Weekly Issue Archive »

Issue 631 - 1st March

  • News Analysis

    • Insurance-linked securities

      • Model behaviour?

        Accuracy of ILS loss predictions hinges on evolving models

        Actual losses in the ILS market may be broadly in line with predictions, but there are sectors with significant divergence. These areas of divergence underline how important it is for ILS investors to remain aware of the implications of exposure to n...

    • ABS

      • Lights, camera, securitisation

        Film rights ABS remains attractive to studios

        The increasingly short length of time which films remain in movie theatres for these days may be frustrating for the average cinema-goer, but it is part of a trend which is optimising cashflows for film rights securitisations. This form of ABS allows...

    • Capital Relief Trades

      • STS synthetics pending

        EBA to publish report by year-end

        The EBA is expected to publish a report on STS synthetic securitisations by year-end, which will then be reviewed by the European Commission. The main challenges that the supervisor will be dealing with are the lack of performance data on synthetic s...

  • News

    • ABS

      • Different strokes

        PACE prepayment volatility on the rise

        A new Morningstar Credit Ratings study reveals increased volatility and a generally accelerating trend in residential PACE prepayments. Against this backdrop, different prepayment patterns are emerging across PACE ABS originators. Monthly annualise...

      • Debuting duo

        New ILS peril, domicile introduced

        GC Securities has placed a pair of innovative catastrophe bonds. Insurance Australia Group’s A$75m Orchard ILS transaction marks the first ILS issuance from Singapore, while Pool Re’s £75m Baltic PCC deal is the first-ev...

    • Structured Finance

      • Downward drift

        Low default trend continues

        Global corporate defaults fell in 2018 in advanced markets and were stable in emerging markets. The persistence of the low default trend - in particular, in advanced economies - is a positive sign for capital relief trades, given that the bulk of the...

      • 'Long term solution needed'

        Day three from SFIG Vegas

        The last full day at SFIG Vegas was again abuzz with strong attendance and widespread optimism. One panel looked at UK firms looking to issue transactions into the US market. Brian Wiele, md at Barclays, commented that one of the steps needed at th...

      • Structured finance 'well positioned' for downturn

        Second day at SFIG Vegas sees continued optimism

        Day two at SFIG Vegas saw a bountiful turnout of attendees, all looking to hear the latest on structured finance and to meet the main movers and shakers in the industry. A standout panel looked at how structured finance is prepared for a turn in the...

      • A strong start

        Day one at SFIG Vegas

        Moods appear to be running high at the start of SFIG Vegas 2019. Despite being only a half day, attendance already seems to be strong and the panels have so far been near to full. A highlight of the afternoon was the the CRE CLO market upd...

      • SCI Start the Week - 25 February

        A review of securitisation activity over the past seven days

        Market commentary European secondary ABS activity was on hold last week ahead of a large BWIC auction due on 28 February (SCI 21 February). "Secondary activity has dampened down in the run-up to the auction," confirmed one trader. "The BWIC has a...

    • CLOs

      • Wave of opportunity

        Investors capitalised on 4Q18 volatility in US CLO market

        Volatility seen in the CLO market at the end of last year provided managers and investors with a wealth of opportunities, according to panellists at SFIG Vegas this week. Unfortunately, this volatility has contributed to a more muted and challenging...

    • NPLs

      • Turkish NPL boost

        Distressed debt surge anticipated

        Turkish asset manager Hayat Varlik Yonetim expects non-performing loan sales in the country to jump 33% this year, as banks try to cope with a surge in corporate debt restructurings. TRY10bn (US$1.9bn) of NPL sales are anticipated in 2019, following...

    • RMBS

      • Exit complete

        Irish RPL RMBS refinanced

        Ellington Residential Holdings Ireland is in the market with a €620m Irish re-performing RMBS dubbed Jepson Residential 2019-1. The transaction is a refinancing of European Residential Loan Securitisation 2017-PL1, sponsored by Lone Star. ...

  • Market Moves

    • Structured Finance

      • CLO manager shake-up

        Company hires and sector developments

        Derivatives continuity The US CFTC and the Bank of England have issued a joint statement aimed at reassuring market participants of the continuity of derivatives trading and clearing activities between the UK and US, after the UK’s withdra...

      • New fund for CDS recruit

        Company hires and sector developments

        ABL acquisition Benefit Street Partners affiliate Business Development Corporation of America has acquired a controlling interest in asset-based lender Siena Capital Finance from Solaia Capital Advisors. Siena was founded in 2012 by an ABL team back...


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