Weekly Issue Archive »

Issue 622 - 21st December

  • News Analysis

    • Capital Relief Trades
      • Consumer SRT completed

        Santander opts for true sale format

        Santander last month priced Kimi 7, a €665.3m true sale significant risk transfer transaction that securitises a portfolio of Finnish auto loans. The deal was executed for both capital relief and liquidity purposes, with the bank selling bot...

    • RMBS
      • GSE footprint

        FHFA changes to bring housing market reform?

        President Trump’s nomination of Mark Calabria, currently chief economist for Vice President Mike Pence, to replace Mel Watt as FHFA director when his term ends in January could have a significant impact on the US mortgage market. Although C...

    • CLOs
      • Middle march

        Boost for middle market and hybrid CLOs

        The US SEC’s no-action letter in connection with a recent Golub Capital CLO paves the way for middle market CLO managers to comply with risk retention requirements by holding through a BDC (SCI 21 September). The move effectively allows man...


  • Market Reports

    • ABS
      • Deal delay?

        European ABS market update

        A trader reports that nothing has been heard of the Alhambra SME Funding 2018-1 deal, which “should have been done and dusted by now” as the only European ABS left in the pipeline. The trader suggests that the transaction may have...

    • Structured Finance
      • Japanese dependence

        European ABS market update

        European ABS markets have effectively closed for the year. Deals in the pipeline are now expected to price in early 2019. Looking ahead to 1Q19, one trader comments: “For UK buy-to-let and non-conforming RMBS, activity will depend 100% on...

    • CLOs
      • Cross-currency basis

        US CLO market update

        All but a few US CLO new issues have been postponed until 2019, although at least one deal is set to price imminently. “Some third-tier CLO managers are still trying to get deals through,” says one trader. “This has be...


  • News

    • Structured Finance
      • SCI Start the Week - 17 December

        A review of securitisation activity over the past seven days

        Market commentary European CMBS BWIC activity swelled after the Taurus 2018-3 DEU deal priced last week (SCI 12 December). Unusually, noteholders were offered an early prepayment on 14 December as an incentive to price the transaction before the end...

    • Capital Relief Trades
      • Synthetic slew

        CRT issuances hit before year-end

        A slew of synthetic securitisations have hit the market before year-end. The risk transfer issuances include a trio of EIF financial guarantees, one of which is supported by blockchain technology, and a pair of Colonnade deals. The blockchain trans...

      • Wetherby 2 completed

        SONIA-linked synthetic securitisation debuts

        Lloyds has completed a £142.5m 7.25-year financial guarantee referencing a £1.5bn UK commercial real estate portfolio. Dubbed Wetherby 2 Securities 2018, the transaction is the first synthetic securitisation to reference the new S...

      • Programmatic issuance

        UBI Banca completes second CRT

        UBI Banca has completed its second-ever capital relief trade, paving the way for more programmatic issuance in the future. Dubbed UBI RegCap2, the €100m financial guarantee references a €2.2bn portfolio of secured and unsecured Ital...

    • CMBS
      • Investor indigestion

        US CMBS widening on 2019 anxiety

        A recent CRE CLO transaction brought to the market was sidelined until a later date after spread levels made the offering uneconomical. Widening US CMBS spread levels have exacerbated investor concerns that this trend will extend into 2019. &ld...

    • Regulation
      • Disclosure draft not endorsed

        EC refuses to endorse draft technical standards

        The European Commission has stated that it only intends to endorse the draft technical standards on disclosure requirements, under the EU Securitisation Regulation prepared by ESMA, once certain amendments have been made. Market par...

    • RMBS
      • Landmark transaction launched

        UK RMBS is first securitisation tied to SONIA rate

        The first securitisation with liabilities tied to the Sterling Overnight Index Average (SONIA) rate has been issued by Lloyd’s Bank, which is opting to retain the deal. The £7.6bn transaction, dubbed Elland RMBS 2018, is backed by...


  • Provider Profile

    • Structured Finance
      • New frontiers

        SF group uses innovative methods to provide private debt financing

        REYL Group recently established a new structured finance department as part of the Corporate Advisory and Structuring (CAS) group. It has a heavy focus on private debt - mainly on a secured and securitised basis - to facilitate funding across a range...


  • Market Moves

    • Structured Finance
      • Cerberus explores RMBS options

        Sector developments and company hires

        Granite alternatives Cerberus European Residential Holdings is exploring strategic alternatives with respect to the mortgage loans held in the Towd Point Mortgage Funding 2016-Granite1 and 2016-Granite2 RMBS, which will become eligible for optional...

      • ILS ventures launched

        Sector developments and company hires

        ILS Rewire Holdings and Vida Capital have announced the formation of Merion Square Capital, a joint venture which combines the two companies. The asset manager has established an open-ended fund structure which will primarily invest in ILS with an...

      • Inaugural post-crisis CLO prepped

        Sector developments and company hires

        CLO manager comeback AIG is marketing its first BSL CLO since the financial crisis, totalling US$503.15m. Dubbed AIG CLO 2018-1, the transaction is provisionally rated by Morningstar as triple-A on the US$296.5m class A notes. It does not have rati...



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