Weekly Issue Archive »

Issue 549 - 21st July

  • News Analysis

    • Structured Finance
      • 'Brighter year' for securitisation recruitment

        The structured finance industry has seen one of its best years in terms of hiring since the financial crisis, according to recruiters. While ABS was the standout sector for recruitment in the US in 1H17, CLO hiring activity continued to be strong in...

    • Capital Relief Trades
      • Swedish regulations to limit risk transfer

        Finansinspektionen, Sweden's financial supervisory authority, recently released new securitisation guidelines in an attempt to tackle what it sees as flow-back risk, or the possibility of credit risk flowing back onto bank balance sheets. The guideli...


  • SCIWire

    • Secondary markets
      • Euro CLOs carry on

        The European CLO secondary market is carrying on in the face of the earlier than usual secondary mar...


  • News

    • ABS
      • Swiss auto ABS taps Euro appetite

        BMW has priced its first public securitisation of Swiss auto lease receivables to feature a euro-denominated class A note. The €431.6m-equivalent Bavarian Sky Europe Compartment Swiss Auto Leases 2 is collateralised by 13,430 fixed-rate aut...

      • Legal disputes weigh on NCSLT payoffs

        Ongoing legal disputes between several National Collegiate Student Loan Trust (NCSLT) transaction parties are credit negative for the affected private student loan ABS, due to the risk of servicing transfers and litigation expenses. Most senior tranc...

      • Spanish card ABS prepped

        A Spanish credit card ABS rated by both Fitch and DBRS has started marketing (see SCI's deal pipeline). €518.8m of notes will be offered to the market, with the the rating agencies provisionally rating the senior notes at double-A plus and...

    • Structured Finance
      • Robo-advisors could boost RMBS quality

        Robo-advisors could improve consumer loan and mortgage affordability and strengthen pool quality in associated securitisations. Moody's suggests that by enabling consumers to switch to a lower-rate mortgage more easily, robo-advisors could improve mo...

      • SCI Start the Week - 17 July

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

        Pipeline Pipeline activity stepped up again last week. The additions consisted of eight ABS, an ILS, five RMBS and four CMBS. The ABS were: US$1.375m CarMax Auto Owner Trust 2017-3; US$748m CNH Equipment Trust 2017-B; US$225m CPS Auto Receivable...

      • Synthetic expected loss approach outlined

        Scope has published research that offers a technical illustration of how the expected loss framework described in its general structured finance rating methodology can be implemented for tranches of simple synthetic securitisations. Further, the repo...

    • Capital Relief Trades
      • Pension fund increases risk transfer mandate

        The New Mexico Educational Retirement Board has been steadily increasing its foothold in the risk transfer market. Indeed, the pension fund's mandate has broadened since its first investment in the sector back in 2008. Under cio Bob Jacksha, the Ne...

    • CLOs
      • Expensive valuations concern CLO investors

        The biggest concern for the CLO market is expensive valuations, according to the latest quarterly survey by JPMorgan. Over half of survey respondents identified expensive valuations as a key concern. Conversations with JPMorgan clients suggest ther...

    • CMBS
      • Unusual Austrian CMBS readied

        An unusual CMBS has begun marketing (see SCI's deal pipeline). NOE Verwaltungszentrum-Verwertungsgesellschaft represents a credit tenant-lease transaction, backed by a lease with the State of Lower Austria, incorporating supplemental structural featu...

    • RMBS
      • Revolving RMBS launched

        Banca Popolare di Cividale has closed a revolving Italian RMBS. Civitas SPV Series 2017-1 issued an initial €258.4m of notes, which can increase up to €600m during the transaction's three-year ramp-up period. The deal is backed...

      • Atypical Dutch RMBS prepped

        RNHB is in the market with an unusual Dutch RMBS backed by owner-occupied and buy-to-let mortgage loans secured by residential, mixed-use and commercial properties. Dubbed Dutch Property Finance 2017-1, the €1.5bn transaction is unique in t...

      • UK MPL loans in triple-A RMBS

        The £290m Twin Bridges 2017-1 RMBS which priced last week represents the first time that loans from a non-US marketplace lender have been used for a triple-A rated securitisation. While the deal largely securitises loans made by Paratus, it...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 21 July

        Acquisitions BGC Partners has acquired commercial real estate finance company Berkeley Point Financial for US$875m, subject to certain adjustments at closing. Berkeley Point focuses on the origination and sale of multifamily and other CRE loans thro...



Print this issue Click here to access this issue in print format
×