Weekly Issue Archive »

Issue 630 - 22nd February

  • News Analysis

    • Regulation

      • Lacking clarity

        Libor transition still fraught with challenges

        With only two years to go until Libor is officially phased out in 2021, a number of questions still remain about the ramifications for structured finance transactions. Aside from the lack of concrete replacement, there are also questions abo...

    • Structured Finance

      • Stand-out performer

        Systematic role for structured credit

        Funds focused on structured credit were, as a whole, stand-out performers in 2018. Of the 50 US structured credit funds tracked by Gapstow Capital Partners, 88% had a positive year, implying that there continues to be a role for structured credit mor...

    • NPLs

      • Restructuring incentive

        Greece unveils mortgage NPL boost

        The Greek government is working on a plan that aims to meet ECB non-performing loan reduction targets and help improve the attractiveness of non-performing portfolios, in particular, distressed mortgages. The plan includes subsidising monthly payment...

    • Derivatives

      • Surging ahead

        CDX grows while TRS is found wanting

        CDX indexes have become an integral tool for many credit fund managers in Europe and the US, both for hedging and relative value. Total return swaps (TRS) however, and other more complex credit derivatives, are not favoured as highly due to liquidity...

    • Structured Finance

      • Tough stance

        ESMA insists on private securitisation disclosures

        On 31 January, ESMA published a document that amends its draft regulatory technical standards (RTS) on securitisation disclosures. The initial RTS covers both public and private securitisations and it was rejected by the European Commission, followin...

  • Market Reports

    • Structured Finance

      • UK paper on the block

        European secondary ABS market update

        The European secondary ABS market has rallied since the beginning of the year. However, activity now appears to be on hold until after 28 February, when a large BWIC auction is due at 2pm London time. “Secondary activity has dampened down...

  • News

    • Structured Finance

      • SCI Start the Week - 18 February

        A review of securitisation activity over the past seven days

        Market commentary European ABS traders continued to focus on the secondary market last week, as the market waits for regulatory clarification (SCI 15 February). "In European RMBS, we are focusing mainly on secondary paper," said one trader. "The t...

    • CLOs

      • AMR auction due

        Caution over anchor investors, arrangers remains

        The first US CLO applicable margin reset (AMR) auction on the KopenTech platform is likely to occur in February 2020, at the end of the respective deal’s non-call period and two years after the auction service provider’s launch (S...

      • TruPS flurry

        CLO activity expected to pick up post-conference

        US CLO activity is relatively quiet after a long weekend but is expected to pick up after ABS Vegas. A flurry of TruPS CDO activity is keeping traders engaged. A trader says the TruPS CDO market is currently "by appointme...

  • The Structured Credit Interview

    • Capital Relief Trades

      • Maintaining flexibility

        Fiona Walden, vp, credit and financial lines at RenaissanceRe, answers SCI's questions

        Q: How and when did RenaissanceRe became involved in the securitisation market? A: We were set up 25 years ago as a property catastrophe company. We have a long track record of credit reinsurance for our insurance company clients. More recently, we...

  • Market Moves

    • Structured Finance

      • CLO firm restructure

        Company hires and sector developments

        Acis restructuring confirmed The US bankruptcy court in Dallas has confirmed Acis Capital Management's Chapter 11 restructuring plan, following its conversion from an involuntary bankruptcy case initiated by former head of Highland Capital...

      • Law firm nabs SF vet

        Company hires and sector developments

        Europe Latham & Watkins has recruited Jeremiah Wagner as a partner in its finance department, based in London. Wagner’s practice focuses on advising banks, private equity funds, asset managers, insurance companies and pension fund...

      • CLO partnership launched

        Sector developments and company hires

        CDS trends discussed Mayer Brown has commented on trends in single-name CDS credit event determinations. It notes that the Sears CDS case cited “numerous examples of commercial practice and legislative history in support of the decision [...

      • Law firm boosts derivatives capability

        Company hires and sector developments

        CLO firm promotions Churchill has announced the promotion of Mat Linett, md, from deputy head of underwriting and portfolio management to head of underwriting and Eric Wieczorek to md, underwriting and portfolio management. Additionally, the firm a...


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