Weekly Issue Archive »

Issue 610 - 28th September

  • News Analysis

    • CMBS

      • US CMBS 'not fixed'

        Wave of CMBS litigation may arise from systemic sector problems

        US CMBS litigation is currently in the spotlight, with one of the largest ever US fraud investigations looking at a potential conspiracy by employees of Morgan Management (SCI 8 June) to fraudulently obtain US$167.5m of loans, some of which back a nu...

    • Structured Finance

      • UCITS constrained

        Regulatory impact on mutual fund demand gauged

        The impact of the new EU securitisation regulation on mutual funds domiciled in Europe has sparked concern among some US market participants in recent weeks. An estimated 15% of US ABS issued since the beginning of 2017 is believed to satisfy Europea...

  • Market Reports

    • Structured Finance

      • Primary focus

        European ABS and RMBS market update

        Few BWICs were out for the bid in the European secondary ABS market this week, with light trading activity due to the high volume of selling seen during the summer. “The Tower Bridge RMBS print moved the market a bit wider, but now spread...

    • CLOs

      • Weaker pools penalised

        US CLO primary market update

        The supply of US CLO deals coming off of 2016-vintage refinancings is expected to keep spreads ranging broadly upwards until year-end. “However, a return of Japanese investors could cause triple-A spreads to tighten - although if and when...

  • News

    • Structured Finance

      • SCI Start the Week - 24 September

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

        Pipeline RMBS dominated the newly-announced deals remaining in the pipeline by the end of last week. A handful of CLOs and CMBS, as well as a single ABS also began marketing. The RMBS comprised US$407.99m CIM Trust 2018-INV1, US$513.9m JP Morgan M...

      • Funding options

        Charles Street securitisation increased

        Together has increased its Charles Street Conduit Asset Backed Securitisation 1 (CABS) to £1.25bn through refinancing and increasing the size of the facility. The maturity of the facility has also been extended from January 2021 to Septembe...

    • Capital Relief Trades

      • CRT line-up finalised

        SCI seminar to assess regulatory threats and opportunities

        The line-up for SCI’s 4th Annual Capital Relief Trades Seminar – taking place on 16 October at One Bishops Square, London – has been finalised. With Basel 4 impacting all approaches to the calculation of risk-weighted as...

      • Risk transfer return

        Standard Chartered completes trade finance CRT

        Standard Chartered has printed its first capital relief trade in three years, dubbed Trade Finance Transaction 2018-1. The bank’s last public trade was a US$135m corporate CLN called Baruntse, which was completed in 2015 (see SCI’...

      • Risk transfer round-up - 28 September

        CRT sector developments and deal news

        Santander is believed to be the third capital relief trade issuer readying a commercial real estate transaction in 4Q18, along with Lloyds and RBS. The lender’s last CRE risk transfer deal was issued in December 2017. Dubbed Red 1 Finance...

    • CDO

      • CDO misconduct alleged

        Goldman Sachs in court over legacy CDO

        Astra Asset Management is suing Goldman Sachs over allegations that the bank engaged in misconduct toward investors, including Astra, regarding the collateral securities that secured the notes issued by Abacus 2006-10, a synthetic CDO. Astra alleges...

  • Market Moves

    • Structured Finance

      • Market moves - 28 September

        The latest hires and company developments in the structured finance market

        Canadian pension partnership Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPPIB Credit Investments, is broadening its portfolio through new investments in equity tranches of CLOs alongside...


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