Weekly Issue Archive »

Issue 538 - 5th May

  • News Analysis

    • NPLs

      • Irish NPL wave expected

        Allied Irish Bank last month sold €400m gross book value of non-performing buy-to-let loans to Goldman Sachs at a 50% discount to their original value. The transaction signals a shift in the seller base for non-performing loans from foreign...

    • CLOs

      • Brexit may see CLO managers up sticks

        Article 50 may have recently been triggered following the Brexit referendum, but uncertainty remains rife about what it means for CLO managers in the UK. In combination with the slow-moving STS securitisation framework negotiations, CLO managers are...

  • News

    • ABS

      • Credit card charge-offs ramp up

        Several US credit card banks have reported higher-than-expected net charge-off rates on their card portfolios in their 1Q17 earnings reports. The move seemingly coincides with lenders taking on more risk based on perceived borrower quality and larger...

      • Alitalia exposure examined

        Italy's troubled flagship airline Alitalia has been placed under special administration. Should the company ultimately be liquidated, a number of aircraft ABS could face temporary cashflow disruptions as aircraft are repossessed, repaired and re-leas...

      • ILS firm seeks P2P platform funding

        Sequant Re is looking to raise capital through a peer-to-peer platform which connects investors directly with companies and funds seeking to raise funds or gain market exposure. The novel approach may seem more suited to a technology start-up, but sh...

    • Capital Relief Trades

      • Risk transfer round-up - 5 May

        Capital relief trade activity has been relatively subdued this week. However, sources report that the EIF is planning to tap the market again in two months. The fund completed its first EFSI risk transfer transaction last month (SCI 26 April), as p...

    • CMBS

      • Lipstick Building lease CMBS prepped

        Credit Suisse is in the market with a single-asset/single-borrower CMBS secured by two of three land parcels beneath 885 Third Avenue in New York, known as the 'Lipstick Building'. Dubbed CSMC Trust 2017-LSTK, the US$272m transaction is sponsored by...

    • NPLs

      • Chinese NPL ABS to expand

        The Chinese government is set to allow some mid-sized banks to issue non-performing loan ABS this year, providing them with a new channel to offload bad loans. The move is part of an attempt to establish a risk curve, which aims to increase the alter...

    • RMBS

      • 'Major uncertainy' from swap mismanagement

        Notices have been released highlighting swap book mismanagement by 11 issuers in the E-MAC RMBS series. CMIS, which serves as loan servicer and SPV issuer administrator, has stepped in to cover certain fees, but in claiming for reimbursement has crea...

  • Talking Point

    • CLOs

      • European CLO investor base expands

        The European CLO investor base is broadening, thanks to less perceived volatility than in the US market. As well as the stability Europe offers, panellists at IMN's European CLOs and Leveraged Loans conference last month said that low defaults and st...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 5 May

        North America Hunton & Williams has hired John Dedyo as corporate partner to its New York office. Dedyo represents issuers, underwriters, asset managers, credit enhancers, rating agencies and investors in all aspects of privately placed and...


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