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Issue 584 - 30th March

  • News Analysis

    • Capital Relief Trades

      • Seeking to scale

        The capital relief trades (CRT) market suffers from a material gap between banks’ needs and the availability of investor capital, within the strategy. To facilitate growth, one of the next steps should be to attract greater buy-in from long...

      • Synthetic NPLs gain traction

        The ECB’s latest non-performing loan provisioning guidelines are expected to trigger increased synthetic NPL securitisation issuance. Nevertheless, defining a credit event for a portfolio of loans that are already non-performing remains a s...

    • NPLs

      • Indian NPL investment increasing

        India’s bankruptcy framework is facilitating more investment activity in the nation’s non-performing loan market. Clearwater Capital is one of the latest investors to allocate more capital into Indian NPLs.   According...

  • SCIWire

    • Secondary markets

      • Euro ABS/MBS busy

        European ABS/MBS secondary market activity has picked up this week. “It’s been...

      • Euro CLOs soften

        Pricing levels in the European CLO secondary market have softened this month. “CLOs have...

      • US CLOs switch focus

        Focus is being drawn away from the US CLO secondary market, but it remains active. “The...

  • News

    • Structured Finance

      • SCI Start the Week - 26 March

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

        Pipeline An even mix of ABS, CMBS and RMBS remained in the pipeline at the end of last week. Another CRE CLO was also announced. The ABS comprise A$699m Driver Australia Five Trust, Sfr335m Swiss Car ABS 2018-1 and the US$3.22bn Tobacco Settlement...

    • Capital Relief Trades

      • Innovative Dutch SRT completed

        Rabobank has completed an innovative Dutch significant risk transfer (SRT) deal with the EIF. The €128m financial guarantee is the lender’s only transaction where the second-loss risk has been fully transferred, as well as its firs...

    • CLOs

      • CLO portfolio turnover gauged

        Average US CLO manager portfolio turnover rate stood at 37.4% in 2017, ranging from 12% to 82%, according to a new JPMorgan analysis. The study further suggests that CLO managers have generally been able to sell loans at higher prices than the overal...

    • RMBS

      • LoanDepot RMBS debuts

        The first RMBS entirely backed by loans underwritten by marketplace lender loanDepot.com has hit the market. Mello Mortgage Capital Acceptance 2018-MTG1 is backed by a US$299.83m pool of 453 primarily 30-year fixed-rate QM loans. The securitisation...

  • Market Moves

    • Structured Finance

      • Market moves - 29 March

        Europe Man Group has hired Simon Finch as cio of credit at Man GLG, its discretionary investment management engine. In this newly created role, Finch will be responsible for Man GLG’s credit business and will have oversight of the credit...


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