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Issue 578 - 16th February

  • News Analysis

    • CLOs
      • Risk retention relief for CLOs

        The US Court of Appeals for the DC Circuit last week reversed a lower court decision and ruled in favour of the LSTA in its lawsuit against the SEC and the US Fed, concluding that open-market CLO managers are not subject to risk retention rules. The...

    • Structured Finance
      • French ABS to benefit from new regime

        The creation of a new SPV regime in France (SCI 11 October 2017) will boost the country's ABS sector by simplifying the existing investment framework and streamlining the origination of loans and structuring of transactions. It is also hoped that the...

      • 'Academic' SBBS to 'lack demand'

        A European Systemic Risk Board task force has published a paper arguing that European safe bonds, SBBS (SCI 7 July 2017), are a plausible concept under "certain conditions". The programme has its critics, however, who suggest that the bonds may be pl...

    • RMBS
      • 'Test case' mortgage deal disclosed

        Permanent TSB unveiled this week its Project Glas portfolio of distressed mortgages, as the Irish lender seeks to offload approximately €4bn of non-performing loans. The portfolio is understood to comprise a mix of buy-to-let and home loan...

    • Capital Relief Trades
      • IFRS 9 credit event pay-out challenged

        Synthetic securitisations are unlikely to trigger CDS credit events following an increase in IFRS 9 provisions, given that such events are expected to be traditionally defined. Capital relief trade issuers therefore do not expect much disruption from...

  • News

    • Structured Finance
      • SCI Start the Week - 12 February

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

        Pipeline It was yet another busy week of pipeline additions. There were nine ABS, 11 CLOs, three CMBS and five RMBS. The ABS were: US$550.94m ARI Fleet Lease Trust 2018-A; US$500m Credit Acceptance Auto Loan Trust 2018-1; €738.8m Driver...

      • Call for consolidation

        Bank of Italy governor Ignazio Visco has called for Italian bank consolidation in order to tackle subdued profitability owing to, among other factors, higher provisions associated with non-performing loan disposals. Consolidation could improve the al...

    • CMBS
      • CRE CLOs quick off the line

        Two more firms have launched inaugural CRE CLOs, with a US$480.4m transaction from Argentic Silverpeak and a US$510.2m transaction from Bridge Investment Group. The transactions are further examples of a surge in CRE CLO issuance since the start of 2...

    • RMBS
      • Longer WAL RMBS preplaced

        Obvion has preplaced a static RMBS that does not feature a time call option. Dubbed FORDless Storm 2018, the €1.41bn securitisation is backed by mortgages on residential properties located in the Netherlands extended to 6,863 prime borrower...

  • Market Moves

    • Structured Finance
      • Market moves - 16 February

        EMEA Fulcrum Asset Management has recruited Mark Horne as a director within the newly created Fulcrum Alternative Strategies team, reporting to partner Matthew Roberts. Horne previously worked as an independent asset management consultant in London...

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