Weekly Issue Archive »

Issue 633 - 15th March

  • News Analysis

    • CMBS

      • Inaugural Italian CRE deal in the works

        Italian assets 'well-suited' to securitisation

        A Maltese first time issuer, Polymath & Boffin, is preparing a €166m securitisation, referencing a pool of Italian CRE loans valued at approximately €300m. Dubbed Polymath & Boffin REMS Italian Real Estate Securitiza...

    • Derivatives

      • A perfect storm?

        Expected volatility sees investors ramping up credit derivatives usage

        The growing belief among institutional investors across the US and Europe is that volatility is set to become more of a concern in 2019 and potentially the years ahead. As a result, a number of investors are ramping up their use of credit derivatives...

    • NPLs

      • Servicing strength

        Debut Spanish NPL securitisations anticipated

        The Spanish non-performing loan market is reaching maturation, with the first securitisations from the sector expected this year. Developing an appropriate servicing capacity in the country has played a key role in facilitating this process. &l...

    • RMBS

      • Unencumbered value

        Equity release RMBS on the cards?

        The UK mortgage market is changing, with an ageing population driving increased issuance of equity release mortgages (SCI 5 June 2018). Speculation that a post-crisis iteration of equity release securitisations could soon appear in the UK has been fu...

  • Market Reports

    • Structured Finance

      • Bright spot

        European ABS market update

        De Lage Landen’s newly mandated UK equipment lease ABS represents a bright spot in an otherwise “dull” European securitisation market. Both primary and secondary activity appear muted so far this week. Investor meeting...

  • News

    • Structured Finance

      • SCI Start the Week - 11 March

        A review of securitisation activity over the past seven days

        Market commentary A stronger tone emerged in the ABS market on both sides of the Atlantic last week. Mezzanine CLO tranches, in particular, saw a tightening trend (SCI 5 March). "We were seeing a Norinchukin bid of around 130bp versus a non-Norinc...

      • 'Steady stream' of STS deals needed

        Market reacts positively to inaugural STS ABS

        The market has generally reacted positively to the news that Volkswagen’s VCL 28 auto lease ABS transaction is the first ABS to receive the STS label. Some participants note, however, that more STS-verified transactions are needed to give t...

      • Latest podcast now available

        CRT themes and a Dutch RMBS first discussed

        In this month's podcast, we explore some interesting themes within the CRT market: namely, eligibility criteria and replenishment conditions, as well as control rights within transactions. Additionally, we take a closer look at Domiv...

    • NPLs

      • GACS alternative?

        Investor group completes NPL securitisation

        A group of investors led by Värde, Guber and Barclays have acquired an approximately €734m GBV non-performing loan portfolio originated by 22 mutual, rural and cooperative Italian banks. The transaction is unusual for an Italian NPL...

      • Formative stages

        Greek NPL momentum continues

        Of the investors surveyed in Ashurst’s latest global non-performing loan report, 39% state that they have already invested in Greece - a higher percentage than anticipated, given that the Greek market remains in its formative stages. This f...

      • Mixed performance

        Semi-annual NPL securitisation update debuts

        Moody’s has published the first in a series of semi-annual updates on European non-performing loan securitisations, which shows that six out of eight Italian NPL securitisations it has rated that have performance history are exhibiting cumu...

    • RMBS

      • Benchmark Sonia deal prepped

        Unique UK RMBS transaction adds momentum to IBOR transition

        The first third party hedged UK RMBS with Sonia-linked notes has been prepped by Principality Building Society. The £523.08m transaction, dubbed Friary 5, is a static cash securitisation of residential mortgage loans to 4,472 borro...

  • Market Moves

    • Structured Finance

      • R-PACE rulemaking proposals outlined

        Sector developments and company hires

        Credit line secured Foundation Home Loans has entered into a new £350m warehouse credit line with National Australia Bank to support the origination of new mortgages. The lender has also extended an existing warehouse, funded by Natixis a...

      • UMBS trades to be accepted

        Sector developments and company hires

        UMBS trades to be accepted In support of the Single Security Initiative, Fannie Mae will begin accepting forward Uniform Mortgage-Backed Security trades with a trade date on or after 12 March, 2019 and settlement dates on or after 3 June, 2019. The...

      • Auto ABS looks set to receive first STS verification

        Sector developments and company hires

        Auto ABS looks set to receive first STS verification The first European ABS that looks set to receive STS verification, by True Sale International’s STS Verification International, is being marketed by Volkswagen. The €7...

      • Inaugural online auto ABS prepped

        Sector developments and company hires

        Online auto ABS debuts Carvana, an online platform for buying used cars launched in 2012 by DriveTime Automotive Group, is marketing an inaugural securitisation. The US$338m transaction, dubbed Carvana Auto Receivables Trust 2019-1, comprises seven...


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