMBS and new and outstanding re-REMICs....
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Positive review after error
Fitch has placed 12 classes of notes issued by Salisbury 2015-1 on rating watch positive. The move r...
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Dutch RMBS criteria tweaked
Fitch has updated its criteria addendum for Netherlands residential mortgage assumptions. The change...
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GSE issuance calendars released
Fannie Mae and Freddie Mac have released 2017 issuance calendars for the Connecticut Avenue Securiti...
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CIRT programme diversifies
Fannie Mae has completed its tenth Credit Insurance Risk Transfer (CIRT) transaction of 2016. For th...
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- ABS
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