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Issue 568 - 1st December

  • News Analysis

    • ABS

      • Hurdles remain for Chinese ABS

        Chinese securitisation issuance reached RMB808bn in aggregate from 425 transactions last quarter, up from RMB498bn from 318 deals as of 3Q16, according to Fitch. However, while the domestic ABS sector may be growing, the market is unlikely to reach f...

    • CMBS

      • Fresh blow adds to CMBS retail woes

        The retail sector's well-publicised woes are affecting both primary and secondary CMBS. While the high retail concentration in outstanding US CMBS continues to concern the market, the retreat of lenders from the retail space means that now even healt...

    • NPLs

      • Fino phase two initiated

        UniCredit has closed Fino 1 Securitisation, marking the beginning of phase two of Project FINO, its plan to sell down a portion of the retained exposure relating to a €17.7bn portfolio of non-performing loans (SCI passim). The lender can no...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS stable

        The European ABS/MBS secondary market continues to remain stable. "It's been a sporadically active...

      • Euro CLOs soften

        Spreads are softening in the European CLO secondary market as liquidity dissipates ahead of year-end...

      • US CLOs rising

        US CLO secondary market volumes and pricing levels are once again rising. "Overall November has be...

  • News

    • ABS

      • Supply/demand imbalance to support spreads

        JPMorgan's latest international ABS investor survey suggests that the current supply/demand imbalance in European securitisation will persist in 2018. Indeed, sentiment appears somewhat surprisingly bullish, despite the significant spread compression...

    • Structured Finance

      • SCI Start the Week - 27 November

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

        PipelineAs might have been expected, there were very few additions to the pipeline last week. In fact, all that remained by the end of the week were two new ABS and two RMBS. US$330m Consumer Loan Underlying Bond Credit Trust 2017-P2 and €...

    • Capital Relief Trades

      • Risk transfer round-up - 1 December

        Raiffeisen has completed ROOF Slovakia 2017, a €1.2bn financial guarantee from its Slovak subsidiary Tatra banka, referencing a portfolio of corporate loans and project financings. The transaction is believed to be the first synthetic secur...

      • Risk transfer come-back

        Bank of Ireland has returned to the risk transfer market with Mespil Securities 2017-1. The lender's latest capital relief trade will increase its common equity Tier 1 capital ratio by 0.45% and comes a year after it carried out a similar transaction...

    • RMBS

      • BTL RMBS risk profile eyed

        The UK buy-to-let (BTL) market could see a drop in lending volumes and RMBS issuance, following the introduction of new regulations by the PRA. New energy requirements coming into force in April may also strain the sector, although they could lead to...

      • Repo RMBS changes tack

        LoanDepot is in the market with a US$300m repo RMBS transaction, marking the first issuance under the Station Place programme (SCI 5 February 2016) in which the non-bank lender is acting as repo seller, as well as sponsor and servicer. Dubbed LoanDep...

  • Talking Point

    • NPLs

      • Provisioning differences highlighted

        UniCredit and Intesa Sanpaolo recently revealed differences over the ECB's provisioning guidelines, with the spotlight falling on non-performing loan recovery mechanisms. Speaking at IMN's Investors' Conference On Italian & European NPLs, rep...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 1 December

        EMEA CBRE has hired Paul Coates as executive director and head of debt and structured finance EMEA. He will report to Richard Dakin, md of CBRE Capital Advisors. Coates was previously md, head of UK real estate finance at RBS. North America THL...


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