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Issue 614 - 26th October

  • News Analysis

    • Structured Finance

      • CLOs in demand

        Quarterly SCI data update

        Analysis of SCI's databases underlines the significant demand for CLO paper seen in 3Q18, in both primary and secondary markets. Meanwhile, a bias towards Northern European jurisdictions is evident in capital relief trade volumes. SCI&am...

    • CDO

      • Bridge-loan lifeline

        Greystone closes CRE CLO milestone

        Greystone Bridge Lending Fund last month completed its second CRE CLO (see SCI’s primary issuance database). Dubbed Greystone CRE 2018-HC1, the US$300m transaction is unique in that it is 100% secured by healthcare properties. “...

  • Market Reports

    • Structured Finance

      • Heightened holding

        European ABS market update

        Invesco is preparing a new €410m European CLO deal, along with GSO Capital Partners, which is planning a CLO reset. Elsewhere, Och-Ziff’s latest OZLME deal is reported to be sized at €412m (see SCI’s deal pipelin...

    • CLOs

      • Mixed paper

        US CLO market update

        A BWIC of 68 line items is driving US CLO secondary market activity today, amidst a scarcity of primary issuance (see SCI’s BWIC calendar). “We are seeing a clean-up of triple-A to single-A notes. There is also a large double-B...

      • Eastern incentive

        European CLO market update

        The European CLO market appears to be softening, following high volumes of equity out for the bid in the US secondary market. “The theme of the week could be that good CLO managers are faring a lot better than bad managers,” say...

      • Reset end point?

        US CLO market update

        With almost 40 bonds out for the bid today, the secondary US CLO market is seeing heightened activity, with a bias towards triple-A paper. The stock market sell-off has not yet translated into wider spreads across the sector. “There has b...

  • News

    • Structured Finance

      • SCI Start the Week - 22 October

        A review of securitisation activity over the past seven days

        Market commentary European primary ABS activity continued to be robust last week. The BPCE Home Loans FCT 2018 print and the announcement of Porsche’s Austrian auto ABS were among the highlights (SCI 18 October). “A variety of...

    • Capital Relief Trades

      • New ground for CRTs

        Capital relief trades report now available

        CRTs – in which banks transfer credit risk to non-bank investors – have become better established and more widely used. New issuance jurisdictions and greater variety of reference assets, issuers and investors have brought the mar...

    • CMBS

      • Hitting the mark

        Pan-European logistics CMBS prepped

        Blackstone is in the market with a €292.79m pan-European CMBS secured by 89 logistics and industrial assets. Dubbed Arrow CMBS 2018, the transaction is the first European post-financial crisis CMBS with a large French asset exposure. The d...

    • Emerging Markets

      • Credit insurance landmark launched

        Transaction continues risk transfer strategy

        The African Development Bank (AfDB) and the African Trade Insurance Agency (ATI) have completed a landmark US$500m credit insurance deal, covering approximately 22% of the bank’s US$2.3bn outstanding portfolio of non-sovereign operations in...

  • Talking Point

    • Capital Relief Trades

      • Mixed outlook

        Risk transfer diversity set to increase

        The outlook for risk transfer issuance volumes is mixed, according to panellists at SCI’s Capital Relief Trades Seminar last week. However, they agreed that the market will continue to increase in diversity, in line with bank origination ch...

  • Market Moves

    • Structured Finance

      • Market moves update

        Company hires and sector developments in structured finance

        Accrual clause nixed The New York State Court of Appeals last week held that contractual attempts to extend the statute of limitations for causes of action involving breaches of contract are unenforceable because they violate New York law and publi...

      • Market moves update

        Company hires and sector developments in structured finance

        [b]Acquisition[/b] [b]Miller[/b] is to acquire the independent London market (re)insurance broker[i], Alston Gayler and Co[/i], currently majority owned by Nelson Holdings Limited. The transaction will bolster Miller’s offering to clients...

      • Market moves update

        Sector developments and company hires in structured finance

        China Fitch Ratings has launched Fitch Bohua Credit Ratings to serve China's onshore bond market and has appointed Danny Chen as Fitch Bohua's ceo. Initially, the company will cover banks, non-bank financial institutions and insurer...

      • Market moves update

        Sector developments and company hires in structured finance

        Moody's has downgraded the ratings of  123 tranches, placed on review for upgrade two tranches and affirmed 34 tranches in  84 Italian RMBS auto ABS, consumer loan ABS and consumer CDQ ABS deals . The rating actions were pro...


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