Weekly Issue Archive »

Issue 521 - 6th January

• News

  • Capital Relief Trades

    • Slew of risk transfer trades close

      A handful of capital relief trades closed in late December, including an unusual deal referencing a portfolio of auto loans. While this transaction was unfunded, the other deals involved the issuance of credit-linked notes. The auto transaction, kn...

  • • Cash versus synthetic weighed

      Balance sheet securitisations - whereby balance sheet relief is achieved via true sale - are gaining traction in Europe (SCI 25 August 2016). The different motivations for executing a cash versus a synthetic capital relief trade w...

  • CMBS

    • Macy's, Sears closures affect CMBS

      Macy's has revealed a list of 68 stores that it will close in the near term, while Sears has announced it will close 150 Sears and K-Mart stores. There are CMBS implications for both. Of the 68 Macy's locations, 63 will be closed in early...

  • RMBS

    • NAIC designations for actual loss CAS

      The NAIC has assigned designations to all of Fannie Mae's CAS risk transfer transactions for its 2016 filing year, except for two. It is the first time that actual loss CAS deals have received NAIC designations. All M1 bonds received the highest NA...

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• Job Swaps

  • Structured Finance

    • Law firm nabs SF vet

      Norton Rose Fulbright has hired Patrick Dolan as a partner to the firm, joining from Dechert. He foc...

  • • Investment firm grabs boutique

      New York Life Investments has acquired Credit Value Partners (CVP), an investor in opportunistic and...

  • • SF firm bulks out

      Brigade Capital Management has hired Tom O'Shea to its team in London. O'Shea previously wo...

  • • Insurer inks rival buyout

      Arch Capital has completed its acquisition of United Guaranty Corporation (UGC) from Americ...

  • CLOs

    • Firm inks CLO buyout

      Marble Point has acquired American Capital CLO Management (ACCLOM), an investment manager with appro...

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• News Round-up

  • ABS

    • New lows for prime chargeoffs

      US prime credit card ABS chargeoffs reached a new low of 2.33% in December, says Fitch. Retail credi...

  • Structured Finance

    • 'Basel 4' meeting postponed

      A meeting of the Basel Committee group of central bank governors and heads of supervision (GHOS), or...

  • • 'Transparency over risk retention' advised

      Securitisation of European SME loans would not necessarily lead to lower credit standards, according...

  • • Asset value fund closed

      HPS Investment Partners has closed its first European Asset Value Fund, with aggregate capital commi...

  • • Issuance estimates revised upwards

      Most structured finance markets and their credit conditions seem favourable and in some cases ideal...

  • CLOs

    • CLOIE positive returns continue

      The total amount of CLOs paid down in the JPMorgan Collateralized Loan Obligation Index (CLOIE) sinc...

  • • CLO solution dismissed

      The District Court for the District of Columbia last month ruled against a risk retention solution f...

  • • Early CLO redemption mooted

      Deutsche Bank is considering whether to exercise its option, as issuer, to redeem the Craft 2013-1 a...

  • CMBS

    • Opus completes multifamily Freddie deal

      Opus Bank has securitised US$509m of its multifamily loans through a Freddie Mac-sponsored 'Q-deal'...

  • • CMBS delinquencies climb again

      The Trepp US CMBS delinquency rate hit its highest level in 14 months in December. The rate has incr...

  • • Loss severities down

      US CMBS disposition volume last month dropped to US$595.3m across 54 loans, down from November's tot...

  • • Student housing CMBS examined

      LTV and DSCR metrics weakened marginally for student housing loans securitised in new issue US CMBS...

  • • Strong apartment NOI growth

      Moody's has updated its NOI index for properties backing CMBS conduit loans between 2004 and 2015. T...

  • • CMBS credit metrics 'mixed'

      US conduit/fusion CMBS credit metrics were mostly steady in the final quarter of 2016, although S&am...

  • Insurance-linked securities

    • Larger cat bonds proliferating

      Nearly US$2bn in catastrophe bonds was issued in 4Q16, according to PCS figures. The size of three o...

  • NPLs

    • Firm acquires NPL portfolio

      Bain Capital Credit has acquired a €364m portfolio of Spanish non-performing loans. It com...

  • RMBS

    • PHH MSR sale agreed

      PHH Corporation has agreed to sell its entire portfolio of mortgage servicing rights and related ser...

  • • Early redemption proposed

      Trustees of Arena 2012-I are seeking investor consent for early redemption of the A2 tranche. The bo...

  • • Extra ACIS from Freddie Mac

      Freddie Mac last month issued one last ACIS transaction of 2016. It was the second ACIS not linked t...

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