Weekly Issue Archive »

Issue 570 - 15th December

  • News Analysis

    • CMBS

      • Riding the refinancing wave

        The US CMBS market appears to have successfully addressed the challenges posed this year by the peak of the refinancing wall and the implementation of risk retention rules. Against this backdrop, single-asset/single-borrower (SASB) transactions poste...

    • Marketplace Lending

      • MPL sector shakes off reputational threats

        With continued growth of the marketplace lending ABS sector and repeat issuance from a range of firms, the market appears to have shaken off its label as an esoteric asset class. At the same time, a potential resolution to the ongoing Madden case sug...

    • Capital Relief Trades

      • Basel 4 proportionality expected

        The Basel Committee last week finalised the long-awaited Basel 4 reforms (SCI 8 December). The proposals have received an overall positive reception from the market, although much will depend on how the rules are translated into the CRR. Indeed, the...

    • ABS

      • Debut SLABS more of a 'distressed bond'

        After a Brexit-related delay, the UK government has closed Income Contingent Student Loans 1 (2002-2006), its debut £3.94bn student loan securitisation (SCI 1 November and 29 March). The transaction has been hailed as a success by ABS analys...

    • Structured Finance

      • Directive to reform NPL landscape

        The EBA has this week published further draft technical standards and guidelines relating to the updated payment services directive - PSD2 - which comes into effect next month. PSD2 will significantly affect the volume and managem...

    • RMBS

      • Debut Russian RMBS 'just the start'

        VTB Capital has closed an inaugural RMBS under the Russian government-backed AHML programme, which the bank suggests could be one of many securitisations to come, across a range of asset classes. The RUB48.2bn transaction is a securitisation...

    • Structured Finance

      • NPL expansion accelerates

        Banca IFIS has closed two disposals totalling €336m of retail and corporate non-performing loans. The transactions coincide with a significant expansion of the bank's NPL division, which is currently shifting its focus to the salary-backed...

  • News

    • Structured Finance

      • SCI Start the Week - 11 December

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

        Pipeline A mixed bag of securitisations remained in the pipeline by the end of last week. ABS and CMBS accounted for the majority of deals, with a handful of CLOs and RMBS also marketing. The newly announced ABS transactions comprised: US$572.22m...

    • Capital Relief Trades

      • Risk transfer round-up - 15 December

        Barclays has returned to the capital relief trade market with another Colonnade transaction. Colonnade UK 2017-1 financial guarantee references a £2.6bn corporate portfolio. Under the senior guarantee, Barclays will buy protection for both p...

    • CMBS

      • Debussy trigger breach eyed

        DBRS has downgraded its rating on the Debussy DTC class A notes to double-B (low) from triple-B (low) and placed the deal under review with negative implications. The move reflects the imminent decrease in credit characteristics of the UK CMBS, due t...

    • RMBS

      • Freddie innovation continues

        Freddie Mac continues to expand its credit risk transfer remit, pricing two innovative securitisations last week. The first deal references relief refinance loans, while the second is backed by affordable single-family rental (SFR) properties. Dubb...

  • Job Swaps

    • Structured Finance

      • Job swaps round-up - 15 December

        North America Angelo, Gordon has promoted Josh Baumgarten and Adam Schwartz to the roles of co-cio, active 1 January, 2018. Baumgarten is currently deputy cio at the firm while Schwartz is currently head of the company's real estate group...


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