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Issue 632 - 8th March

  • News Analysis

    • RMBS
      • Dutch BTL debut in the works

        Growth of Dutch BTL sector set to continue

        Domivest is preparing the first securitisation backed entirely by Dutch residential buy-to-let mortgages. The transaction is likely to be sized at around €250m and is expected to close around April or May of this year, depending on market co...

    • Capital Relief Trades
      • Creative approach

        Definition of CRT criteria evolving

        As the drivers for banks to pursue risk transfer transactions have broadened over the last few years, lending criteria for the underlying assets have in turn become increasingly complex. Consequently, for structured or esoteric portfolios, capital re...

      • Control rights

        Synthetic CRE investors gain comfort

        Investors in risk transfer transactions referencing commercial real estate loans have become more comfortable with fewer control rights, following the inclusion of replenishment in the second wave of CRE capital relief trades last year. However, dema...

    • Structured Finance
      • Isolation issues

        DLT legal, operational challenges highlighted

        A number of legal and operational issues still need to be resolved before blockchain securitisations are likely to be publicly rated. How distributed ledger technology will isolate securitised assets is one major challenge. Of the five key rating f...

  • Market Reports

    • Structured Finance
      • Stronger tone

        European ABS spreads tighten but supply muted

        There is a stronger tone in the European ABS market overall and there has been spread tightening across the board, from RMBS to CLOs. Supply is still low, however, especially in ABS. A trader says that a number of issuers in Europe are "re...

    • CLOs
      • Improved tone

        European and US CLO market update

        A better tone in the CLO market has emerged on both sides of the Atlantic post SFIG Vegas. Mezzanine tranches, in particular, have benefitted from a tightening trend. The CLO market ended February roughly unchanged or, in some cases, a little softe...

  • News

    • Structured Finance
      • SCI Start the Week - 4 March

        A review of securitisation activity over the past seven days

        Transaction of the week Ellington Residential Holdings Ireland is in the market with a €620m Irish re-performing RMBS dubbed Jepson Residential 2019-1 (SCI 26 February). The transaction is a refinancing of European Residential Loan Securit...

    • Capital Relief Trades
      • Line-up finalised

        CRT event to include two workshops

        The line-up for SCI’s 3rd Annual Risk Transfer & Synthetics Seminar on 12 March has been finalised. Hosted by Clifford Chance at 31 West 52 Street, New York, the event features for the first time two workshop sessions – on...

      • Deleveraging deal

        Bari SRT performance consistent with expectations

        Scope has determined that the performance of Banca Popolare di Bari’s last significant risk transfer transaction with the EIF (SCI 17 August 2018) has remained within its expectations. The sequential deleveraging of the transaction offsets...

    • CLOs
      • REMIC route

        Unusual CRE CLO prepped

        Bancorp is in the market with an unusual static CRE CLO dubbed Bancorp 2019-CRE5. The US$518.3m transaction is structured as a REMIC trust, with no ramp-up or reinvestment provisions and a third-party investor acquiring the first-loss position. The...

    • NPLs
      • Servicing boost

        Intrum augments Greek presence

        Intrum is planning a purchase of a Greek debt servicing platform, which will act as a springboard for further non-performing loan transactions. However, it’s unclear whether the decision involves acquisition of a licensed debt servicing pla...

  • Market Moves

    • Structured Finance
      • ILS double

        Company hires and sector developments

        ILS hires Tangency Capital has hired Jo Stanton to oversee finance and operations, starting 1 May 2019. She joins from AlphaCat, where she was cfo. Twelve Capital has hired Raffaele Dell’Amore to the portfolio management team, with a fo...

      • CRE investor bulks out

        Company hires and sector developments

        CDX-linked ETF launched Tabula has launched a new ETF, dubbed Tabula European iTraxx Crossover Credit Short UCITS ETF (EUR), providing short exposure to high yield European corporate credit. It takes exposure via iTraxx Crossover five y...

      • CDS reforms proposed

        Company hires and sector developments

        Australia Mortgage House has hired Steven Mixter as head of securitisation and structured finance. He was previously head of funding at Latitude Financial Services, responsible for maintaining its securitisation funding programmes. CDS reform pro...

      • Merger opposed

        Company hires and sector developments

        Astra case development Judge Jennifer Frisch of the Minnesota District Court, Second Judicial District, has denied Goldman Sachs’ motion to dismiss the claims asserted against it by Kasowitz Benson Torres, on behalf of its client, Astra A...

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