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Issue 534 - 7th April

  • News Analysis

    • NPLs

      • Portuguese NPL prospects boosted

        Lone Star is set to acquire 75% of Novo Banco, Portugal's third largest lender, in return for a €1bn capital injection. The acquisition, along with the mooted creation of a bad bank, signals growing investor activity in the Portuguese non-p...

    • Capital Relief Trades

      • Leverage ratio driving off-balance sheet trend

        A number of European banks - including Rabobank and Credit Foncier - are becoming more active in the true sale securitisation format for risk transfer transactions. The move is being driven by the focus on balance sheet reduction,...

      • Synthetics to receive an STS designation?

        Momentum is growing for a simple, standardised and transparent (STS) designation for synthetic securitisations at the EU level, driven by the support of the European Commission and the EBA. Such a designation is expected to increase supply and enhanc...

    • NPLs

      • China tipped as next NPL frontier

        Distressed debt investors are becoming more active in the Chinese non-performing loan market. Recent government action - including the creation of a more transparent and effective legal system - is widening the scope of opportunities in the...

    • CMBS

      • B-piece buyer shift underway

        The US CMBS B-piece investor base is shifting towards those with longer-term capital, following the implementation of risk retention rules. Greater clarity over the structural complexity associated with the rules, together with increasing credit qual...

  • SCIWire

    • Secondary markets

      • Euro secondary restarts

        The turn of the quarter has restarted activity in the European securitisation secondary market. Fl...

      • US ABS keeps tight

        US ABS secondary spreads are keeping tight as the new quarter begins. The run-in for the last quar...

      • Euro ABS/MBS active

        The European ABS/MBS secondary market is once again active without yet fully taking off. "Secondar...

      • US CLOs still strong

        US CLO secondary market tone remains strong amid lacklustre volumes. "Overall supply hasn't ticked...

  • News

    • ABS

      • Diverse solar ABS announced

        Sunnova Energy is marketing its inaugural US$254.75m securitisation. Dubbed Helios Issuer Series 2017-1, it is backed by a pool of 13,838 leases linked to residential solar photovoltaic (PV) installations. The collateral comprises power purchase ag...

      • Chinese auto ABS hits top rating

        The first Chinese auto loan ABS to receive a triple-A rating from S&P is currently marketing (see SCI's deal pipeline), although Fitch has not rated it so highly. Fuyuan 2017-1 Retail Auto Mortgage Loan Securitization Trust is a CNY2.884bn se...

    • Structured Finance

      • SCI Start the Week - 3 April

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

        Pipeline The pipeline comprised a mixed bag of issuers last week. ABS deals once again dominated the new entrants. Among the newly announced ABS were some esoteric names: US$145m BRE Grand Islander Timeshare Issuer 2017-A, US$282m PFS Financing Co...

      • Compliant wireless tower deal debuts

        SBA Communications is marketing its first risk retention-compliant securitisation. The US$760m SBA Tower Trust Series 2017-1C is backed by a pool of wireless towers located across the US and their related tenant leases. The deal is secured by a mor...

    • Capital Relief Trades

      • Risk transfer round-up - 7 April

        Activity in the capital relief trade space appears to be increasing in line with expectations of more issuance, as the revisions to the CRR kick in next year (SCI 5 April). Indeed, volumes are anticipated to pick up this quarter. Most recently, Llo...

    • NPLs

      • Irish NPL RMBS 'could start wave'

        Lone Star is back in the market with another Irish RMBS. It is currently marketing European Residential Loan Securitisation 2017-NPL1, which securitises non-performing loans. Lone Star priced an Irish non-conforming RMBS, European Residential Loan...

    • RMBS

      • B&B portfolio sale to bring new RMBS

        UK Asset Resolution (UKAR) has sold two asset portfolios comprising performing buy-to-let loans totalling £11.8bn to Blackstone and Prudential (SCI 31 March). The loans come from the old Bradford & Bingley portfolio and are set to be...

      • Largest STACR to date prices

        Freddie Mac has priced its largest STACR deal to date. The US$1.32bn STACR 2017-DNA2 is also Freddie Mac's second low-LTV deal of the year. The M1 class has priced at one-month Libor plus 120bp, while the M2s priced at plus 345bp. The B1 class pric...

      • Deephaven debuts non-conforming deal

        Deephaven Mortgage is in the market with an RMBS backed primarily by non-QM loans extended to non-conforming borrowers. Dubbed Deephaven Residential Mortgage Trust 2017-1, the US$219.82m transaction features a double true sale structure and an atypic...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 7 April

        North America KeyBanc Capital Markets has hired Chris O'Neill and Jeffrey Tucker to its securitised products team. O'Neill will act as md and Tucker as director and both will report to Keith Newman and Michael Corsi, co-heads of securitised product...


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