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Issue 524 - 27th January

  • News Analysis

    • NPLs

      • Aligned interests

        US funds continue Spanish NPL storm

        US funds continue to storm the Spanish NPL market for investment opportunities. They appear to be capitalising on funding structures and operational processes that match the asset characteristics of the large non-core disposal programmes seen in the...

    • ABS

      • Heavy burden

        Student loan servicing under the spotlight

        Average US student debt levels have now swelled to a record US$30,000 plus, sparking concern that the US economy could be negatively affected by constrained home ownership and long-term consumption growth. At the same time, high-profile legal cases r...

  • SCIWire

      • Autos lead US ABS

        The auto sector is currently leading the way in the US ABS secondary market. Overall, ABS secondar...

      • Euro CLOs BWIC focused

        The European CLO secondary market is currently focusing on BWICs. "Levels on BWIC have been very s...

      • US CLO mezz pauses

        US CLO secondary market mezz rally is pausing for breath this week so far. "Superficially it's sti...

  • News

    • Structured Finance

      • SCI Start the Week - 23 January

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

        Pipeline There was a clear skew towards auto ABS additions for the pipeline last week. As well as five of these deals, there was also a CMBS added. That CMBS was US$1.261bn FREMF 2017-K61. The auto ABS were: US$1.116bn Ally Auto Receivabl...

    • CMBS

      • L-shaped retention debuts

        Citi and Deutsche Bank are in the market with CD 2017-CD3, the first conduit CMBS to comply with the US risk retention rules by employing an 'L-shaped' structure. The US$1.3bn deal - rated by Fitch, KBRA and Moody's - is collateralised by 5...

    • RMBS

      • CRT variances examined

        Fannie Mae's latest risk-sharing RMBS - the US$1.4bn CAS 2017-C01 - offered class 1B1 bonds are no longer first-loss portions of the capital structure and instead feature 50bp of credit support, in the form of another subordinate B tranche...

      • Rate rises threaten RMBS performance

        Increased default risk for US RMBS is a potential result of the reduced mortgage prepayments expected to follow the Federal Reserve's decision to raise interest rates. Mortgages with LTVs under 60% and interest rates under 6% could see the biggest dr...

      • Dutch market strengthening

        The recent STORM 2017-I involved the sale of the largest publicly distributed senior Dutch RMBS tranche since the financial crisis, at €2bn (see SCI's primary issuance database). The deal, amid a number of other credit positives, suggests t...

  • Job Swaps

    • Structured Finance

      • CMBS pro named president

        ReadyCap Commercial has named Anuj Gupta as president, responsible for loan originations, affinity r...

      • Distressed team beefs up

        Michael Carley has joined BTIG as a director of fixed income credit, focused on illiquid markets acr...

      • WestLB spin-off acquired

        Mount Street is set to acquire EAA Portfolio Advisors (EPA) from Erste Abwicklungsanstalt (EAA), whi...

  • News Round-up

    • ABS

      • NZ group turns to ABS

        New Zealand's largest vehicle seller, Turners, has established a NZ$150m securitisation programme th...

    • Structured Finance

      • High prepays for SBOLT

        Moody's reports that the performance of Small Business Origination Loan Trust 2016-1, the first Euro...

      • Placed issuance up

        €59bn of securitised product was issued in Europe in 4Q16, an increase of 26.9% from 3Q16...

      • CLO refinancings tallied

        US CLO issuance finished 2016 markedly lower year-over-year, with US$63.5bn from across 136 deals, F...

    • CMBS

      • Decree may impact RMBS

        Following recent court decisions, the Spanish government has announced a Royal Decree 1-2017, which...

      • CA bringing RMBS 'first'

        Credit Agricole has mandated its first public French RMBS (see SCI's pipeline). It is Credit Agricol...


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