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Issue 598 - 6th July

  • News Analysis

    • CMBS

      • European CMBS surge continues

        Structural nuances also on the rise

        European CMBS is experiencing a bumper year and new deals continue to hit the market, making 2018 the strongest year for traditional, floating-rate CMBS since 2015. While investors are unlikely to lose any sleep just yet, many of these new transactio...

  • News

    • Structured Finance

      • SCI Start the Week - 2 July

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

        Pipeline The pipeline has been dominated by UK transactions ahead of the Independence Day holiday. A pair each of CMBS and auto ABS remained in the pipeline by the end of the week, as well as an RMBS. The auto securitisation entrants were &pou...

    • Capital Relief Trades

      • Barclays engineers comeback

        Further impetus added to Colonnade programme

        Barclays has returned to the risk transfer market with Colonnade Global 2018-1, a £34.2m cash-collateralised eight-year financial guarantee. As with previous Colonnade transactions, the credit protection covers both principal and accrued in...

      • Risk transfer round-up - 6 July

        The Cayman Islands stock exchange has released a late June document regarding an early redemption of Deutsche Bank’s GATE 2015-1 capital relief trade (see SCI’s capital relief trades database). A call notice has been issued and th...

    • NPLs

      • Landmark UTP deal completed

        Inaugural large-scale, pure UTL transaction inked

        Bain Capital Credit has acquired a portfolio of unlikely-to-pay (UTP) corporate loans, dubbed Project Valery, from the Italian arm of Credit Agricole. The portfolio has a total book value of €450m and is the first large-scale, pure UTP trans...

  • Market Moves

    • Structured Finance

      • Market moves - 6 July

        Australian expansion Intertrust has expanded into Australia through the acquisition of Seed Outsourcing – an Australian corporate and fund services firm, providing corporate secretarial, director, domiciliation and payroll services to pri...


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