Weekly Issue Archive »

Issue 628 - 8th February

  • News Analysis

    • NPLs

      • NPL securitisation flourishes

        Extention of GACS to UTPs to fuel further growth?

        European NPL securitisation has flourished over the past two years, reaching a total of €15bn in new issuance since 2016, with many deals coming from Italy since the introduction of the GACS guarantee. Further transactions are expected given...

    • CMBS

      • US CMBS divergence eyed

        CMBS issuance 'will be hindered' by worsening borrower terms

        US CMBS is under scrutiny as figures have emerged showing weaker performance in post-crisis transactions originated by non-bank firms than those originated by banks, according to a recent report from Fitch’s CMBS team. Concurrently, CMBS bo...

    • Derivatives

      • CDS 'falling short'

        Equity options benefits highlighted

        Issues around liquidity and investor confidence may have rendered CDS ineffective as a means of modelling and hedging risk for credit investors. Equity options have now emerged as a potential alternative, offering various benefits such as faster hedg...

    • CLOs

      • European middle market maturing

        US MM sector set to grow following BDC no-action letter

        The middle market securitisation sector is only set to grow in the US, with relaxed regulatory constraints paving the way for BDCs to securitise their exposures. While the equivalent European sector is some way behind the US, the private debt market...

  • News

    • ABS

      • Junior demand

        Credit enhancement concerns raised

        Last year saw more single-B rated auto ABS paper issued in the US than in all previous years combined. Indeed, demand remains strong for junior notes, despite growing concerns over auto lending practices to less creditworthy borrowers. Joseph Cioff...

    • Structured Finance

      • SCI Start the week - 4 February

        A review of securitisation activity over the past seven days

        Transaction of the week Bank of Montreal has printed a US and Canadian leveraged loan capital relief trade dubbed Manitoulin. The US$92.5m 7.3-year financial guarantee pays Libor plus 12.75%. The transaction has been rated as triple-A on the clas...

    • NPLs

      • Nord LB acquisition dropped

        Bank opts for owner recapitalisation

        Nord LB’s owners have approved a plan to recapitalise the bank with funds from regional states and savings banks. The plan won the backing of its majority owner - the regional state of Lower Saxony, which has a 59% stake - last week, side-l...

      • Leviticus closed

        Banco BPM completes NPL securitisation

        Banco BPM has completed a €7.4bn (GBV) securitisation of secured and unsecured Italian non-performing loans dubbed Leviticus SPV. The transaction involves the transfer of the bank’s servicing platform to Credito Fondiario, which is...

  • Market Moves

    • Structured Finance

      • BoE, ESMA seal no-deal plan

        Company hires and sector developments

        No-deal agreement sealed ESMA has agreed Memoranda of Understanding (MoUs) with the Bank of England (BoE) for the recognition of central counterparties (CCPs) and of the central securities depository (CSD) established in the United Kingdom...

      • Insurer boosts ILS capability

        Sector developments and company hires

        Acquisitions Eldridge Industries has increased its investment in Maranon, now holding a majority ownership position. In addition to the equity investment, affiliates of Eldridge have made further commitments to Maranon’s platform, which w...

      • RMAC claim

        Company hires and sector developments

        The RMAC Securities No. 1 Series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 issuers have confirmed that they have been validly served with a Part 8 claim form by Clifden, naming them, the corporate services provider and the share trustee as...


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