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Issue 620 - 7th December

  • News Analysis

    • Capital Relief Trades
      • TRAFIN relaunched

        Deutsche Bank replaces trade finance CRT

        Deutsche Bank has refinanced its TRAFIN 2015-1 deal with the issuance of a new trade finance capital relief trade dubbed TRAFIN 2018-1. The US$216.125m five-year CLN references a US$3.5bn trade finance portfolio. Deutsche Bank called and replaced t...

    • CDS
      • Sears CDS 'torpedo' attempt

        Credit event manipulation casts new shadow on instrument

        After filing for bankruptcy earlier this year, Sears is now at the centre of a high-profile saga in relation to credit event manipulation affecting its associated CDS. Various tactics have now been employed by interested parties to prevent the firm&a...

    • CLOs
      • Reaching capacity

        New CLO managers continue flocking to Europe

        Seven new CLO managers are warehousing assets, with European CLO platforms ready to issue in 1Q19. Most of the new entrants are US managers expanding into Europe, but the increasing number of managers has sparked concerns that the European market may...

  • Market Reports

    • Structured Finance
      • Activity upsurge

        European ABS market update

        The European primary and secondary ABS markets are seeing a surge in activity, due to uncertainty over the next quarter. “After the high volatility last month, I was expecting a slow-down,” says one trader, surprised by the acti...

      • Bid scarcity

        European ABS market update

        A major UK bank is focusing efforts of European NPLs in the coming weeks, as spreads continue to widen in the CLO and ABS primary markets. “We are running a few private processes, which are keeping us busy, and we will hopefully conclude...

    • CLOs
      • Print and sprint

        US CLO market update

        US CLO BWIC activity is booming ahead of tomorrow’s market holiday in honour of former president George H.W. Bush. Bid-lists have mainly been triple-A oriented, whereas demand for triple-B bonds has faded. Double-B bond prices are 1.5 poi...

      • Cheaper deals

        European CLO market update

        The European CLO market seems stronger than it was last week, but still relatively volatile. “I suppose good managers get deals done; I think that’s the bottom line,” says a trader. “For managers that are per...

      • Deals pulled?

        US CLO market update

        Several US CLO deals are believed to have been pulled from the pipeline and pushed back to 2019, amid growing concerns over market conditions. “What we are trying to do right now is to gauge customer demand,” says one trader. &a...

  • News

    • Structured Finance
      • SCI Start the Week - 3 December

        A review of securitisation activity over the past seven days

        Market commentary European ABS activity remained subdued last week, with spreads drifting wider, due to concentration of supply (SCI 29 November). “Investors are using their leverage to dictate terms and push deals as wide as possible. T...

      • Proportional approach

        ESAs tackle delay in transparency requirements

        The joint European Supervisory Authorities (ESAs) - which consist of the EBA, ESMA and the European Insurance and Occupational Pensions Authority - have published a letter reiterating market concerns over ESMA’s disclosure requirements (SCI...

      • Enforcement uncertainty

        Set-back for STS-eligible issuance

        The recent statement issued by the Joint Committee of the ESAs (SCI 4 December) is unlikely to be sufficient to assuage securitisation market concerns on its own. Such regulatory uncertainty is expected to further delay the emergence of STS-eligible...

    • Capital Relief Trades
      • Colonnade issuance continues

        Barclays completes corporate capital relief trade

        Barclays has completed Colonnade Global 2018-2, a US$110m financial guarantee that references a US$1.33bn portfolio of mostly US corporate loans (see SCI's capital relief trades database). The transaction is typical of Colonnade Global risk t...

    • CLOs
      • Sustainable growth?

        Prospects for green CLOs examined

        Green CLOs are expected to play an increasing role in the private sector’s involvement in the sustainable finance market. As such, S&P has created a hypothetical rating scenario to compare the credit quality of green CLOs with a typ...

      • Multi-jurisdiction exposure

        Cashflow trade finance CLO prepped

        Standard Chartered is in the market with its first global cashflow CLO backed by US$1bn of trade finance exposures (TFEs), with collateral from across multiple jurisdictions. The senior tranche of the deal – dubbed Prunelli Issuer I (compar...

    • NPLs
      • Split-mortgages securitised

        PTSB completes second NPL transaction

        Permanent TSB last week completed its second major transaction to reduce its non-performing loan ratio. The bank disposed of Irish mortgage loans with a €1.31bn GBV (€910m NBV) linked to 6,272 borrowing relationships via the Glenbei...

  • Market Moves

    • Structured Finance
      • ESAs suggest 'proportion'

        Sector developments and company hires

        Aussie securitisation fund The Australian government has introduced a A$2bn Australian Business Securitisation Fund, which will provide significant additional funding to smaller banks and non-bank lenders to on-lend to small businesses on more comp...

      • BDC merger announced

        Sector developments and company hires

        BDC merger Golub Capital BDC (GBDC) has merged with Golub Capital Investment Corporation (GCIC), with GBDC as the surviving company, subject to certain stockholder approvals and customary closing conditions. The combined company will remain externa...

      • BTL securitisation planned

        Sector developments and company hires

        Europe Accunia has promoted Mads Romild as head of Accunia’s CLO platform. Romild will continue as cio and head all Accunia investment strategies. Andres Garcia Bartolome and Rajiv Thaker are also promoted to senior portfolio managers and...

      • Corporate finance partner hired

        Sector developments and company hires

        CDO manager transfer Dock Street Capital Management has replaced Deerfield Capital Management as collateral manager for the Buckingham CDO II and III ABS CDOs. Under the terms of the appointment, Dock Street agrees to assume all the responsibilitie...

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