Weekly Issue Archive »

Issue 547 - 7th July

  • News Analysis

    • Structured Finance

      • ESBies unlikely to boost ABS

        The securitisation market is unlikely to see any benefit from the issuance of European safe bonds (SBBS or ESBies), despite a recent European Commission paper supporting their development. This follows an earlier proposal to create a European 'safe b...

  • News

    • ABS

      • Retail woes could hit card ABS

        Store closures across the US are expected to negatively impact credit card ABS trusts, due to their exposure to the private-label card market and co-branded card accounts. Consumers could be more willing to default on a credit card from a retailer wi...

      • Short-term STC consultation underway

        The Basel Committee and IOSCO have released consultative documents outlining criteria for identifying simple, transparent and comparable (STC) short-term securitisations and their proposed capital treatment. The criteria take account of the character...

    • Structured Finance

      • SCI Start the Week - 3 July

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

        PipelineOnly a handful of transactions remained in the pipeline last week. Of these, RMBS accounted for the majority of deals: US$393.97m CSMC 2017-RPL1, Residential Mortgage Securities 30 and US$784.33m Towd Point Mortgage Trust 2017-3. A pair of au...

    • Capital Relief Trades

      • Risk transfer round-up - 7 July

        The second quarter appears to have been a quiet period in the risk transfer market, with only two capital relief trades completed. "Most of the pipeline is scheduled for September or December, with approximately 20 transactions being worked on so far...

    • CMBS

      • Further Sears closures threatens CMBS

        Sears is set to terminate its master lease at 20 unprofitable locations owned by Seritage Growth Properties and vacate the properties in October (SCI 7 April 2015). The move could adversely affect about US$550.4m of loans in associated CMBS. The st...

      • Early redemption for Annington CMBS

        The Annington Group is set to refinance its capital structure, after investors passed an extraordinary resolution last week allowing the firm to redeem its Annington Finance No. 1 and No. 4 CMBS. The move is designed to take advantage of favourable m...

      • CMBS green bond debuts

        Natixis has issued the first-ever 'green' tranche in a CMBS, in collaboration with Ivanhoe Cambridge and Callahan Capital. The US$72m bond was incorporated in the recent CSAIL 2017-C8 transaction and refinanced part of the US$358.6m fixed-rate first...

    • NPLs

      • Attica deal unlikely to be replicated

        Greek bank Attica has announced a securitisation of €1.3bn of non-performing loans. Although rare, the transaction is unlikely to become a template for larger systemic banks, as control of servicing and the portfolio remains an issue. Att...

      • Atlante II role confirmed in MPS deal

        The European Commission has approved a €5.4bn precautionary recapitalisation of Monte dei Paschi di Siena under EU state aid rules, which is conditional on a five-year restructuring plan that includes the disposal of a €26.1bn non...

      • Carige NPL deal unveiled

        Banca Carige has launched its keenly-anticipated non-performing loan securitisation (SCI 1 March). Dubbed Brisca Securitization, the €309.7m transaction is backed by an NPL portfolio with a total gross book value of €938.3m. The...

    • RMBS

      • BTL refinancing risk highlighted

        Tighter policy guidance is influencing the range of products that UK buy-to-let mortgage lenders are offering. Indeed, some lenders appear to be exploiting the differences in regulatory lending policies across mortgage products - which coul...

      • Reserve uncertainty weighs on legacy RMBS

        It emerged last week that Wells Fargo withheld over US$90m in cashflow across 20 Bank of America-originated legacy non-agency RMBS, which resulted in losses across the capital structure. The move has introduced uncertainty due to legal complications...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 7 July

        North America Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on structured insurance and reinsurance transactions. He was previously counsel at Drinker Biddle & Reath. Cadwalader has hired Peter Morreale as pa...


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