Weekly Issue Archive »

Issue 621 - 14th December

  • News Analysis

    • Derivatives

      • Star performer

        CDX beats cash bonds but CMBX leads

        Strong returns in CMBX have made it a ‘standout performer’ in the credit derivatives space this year, although timing is ‘crucial’ against the backdrop of retail volatility. Investors have also found CDX can pl...

    • Insurance-linked securities

      • Concerns ignited

        Wildfire peril pricing questioned

        ILS market participants are re-evaluating whether the pricing of wildfire risk in catastrophe bonds is adequate, after the 8 November US wildfires caused between US$9bn-US$13bn worth of damage. However, the picture is likely to only become clear over...

    • NPLs

      • JV trend continues

        Landmark NPL transactions agreed

        Banco BPM announced this week a non-performing loan securitisation with Elliott International and Credito Fondiario for a nominal value of €7bn-€7.8bn, while Intesa Sanpaolo and Intrum completed a similar transaction last week. The...

      • Restructuring milestone

        Greek NPL transaction arranged

        Pillarstone has arranged a €174m restructuring in Greece for Famar, one of Europe’s largest providers of contract manufacturing and development services to the pharmaceutical and health and beauty industries. The agreement is consi...

  • Market Reports

    • CLOs

      • Selling spike

        US CLO market update

        There has been a spike in selling of investment grade paper on the US CLO secondary market, coming mostly from the insurance sector. In past cycles, insurance companies have been more likely to hold on to their assets, but currently seem willing to s...

      • Running dry

        Euro CLO secondary market update

        The European CLO primary pipeline is running dry. Traders are increasingly looking at BWIC activity instead. Several CLO BWICs are out for the bid today. “Yesterday saw a bit of a turn-around in terms of BWIC activity,” says one...

    • CMBS

      • Prepayment offer

        European CMBS market update

        European CMBS BWIC activity has swelled after the Taurus 2018-3 DEU deal priced today. Unusually, noteholders have been offered an early prepayment on 14 December as an incentive to price the transaction before the end of the year. The market remai...

  • News

    • Structured Finance

      • SCI Start the Week - 10 December

        A review of securitisation activity over the past seven days

        Market commentary US CLO BWIC activity last week boomed ahead of the market holiday in honour of former president George H.W. Bush (SCI 4 December). Bid-lists were mainly triple-A oriented, whereas demand for triple-B bonds faded and double-B bond p...

    • CMBS

      • UK CMBS markets

        Transaction marks first for rating agency

        A Brookfield Asset Management entity, BSREP International II (A), is the sponsor of a new £367.5m UK single-asset single-borrower (SASB) CMBS, dubbed Salus (European Loan Conduit No.33). The transaction comprises a first-lien interest-only...

    • Derivatives

      • Risks remain

        Termination risks persist for SF transactions in no-deal scenario

        Contingency plans being implemented by financial institutions will help to avoid many derivatives risks associated with a no-deal Brexit, according to a report from Fitch. However, termination risks still persist for structured finance transactions,...

  • Market Moves

    • Structured Finance

      • Libor consultation launched

        Sector developments and company hires

        ILS Peak Reinsurance Company has launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock, to provide collateralised retrocession for part of Peak Re’s global property reinsurance...

      • Global leader appointed

        Sector developments and company hires

        Amended complaint filed The state of Colorado has filed a Second Amended Complaint relating to state court actions against Avant and Marlette, alleging that the platforms have violated its Uniform Consumer Credit Code (SCI 12 May 2017). According t...

      • STS guidelines published

        Sector developments and company hires

        P2P head hired Dynamic Credit has hired Giles Andrews as chairman of its supervisory board. The board will have three members and serves to strengthen the corporate governance of Dynamic Credit Group (DCG), which comprises of the asset manager and...

      • ABSPP plans published

        Sector developments and company hires

        APP reinvestment set The ECB has outlined the technical parameters for the reinvestment of the principal payments from maturing securities purchased under its asset purchase programmes after net asset purchases cease at end-December 2018. It expect...


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