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Issue 553 - 18th August

  • News Analysis

    • CDS

      • Bespoke boost opportunity

        The search for yield is driving activity in bespoke CDS tranches, referred to as bespoke tranche opportunities (BTOs) post-financial crisis. The sector is expected to receive a further boost if single-name CDS liquidity continues to improve. &q...

    • RMBS

      • Hedging changes a boon for MBS

        FASB recently announced plans to finalise new accounting rules for financial instruments used for hedging (SCI 24 July). Within the securitisation industry, MBS are likely to be most affected by the move, with the changes largely acting as a supporti...

      • RMBS reaping RPL benefits

        Freddie Mac last week settled its largest SCRT deal to date. The RPL RMBS market is growing and investors are enthusiastic about its prospects. Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-2 has issued approximately US$2bn in guarant...

  • News

    • ABS

      • Exeter breach an 'atypical' event

        EART 2015-2 senior bondholders received no principal payment this month, after the auto ABS deal's cumulative net loss (CNL) trigger was cured. Although this appears to be an atypical event, it nevertheless highlights the importance of understanding...

      • Air Berlin insolvency affects aircraft ABS

        Air Berlin filed for insolvency yesterday. While intervention from the German state should keep the airline operational for at least the next three months, there are a dozen aircraft ABS deals exposed to Air Berlin and temporary cashflow disruptions...

    • Structured Finance

      • SCI Start the Week - 14 August

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

        Pipeline Additions to the pipeline last week were balanced between ABS and CMBS. There were five of each, as well as three RMBS and a CRE CLO. The ABS were: US$1.1bn Ally Auto Receivables Trust 2017-4; US$223m Flagship Credit Auto Trust 2017-3; US...

    • Capital Relief Trades

      • Risk transfer framework outlined

        Outlines of the main elements of the EBA's risk transfer discussion paper - due to be released next month - have been revealed. The recommendations will focus on the main structural features of risk transfer transactions and may a...

    • CLOs

      • CLO yen repacks prepped

        Three CLOs are being repackaged to issue the senior notes in Japanese yen, rather than US dollars, as the market prepares for the first repacks of resets. Repackaged CLO Series KK-2 will issue ¥25.172bn, Repackaged CLO Seri...

    • CMBS

      • 'Cross-over' dispute highlighted

        The trustee for the MLCFC 2007-8 CMBS has withheld US$143.7m in principal, according to August remittance data, as the transaction parties seek to determine the payment order. Trepp suggests that the dispute pertains to how principal payments in 'cro...

    • NPLs

      • Chinese NPL collections surveyed

        Collections for most Chinese non-performing loan securitisations have outpaced originators' initial projections, as of June 2017, according to a Moody's analysis of trustee report data. The study suggests that while originators of unsecured consumer...

    • RMBS

      • Streamlined refi programmes near

        The US FHFA has extended HARP through to the end of 2018 and announced that the new GSE streamlined refinance programme for high LTV borrowers will be effective from 1 October. Given that the eligibility criteria considerably limit the population tha...

      • Self-cert extension risk eyed

        The self-certified mortgage loan ban included in a recent amendment to European legislation (SCI 27 July) could lead to extension risk for securitisation investors, according to DBRS. The rating agency also suggests that the sale and price of distres...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 18 August

        North America Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, overseeing the firm's financial and portfolio investment functions, as well as working with its ceo Marty Hughes and president Chris Abate in advancing...


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