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Issue 560 - 6th October

  • News Analysis

    • Structured Finance
      • New dawn for bank funding strategies?

        The European securitisation market faces what is expected to be an "interesting" year ahead, as low-cost central bank liquidity dries up and banks adopt new funding strategies. Together with boosting primary ABS issuance, Bank of England and ECB tape...


  • SCIWire

    • Secondary markets
      • Euro secondary sustained

        Activity levels continue to be sustained if not spectacular in the European securitisation secondary...

      • US CLOs keep it light

        Volumes in the US CLO secondary market remain light, but spreads are still firm. "Not muc...


  • News

    • ABS
      • Auto ABS value explored

        There is still good value to be found among US auto ABS subordinate tranches. This appears to be particularly true for the DRIVE, PART, DTAOT, AMCAR and CARMX programmes. Spread tiering within non-prime auto ABS endures, with both newer lenders and...

    • Structured Finance
      • SCI Start the Week - 2 October

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

        Pipeline It was a busy week of comings and goings for the pipeline. At the close of Friday, 11 new ABS remained on the list, along with five RMBS, a CMBS and six CLO/CDOs. The ABS were: US$1.48bn Business Jet Securities 2017-1; US$523m-equivalent...

      • Rating agency opens in Europe

        KBRA has opened its first European office, located in Dublin, Ireland, and intends to expand into further jurisdictions (SCI passim). Several new hires and some existing staff will support the European effort, which will have a concerted focus on inf...

      • Credit unions to tap ABS market?

        US credit unions could soon tap the securitisation market after the National Credit Union Administration stated that such institutions have the authority to issue ABS. The move follows legislation that allows credit unions to adopt powers granted to...

    • Capital Relief Trades
      • Risk transfer round-up - 6 October

        Barclays has completed another DBRS-rated capital relief trade, dubbed Colonnade Global 2017-1 Financial Guarantee (see SCI's capital relief trades database). Similar to the bank's previous Colonnade Global 2017-3, the credit protection covers both p...

    • CLOs
      • Risk retention capital largely deployed?

        The availability of risk retention financing has been one of the main reasons that CLO supply has outpaced most projections. Responses to JPMorgan's Q4 CLO survey suggest that US$115bn out of total risk retention capacity of US$200bn may now have bee...

      • Direct lending warehouse formed

        Bespoke Capital has established a direct lending warehouse facility, set up as a cashflow securitisation dubbed Be-Spoke Loan Funding, to fund a portfolio of loans granted to Spanish SMEs. The initial transaction portfolio - comprising 21 o...

    • NPLs
      • NPL coverage guidance strengthened

        The ECB has launched a public consultation on a draft addendum to its guidance on non-performing loans, under which banks will be expected to provide full coverage for newly classified NPLs. The new rule aims to reinforce guidance with regards to fos...

    • RMBS
      • Pre-funding mechanism highlighted

        Belmont Green Finance (BGF) is in the market with an inaugural £201.53m UK non-conforming RMBS. Dubbed Tower Bridge Funding 1, the securitisation comprises newly-originated first-lien mortgages originated through the Vida Homeloans brand. ...

      • Rated RPL deal debuts

        Chimera Investment Corp is marketing its first rated re-performing loan RMBS, dubbed CIM Trust 2017-7. The US$512.45m securitisation is backed by 3,548 seasoned performing and re-performing first-lien mortgage loans, with US$34.4m of the pool balance...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 6 October

        North America Roy Guthrie is to succeed JP McNeill - who is transitioning into a long-term strategy role as vice-chairman of the board - as chairman and ceo of Renovate America. Among his previous roles, Guthrie served as cfo an...



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