Weekly Issue Archive »

Issue 539 - 12th May

  • News Analysis

    • RMBS

      • Floaters beat ARMs in a bear flattener

        Yield curve flattening and a rapid increase in prepayments on post-reset adjustable rate mortgages (ARMs) are expected as US interest rates rise. As such, certain floating-rate products - including SBA floaters, CMO floaters and agency CMBS...

    • CLOs

      • Equity holds the cards amid heavy refinancings

        While buoying European CLO deal volumes, refinancings and resets are not always favoured by senior investors that have little control over the resultant reduced margin and amended deal terms. However, if navigated adequately by the equity holders, Eu...

    • Capital Relief Trades

      • Landmark portfolio guarantee inked

        The EIF has agreed to guarantee 50% of a €5.52bn Spanish SME credit portfolio originated by nine Spanish banking groups. Dubbed the SME Initiative Uncapped Guarantee Instruments (SIUGI) for Spain, the deal is a bespoke EU-sponsored risk tra...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS quiet

        Despite the resolution of the French presidential election the European ABS/MBS secondary market rem...

      • US ABS firm

        Tone and spreads remain firm in the US ABS secondary market though activity has dipped. Flow and B...

      • Euro CLOs diverted

        A busy primary market is diverting focus away from the European CLO secondary market this week. "I...

      • US CLOs unshaken

        A flurry of BWICs over the past two sessions has failed to shake the US CLO secondary market out of...

  • News

    • ABS

      • Container ABS wave continues

        Textainer Equipment Management is in the market with the latest container ABS (see SCI's deal pipeline). The deal's arrival comes as part of a flurry of activity in the sector, which is riding high on a rebound in shipping container prices. SeaCo p...

      • Insurer hits mark with first cat bond

        Palomar Specialty Insurance Company has successfully closed its first cat bond obtaining protection against catastrophe perils. Torrey Pines Re Series 2017-1 is a US$166m ILS providing the insurer with US earthquake, named storm and thunderstorm rein...

      • Five Guys taps ABS appetite

        Five Guys Enterprises has become the latest company to bring a whole business securitisation. The US$440m Five Guys Funding transaction is secured by most of its revenue-generating assets in the US and Canada. The collateral includes existing and f...

    • Structured Finance

      • Channel Tunnel refinancing underway

        Groupe Eurotunnel is set to refinance its Channel Link Enterprises Finance (CLEF) whole business securitisation, as part of an ongoing strategy to optimise the structure of its debt and to reduce the cost of its debt service. The company proposes to...

      • SCI Start the Week - 8 May

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

        Pipeline ABS names dominated the list of pipeline additions last week. There were eight new ABS added to the pipeline as well as an ILS, two RMBS and two CMBS. The ABS were: US$1.414bn AmeriCredit Automobile Receivables Trust 2017-2; CNY4.12bn Dri...

    • Capital Relief Trades

      • Risk transfer round-up - 12 May

        Risk transfer activity has rebounded this week, with the EIF's landmark Spanish portfolio guarantee. More activity is expected from the fund in the near future (SCI 12 May). At the same time, sources talk of more to come in June, along with a capit...

    • CMBS

      • Pari passu exposure highlighted

        DBRS has updated its Pari Passu Index for loans in US CMBS transactions issued after 2010. The results show that an unusually large volume of pari passu notes were included in CMBS deals last year, accounting for US$23bn of loans and 489 pieces. Th...

    • RMBS

      • Letter opposes Lehman proposal

        Lawyers from Kasowitz Benson Torres, representing an investor group holding certificates issued by RMBS trusts with claims in the Lehman Brothers bankruptcy, have expressed concern over a proposed US$2.4bn settlement. The case is one of the few remai...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 12 May

        Amicus briefs The LSTA has joined The Clearing House and the American Bankers Association to file amicus briefs in cases initiated by the State of Colorado against Avant and Marlette, both of which have bank partners (WebBank and Cross River Bank r...


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