Weekly Issue Archive »

Issue 629 - 15th February

  • News Analysis

    • Derivatives

      • Tranche trading seeing 'increased focus'

        CDS products 'likely' to see innovation

        CDS index tranche trading has seen an increase in focus from credit investors, with marketing materials showing some resemblance to that seen before the financial crisis. Innovation is also expected to grow around credit derivatives, with some firms...

    • CMBS

      • Making hay

        Private-label multifamily origination moves aside for agency CMBS

        US agency CMBS volume has risen at an average clip of 50% per year post-crisis, hitting a record US$107.9bn of issuance in 2017. A new Trepp study suggests that the sector’s growth has come at the expense of private-label multifamily origin...

  • News

    • ABS

      • Private placement

        Unusual tranched securitisation closed

        Fintex Capital has completed a structured finance transaction within its UK real estate lending business, Fintex Confluence. The transaction involved the refinancing of a portfolio of property loans - warehoused by Fintex - with senior financing prov...

      • Oil opportunities

        Royalty-backed future flow ABS to develop

        Oil and gas companies are expected to tap the securitisation market with a new structure. The first ABS backed by oil and gas royalties could hit the market this year. The diminished availability of traditional funding sources will lead to increase...

    • Structured Finance

      • Secondary focus

        Investors sitting on cash with new European issuance drought

        European structured finance traders continue to focus on the secondary market as they wait for regulatory clarification. Nevertheless, there have still been some standout new issues and a European CMBS is rumoured to be in the pipeline. &a...

      • SCI Start the Week – 11 February

        A review of securitisation activity over the past seven days

        Transaction of the week Banco BPM has completed a €7.4bn (GBV) securitisation of secured and unsecured Italian non-performing loans dubbed Leviticus SPV (SCI 8 February). The transaction involves the transfer of the bank's servicing platfo...

    • Capital Relief Trades

      • Risk transfer round-up - 15 February

        CRT sector developments and deal news

        The first quarter of this year is expected to see reduced capital relief trade issuance, due to ESMA’s securitisation disclosure requirements, although market sources expect volumes to pick up in Q2. Among the transactions that are believed...

    • CLOs

      • Window of opportunity?

        Japanese ruling may benefit US CLO market

        The introduction of Japanese risk retention rules could provide a boost for US middle market CLOs, while volatility in Europe has opened up RMBS opportunities. While most US middle market CLOs are risk retention compliant, most BSL CLOs are not, sa...

    • NPLs

      • Juno 2 completed

        BNL closes NPL securitisation

        Banca Nazionale del Lavoro has completed a €968m (GBV) non-performing loan securitisation of both senior secured and unsecured loans. Dubbed Juno 2, the transaction has a short weighted average life for collections, compared to other NPL sec...

      • Test case

        Unsecured NPL transaction completed

        Bank of Cyprus has signed an agreement for the sale of a retail unsecured non-performing loan portfolio with APS. Dubbed Project Velocity, the transaction is a test case that may further fuel future NPL transactions by the bank. The contractual bal...

  • The Structured Credit Interview

    • CLOs

      • Staying selective

        David Heilbrunn, senior md and head of product development, capital raising and CLOs at Churchill As...

        Q: How and when did Churchill Asset Management become involved in the securitisation market? A: Churchill was established in 2006 by The Bear Stearns Merchant Bank, the private equity affiliate of Bear Stearns. At the time, I was a senior member of...

  • Market Moves

    • Structured Finance

      • Insurance firm expansion

        Sector hires and company developments

        Insurance firm expansion Nassau Re is expanding into additional specialty finance asset classes as it grows assets under management in a three-pronged move. First, the firm has established Nassau Private Credit (NPC), which will invest dir...

      • Bank expands credit derivatives business

        Company hires and sector developments

        Credit trading expansion HSBC has hired Asgar Rahemtulla as a director in credit trading. In his new role, Asgar will be responsible for trading European iTraxx index products. He joins HSBC from Bluecrest where he was a Partner and worked as a por...

      • Italian auto firms fined

        Company hires and sector developments

        CLO hire Geoffrey Horton has joined Barclays as vp, CLO and loan strategist in London. He was previously a CLO and commercial ABS research associate at Wells Fargo in the US. Italian auto firms fined The Italian Competition and Markets Authorit...


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