Weekly Issue Archive »

Issue 616 - 9th November

  • News Analysis

    • NPLs
      • Resolution framework

        EBRD expands Greek NPL foothold

        The EBRD is boosting its foothold in the Greek non-performing loan market with co-investments in Piraeus Bank and Alpha Bank. The transactions are the first to be carried out under the bank’s NPL resolution framework. The EBRD’s...

    • Structured Finance
      • Unpredictable factors

        Macro and micro challenges highlighted

        European market participants are facing three unpredictable factors in 2019, all of which will drive ABS activity and supply in the new year. ECB monetary policy evolution, Brexit execution and securitisation legislation implementation represent chal...

      • Stress test

        IFRS 9 impact limited

        The EBA’s recent stress tests point to a limited capital impact from the implementation of IFRS 9. The stress test results follow the release of bank quarterly results, which also highlighted a limited impact from the first-time adoption of...

  • Market Reports

    • CLOs
      • Mezzanine muddling

        European CLO and CMBS markets update

        European traders are focusing on secondary US CLO paper today, with 21 lines on BWICs compared with seven out for the bid in the European market (see SCI’s BWIC calendar). European CLO volumes have been low, yet triple-B bonds have performe...

      • Midterm market

        US CLO market update

        High new issue volumes continue in the US CLO market, with managers paying more to get their deals away before year-end. BWIC activity also remains strong, in line with the market rally due to the US midterm election results. One trader says there...

    • CMBS
      • Strong technicals

        European RMBS and CMBS primary market update

        Technicals remain strong in the European CMBS and RMBS primary markets. The Dilosk No. 2 deal is in focus in the primary RMBS market. Initial price thoughts of 90-95 have been released for the transaction’s senior notes – which...

    • RMBS
      • Broad attention

        European RMBS primary market update

        A new UK non-conforming RMBS is expected to enter the pipeline within the next two weeks. The originator of the deal is, as yet, unknown. “The issuer does not want the deal going into December,” says a trader. “Hence,...

  • News

    • ABS
      • Alternative model mooted

        SCI's MPL Securitisation Seminar line-up finalised

        An alternative marketplace lending model could gain traction, thanks to the OCC fintech charter (SCI 12 September). This development, along with the efforts of Congress to resolve outstanding issues around the Madden doctrine and true lender status,...

    • Structured Finance
      • SCI Start the Week - 5 November

        A review of securitisation activity over the past seven days

        Transaction of the week Waterfall Asset Management is marketing the first publicly-rated RMBS backed by reverse mortgages since 2007. Dubbed Cascade Funding Mortgage Trust 2018-RM2, the US$571.8m transaction is backed by 915 active, proprietary reve...

    • Capital Relief Trades
      • Leveraged loan CRT prepped

        Risk transfer sector developments and deal news

        Deutsche Bank is believed to be readying a leveraged loan capital relief trade for 4Q18. According to SCI’s capital relief trades database, this would be the German lender’s first leveraged loan transaction. Deutsche Bank has be...

  • Market Moves

    • Structured Finance
      • Housing practice pinched

        Company hires and sector developments in structured finance

        Fund launch Trium Capital is partnering with Ellington Global Asset Management to launch the Ellington Trium Alternative Credit UCITS, a long/short credit UCITS fund. The fund is set to be launched 4Q18 and will leverage Ellington’s exper...

      • Global head hired

        Company hires and sector developments in structured finance

        Dechert has hired Cameron Mitcham as a partner in London at the firm’s global finance practice, joining from Allen & Overy. Mitcham will work with the CLO team and securitisation practice, acting for managers, arrangers, originators...

      • CRE platform acquired

        Sector developments and company hires in structured finance

        Acquisitions AXA Investment Managers has expanded its global debt platform through the acquisition of Quadrant Real Estate Advisors. This includes an acquisition of Quadrant’s investment team and management of US$9.4bn of US comm...

      • CLO investor poached

        Company hires and sector developments in structured finance

        Acquisitions LibreMax Capital has entered into an agreement to acquire Trimaran Advisors and certain affiliated companies (Trimaran) from KCAP Financial. Following the close of the transaction, Trimaran’s cio and head of its CLO platform,...

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