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Issue 618 - 23rd November

  • News Analysis

    • Structured Finance

      • Long goodbye

        First non-Libor linked ABS anticipated

        Lloyds became the first bank to issue a benchmark covered bond tied to the sterling overnight index average (SONIA) in September. The move has sparked predictions that the first securitisations tied to alternative reference rates will emerge next yea...

      • Tougher approach

        KNF stance puts Polish securitisation on hold

        The future of securitisation and closed-end securitisation funds in Poland remains uncertain, following the Polish financial supervisory authority’s (KNF) approximately PLN6.4m (€1.49m) fine against Raiffeisen Polska in September....

    • ABS

      • Classification clarity

        Spanish SME ABS 'first' marketing

        Be-Spoke Capital is marketing an unusual, inaugural securitisation, backed by a portfolio of loans to Spanish SMEs and expected to total around €300m, with pricing targeted for early December. Dubbed Alhambra SME Funding 2018-1, Natwest Mark...

    • Structured Finance

      • Financial frontier

        UAE poised for securitisation growth

        The United Arab Emirates continues to ameliorate investment concerns by introducing new legislation and addressing issues presented by Sharia finance. In an amendment released on 12 Novem...

  • Market Reports

    • ABS

      • Credit clutch

        European ABS market update

        The European ABS slow-down continues, with prices drifting wider and subdued credit growth across the board. In particular, an aversion to duration risk has emerged this week. “Credit is headed for the worst year since 2008,” on...

    • Structured Finance

      • Bloodbath blues

        European ABS market update

        The European ABS market has repriced, after taking a hit yesterday when the S&P 500 index plunged by 1.8%. The tone has improved this morning, as traders cautiously return to the market. “We’re seeing the market repricin...

    • CLOs

      • Hesitant appetite

        US CLO market update

        US CLO equity and double-B bonds were casualties of the drop in the S&P 500 index yesterday, with bids softening across the secondary market. “A handful of CLO equity and double-B bonds were out for the bid yesterday and did not t...

      • Softening activity

        European CLO market update

        The European CLO market is relatively quiet due to the Thanksgiving holiday in the US, but the pipeline is seeing plenty of supply. “The market is responding to the amount of supply,” says a trader. “Everything is wide...

      • Buyer fatigue

        US CLO secondary market update

        The US stock market is 400 points down today (20 November) and is being described as an “ugly open”, with the sell-off beginning to unnerve traders. The effects are impacting the US CLO secondary market, as the fatigue of the past...

  • News

    • Structured Finance

      • SCI Start the Week - 19 November

        A review of securitisation activity over the past seven days

        Market commentary Pepper Group is prepping an Australian RMBS that is expected to include a short US dollar tranche and a euro-denominated pass-through tranche. Elsewhere in the European primary securitisation market, a pair of Dutch RMBS were in fo...

    • Capital Relief Trades

      • Risk transfer round-up - 23 November

        CRT sector developments and deal news

        Credit Suisse is believed to be pricing a risk transfer transaction from its Elvetia programme on Monday. The issuer’s last Elvetia transaction was a Sfr300m ticket referencing a Sfr5bn portfolio (see SCI’s capital relief trades d...

    • CMBS

      • Early warning?

        Cov-lite Euro CMBS gaining traction

        The influences of the leveraged loan market and non-traditional CMBS investors, along with the competitive pressure that lenders are under, is spurring the emergence of covenant-light loans in European CMBS. However, given the length of CRE loan term...

    • Insurance-linked securities

      • Sweet spot

        Multi-arrangement ILS vehicle debuts

        Brit has launched Sussex Capital UK, the first vehicle to be given permission by the PRA under the UK’s new ILS regime to write general collateralised reinsurance for multiple cedants. The SPV’s multi-arrangement designation enabl...

  • Market Moves

    • Structured Finance

      • Fixed income head hired

        Company hires and sector developments in structured finance

        Newmark Group has established an operating committee consisting of key senior managers following the spin-off from BGC announced on the 13 November. The operating committee members are as follows: Lou Alvarado, chief revenue officer, previously senio...

      • CRT tranche downgraded

        Sector developments and company hires

        Acquisitions Spruce Finance has been acquired by HPS Investment Partners. Spruce will be headquartered in Houston and maintain its executive and M&A offices in San Francisco. Christian Fong has joined the company as president and ceo after...

      • UK SLABS slated

        Sector developments and company hires

        EMEA Eurocastle Investment has appointed Hammad Khan to its board as a non-executive director, increasing its number of directors to six. Khan is a representative of Eurocastle’s largest shareholder, an affiliate of EJF Capital, where he...


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