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Issue 562 - 20th October

  • News Analysis

    • Structured Finance
      • Swap downgrades 'justified, necessary'

        Fitch downgraded Deutsche Bank's ratings last month, stating that the bank is no longer a suitable counterparty for top rated securitisations. While the downgrade was prompted by issues relating to that bank specifically, other bank downgrades could...

    • CDO
      • Interest growing in infrastructure

        Deutsche Asset Management subsidiary RREEF America has closed a US$431.3m managed project finance CDO, dubbed RIN. While the deal may signal growing investor interest in infrastructure and project finance debt, lack of homogeneity could hamper the gr...

    • NPLs
      • MPS loan appraisal pending

        Cerved Information Solutions, one of the largest Italian servicers, has been selected by Atlante II to manage nearly half of the non-performing loans backing Monte dei Paschi di Siena's (MPS) forthcoming €26bn securitisation (SCI 5 July). M...


  • News

    • Structured Finance
      • SCI Start the Week - 16 October

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

        Pipeline Additions to the pipeline last week were heavily skewed towards ABS. There were 20 ABS names added, along with two RMBS, a CMBS and two CLOs. The ABS were: €958.4m Alba 9; US$235m Ascentium Equipment Receivables 2017-2 Trust; US...

    • Capital Relief Trades
      • Risk transfer round-up - 20 October

        Rumours abound of new capital relief trades being prepped. One source suggests that ING is readying a bilateral Dutch SME transaction with PGGM as the investor. Another indicates that Credit Suisse is arranging a trade for Austrian lender Raiffeisen....

    • Insurance-linked securities
      • Mortgage ILS landmark imminent

        United Guaranty is in the market with Bellemeade Re 2017-1 (see SCI's deal pipeline). The mortgage insurance securitisation is the first of its type to be publicly rated, potentially opening the gates for an increase in similar issuance. The US$368...

    • NPLs
      • Montepio NPL deal marketing

        A €142.5m Portuguese non-performing loan securitisation has hit the market. Dubbed Hefesto STC, the transaction is backed by a portfolio of secured and unsecured NPLs originated by Caixa Economica Montepio Geral. The majority of loans in...

    • RMBS
      • Participation interest deal prepped

        Freddie Mac is in the market with the first in a new series of risk transfer RMBS, backed by a US$1.252bn portfolio of 3,231 conforming and super-conforming fixed-rate mortgages. Dubbed STACR 2017-SPI1, the collateral is housed in a participating int...


  • Talking Point

    • Capital Relief Trades
      • CRT outlook bullish

        Optimism prevailed at SCI's recent Capital Relief Trades Seminar, where panellists were bullish on the future of the risk transfer market. While capital relief trade activity has slowed this year compared to last, speakers concurred that issuance wil...


  • Job Swaps

    • Structured Finance
      • Job swaps round-up - 20 October

        Australia Baker McKenzie has recruited Duncan McGrath as a partner in its corporate group in Sydney. McGrath was previously a partner at Gilbert + Tobin, where he established and headed the firm's DCM and securitisation practice. His experience inc...



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