Weekly Issue Archive »

Issue 577 - 9th February

  • News Analysis

    • Capital Relief Trades

      • Carillion impact gauged

        Capital relief trade issuers and investors have been assessing the effect of Carillion's default on the market, following news of its impact on HSBC's Metrix transaction (SCI 19 January). Market consensus indicates that such a default...

    • Structured Finance

      • Gearing up for green

        Two pilots funded by Horizon 2020 - the EU programme for research and innovation - are set to launch next month that should boost the development of green securitisation in Europe. One is a project to develop PACE ABS across the r...

    • CMBS

      • Key CMBS pillars hold steady

        New US CMBS transactions are generally seeing signs of improving credit quality. This challenges recent rating agency criticisms that there has been a fall in the quality of the underlying loans. Moody's recently stated that there has been an erosi...

  • News

    • ABS

      • Navient preps 'debut' refi SLABS

        Navient is tapping the ABS market for the first time after acquiring online lender Earnest. Its latest US$507.47m transaction, dubbed Navient Private Education Refi Loan Trust 2018-A, is backed by fixed-rate refinanced student loans first originated...

    • Structured Finance

      • SCI Start the Week - 5 February

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

        Pipeline The pipeline was dominated by ABS transactions last week, including a pair of structured settlement securitisations. A mix of CMBS and RMBS were also announced, as well as a CRE CLO. Auto ABS from the US, France and Turkey –...

      • Intesa leads asset management shift

        Intesa Sanpaolo announced this week a four-year plan to halve its non-performing loan exposures by 2021 by boosting fee income and selling its servicing platform. The lender has led the shift in fee-earning businesses among Italian banks, which coinc...

    • Capital Relief Trades

      • Risk transfer round-up - 9 February

        Credit Suisse is rumoured to be re-tranching its existing risk transfer transactions, echoing recent market comments over the prospective use of this innovation in the capital relief trade space (SCI 26 January). The technique involves slicing in two...

    • CMBS

      • Blackstone preps Italian CMBS

        Blackstone is tapping the market with a €403.81m Italian CMBS. The transaction, dubbed Pietra Nera Uno, is a securitisation of three senior commercial real estate loans and two pari passu-ranking capex facilities advanced to three Italian b...

    • Insurance-linked securities

      • Landmark sovereign ILS priced

        The IBRD has printed the largest sovereign risk transfer transaction ever and the second-largest catastrophe bond issuance. The landmark deal provides US$1.36bn in earthquake protection to Mexico, Chile, Colombia and Peru, marking the first time the...

    • RMBS

      • GNMA aims to stop churn

        In a move which should be a net benefit to RMBS, Ginnie Mae has taken steps to address churning in its RMBS programme, both to keep mortgage rates affordable and to preserve liquidity in the security. To that end it has notified a "small number" of i...

  • Market Moves

    • Structured Finance

      • Market moves - 9 February

        North America Greystone has hired Anthony Alicea as head of production of the portfolio lending group. He will report to Mark Jarrell, who leads the group, and he will oversee production for the firm's bridge and mezzanine lending products that com...


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