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Issue 527 - 17th February

  • News Analysis

    • NPLs
      • Italian mixed NPL portfolio added

        AnaCap Financial Partners is set to acquire a €177m portfolio of Italian performing and non-performing corporate secured loans from Barclays. The transaction is the latest in a flurry of Italian mixed portfolio acquisitions through which th...

    • CMBS
      • Shifting dynamics spur CMBS prepays

        The €1bn Woba loan was successfully prepaid in full this week, confirming growing speculation that the Taurus 2013-GMF1 CMBS' days were numbered. Far from being an isolated incident, the move illustrates how broken the relationship between...


  • SCIWire

    • Secondary markets
      • Euro secondary unchanged

        Activity in the European securitisation secondary market is little changed from that seen in recent...

      • US ABS tightens

        US ABS secondary market spreads keep tightening despite continued supply. Appetite for paper in se...

      • Euro ABS/MBS drifts

        The European ABS/MBS secondary market appears to be drifting along this week. Trading activity con...

      • US CLOs ease up

        Activity in the US CLO secondary market looks to be easing up ahead of the President's day weekend. ...


  • News

    • ABS
      • Farm forecast is ABS 'credit positive'

        US farm net cash income is predicted to rise 1.8% to US$93.5bn this year, ending three consecutive years of annual declines. This forecast by the US Department of Agriculture (USDA) is credit positive for US ABS tied to agricultural equipment loans,...

      • Credit card issuance on a roll

        American Express has returned to the ABS market after an 18-month absence with a pair of credit card securitisations accounting for US$1.15bn of paper. The move comes after approximately US$5.5bn was placed by four other credit card issuers in Januar...

      • CPACE partnership to leverage ABS

        Renovate America and Greenworks Lending have formed a national partnership to offer commercial PACE financing through the HERO securitisation programme in Missouri, allowing both firms to leverage considerable synergies. The two firms plan to expand...

    • Structured Finance
      • SCI Start the Week - 13 February

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

        Pipeline The recent trend of ABS and RMBS dominating pipeline additions continued last week. There were seven ABS and four RMBS added to the list along with a single CMBS. The ABS were: US$664.45m Ally Master Owner Revolving Trust Series 2017-1; U...

      • Positive start for Aussie issuance

        Bank of Queensland last week priced its upsized A$1bn Series 2017-1 REDS Trust prime RMBS, the first Australian securitisation to hit the market in 2017, with the senior tranche seeing significant demand. Four transactions from the jurisdiction remai...

      • Capital charges to drive out banks?

        Securitisation amendments to the Capital Requirements Regulation (CRR) are currently being discussed. With the new capital charges likely to trigger capital cliffs, Bank of America Merrill Lynch analysts suggest that bank investors may be put off the...

    • CLOs
      • Refi wave puts WAS under stress

        US CLO portfolio weighted average spread (WAS) is decreasing due to the ongoing wave of refinancings across the sector. The number of CLOs failing WAS tests is rising as a result. If a loan held by a CLO is repriced and then the CLO rolls into the...

    • CMBS
      • Debut green agency CMBS priced

        Fannie Mae has priced its first green REMIC tranches as part of a multifamily DUS transaction. The US$1bn FNA 2017-M2 is the GSE's second multifamily DUS REMIC in 2017 under its GeMS programme, but the deal is unique in that two tranches are backed b...

      • Rollover risk highlighted

        A Paramount Group Operating Partnership and Blackstone Property Partners JV is the sponsor of the latest US single-borrower CMBS to hit the market. The US$975m OMPT 2017-1MKT is secured by the One Market Plaza building, a Class-A office complex locat...

    • Insurance-linked securities
      • Optimistic outlook for Brazilian ILS

        AlphaCat Managers and Terra Brasis Resseguros have completed a US$5m private catastrophe bond-lite. Dubbed Alpha Terra Validus I, the transaction is believed to be the first offering of Latin American reinsurance risk on an indemnity basis and is the...

    • NPLs
      • Shift in NPL asset mix anticipated

        Loan disposals totalling €103.3bn were completed in Europe last year, with the number of ongoing transactions at end-2016 representing €69.5bn across 56 deals, according to Deloitte's latest 'Deleveraging Europe' publication. The...

    • RMBS
      • Euro RMBS volume builds

        Crédit Agricole has priced a rare publicly placed French prime RMBS named FCT Crédit Agricole Habitat 2017. Elsewhere, Fortress subsidiary Paratus AMC is in the market with the £233.23m Stanlington No. 1, a UK non-conformin...

      • High-balance RMBS marketing

        JPMorgan is tapping the RMBS market with a US$1.02bn transaction. Dubbed JPMorgan Mortgage Trust 2017-1, the deal is backed by 1,645 30-year fully-amortising fixed-rate mortgage loans with different origination characteristics to previous JPMMT RMBS....

      • Call for clarity around GSE reform guidelines

        Following US Treasury Secretary Mnuchin's commitment to reform the GSEs, the Mortgage Bankers Association (MBA) has published proposals as to how this can be best executed. While the recommendations - entitled 'GSE Reform Principles and Guardrails' -...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 17 February

        EuropeWells Fargo has hired Steve Hulett as head of credit and ABS sales EMEA. He was previously co-head of mortgages and ABS for Jefferies, Europe. North America Gramercy Funds Management has appointed Bradshaw McKee to the role of md, capital...



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