Weekly Issue Archive »

Issue 556 - 8th September

  • News Analysis

    • CLOs
      • Deals reset middle-market expectations

        Middle-market CLO issuance has picked up again, following a summer lull, and spreads have ground tighter. Investors will be keeping an eye on how tight spreads get, and also on the risk of credit issues as competition for assets intensifies. When T...

    • NPLs
      • Swap solution for Cyprus NPLs

        Cypriot banks are increasingly using debt-to-equity and debt-to-asset swaps to reduce their non-performing loan portfolios, facilitating deal flow in a relatively dormant market. For investors, the swaps are also a useful tool for bridging the gap be...

      • Cohen and Co adds to Ukrainian NPL deal flow

        Erste Group Bank has successfully sold a Ukrainian portfolio, consisting of €240m of corporate loans and €95m of commercial real estate (CRE), at a significant discount to nominal value. The transaction comes at a time when invest...

    • Capital Relief Trades
      • Third Colonnade global completed

        Barclays has closed its third Colonnade global significant risk transfer trade (SRT), Colonnade Global 2017-3 Financial Guarantee. In unusual fashion for capital relief trades the credit protection covers both principal and accrued interest. The SR...

  • News

    • ABS
      • Further ratings reviewed on margin requirements

        Fitch has placed 38 ABS tranches on rating watch negative, due to the reduced likelihood of counterparty replacement, resulting from new two-way margin posting requirements (SCI passim). The rating agency notes that one of its key considerations is t...

    • Structured Finance
      • SCI Start the Week - 4 September

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

        Pipeline There were relatively few pipeline additions ahead of the Labor Day weekend. The final count consisted of four ABS and a trio of Australian RMBS. CNY4bn Driver China Seven, £438.1m Driver UK Six, Motor 2017-1 and US$1.03bn Navien...

    • CMBS
      • CMBS split loans on the rise

        Pari-passu loans are increasing as a percentage of US conduit CMBS transactions. A recent Deutsche Bank analysis suggests that there are now 500 split loans in CMBS 2.0 deals and while split conduit loans can be of high quality, some investors prefer...

      • Debut conduit CMBS launched

        Stonemont Financial Group has sponsored its inaugural CMBS, backed by a portfolio of office, industrial, retail and bank branch properties across 20 US states. The US$800m CMBS conduit, dubbed Stonemont Portfolio Trust 2017-STONE (see SCI's deal pipe...

  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 8 September

        EMEA Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues rel...

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