Weekly Issue Archive »

Issue 580 - 2nd March

  • News Analysis

    • NPLs

      • NPL platform incentives weighed

        As part of efforts to facilitate a non-performing loan secondary market, the European Commission is considering a private sector-led platform to handle data warehousing and potentially trade execution. Such an initiative could eliminate information a...

      • Bank acquisition trend continues

        HSH Nordbank has been sold for €1bn to JC Flowers and Cerberus. The agreement is accompanied by a sale of predominantly shipping non-performing loans to an acquisition vehicle of Cerberus and JC Flowers, as well as minority owners GoldenTre...

    • RMBS

      • Landmark sukuk could be first of many

        The inaugural UK sharia-compliant RMBS recently closed, marking the start of a new asset class in the jurisdiction. Al Rayan Bank's £250m Tolkien Funding Sukuk No.1 (SCI 29 January) signals a high point for the growth and acceptance of Islam...

  • SCIWire

    • Secondary markets

      • Euro secondary slows

        January's optimism has faded throughout February as activity across the European securitisation seco...

      • US CLOs steady

        The US CLO secondary market appears to be holding steady as participants consider their next move. ...

  • News

    • ABS

      • PACE underwriting boosted

        Consumer protection legislation passed in California last October will collectively strengthen PACE underwriting practices, according to Morningstar Credit Ratings. The agency views most of the requirements as credit positive for future securitised r...

    • Structured Finance

      • SCI Start the Week - 26 February

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

        Upcoming event SCI Risk Transfer & Synthetics Seminar - 13 March, New YorkSCI's Synthetic Securitisation Seminar provides an in-depth exploration of how synthetic securitisation is being utilised to transfer risk, achieve capital relief and cr...

      • LCR amendments could be STS 'game-changer'

        The European Commission's recent draft regulation on the LCR does not ensure STS securitisations are eligible as level 2A assets. Along with other factors, this could result in securitisation remaining a less attractive option compared to other finan...

    • Capital Relief Trades

      • Synthetic exposure expanded

        Bank of Ireland has released its Pillar Three report, which indicates an expansion of its synthetic securitisation exposure. It also provides insight into the lender's counterparty exposures. According to the report, the total outstanding am...

    • RMBS

      • Stop advance application diverging

        The incorporation of 'stop-advance' provisions in US RMBS 2.0 deals appears to be becoming more prevalent. However, sponsors are implementing this mechanism in different ways, as they seek to mitigate losses and advance timeline ambiguity while maint...

  • Market Moves

    • Structured Finance

      • Market moves - 2 March

        North America Cowen and Company has named Philip Cushman as head of global institutional sales which includes managing both the institutional equity and credit sales teams and Burton Welly has been named head of special situations and distressed cr...


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