Weekly Issue Archive »

Issue 611 - 5th October

  • News Analysis

    • Capital Relief Trades

      • Regulatory boost

        Positive prospects for project finance CRTs

        Santander has completed Fitzroy 2018-1 CLO, a financial guarantee and significant risk transfer transaction that references a £1.12bn portfolio of UK project finance loans. Regulatory clarity over acceptable structures could pave the way fo...

    • CLOs

      • Perfect ingredients

        Liquidity boosts Euro CLO pipeline

        Increased liquidity and strong demand suggest that the European CLO pipeline will continue to be busy for the rest of the year. Nevertheless, changes in the credit cycle and macro backdrop remain keenly observed. European CLO market technicals are...

    • Capital Relief Trades

      • Compliance costs

        Private securitisations caught by disclosure requirements

        ESMA’s regulatory technical standards (RTS) regarding securitisation disclosures (SCI 6 September) are expected to boost compliance costs for private deals, given the tight implementation timeframe of the Securitisation Regulation. Market c...

  • Market Reports

    • Structured Finance

      • ABS lull

        European ABS primary market update

        The European ABS primary market is seeing a lull in activity, which is leaving some traders uncertain as to what the final quarter of the year will bring. “I’m seeing a little bit of primary market activity, mostly dealer to dea...

      • Heavy supply?

        European primary ABS market update

        A new RMAC UK non-conforming RMBS has been announced, while the BPCE Home Loans 2018 deal is expected to be sized at almost €1bn. Ford’s latest German Globaldrive auto deal is also attracting some attention in the European primary...

    • CLOs

      • Double counting

        US CLO primary market update

        Up to 30 US CLO transactions are being prepped in the primary market this week, with four or five seen in the European market. “In the US you might have maybe 15 transactions at a time and a couple in Europe,” says one trader. &...

  • News

    • Structured Finance

      • SCI Start the Week - 1 October

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

        Conference SCI’s 4th Annual Capital Relief Trades Seminar is taking place on 16 October at One Bishops Square, London. Hosted by Allen & Overy, the event will explore how regulatory change is being reflected in deal structures, a...

    • Capital Relief Trades

      • Risk transfer round-up - 5 October

        CRT sector developments and deal news

        BNP Paribas is rumoured to be readying a replacement trade for a risk transfer transaction that it completed in 2016. Dubbed Resonance II, it references a €5bn portfolio of corporate loans (see SCI’s capital relief trades ...

    • RMBS

      • Automated validation

        Mobile app streamlines RMBS underwriting

        Atom Bank is readying its debut UK prime RMBS. Dubbed Elvet Mortgages 2018-1, the £571.58m transaction is believed to be the first to securitise loans originated via a mobile phone app interface. Atom Bank developed the app to streamline...

  • Market Moves

    • Structured Finance

      • Market moves - 5 October

        New hires and company developments in the structured finance sector

        Europe Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously global head of emerging markets corporate credit at Barings Asset Management. Reed Smith has hired Kevin-Paul Deveau as a partner...


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