Weekly Issue Archive »

Issue 544 - 16th June

  • News Analysis

    • Structured Finance

      • Prosecutors probe valuations process

        US prosecutors, after years spent studying the sell-side, appear to be turning their attentions to the buy-side, as investigations have begun into whether structured credit hedge funds inflated the value of debt securities for their portfolios. The p...

      • STS could take a year, but optimism prevails

        The implementation of the STS securitisation framework is unlikely to be completed within a year, according to panelists at the recent IMN Global ABS conference. However, speakers on a regulatory panel emphasised that while it may take time to finali...

  • SCIWire

    • Secondary markets

      • Euro secondary flickers

        The European securitisation secondary market is slowly flickering back to life. Overall, all ABS/M...

      • US CLO demand continues

        Demand for paper across the capital structure continues unabated in the US CLO secondary market. "...

      • Euro ABS/MBS unchanged

        Trading patterns in the European ABS/MBS secondary market remain unchanged. The lack of primary su...

      • US CLOs similar

        Focus and activity in the US CLO secondary market continue to be similar to recent sessions. BWIC...

  • News

    • ABS

      • ABS first for marketplace lender

        Lending Club in in the market with a US$279.38m ABS backed by near-prime unsecured consumer loans originated via its online lending platform (see SCI's deal pipeline). Dubbed Consumer Loan Underlying Bond Credit Trust 2017-NP1 (CLUB 2017-NP1...

    • Structured Finance

      • SCI Start the Week - 12 June

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

        Pipeline It was another week of limited pipeline activity, although several CMBS have been announced. Along with those there were two ABS, an ILS and two RMBS added to the list last week. US$163.1m Upstart Securitization Trust 2017-1 and US$1.3bn...

      • China innovation paves way for securitised products

        US dollar-denominated notes backed by Chinese regional and local government (RLG) bonds have debuted in China and provide a new opportunity for offshore investment in securities traded on China's interbank bond market. Moody's believes further simila...

      • Treasury reports on regulatory impact

        The US Treasury has issued a first report in a series regarding regulation of the financial system in a manner consistent with an executive order issued by President Trump back in February. The report addresses the regulation of the depositary system...

    • Capital Relief Trades

      • Risk transfer round-up - 16 June

        One talking point this week was the EBA's announcement at IMN's Global ABS conference of its intention to publish a paper on risk transfer transactions. "This is a very important step," says one issuer. He adds: "Despite a surge in risk transfer is...

      • Spanish EFSI deal debuts

        The EIF has closed its second European Fund for Strategic Investments (EFSI) deal, providing BBVA with a €143bn mezzanine guarantee facility. The transaction references a €3bn portfolio of Spanish SME loans and is the first Spanis...

    • CLOs

      • Loan refis to increase CLO pressures

        US CLO managers are increasingly constrained by WAS tests in the current environment of declining loan spreads and elevated loan repricings. Half of CLOs within their reinvestment periods have a WAS cushion of less than 10bp, so managers may need to...

    • CMBS

      • Freddie launches tax-exempt loan series

        Freddie Mac has launched a new series of credit risk transfer securities backed by tax-exempt loans (TELs) made by state or local housing agencies and secured by affordable rental housing. The first issuance has already priced and includes around US$...

    • NPLs

      • International investment boost for China

        Shorevest Capital Partners has launched a US$750m fund targeting Chinese non-performing loans. The move underscores the shift in the market's investor base from a domestic to an international one. "It all comes down to the NPL cycle in China, where...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 16 June

        Acquisitions The Competition and Markets Authority (CMA) has announced an initial decision in relation to the anticipated acquisition by Heineken UK of Punch Taverns, including Punch Securitisation A. The CMA has decided that the merger may result...


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