Weekly Issue Archive »

Issue 528 - 24rd February

  • News Analysis

    • ABS

      • UK government to securitise student loan book

        The UK government is looking to raise £12bn through the structuring and sale of a series of ABS backed by student loans. Its first offering - Income Contingent Student Loans 1 (2002-2006) - securitises a £4.1bn portfolio, but it is...

    • Structured Finance

      • Slow start to year 'not concerning' for Euro ABS

        The European securitisation market started the year with its traditional quiet January, but issuance has picked up through February and there are large, innovative deals on the horizon. However, the future of the ECB's ABSPP already appears to be wei...

    • ABS

      • Warm investor response for debut turboprop ABS

        Elix Capital has closed its debut securitisation of turpoprop aircraft at a time when investors are craving such assets to diversify their investment strategies. Dubbed Prop 2017-1, the US$411m deal is the first-ever aviation ABS backed entirely by t...

  • SCIWire

    • Secondary markets

      • Euro secondary quiet

        It was a quiet start to the week across the European securitisation secondary market thanks primaril...

      • Euro ABS/MBS edges in

        European ABS/MBS secondary spreads continue to edge in. "The market remains strong and well-suppor...

  • News

    • ABS

      • FFELP rating actions revealed

        Fitch has disclosed the rating actions resulting from the update to its US FFELP student loan ABS criteria (SCI 27 July 2016). The most significant change to the criteria was the introduction of new stresses aimed at analysing the vulnerability of tr...

    • Structured Finance

      • SCI Start the Week - 20 February

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

        Pipeline There were eight ABS additions to the pipeline last week. These were joined by three RMBS and a CMBS. The ABS were: US$209m American Credit Acceptance Receivables Trust 2017-1; US$325.6m CNH Capital Canada Receivables Trust 2017-1; US$1.0...

      • Ratings expansion outlined

        KBRA has named Jim Nadler ceo, with co-founder Jules Kroll stepping down from the position. The move coincides with the rating agency's plans to expand into rating European securitisations and CLOs. Nadler will retain the title of president, which...

    • Capital Relief Trades

      • Risk transfer benchmark introduced

        PCS has launched the first risk transfer quality label for synthetic risk transfer deals. One of the aims of the label is to help incorporate synthetic securitisations into a future STS regulatory framework through criteria that identify key elements...

      • Risk transfer round-up - 24 February

        Several risk transfer securitisations are understood to have entered the pipeline this past week. According to sources, Lloyds is working on a capital relief trade referencing commercial real estate assets, which is said to be "similar" to Barclays...

    • CLOs

      • Euro CLO retention strategies weighed

        Two European CLOs have priced since the US risk retention rules came into effect on 24 December (excluding refinancings) and both are structured to enable the manager to satisfy both European and US risk retention requirements. Several deals structur...

      • GSO/Blackstone tops global CLO AUM

        The top 10 US CLO managers once again accounted for around 29% of AUM in 2016 (SCI 22 February 2016), while the top 10 European managers accounted for 59%, according to Moody's latest CLO manager league tables. However, there were a few changes to th...

    • CMBS

      • Defeasance trending down on volatility

        US CMBS defeasance activity trended lower last year, after steadily increasing year-over-year between 2013 through 2015. Many loans defeased within a few months of their open or prepayment periods, as borrowers sought either to lock in favourable ref...

      • MC Sports filing threatens CMBS

        Of the 15 US CMBS loans exposed to MC Sports, there are six which stand to be particularly affected by the company's bankruptcy filing last week, says Morningstar Credit Ratings. The largest loan of concern is the US$17.2m Wilsontown Shopping Center...

      • Student accommodation CMBS prepped

        Brookfield Asset Management affiliate GL Europe RE Holdings is prepping a £215m single-tranche UK CMBS. Dubbed Student Finance, the transaction is backed by a single loan secured by 13 student accommodation buildings located in England and W...

      • CMBS liquidation trust prepped

        An innovative liquidation vehicle backed mainly by commercial real estate loans is marketing. Dubbed VSD 2017-PLT1, the securitisation has an aggregate unpaid principal balance of US$378.1m and monetises recoveries from performing, non-performing and...

    • Marketplace Lending

      • Marketplace deals readied, with innovations

        Kabbage is marketing its first marketplace loan ABS of the year and its second since inception. Meanwhile, SoFi is in the market with its second consumer loan ABS - SoFi Consumer Loan Program 2017-2 - backed by US$343m of consumer loans and comprisin...

    • RMBS

      • Galton debut 'weaker' than other prime RMBS

        GMRF Mortgage Acquisition Company is in the market with its first ever RMBS (see SCI's pipeline), funded by Mariner Investment Group. Galton Funding Mortgage Trust 2017-1 (GFMT 2017-1) is backed by 363 prime quality, mainly 30-year residential mortga...

  • The Structured Credit Interview

    • Structured Finance

      • Deploying capital

        Chris Redmond, global head of credit at Willis Towers Watson, answers SCI's questions

        Q: How and when did Willis Towers Watson become involved in the securitisation market? A: Willis Towers Watson has an international team conducting research of all credit managers and products, including securitised credit. While we had exposure to...

  • Provider Profile

    • Risk Management

      • Investment differentiation

        SCI's profile questions are answered by Triphonas Kyriakis, md for analytics at MSCI; Raghu Suryanarayanan, executive director of MSCI's risk research group; and Thomas Ta, who directs the company's development of risk management analytics. Q: How...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 24 February

        Europe Clayton Euro Risk has partnered with Lime Risk Agency to launch specialist insurance products aimed at mitigating mortgage and property risks. Alan Kerr has decided to leave his current role at GSO/Blackstone Debt Funds Management in 2017....


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