Weekly Issue Archive »

Issue 617 - 16th November

  • News Analysis

    • ABS

      • Home rule

        Chicago debuts tax duo

        The City of Chicago last month completed two issuances totalling US$1.3bn through a first-of-its-kind securitisation programme named Sales Tax Securitization Corporation. The programme is intended to lower debt service costs without adding to the cit...

    • Capital Relief Trades

      • Dual speed

        Standard Chartered follows with tranche carve-up

        Standard Chartered has completed a US$297.5m financial guarantee that references a US$3.5bn trade finance portfolio. Dubbed Sealane 4, the transaction is a replacement trade for Sealane 3 - which matures in December - and is structured as a dual mezz...

    • RMBS

      • Diverging dynamics

        Aussie non-banks driving change

        Around A$30bn of Australian RMBS issuance is expected for full-year 2018, over 50% of which will be originated by non-bank lenders. A confluence of demand and regulatory factors is driving growth in non-bank issuance and changing the shape of the mar...

  • Market Reports

    • Structured Finance

      • Dry powder

        International ABS market update

        Pepper Group is prepping an Australian RMBS that is expected to be sized at A$500m-equivalent and include a short US dollar tranche and a Euro-denominated pass-through tranche. Elsewhere in the European primary securitisation market, Tesco’...

      • Selling stagnation

        European ABS market update

        Activity in the European ABS primary and secondary markets has slowed this week, with volumes generally stabilising across both segments. “It feels a little softer on the secondary market,” says one trader. “There has...

    • CLOs

      • Winding down?

        US CLO market update

        The US CLO primary market is seeing steady issuance as the remaining trading days continue to expire. Primary activity is presently more robust than secondary activity, which is said to be “a little squishier.” Currently, there...

    • CMBS

      • Trading countdown

        US CMBS primary market update

        The US CMBS market is facing a heavy primary calendar this week, which is overshadowing secondary market activity and causing risk aversion. “We have seen healthy issuance volumes over the past few weeks,” says one trader. &...

      • Less liquidity

        US CMBS secondary market update

        Risk aversion continues in the US CMBS market, with flows described as “anaemic” due to the volatility seen over the past few weeks. “I’m hearing that The Street went into this heavy on paper and they are fee...

    • RMBS

      • Paper prioritised

        European RMBS market update

        Spreads have widened in the European RMBS sector, with secondary market activity remaining slow amid ever-increasing primary issuance. A BWIC with a concentration in peripheral names - including Spanish auto loan and RMBS bonds – is out for...

      • Tranche tinkering

        US RMBS market update

        Freddie Mac has restructured some of the mezzanine tranches in its most recent credit risk transfer RMBS, STACR 2018-HRP2, which references high LTV re-performing mortgage loans. IPTs for the transaction are similar to those of previous STACR deals,...

  • News

    • Structured Finance

      • SCI Start the Week - 12 November

        A review of securitisation activity over the past seven days

        Market commentary The Dilosk No. 2 Irish legacy RMBS was in focus in the European primary market last week (SCI 6 November). “It has been taking up all of my time because the extension risk is significant,” explained one trader...

    • Capital Relief Trades

      • Risk transfer round-up - 16 November

        Capital relief trade sector developments and deal news

        Deutsche Bank is rumoured to be executing a bilateral trade finance capital relief trade from its TRAFIN programme this month, as a replacement trade for TRAFIN 2015-1. TRAFIN 2015-1 was due for November 2022 (see SCI’s capital relief trade...

    • RMBS

      • Double Dutch

        Dutch RMBS market sees surge of activity

        The Dutch RMBS market has seen a surge of activity with two new Dutch RMBS transactions marketing, both of which are backed by prime Dutch residential mortgages and touted as STS compliant. NIBC is back on the scene after a five-year hiatus with the...

  • Market Moves

    • Structured Finance

      • NPL transaction markets

        Sector developments and company hires in structured finance

        NPL deal markets Banco Santander Totta is in the market with Hefesto STC (Guincho), a €98m securitisation backed by a €481m portfolio, by gross book value (GBV), of Portuguese non-performing residential, commercial and un...

      • CMBS desk launched

        Sector developments and company hires in structured finance

        Europe Simmons & Simmons has hired James Grand to lead its CLO offering. Grand was previously a structured products partner at Freshfields where he spent over 20 years, specialising in advising both the sell-side and the buy-side on CLOs, a...

      • STS documents released

        Sector developments and company hires in structured finance

        ILS Hiscox has made three new appointments to its ILS division. Mike Schindel has been promoted to head of North America underwriting from head of international underwriting. Schindel will continue to be based in Bermuda. Nick Orton has been promot...


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