Weekly Issue Archive »

Issue 573 - 12th January

  • News Analysis

    • Capital Relief Trades
      • CRTs coming to America?

        Capital relief trades (CRTs) have become an established feature of the European securitisation market, with multi-billion euro deals frequently issued to achieve regulatory capital relief (see SCI's capital relief trades database). Although these tra...

      • Barclays adds to US CRT impetus

        Barclays recently completed Colonnade Global 2017-4 Financial Guarantee, a rare US$100m risk transfer transaction referencing a US$1.25bn portfolio of US corporate loans. Adding impetus to a growing American capital relief trades market (SCI 8 Januar...

  • News

    • Structured Finance
      • SCI Start the Week - 8 January

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

        Pipeline There were a few deals added to the pipeline in the first week of the year. These were four ABS, an RMBS, a CMBS and a CLO. US$190m CPS Auto Receivables Trust 2018-A, Driver Japan Seven, E-CARAT 9 and US$1.24bn GM Financial Consumer Autom...

    • Capital Relief Trades
      • UBI Banca debuts SRT

        UBI Banca has executed its first capital relief trade, dubbed UBI 2017 RegCap 1. The approximately €100m cash collateralised financial guarantee references a €1.9bn corporate portfolio. According to Simone Tufo, head of capital...

      • Risk transfer round-up - 12 January

        Details have emerged of a Lloyds capital relief trade dubbed Cheltenham Securities 2017. The transaction was executed in late December (see SCI's capital relief trades database). The £40.524m CLN references a £517m portfolio of UK m...

    • CLOs
      • Euro 2.0 CLO programme debuts

        Natixis has closed its first European managed cashflow CLO 2.0 deal. Dubbed Purple Finance CLO 1, the €308.4m transaction is managed by Natixis Investment Managers affiliate Natixis Asset Management and is backed by primarily senior secured...

    • CMBS
      • CRE servicing composition tracked

        Dwindling CMBS and CRE CDO issuance posed a significant challenge for commercial mortgage servicers over the past decade. As such, servicers have sought greater exposure to loans from non-CMBS investors - including life insurance companies and the GS...

    • NPLs
      • MPS NPL securitisation takes off

        Quaestio, the Italian rescue fund, has closed its investment in the mezzanine tranche of Monte dei Paschi's €25bn non-performing loan securitisation. The transaction is a crucial part of the restructuring plan that was agreed with European...

    • RMBS
      • Tracker examination impact assessed

        A review of the mismanagement of Irish mortgage payment calculations is likely to result in substantial compensation payments. Although implications for the RMBS market are expected to be limited, they could include the reduction of outstanding balan...

  • Talking Point

    • CLOs
      • Scenario analysis

        Elena Rinaldi, portfolio assistant at TwentyFour Asset Management, examines how robust CLOs are thro...

        ABS is an asset class that lends itself well to detailed underwriting, from onsite due diligence through to cashflow and risk modelling. Specifically within the CLO sector, once TwentyFour Asset Management has reviewed the manager and the collateral,...

  • Market Moves

    • Structured Finance
      • Market moves - 12 January

        Acquisition Acrisure is set to acquire 100% of Beach & Associates equity from the firm's existing shareholders, which include Aquiline Capital Partners and Beach management. Under new ownership, Beach will retain its name and con...

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