Weekly Issue Archive »

Issue 619 - 30th November

  • News Analysis

    • RMBS

      • Italian RMBS sell-off 'unlikely'

        Uncertainty ahead may see pan-European issuance drop

        A widespread sell-off of Italian RMBS is ‘unlikely’, despite a recent comment from a UK investment manager that there is no longer a case for investing in Italian RMBS now spreads are trading within Italian government bonds. The s...

    • NPLs

      • Tax credits eyed

        Second Greek NPL ABS proposal unveiled

        The Bank of Greece has unveiled a securitisation scheme backed by its deferred tax credits (DTCs) that aims to reduce the country’s large non-performing loan stockpile. The plan is seen as a positive development, with any move to introduce...

    • Capital Relief Trades

      • Basel 4 impact will 'vary massively'

        Regulatory changes represent 'complete overhaul'

        Regulatory changes coming into effect next year will have a major impact on the way European banks calculate risk weighted assets (RWAs), resulting in a greater incentive for some banks to utilise risk transfer mechanisms. However, it is expected tha...

      • Tough approach

        PRA guidance puts UK CRT issuers at a disadvantage

        The UK PRA’s latest significant risk transfer guidance is putting UK capital relief trade issuers at a disadvantage compared to their European peers, mainly due to the regulation’s provisions on excess spread and the capital treat...

  • Market Reports

    • ABS

      • Timing issues

        European ABS market update

        The two-year senior notes of Compass Banca’s €900m Quarzo Series 2018 consumer AB...

    • Structured Finance

      • Term leveraging

        European ABS market update

        The European primary ABS market is still drifting wider, due to concentration of supply. “Investors are using their leverage to dictate terms and push deals as wide as possible. That’s one of the reasons why the pipeline has bee...

    • CLOs

      • Two-sided market

        European secondary market update

        There are a few CLO BWICs out for the bid today with another RMBS scheduled for this evening. The European market has not followed an identifiable trend since the US thanksgiving holiday and activity remains subdued. “A ...

    • CMBS

      • Mezz concessions

        US CMBS market update

        US CMBS new issues appear to be struggling, following market volatility at the beginning of the week. One trader says: “It seems like the new issue pipeline is struggling to get off the ground and many dealers are having to give concessio...

    • RMBS

      • Green wave

        International RMBS market update

        A pair of RMBS bid-lists comprising mostly senior non-conforming and prime collateral are set to hit the market tomorrow at 2pm GMT. One list consists of 16 euro-denominated line items, while the other has 15 sterling bonds, including a chunky &p...

  • News

    • Structured Finance

      • Start the week - 26 November

        A review of securitisation activity over the past seven days

        Market commentary US CLO equity and double-B bonds were casualties of last week’s drop in the S&P 500 index, with bids softening across the secondary market (SCI 21 November). “A handful of CLO equity and double-B bond...

    • Capital Relief Trades

      • Tighter pricing

        Latest Elvetia trade completed

        Credit Suisse has completed a Swiss corporate and SME significant risk transfer trade from its Elvetia programme, dubbed Elvetia Finance Series 2018-6. The trade printed at tighter levels compared to previous Elvetia corporate and SME deals, due to w...

  • Market Moves

    • Structured Finance

      • Canadian asset expansion

        Sector developments and company hires

        ILS TigerRisk Partners has hired Stephen Fromm as vice chairman of TigerRisk capital markets and advisory. In his new role, Fromm will act as a senior investment banker focusing on insurance industry M&A, capital raising and strategic advic...

      • Funding boost for online lender

        Sector developments and company hires

        Alesco CDOs transferred The collateral management agreements for the Alesco Preferred Funding X to XVII Trups CDOs have been assigned to Hildene Collateral Management Company (HCMC), an affiliate of Hildene Capital Management. Under the terms of th...

      • NPL plans accelerated

        Company hires and sector developments

        Eurobank merger Eurobank is merging with Grivalia in a bid to accelerate the reduction of non-performing exposures to a ratio of approximately 15% by end-2019 and single-digits by 2021. The transaction envisages an NPE deconsolidation of approximat...


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