Weekly Issue Archive »

Issue 608 - 14th September

  • News Analysis

    • Marketplace Lending
      • Madden resolution urged

        US marketplace lending firms should be freed from restraints around “true lender” status that have arisen due to regulatory developments, such as the Madden vs Midland case. This is according to a recent US Treasury report, which...

    • Capital Relief Trades
      • Brexit uncertainty highlighted

        CRTs unaffected although contract continuity concerns underscored

        Brexit has so far had a neutral impact on capital relief trades (CRTs) in terms of structuring and issuance. However, uncertainty remains over how EU law and the CRR will be incorporated into UK law, which is an important issue pertaining to...

  • Market Reports

    • ABS
      • Euro ABS activity surges

        Investors finding value across asset classes

        The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS is also attracting attention amid a greater focus on European ABS. A trader comments on ABS activity in Europe: “The most interesting thing...

      • Preference for yield

        Conference delays new issues

        The US ABS secondary market is seeing a big demand for higher-yielding sectors like renewables, even if it means giving up liquidity, according to market sources. According to one trader, firms are also holding off from bringing new issues because...

    • CLOs
      • Short duration in demand

        Spreads diverge between long and short CLO paper

        The volume of US paper in the secondary CLO market is down in the first week of September, with spreads diverging between long and short paper. “At this stage,” says a trader, “it’s hard to find short paper a...

      • US CLO secondary spikes

        The US CLO market is seeing a big spike in secondary market activity this week ahead of ABS East and expected reset activity. “There’s over US$500m on BWICs today”, says a trader, “which is the busie...

      • US CLO reissue caution advised

        US CLO arrangers are being cautious in terms of how they bring and announce actions in the next two months. “Investors know there’s lots of deals getting done in September and October, so there are a lot which are not being anno...

    • RMBS
      • Euro RMBS picks up

        Markets moving again after summer lull

        In the first week of September the market seems to be coming back to life after the lull of August and July. According to one trader, two primary deals in particular are catching the attention of the market at the moment in the form of the latest &am...

  • News

    • Structured Finance
      • SCI Start the week - 10 September

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

        Pipeline A fairly even split of auto and non-auto ABS in the pipeline this week:  Auto ABS:  US$256.2m American Credit Acceptance Receivables Trust 2018-3, CNY4.5bn Bavarian Sky China 2018-1 Trust, US$1bn Drive Auto Receivables...

    • Capital Relief Trades
      • Risk transfer round-up - 14 September

        CRT sector developments and deals news

        Santander is rumoured to be readying a corporate CRT for 4Q18. The Spanish bank’s last corporate deal, dubbed Grafton CLO 2016, was inked in December 2016. The CLN was priced at 10.2% and referenced a £1.25bn portfolio of primar...

  • Market Moves

    • Structured Finance
      • Market moves - 14 September

        New hires and company developments in the structured finance sector

        CDS ETF Launched Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market. CMBS downgrade review Moody’s has placed on review for downgrade all the note...

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