Weekly Issue Archive »

Issue 626 - 25th January

  • News Analysis

    • Structured Finance

      • CLOs retain top ranking

        Quarterly SCI data update

        CLOs remained the top asset class in terms of deal count for European and US new issuance in 4Q18, according to SCI data - although the numbers are down on those posted in Q3 (SCI 23 October 2018), reflecting market volatility in the final quarter of...

  • Market Reports

    • ABS

      • Slow start

        European ABS and CLO market update

        The European ABS market is experiencing its “slowest start to a year since 2011” as STS and Brexit uncertainty dampen primary activity. Attention is being focused on secondary trading and CLO issuance. “CLOs have start...

    • Structured Finance

      • Pepper up

        European ABS market update

        European secondary market activity is picking up, following a quiet start to the year. However, the new issue pipeline remains sparse, with only four CLO managers lining up deals. “We’re not hearing of anything imminent,&rdq...

  • News

    • Structured Finance

      • SCI Start the Week - 21 January

        A review of securitisation activity over the past seven days

        Transaction of the week The European securitisation pipeline remains all but empty as regulatory uncertainty continues to hamper new issuance activity. Upcoming optional redemption dates could provide a much-needed source of supply, however, with th...

      • Latest SCI podcast available

        SCI podcast episode four is now live

        SCI’s latest podcast is now live. This month the team round up asset class performance from 2018 and look ahead to the expectations for 2019. 2018 was a landmark year, with US new issue supply outpacing maturing debt for the first time si...

      • Chinese equipment lease ABS prepped

        Transaction features several firsts for experienced issuer

        Far East Horizon Corporation (FEH) is marketing a CNY1.865bn securitisation backed by equipment lease receivables. The transaction, dubbed Far East Leasing 2019-1, is the first deal from FEH to be supported by smaller-ticket and more diversified fina...

    • Capital Relief Trades

      • Risk transfer round-up - 25 January

        CRT sector developments and deal news

        Deutsche Bank issued a leveraged loan capital relief trade in December among a flurry of risk transfer transactions (SCI 21 December 2018). Dubbed LOFT 2018-1, the US$240m 10-year CLN was priced at 13.25%. According to SCI data, it is the widest prin...

      • Minerva closed

        Innovative guarantee completed

        Banca Nazionale Del Lavoro has closed a €100m mezzanine guarantee with the EIF. Dubbed Minerva, the transaction was completed with funds from the European Fund for Strategic Investments (EFSI) and is expected to release €600m for le...

    • CLOs

      • CLO arbitrage remains challenging

        Octagon reset in focus

        The currently marketing Octagon 21 reset highlights challenges in the CLO arbitrage. One trader says they will be participating in the deal, higher up the capital stack. “The manager is issuing the reset to try to improve the transaction...

  • Provider Profile

    • CDS

      • CDS index-linked ETF launched

        Fund will target gap in passive fixed income space

        Tabula has launched a new fixed income ETF tracking the iTraxx European Crossover five year index. The fund follows hot on the heels of similar offerings from the firm, as it seeks to maximise on escalating inflows into CDS indices as well as the dea...

  • Market Moves

    • Structured Finance

      • Two depart at ILS firm

        Sector developments and company hires

        Europe M&G Investments has appointed Vincent Charles-Gervais as portfolio manager within its ABS division. Charles-Gervais will report to James King, head of ABS portfolio management, and will be based in London. Charles-Gervais has 15 year...

      • Alt investor boosts global presence

        Sector developments and company hires

        Europe Palamon has hired Aqib Kadar as director of tax and structured finance. Kadar was previously at PwC where he was a director in M&A tax. Global Värde Partners has appointed Elena Lieskovska and Haseeb Malik to partner, an...

      • New ILS unit launched

        Sector developments and company hires

        ABS outfit launched US Bancorp has launched a new ABS lending business, providing non-recourse commitments secured by consumer and commercial receivables. Bo Weatherly - who joined the firm in 2016 - will serve as md for the new business, based in...


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