Weekly Issue Archive »

Issue 563 - 27th October

  • News Analysis

    • ABS

      • ESNs 'not needed yet'

        European Structured Notes (ESNs) have been on the radar for some time and a recent Moody's analysis praises their potential to offer an additional funding tool to banks. However, it remains far from clear that the banks themselves are pushing for thi...

    • Capital Relief Trades

      • Proportionality for capital floors?

        The general secretary of the Basel Committee has confirmed that the "finish line is in sight" for the Basel 4 reforms, although his statement fell short of confirming any concrete compromise on capital floors. The statement could be taken as confirma...

  • News

    • ABS

      • Debut Veros deal markets

        Veros Credit has prepped an inaugural rated US$165.28m subprime auto ABS. The transaction, Veros Auto Receivables Trust 2017-1 (see SCI's deal pipeline), is backed by a pool of 17,328 seasoned subprime auto loan contracts secured mostly by used vehic...

      • Timeshare ABS uncapped

        LV Tower 52 has launched a US$157m timeshare ABS, marking the firm's first transaction that Fitch has not capped at single-A. Elara HGV Timeshare Issuer 2017-A is backed by 5,309 timeshare loans tied to a single resort in Las Vegas. Fitch and S&...

      • Greek shipping ABS boosts liquidity

        Alpha Bank has successfully completed a US$250m true sale securitisation via Citi, its second such transaction in three years. The non-recourse four-year term deal diversifies liquidity access for the lender, and is one of the very few shipping secur...

      • Jet ABS 'postponed'

        Global Jet Capital's debut securitisation, Business Jet Securities 2017-1, has been postponed, according to a source close to the transaction. This follows a recent comment from Fitch (SCI 11 October) which questioned the integrity of the transaction...

    • Structured Finance

      • SCI Start the Week - 23 October

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

        Pipeline Additions to the pipeline last week were once again heavily skewed towards ABS. There were 11 ABS names added, along with two ILS, three RMBS and four CMBS. The ABS were: US$232.648m Avant Loans Funding Trust 2017-B; Bavarian Sky UK 1; US...

      • ABS rating effect explored

        Rating changes can have a significant impact on an ABS bond's price and value. While investors are less reliant on ratings than they were before the financial crisis, rating agencies continue to play a significant role in bond pricing. An analysis...

      • Libor replacement a "steep challenge"

        A transition to a replacement reference rate away from Libor by 2021 will be a "steep challenge" within structured finance documentation, according to S&P. The rating agency says the ultimate impact will depend on a number of factors, includi...

    • Capital Relief Trades

      • Risk transfer round-up - 27 October

        Rabobank has sold a €600m portfolio of 3,600 loans that it originated. The loans all have the benefit of an NHG guarantee, backed by De Stichting Waarborgfonds Eigen Woningen (WEW). WEW is a foundation that acts as a home ownership guaran...

    • CLOs

      • Fresh yen repack prepped

        Another CLO is being repackaged to issue the senior notes in Japanese yen rather than US dollars. There were three repacks in August arranged by Mitsubishi UFJ Morgan Stanley Securities (SCI 16 August 2017). The repackaging effectively converts the...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 27 October

        Australia RMS has hired Pierre Wiart as md to its Sydney office, working on client relationships and market development. He was previously principal at Convergence Partners in Sydney. EMEA Goldman Sachs has hired Alex Snow as md to its structur...


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