Weekly Issue Archive »

Issue 533 - 31st March

  • News Analysis

    • RMBS

      • Value seen in jumbo 2.0 and RPL deals

        US non-agency issuance volumes are inching up on the back of the housing market recovery. Re-performing (RPL) and post-crisis prime jumbo RMBS, in particular, are tipped as offering value in the current environment. Jason Merrill, structured specia...

    • NPLs

      • Legislation, growth drive Cyprus turnaround

        Cyprus's non-performing exposures (NPE) ratio has experienced significant improvements, given stronger GDP growth and the adoption of an insolvency framework. At the same time, servicing is becoming an increasingly viable option for the restructuring...

  • SCIWire

    • Secondary markets

      • Euro secondary unmoved

        The European securitisation secondary market remains unmoved by wider market volatility. The see-s...

      • US CLOs sporadic

        Activity in the US CLO secondary continues to be patchy. "We're now just seeing sporadic buying an...

      • Euro ABS/MBS unchanged

        Spreads and activity levels remain unchanged across the European ABS/MBS secondary market. A combi...

      • US CLOs surge

        Activity in the US CLO secondary market has surged this week. "There's been something of a quarter...

  • News

    • ABS

      • Income-contingent SLABS approach revealed

        Further details have emerged of the UK government's £3.94bn Income Contingent Student Loans 1 (2002-2006) transaction, the first UK student loan ABS to be backed by income-contingent repayment (ICR) loans (SCI 21 February). Together with ass...

      • 'Less conventional' auto ABS to emerge?

        Moody's expects German carmakers to offer attractive financing terms and retain residual value risks to boost demand for their alternative fuel vehicles (AFVs) and encourage AFV adoption. However, as the technology matures and AFV penetration increas...

      • Debut prime auto ABS prepped

        GM Financial is in the market with its inaugural prime auto loan ABS. The US$1bn GM Financial Consumer Automobile Receivables Trust 2017-1 transaction is backed by 39,380 retail installment contracts originated or acquired by GM Financial. The port...

    • Structured Finance

      • SCI Start the Week - 27 March

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

        PipelineInsurance-linked securities dominated the transactions remaining in the pipeline last week, after a heavy volume of deals priced. A handful of ABS, RMBS and CMBS also continued to market. The ILS comprise US$178m Integrity Re Series 2017-1,...

    • CLOs

      • Euro, US CLO diversity compared

        European CLO collateral pools have better average ratings, measured as lower WARF scores, and slightly lower weighted average coupons compared to US CLOs. However, European CLOs are smaller and lack liquidity compared to US CLOs, according to Morgan...

    • CMBS

      • Beacon Seattle loan closed out

        The final three properties securing the Beacon Seattle & DC Portfolio loan - securitised in six conduit CMBS - have been disposed of, resulting in approximately US$55.7m in additional realised losses on top of US$45.2m in...

      • Revised restructurings touted for DECO 2006-C3

        Nearly 72% of DECO 11 - UK Conduit 3 noteholders have instructed the special servicer to explore options that may facilitate a faster resolution of the £216.4m Mapeley Gamma and £37.1m Wildmoor Northpoint loans. The move follows the...

    • RMBS

      • Kensington prepping 'recycled' RMS deal

        Kensington Mortgage Company (KMC) is in the market with a £538.7m UK non-conforming RMBS. Dubbed Residential Mortgage Securities 29, the transaction is backed by seasoned collateral from five legacy deals that are scheduled to be called on t...

      • CSP's second phase delayed

        The FHFA has postponed the implementation of Release 2 of the Common Securitization Platform (CSP) until 2Q19. The agency says that additional time is required for the development, testing and validation of controls and governance processes necessary...

  • Job Swaps

    • Structured Finance

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