Weekly Issue Archive »

Issue 535 - 14th April

  • News Analysis

    • Structured Finance
      • Floating-rate ABS lacks support for growth

        Lack of demand will likely limit the growth of floating-rate ABS and CMBS in the US, despite rising interest rates. Investors may instead hedge against interest rate exposure or invest in floating-rate products with a long performance history, such a...


  • SCIWire

    • Secondary markets
      • US CLOs slow

        The US CLO secondary market is slowing down ahead of the Easter holidays. "It was always going to...


  • News

    • ABS
      • Debut consumer ABS prepped

        Tidewater is marketing its first term consumer finance ABS. Dubbed Tidewater Sales Finance Master Trust Series 2017-A, the US$68.92m securitisation is backed by retail installment contracts. While Tidewater has an established auto loan business, th...

      • New ABCP conduit launches

        A new European ABCP conduit has launched, securitising insured trade receivables that are fully guaranteed by Altradius Credito y Caucion (ACyC). Moody's has provisionally rated IM SUMMA 1's Euro-commercial paper (ECP) class at P2 and its European me...

    • Structured Finance
      • SCI Start the Week - 10 April

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

        Pipeline ABS names once again made up the majority of last week's pipeline additions. There were also a couple of ILS and a handful of RMBS. The ABS were: US$1bn CarMax Auto Owner Trust 2017-2; US$469.83m Conn's Receivables Funding 2017-A; US$224....

    • CLOs
      • Investors 'less bullish', despite record volumes

        Global CLO supply last week hit a weekly record by count and volume for priced deals, with 29 printing at US$13.23bn-equivalent. Against this backdrop, however, JPMorgan's latest CLO survey suggests that investors are the least bullish on the sector...

      • CLO refi value explored

        US CLO triple-A investors should target longer refis from larger managers due to the relatively steep term premium, argue Wells Fargo analysts. Investors hoping to add yield should bear in mind that single-A and triple-B tranches have been most compe...

    • CMBS
      • Payless closures to have limited impact

        Only six CMBS loans with exposure to Payless ShoeSource - for a combined allocated property balance of US$34.8m - will likely be hurt by the retailer's planned closure of 379 stores, according to Morningstar Credit Ratings. The agency suggests that t...

    • NPLs
      • Chinese NPL ABS growing in size and diversity

        The Chinese non-performing loan securitisation sector is set to grow, adding to the existing RMB16.33bn worth of transactions since the market opened in May 2016, according to Moody's. The agency notes that transactions with a mixture of unsecured an...


  • Talking Point

    • RMBS
      • Today's RMBS opportunity deconstructed

        US RMBS continue to rally, supported by robust labour and housing markets, cheap credit and increasingly high-quality collateral. In this Q&A article, WyeTree ceo and cio Judith Sciamma explains that since RMBS also have several portfolio cha...



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