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Issue 517 - 2nd December

  • News Analysis

    • CLOs
      • Digging deeper

        US CLOs becoming 'riskier', but investors remain optimistic

        A recent JPMorgan study of 48 US CLOs shows that from 2013 to date there has been an average increase in WARF score from 2,719 to 2,899, while yields have decreased on average 48bp. The findings suggest that investors are not being adequately compens...

    • Structured Finance
      • Tip of the iceberg?

        ABS impact investment to rise as green bonds gain traction

        Securitisation is increasingly recognised as providing the 'double bottom-line' benefits sought by impact investors. Indeed, the number of impact investors allocating to ABS is expected to continue rising alongside issuers seeking to broaden their in...

  • SCIWire

    • Secondary markets
      • Euro secondary surge

        There is a surge in activity throughout the European securitisation secondary market. Activity has...

      • US CLOs pick-up

        US CLO BWIC volumes are picking up post-Thanksgiving. "We're seeing a spike in BWIC volume over th...

      • Euro ABS/MBS distracted

        New deals are continuing to keep focus way from the European ABS/MBS secondary market. "Primary is...

      • US CLOs keep busy

        The busy end to November has continued into December for the US CLO secondary market. "Secondary i...

  • News

    • Structured Finance
      • SCI Start the Week - 28 November

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

        Pipeline With the week dominated by Thanksgiving, there were few pipeline additions. These amounted to three ABS, an ILS, an RMBS, two CMBS and a CLO. CNY4bn Bavarian Sky China 2016-2 Trust, US$709m Labrador Aviation Finance 2016 and Red &...

      • CRR boost?

        The European Commission's CRR 2 reforms, which it unveiled last week, include proposals that appear to increase the attractiveness of securitisation in connection with the leverage ratio and net stable funding ratio (NSFR). The package embeds three m...

    • Capital Relief Trades
      • Innovative Griffon deal welcomed

        Griffon Funding - which Barclays closed in September - has been hailed as an innovative model for banks seeking to reduce their regulatory capital requirements. The £2.43bn privately-placed true sale balance sheet CMBS is...

    • CMBS
      • Servicers brace for CMBS wall

        Some US$12bn of the US$92bn of US commercial loans maturing during 2017 could default and end up in the hands of special servicers, says S&P. There will be nearly US$120bn in outstanding performing loans scheduled to mature through 2018, most...

    • RMBS
      • Rare Irish RMBS priced

        Lone Star has privately placed a rare Irish non-conforming RMBS. Dubbed European Residential Loan Securitisation 2016-1, the €536.6m transaction is backed by both performing (representing 32.58% of gross book value) and non-performing (63.8...

  • Talking Point

    • Structured Finance
      • Developing marketplace

        Key themes discussed as marketplace lending sector evolves

        Representatives from Orchard Platform, MountainView and Global Debt Registry joined SCI over the summer to discuss marketplace lending developments. This Q&A article highlights some of the main talking points from the session, including the i...

  • Job Swaps

    • Insurance-linked securities
      • ILS firm swaps chiefs

        Michael Krefta will assume the role of ceo for Hiscox Bermuda as of 1 August 2017. This follows the...

    • Risk Management

  • News Round-up

      • Charge-off record reversed

        US credit card ABS 60-plus day delinquencies and charge-offs are up slightly from previous record lo...

    • Structured Finance
    • CLOs
      • CLO performance predicted

        US CLO performance should be stable in 2017 as corporate defaults recede, says Moody's. Despite a we...

      • Loss severity spikes

        Trepp's latest US CMBS loss analysis reflects a spike in the average loss severity of loan dispositi...

    • Risk Management
      • VM protocol launched

        ISDA and IHS Markit have launched the ISDA 2016 Variation Margin Protocol on ISDA Amend. It automate...

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