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Issue 520 - 23rd December

  • News Analysis

    • Structured Finance

      • Mixed blessing

        Retention rules not so onerous for CRE CLOs

        Risk retention requirements raise interesting issues for the CRE CLO sector. The typical CRE CLO model already includes holding the bottom of the capital stack, but the way in which that is done may well fall foul of the regulators' rulebook. The f...

    • ABS

      • Upwardly mobile

        Debut mobile ABS could be first of many

        The first UK mobile handset securitisation closed in November, signalling the beginning of a burgeoning mobile ABS sector in Europe. The £125m private deal was backed by consumer loans for the purchase of Virgin mobile handsets and arranged...

    • NPLs

      • State rescue?

        Nationalisation could delay BMPS securitisation

        The Italian parliament has approved €20bn to prop up the country's most fragile banks while it readies a possible state rescue of Banca Monte dei Paschi di Siena (BMPS), its third largest lender. The parliamentary approval follows scepticis...

    • RMBS

      • Non-conforming comfort

        Aussie non-conforming RMBS thrives as wider sector stalls

        Until this year, the Australian securitisation market had been recovering gradually from the depths of the global financial crisis, albeit not yet coming close to pre-crisis levels of activity. Issuance has stalled this year, although non-conforming...

    • Structured Finance

      • Property prospects

        Hiring remains flat, but CMBS up-tick possible

        CMBS could provide a hiring boost in the US in 2017, while structured finance recruitment is likely to remain mostly flat globally. In the UK, senior hires are few and far between, but banks are still recruiting junior executives to develop smaller s...

  • News

    • Structured Finance

      • SCI Start the Week - 19 December

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

        Pipeline While the pace of pipeline additions has slowed over the last couple of weeks, new deals do continue to be announced. Last week's ABS additions were US$250.8m Merlin Aviation and US$178m Westchester Tobacco Asset Securitization Corp Series...

      • Capturing the liquidity premium

        Interest rate rises could increase volatility in the structured credit market, creating opportunities for relative value plays. Against this backdrop, junior CLO debt is seen as particularly attractive. The spread premium associated with structured...

    • Capital Relief Trades

      • Spanish SRT deal completed

        Banco Santander has closed its first Spanish unsecured consumer loan significant risk transfer securitisation of 2016. The €1bn 15-year revolving FT Santander Consumo 2 deal comprises six classes of notes. According to Steve Gandy, md at...

    • CLOs

      • CLO BWIC volume tallied

        JPMorgan figures as of 15 December suggest that US CLO BWIC volume is down by 25% in 2016 to US$26.99bn, while European volume decreased by 32% to €5.06bn. In contrast, CLO BWIC volumes rose by 50% in the US and 6% in Europe last year. In...

    • Marketplace Lending

      • MPL ABS 'compares well' in 2016

        Despite significant turbulence earlier in the year, marketplace lending ABS has maintained steady growth and better or similar performance than other areas of the consumer loan ABS sector, according to JPMorgan ABS analysts. They add that the marketp...

  • Talking Point

    • Capital Relief Trades

      • Proving compliance

        Demonstrating significant risk transfer discussed

        How to demonstrate significant risk transfer (SRT) was a hot topic at SCI's Capital Relief Trades Seminar last month. Panellists discussed the importance of having robust governance and risk management processes in place, as well as what to avoid whe...

  • Job Swaps

    • Structured Finance

      • ED appoints new ceo

        The European DataWarehouse (ED) has appointed Christian Thun as ceo, effective from 1 January 2017....

    • Insurance-linked securities

      • Insurance merger agreed

        Fairfax Financial Holdings and Allied World Assurance Company Holdings have entered into a merger ag...

  • News Round-up

      • Further FFELP ABS extended

        Navient has amended the transaction agreements for US$170m of ABS bonds backed by FFELP student loan...

      • Punch acquisition agreed

        Heineken UK has agreed a back-to-back deal with Patron Capital vehicle Vine Acquisitions to acquire...

      • RFC issued on FX risk

        S&P has requested comments on its methodology and assumptions for FX risk in structured fina...

    • Capital Relief Trades

      • EIF in UK CRT first

        The EIF has signed a securitisation guarantee deal with RBS, providing capital relief on a £...

    • CDS

      • iHeart credit event called

        ISDA's Americas credit derivatives determinations committee has resolved that a failure to pay credi...

      • Class X appeal dismissed

        The English Court of Appeal has reached the same conclusion regarding the Titan CMBS class X claim a...

    • Insurance-linked securities
    • Risk Management

      • CCP equivalence determined

        The European Commission has determined that India, Brazil, New Zealand, Japan Commodities, United Ar...


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