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Issue 531 - 17th March

  • News Analysis

    • Capital Relief Trades

      • Landmark green SRT introduced

        Mariner Investment Group and Crédit Agricole have collaborated to create the first green capital relief trade, the French lender's largest synthetic issuance to date. Dubbed Premium Green 2017-2, the innovative US$3bn risk transfer transacti...

    • NPLs

      • European AMC to create 'positive feedback loop'

        Further details have emerged about the EBA's proposed state-funded, pan-EU asset management company (AMC) (SCI 3 February). The initiative is expected to attract more investors to the European NPL market and by extension free up bank capital and spur...

      • Greek servicing shift underway?

        Piraeus Bank has hired Christos Megalou, a former Eurobank director, as its chief executive. The appointment signals a growing shift in Greek banks' NPL strategies towards the outsourcing of servicing needs to external servicers. "The market believ...

  • SCIWire

    • Secondary markets

      • Euro secondary strengthens

        Tone and levels if not volumes continue to strengthen across the European securitisation secondary m...

      • Euro secondary trundles on

        The European securitisation secondary market trundles on seemingly unaffected by the ups and downs o...

      • US CLOs resume

        Something approaching a normal service is resuming today in the US CLO secondary market after a snow...

  • News

    • ABS

      • Subprime sponsor risk framework touted

        Gauging sponsor risk in US subprime auto ABS is complicated by the fact that many subprime auto lenders are privately held companies and therefore financial data can be limited. Wells Fargo structured products analysts suggest that using securitisati...

      • Loan tapes suggest auto trends are 'in line'

        Loan and pool level stratifications in US auto ABS show credit trends in line with economic expansion and the credit cycle. Rising rates and increasing lender competition could alter this dynamic, according to a new JPMorgan study, which analyses ear...

      • Swiss auto debut announced

        Multilease is prepping a debut Sfr297m auto lease ABS. Dubbed First Swiss Mobility 2017-1, it is a 32-month revolving cash securitisation of auto lease contracts extended to obligors in Switzerland. The underlying assets are financial leases extend...

    • Structured Finance

      • SCI Start the Week - 13 March

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

        Pipeline New ABS transactions accounted for more than half of last week's pipeline additions. There were six of these as well as an ILS, three RMBS a CLO and a CDO. The ABS were: US$1.168bn BMW Vehicle Lease Trust 2017-1; US$869.86m CNH E...

    • Capital Relief Trades

      • Innovative GARC transaction prints

        Intesa Sanpaolo has printed an innovative risk transfer transaction - and the largest to date - from its GARC programme, with Banca IMI acting as arranger. The €2.5bn GARC SME-5 synthetic securitisation referenc...

      • Risk transfer round-up - 17 March

        Activity continued this week in the capital relief trade space, with Deutsche Bank's CRAFT CLO entering the bidding process on Wednesday. The underlying reference portfolio is expected to be comprised of SME loans. Indeed, Deutsche Bank has issued...

    • CDS

      • European index exposure favoured

        The roll of the IHS Markit CDS indices next week is expected to result in a number of lower quality constituents entering the reference portfolios. Ahead of the roll, Morgan Stanley credit derivatives analysts reiterate their long-term preference for...

    • CLOs

      • Euro CLO equity outperforms

        European CLO equity spreads have experienced a notable turnaround, from a negative -10.5% price return in 2015 to an 8.8% price return in 2016. Indeed, based on a sample of 63 post-crisis deals, JPMorgan figures show that European CLO equity total re...

    • CMBS

      • CMBS retention 'first' in the works

        The second US CMBS conduit transaction to use an eligible horizontal residual interest, and the first to have that horizontal interest held solely by a third-party purchaser, is currently marketing. JPMDB 2017-C5 is a US$1bn transaction rated by Fitc...

    • Marketplace Lending

      • Marketplace lending moving ahead

        A number of positive developments have boosted the marketplace lending sector this week. Among them is the publication by the OCC of further guidelines for fintech firms applying for bank charter applications. The extra information is included as a...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 17 March

        EMEA Dentons has formed a securitisation team in Germany by hiring Arne Kluwer, from Clifford Chance, Matthias Eggert and Timo Riester from Baker Mackenzie and Mortimer Berlet as partner, who joins from Clifford Chance. K...


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