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Issue 522 - 13th January

  • News Analysis

    • Structured Finance

      • Flawed logic

        Regulators' confidence in extra ratings 'misplaced'

        The regulatory drive to require multiple ratings for European structured finance products may not achieve its intended aims, despite necessarily adding costs. The findings of a recent Finance Research Letters study suggest that the regulatory initiat...

    • Marketplace Lending

      • Holding steady

        Partnerships, ABS to help marketplace lending stabilise

        The marketplace lending sector endured several tests to its model at the start of 2016, but managed to regain investor confidence by year-end, reflected in a resurgence of MPL ABS issuance. While 2017 could be defined by consolidation, partnerships a...

  • SCIWire

    • Secondary markets

      • Euro secondary sporadic

        Activity remains sporadic across the European securitisation secondary market. ABS/MBS continues t...

      • US CLOs picking up

        Activity in the US CLO secondary market is beginning to pick-up for 2017. "Today looks like we're...

      • Euro CLOs start strongly

        The European CLO secondary market has had a busy start to 2017 backed by strong price moves. "Sinc...

      • US CLOs on the up

        Activity and prices are on the up in the US CLO secondary market this week. "There's very a positi...

  • News

      • Fair value credential introduced

        A new credential intended to enhance the quality, consistency and transparency of fair value measurement results in financial reporting has been launched. The Certified in Entity and Intangible Valuations (CEIV) credential is a result of collaboratio...

    • Structured Finance

      • SCI Start the Week - 9 January

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

        Pipeline The first week of the year brought a return to life for the pipeline. There were two new ABS announced, as well as three RMBS. ¥40bn Driver Japan Six and US$810.39m Hyundai Auto Lease Securitization Trust 2017-A were the ABS. The...

    • Capital Relief Trades

      • Green SRT emerging

        The final panel at SCI's recent Capital Relief Trades Seminar struck an optimistic note regarding developments in new jurisdictions and asset classes. Indeed, 'green' lending is emerging as a consideration for some investors in the sector. The Euro...

      • Record SRT deal launched

        Further details have emerged about Grafton CLO 2016-1, Santander's largest post-crisis corporate loan significant risk transfer deal and its second largest synthetic securitisation (SCI 3 January). The £1.25bn six-year CLN has a three-year r...

    • CLOs

      • Rated warehouses proliferating

        CLO-like warehouse transactions are emerging as variations on traditional warehouse financing of CLOs (SCI 19 May 2016). Also called rated warehouses, they are structured to meet specific investor and arranger needs, while retaining many characterist...

      • Spread optimism highlighted

        With US CLO new issue triple-A spreads currently in the Libor plus 140bp-160bp range, respondents to JPMorgan's Q1 CLO survey appear optimistic on spreads for 2017. Many (42%) expect spreads to be in the Libor plus 120bp-130bp range by the end of the...

    • CMBS

      • Co-working exposure gauged

        Co-working is expected to play an increasingly significant role in commercial real estate, posing challenges to underwriting and valuation standards for the CMBS market. Morningstar Credit Ratings notes that while loans with exposure to co-working cu...

    • NPLs

      • Italian comeback?

        Scope Ratings expects a "slow, unsteady comeback" for public securitisations of Italian non-performing loan ABS in 2017. The agency says that their return "can help improve Italian banks' balance sheets, which will allow them to refocus on retail and...

    • RMBS

      • FHA snips MIP

        The FHA will reduce the annual mortgage insurance premium (MIP) most borrowers must pay for 30-year mortgages by 25bp for loans up to US$625,000 and by 45bp for larger loans. The new premium rates will affect most new mortgages with a closing/disburs...

      • Dutch non-conforming refi readied

        Morgan Stanley is in the market with the €157.7m Delft 2017, a Dutch non-conforming RMBS backed by loans originated by Lehman Brothers subsidiary ELQ Portefeuille I. The portfolio in its entirety is currently securitised in EMF-NL 2008-1. ...

  • Talking Point

    • Capital Relief Trades

      • A nebulous concept

        Challenges in defining the cost of capital highlighted

        The challenges in defining the cost of capital were discussed extensively at SCI's recent Capital Relief Trades Seminar. Panellists agreed that it is a nebulous concept. "The most naïve view one usually starts with is that the cost of capi...

  • Job Swaps

      • CMBS head promoted

        DBRS has appointed Christian Aufsatz to a new role as md, head of European structured finance. He wi...

      • Exchange offer prepped

        Tikehau Capital is set to reorganise its shareholding structure and governance, as well as those of...

      • Investment chief named

        Semper Capital Management has promoted Zach Cooper from deputy cio to cio, replacing Jay Menozzi, wh...

      • Credit strategy head hired

        BGC Partners has hired Arran Rowsell as head of credit strategy in London. Rowsell will report to To...

      • Firm boosts SF sales team

        StormHarbour has hired Christos Danias as md of credit sales for ABS and CLOs. He joins from Cantor...

      • Firm nabs credit vet

        Ares Management has hired Scott Graves as a partner in the firm's private equity g...

    • Insurance-linked securities

      • Aeolus acquisition closed

        Elliott Management Corp funds Elliott Associates and Elliott International have acquired a controlli...

    • Risk Management

  • News Round-up

    • Structured Finance

      • Rare mod for 2014 loan

        The US$8.7m Black Gold Suites Hotel Portfolio loan, securitised in COMM 2014-UBS6, has been modified...

      • FVO purchases jump

        Fitch reports a significant increase in the number of defaulted US CMBS loan purchases through fair...

    • Insurance-linked securities

      • Tradewynd bonds affirmed

        Fitch has affirmed the Tradewynd Re Series 2014-1 class 3A and 3B notes, which are expected to matur...

    • RMBS

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