Weekly Issue Archive »

Issue 532 - 24th March

  • News Analysis

    • ABS

      • Lender actions key to managing auto losses

        Rising losses across the US auto ABS sector are at odds with strong economic conditions and low unemployment levels, albeit greater losses in the subprime space are being mitigated by lender actions, such as loan extensions. Whether losses increase f...

    • Structured Finance

      • SFR strategy raises RMBS questions

        American Homes for Rent (AH4R) announced this week an additional public equity offering, expecting to raise over US$250m, in the latest sign that single-family rental (SFR) companies are significantly changing their funding and operations. SFR securi...

    • ABS

      • Canadian banks eye credit card appetite

        Canadian banks are capitalising on strong demand for US dollar-denominated credit card ABS. The sector has seen a resurgence in recent months, with deals being upsized and performance remaining sound. Last year was a record year for Canadian credit...

  • SCIWire

    • CLOs

      • US CLOs solid

        The US CLO secondary market remains solid as momentum rebuilds following last week's interrupted act...

    • Secondary markets

      • Euro CLOs mixed

        Tone and spreads remain strong in the European CLO secondary market, but activity levels are still d...

      • US ABS holds on

        Despite a boom in supply US ABS secondary spreads are holding on. After a quiet week last week, th...

  • News

    • ABS

      • Russian SME ABS sets the standard

        The Russian SME loan market is anticipated to grow, with further SME ABS issuance following suit. As the Russian SME ABS sector develops, several innovations seen in last year's offering from Promsvyazbank are expected to be replicated. Promsvyazba...

    • Structured Finance

      • Counterparty revisions to hit EMEA ABS

        Moody's is requesting comments on proposals to consolidate and revise its approaches to assessing a number of structured finance-related counterparty risks. If adopted, the changes are expected to have a ratings impact of one to two notches on approx...

      • SCI Start the Week - 20 March

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

        Pipeline Last week's additions to the pipeline took a slightly heavier skew towards ABS. There were nine ABS deals added, as well as five RMBS and three CMBS. The ABS were: US$1bn Ally Auto Receivables Trust 2017-2; US$1bn Drive Auto Receivables T...

    • Capital Relief Trades

      • Risk transfer round-up - 24 March

        Deutsche Bank is believed to have priced its CRAFT CLO 2017-1 capital relief trade this week (SCI 17 March), with market sources suggesting that the deal met with "good appetite from investors". The US$357m transaction printed at Libor plus 10.75%, h...

    • CLOs

      • Bespoke analysis needed for US retail

        Although some US retailers continue to underperform, investors should be wary of taking a wholly negative view on the sector, according to Morgan Stanley CLO analysts. They point out that with broadly strong US retail sales and growing personal incom...

      • Term curve dislocations 'provide opportunities'

        Carlyle recently priced what is believed to be the first post-crisis US CLO to feature a six-year reinvestment period - the US$612m Carlyle US CLO 2017-1. As the new issue CLO term curve evolves, JPMorgan CLO analysts suggest that investor...

    • CMBS

      • JCPenney exposure gauged

        JCPenney has disclosed the 138 stores that it plans to shutter in an effort to optimise retail operations (SCI 2 March). The impact of the closures on the CMBS market appears to be smaller than anticipated, with 14 liquidated stores encumbered by 17...

    • RMBS

      • Spanish RPL RMBS marketing

        Blackstone affiliate Spain Residential Finance is in the market with its second Spanish re-performing RMBS. Dubbed SRF 2017-1, the €403.1m transaction is backed by 3,307 seasoned residential mortgage loans extended to borrowers in Spain. ...

      • Irish RMBS recaptures attention

        The recent resurgence in primary issuance is not the only way to tap Irish RMBS value, as further redemptions for a number of Celtic Residential Irish Mortgage Securitisation series transactions could also provide value in the secondary market. JPMor...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 24 March

        North America Alcentra has hired Brandon Chao as svp in New York, joining from Omega Advisors, where he was a senior analyst for structured products and corporate credit. He will report to the firm's global head of structured credit, Hiram Hamilton...


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