Weekly Issue Archive »

Issue 634 - 22nd March

  • News Analysis

    • CLOs

      • Rocket fuelled?

        Middle market CLOs on upward trajectory

        The acquisition of Antares Capital by the Canada Pension Plan Investment Board (CPPIB) in 2015 injected a dose of rocket fuel into the US middle market CLO sector. However, the entrance of Bain Capital and Blackstone’s GSO Capital Partners...

    • Derivatives

      • Storm in a teacup?

        ISDA's CDS proposals possibly extreme measure

        Recent proposals from ISDA have taken aim at minimising the possibility of manufactured credit events in CDS contracts. While it’s thought the marketplace will adopt the “modest” proposals, some suggest that they are pos...

    • Capital Relief Trades

      • Goals aligned

        Insurers target dual-tranche CRTs

        Insurance firms are targeting mezzanine tranches in dual-tranche capital relief trades as banks warm up to unfunded insurance structures, given the lower cost of protection and the relative safety of the mezzanine tranches in these deals (SCI 10 Janu...

  • Market Reports

    • CLOs

      • Equity focus

        US CLO market update

        The US CLO secondary market has seen elevated volumes since the SFIG Vegas conference. This week, the focus is on equity. “The secondary market is busy,” confirms one trader. “Activity is being driven by macro volatili...

  • News

    • Structured Finance

      • SCI Start the Week - 18 March

        A review of securitisation activity over the past seven days

        Market commentary The news that Volkswagen's VCL 28 auto lease ABS is the first securitisation to be awarded the STS label was well-received last week (SCI 14 March). However, one trader said that while the market has expressed a lot of "noise" abou...

      • Relative value

        JFSA risk retention rules shift focus

        The Japanese Financial Services Agency (JFSA) has published its final rules on regulatory capital requirements applicable to Japanese banks and other institutions that invest in securitisation transactions (SCI 16 January). The rules allow certain ex...

      • Holding tight

        Freddie Mac seeks to nurture investor base

        Retaining its European investor base, while capturing a broader range of institutional investors, is seen as a key goal for Freddie Mac in 2019 and ahead. Alongside this, the GSE is facing growing concerns from investors surrounding deteriorating fac...

      • Control pursued

        Indian distressed debt unit established

        Deutsche Bank is setting up an asset reconstruction company (ARC) in India to buy and sell restructured non-performing loans. The move follows a trend whereby foreign investors either create or acquire existing ARCs. However, setting up such a unit f...

    • CMBS

      • Double Dutch

        Office and retail exposure on offer

        Goldman Sachs is in the market with a Dutch CMBS secured by 17 predominantly office and retail assets. Dubbed Kanaal CMBS Finance 2019, the €278.35m transaction is backed by two uncrossed limited recourse, first-lien mortgage loans - the &am...

    • NPLs

      • GACS successor

        New Italian NPL scheme launched

        The Italian government has introduced a successor to the GACS scheme. The replacement guarantee features a longer extension period that provides more certainty for banks, raising the prospects for non-performing loan securitisation issuance going for...

    • RMBS

      • ERM debut

        Seniors Money preps its return

        The first publicly rated securitisation of Irish and Spanish equity release mortgages (ERMs) has hit the market. The €256.4m SMI Equity Release 2018-1 RMBS is backed by 2,233 loans originated by Seniors Money Ireland and Seniors Money Spain...

  • Market Moves

    • Structured Finance

      • Private credit firm launched

        Sector developments and company hires

        Firm launch AGL Credit Management has launched, with Peter Gleysteen serving as ceo and cio, and Thomas Lee serving as non-executive chairman. AGL is a private credit investment firm specialising in innovative actively managed credit solutions base...

      • Majority stake acquired

        Sector developments and company hires

        Balance sheet normalisation The US Fed has confirmed it intends to continue to allow its holdings of agency debt and agency MBS to decline, consistent with the aim of holding primarily Treasury securities in the longer run. Beginning in October 2019...

      • Purchase option to be exercised

        Sector developments and company hires

        EMEA Capzanine has appointed Renaud Tourmente as head of business development, effective from 6 May 2019. Tourmente will join the firm as partner and will be part of its executive committee. In this newly created role, he will support the firm&...


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