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Issue 615 - 2nd November

  • News Analysis

    • CMBS
      • Retail rifts

        UK CMBS impact limited despite store closures

        Debenhams is the most recent UK retailer to announce a raft of store closures, further signalling the decline of the traditional retail sector in the country, although online retailers continue to perform well. Despite this, there is not lik...

  • News

    • Structured Finance
      • SCI Start the Week - 29 October

        A review of securitisation activity over the past seven days

        Market commentary The US secondary CLO market saw heightened activity last week, with bid-lists circulating containing up to 68 line items (see SCI’s BWIC calendar). “We are seeing a clean-up of triple-A to single-A notes. Ther...

    • Capital Relief Trades
      • Risk transfer round-up - 2 November

        CRT sector developments and deal news

        Santander is believed to be readying two consumer capital relief trades and a corporate deal to print this quarter. The Spanish lender has been one of the most active issuers in 4Q18, having issued a commercial real estate deal, a project finance dea...

    • CMBS
      • Health check

        Sears bankruptcy exposure gauged

        Morningstar Credit Ratings has identified 28 CMBS loans, representing an allocated property balance of US$2.17bn, with exposure to stores that will close as part of Sears Holding Corp’s Chapter 11 bankruptcy filing. Sears’ departu...

    • RMBS
      • Reverse mortgage deal prepped

        First reverse mortgage RMBS since 2007 markets

        Waterfall Asset Management is marketing the first publically-rated RMBS backed by reverse mortgages since 2007. Dubbed CFMT 2018-RM2, the US$571.8m transaction is backed by 915 active, proprietary reverse mortgage loans originated between 2002 and 20...

  • Market Moves

    • Structured Finance
      • Market moves update

        Sector developments and new hires in structured finance

        Acquisitions Franklin Templeton has acquired Benefit Street Partners, expanding its fixed income capabilities to include an array of alternative credit strategies. The combination of BSP’s experience and capabilities with Franklin Templet...

      • Market moves update

        Company hires and sector developments in structured finance

        Acquisitions Lennar Corporation has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for US$340m. The transaction is scheduled to close on 30 November, subject to consent by the f...

      • Market moves update

        Company hires and sector developments

        ACIS resets due The Chapter 11 trustee has filed a third amended joint plan for Acis Capital Management and a notice confirming a court order that: conditionally approves its disclosure statement; schedules a combined hearing regarding final approv...

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