Weekly Issue Archive »

Issue 530 - 10th March

  • News Analysis

    • Marketplace Lending

      • Marketplace ABS disparate but stronger

        Investor confidence in marketplace lending appears to have rebounded after a drop-off in 1H16, but the sector remains too fragmented to make broad conclusions about whether it has stabilised. The disparity between consumer and student loans originate...

    • CLOs

      • CMOA structure prepped

        Acis Capital, an affiliate of Highland Capital, is prepping an innovative US$372m CLO. Dubbed ACIS CLO 2017-7, the transaction utilises a capitalised majority-owned affiliate (CMOA) risk retention strategy. A CMOA structure involves a combination o...

  • SCIWire

    • CLOs

      • US CLO demand drives on

        Activity and demand are growing once more in the US CLO secondary market despite some challenges. ...

    • Secondary markets

      • US CLOs watchful

        US CLO secondary market participants are watching closely for any signs of potential widening despit...

      • Euro secondary simmers

        The European securitisation secondary market is still simmering without yet fully coming to the boil...

  • News

    • ABS

      • Aussie card ABS prepped

        Latitude Finance Australia is in the market with a rare Australian credit card ABS. Dubbed Latitude Australia Credit Card Loan Note Trust - Series 2017-1, the transaction is backed by a A$3.76bn pool of MasterCard, Visa and sales finance card receiva...

      • Westlake ABS marks 'significant' shift

        Westlake is in the market with its latest ABS, Westlake Automobile Receivables Trust 2017-1 (see SCI's pipeline). While the auto finance firm has previously issued a dozen other deals, its latest transaction differs from its previous ABS in significa...

      • Innovative franchise ABS marketing

        Focus Brands is readying a US$800m whole business securitisation. Focus Brands Funding Series 2017-1 is backed by royalties from 5,055 restaurant franchises within the Focus restaurant system and 80 company-operated restaurants. The 5,055 franchise...

    • Structured Finance

      • SCI Start the Week - 6 March

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

        Pipeline The volume of additions to the pipeline increased a little last week. There were eight new ABS announced, as well as an ILS, three RMBS and four CMBS. The ABS were: Avis Budget Series 2017-1; US$409.2m ECMC Group Student Loan Trust 2017-1...

      • Debut CRE CLO prepped

        Greystone is in the market with its debut US$366.6m CRE CLO. Dubbed Greystone Commercial Real Estate Notes 2017-FL1, the transaction securitises 27 floating-rate mortgages secured by 27 transitional multifamily properties. Moody's and DBRS have ass...

      • Securitisation revival required

        The European securitisation market needs to be revitalised imminently to drive the continued recovery and future growth of the region, according to Validis Dombrovskis, vp of the European Commission. While Basel 4 could help, several barriers remain...

      • Replacement risk weighing on BWIC volume?

        International ABS BWIC volume totalled €9.7bn in 2016, according to JPMorgan figures. Average weekly BWIC volume of €186m last year fell by around 17% from 2H15 and has subsequently fallen to €96m per week in 2017 year t...

    • Capital Relief Trades

      • Risk transfer round-up - 10 March

        Amid the talk circulating the capital relief trade market this week is a rumour that StormHarbour is seeking to place the thin first-loss piece of a deal from Nord LB. One source also suggests that Mizuho is working on a transaction that references l...

    • CLOs

      • Euro CLO warehouse ramping

        Barings has established a warehouse securitisation to ramp up leveraged loans and high yield bonds ahead of the issuance of its forthcoming Barings Euro CLO 2017-1. The transaction comprises a senior funding facility (SFF) and a mezzanine funding fac...

    • CMBS

      • Retailer's bankruptcy raises CMBS risk

        Hhgregg's bankruptcy filing and plans to close 91 locations, announced this week, may elevate long-term default risk for 10 CMBS loans totalling US$156.8m, says Morningstar Credit Ratings. The rating agency warned last year that store closures were l...

      • Enforcement actions to remain rare

        European CMBS note EODs have occurred frequently, but with few instances in which enforcement actions have been triggered. While a peak in note EODs among 1.0 deals is expected this year, noteholders' unwillingness to initiate enforcement actions is...

      • Hope note recovery rates examined

        The principal recovery rate of liquidated US CMBS hope notes hit 27.2% in 2016, its highest point since 2011. A recent Moody's analysis shows that the 224 hope notes totalling US$2.74bn disposed of since 2009 registered a weighted average recovery ra...

    • RMBS

      • UK NC clean-up calls considered

        UK non-conforming RMBS clean-up calls have long been considered out of the money options, but recent activity has changed that. Despite a rally in mezzanine UK non-conforming bonds since the beginning of the year, Deutsche Bank analysts believe this...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 10 March

        EMEA Clayton Euro Risk has formed an alliance with The Dutch Mortgage Consultants (TDMC) to assist in its focus on the residential mortgage market in the Netherlands. The firms began working together in January 2017. Jones Day has hired...


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