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Issue 565 - 10th November

  • News Analysis

    • NPLs

      • NPL equity acquired

        Hedge fund Elliott Management has acquired an equity piece in Attica Bank's non-performing loan securitisation, reducing the exposure of Aldridge EDC, the original investor (SCI 7 July). Details of the transaction have not been disclosed, but local i...

    • Capital Relief Trades

      • AXA boosts risk transfer foothold

        AXA IM's structured finance unit raised over €1bn in total commitments for the AXA IM Partner Capital Solutions VII fund at the end of September, following its launch in July 2017. The capital was raised from repeat and new clients and is t...

  • News

    • ABS

      • Airline bankruptcy exposure gauged

        A number of aircraft ABS have been impacted by the bankruptcy of several large carriers in Europe, with the Castlelake 2015 and 2016 transactions disproportionately affected, according to a new Deutsche Bank analysis. However, in most cases, narrow-b...

      • Agricultural equipment ABS debuts

        DLL Finance, a Rabobank subsidiary, is in the market with an inaugural equipment ABS. Dubbed DLL Securitization Trust 2017-A, the US$501.5m transaction is backed by 24,080 loans and leases mostly originated by dealers to finance primarily agricultura...

      • Aqua preps debut ABS

        Aqua Finance is marketing its first public term securitisation. US$194m Aqua Finance Trust 2017-A (see SCI's deal pipeline) is collateralised by a pool of retail instalment sale contracts and agreements primarily used for water treatment equ...

    • Structured Finance

      • SCI Start the Week - 6 November

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

        Pipeline It was full steam ahead once more for the pipeline. There were 13 ABS, an ILS, three RMBS, two CMBS and a CLO added. The ABS were: US$1.3bn AmeriCredit Automobile Receivables Trust 2017-4; Auto ABS UK Loans 2017; A$329.3m Eclipx Turbo Ser...

      • EMIR inaction could be 'grave'

        The risks from industry inaction regarding EMIR are "grave" and could have "serious negative consequences" on the European securitisation sector, according to Bank of America Merrill Lynch European securitisation analysts. Along with a recent ISDA wh...

    • CLOs

      • Equity-friendly features on the rise

        Demand for CLO paper and an unintended consequence of risk retention rules have led to a rise of equity-friendly features in US CLO indentures, according to Fitch. The agency suggests that the trend also reflects the growing influence of CLO equity i...

      • Manager BWIC activity highlighted

        A new JPMorgan study sheds light on the relationship between BWIC activity by US CLO manager versus AUM. The analysis suggests that managers with higher outstandings tend to see higher BWIC volumes on a notional basis. The JPMorgan study includes a...

    • CMBS

      • Las Vegas SASB CMBS prepped

        Caesars Entertainment Operating Company emerged from bankruptcy last month. The restructuring of its affairs has resulted in the preparation of a CMBS, which is now marketing. The US$1.6bn Caesars Palace Las Vegas Trust 2017-VICI CMBS (see SCI's de...

    • RMBS

      • RMBS divestments resumed

        The Australian Office of Financial Management has resumed its RMBS divestment programme, after putting it on hold two years ago, having failed to sell any assets in its fifth auction (SCI 5 November 2015). The Treasurer has determined that RMBS marke...

      • Investment property RMBS prepped

        An unusual US RMBS transaction is being marketed (see SCI's deal pipeline). The US$127.332m RCO 2017-INV1 RMBS is collateralised by residential rental mortgage loans. Morningstar Credit Ratings has assigned a preliminary rating of triple-A to the U...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 10 November

        EMEA Ares Management has hired Rory McHugh as md. McHugh was previously md, head of alternative finance, specialist lenders and fintech at RBS. Prior to that he was head of structured finance derivatives and automated treasury solutions also at RBS...


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