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Issue 548 - 14th July

  • News Analysis

    • Structured Finance

      • Final STS document welcomed

        The European Parliament's economic and monetary affairs committee yesterday approved, as expected, the new STS securitisation framework by a substantial majority. The final document indicates an overall positive impact for the securitisation market,...

    • NPLs

      • Servicer consolidation boosts NPL recoveries

        The Italian servicing industry is experiencing a strong growth trend. Italian non-performing loan recoveries are expected to benefit as a result. Sources agree that growth in the servicing industry is the trend with the most positive impact on Ital...

    • CLOs

      • Demand drives Euro CLO portfolio loosening

        With demand for high-yielding assets outstripping supply, more European CLOs are being issued with atypical, looser portfolios. While investors may be taking on greater risk as a result, spreads are not reflecting this, leaving some wondering whether...

  • News

    • Structured Finance

      • SCI Start the Week - 10 July

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

        Pipeline Pipeline activity picked up a little last week, but remained fairly muted. Additions consisted of five ABS, five RMBS and a CMBS. The ABS were €275m Bavarian Sky Europe Compartment Swiss Auto Leases 2, US$227m First Investors...

    • CMBS

      • Grocery-backed CMBS prepped

        Citi and Morgan Stanley are in the market with an unusual US$706.7m CMBS sponsored by Madison International Realty and DDR. Dubbed CGMS 2017-MDDR, the transaction is backed by three separate loans, each secured by a portfolio of predominantly grocery...

      • Mall-backed CMBS defies retail concerns

        JPMorgan and Column Financial are in the market with a US$150m CMBS. West Town Mall Trust 2017-KNOX is backed by a commercial mortgage loan secured by the largest enclosed mall in Tennessee. The transaction is sponsored by a subsidiary of Simon Pro...

    • Insurance-linked securities

      • Generali launches cat bond first

        GC Securities has priced the first 144A catastrophe bond that provides indemnity protection against multiple European perils and the first to cover European flood. The €200m Lion II Re transaction provides Assicurazioni Generali with four y...

    • NPLs

      • Inaugural NPL ABS launched

        Credit Valtellinese and Credit Siciliano have tapped the market with their first Italian non-performing loan securitisation. Dubbed Elrond NPL 2017, the €526.6m transaction is backed by an NPL portfolio with a gross book value (GBV) of &...

      • NPL secondary market impediments eyed

        The European Commission has launched a public consultation regarding initiatives to facilitate the development of a non-performing loan secondary market. Together with gathering targeted input on improving loan transfers and servicing activities, the...

    • RMBS

      • Ratings reviewed for payment disruption risk

        Fitch and Moody's have placed a slew of US RMBS classes on rating watch negative, after Wells Fargo withheld trust funds to reserve against future expenses it may incur to defend itself against litigation (SCI 3 July). The actions are primarily due t...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 14 July

        North America Mortgage Capital Trading has hired Bill Berliner to the newly created role of director of analytics. He was previously mortgage community manager at Thomson Reuters. BlueMountain Capital Management has hired Lee Kempler as coo for i...


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