Weekly Issue Archive »

Issue 636 - 5th April

  • News Analysis

    • RMBS
      • Affordability test

        'Mortgage prisoner' refi proposal unveiled

        Around 60 legacy UK RMBS with a face value of £29bn could be positively affected by the UK FCA’s recent proposal to relax some affordability tests for so-called ‘mortgage prisoners’, according to Moody&rsqu...

    • Structured Finance
      • CLO market "prepared for Brexit"

        Japanese risk retention rules provide 'wiggle room'

        The CLO market is ‘well prepared’ regardless of the outcome of Brexit. This was according to panellists at IMN’s recent CLO conference in London, who also suggested that further clarification around the Japanese risk ret...

    • ABS
      • Positive outlook

        UTP securitisation prospects improve, despite challenges

        Future issuance of unlikely-to-pay (UTP) securitisations depends on the resolution of two challenges - namely, information asymmetry and the lack of hybrid servicing models. However, ABS might prove a better solution for mixed portfolios, given the p...

    • CLOs
      • Addressing the arb

        CLO structural innovations aim at wider investor base

        European CLO issuance totalled approximately €7.73bn in Q1, comprising 16 new issues and two refinancings. March alone saw nine transactions price, which showcased a range of structural innovations designed to address the current challenging...

  • Market Reports

    • Structured Finance
      • Positive sentiment?

        European ABS market update

        European ABS primary issuance is gaining momentum, as the second quarter begins. Indeed, the variety of deals on offer appears to be boosting sentiment, with a newly announced marketplace lending securitisation joining the re-performing and non-confo...

  • News

    • Structured Finance
      • SCI Start the Week - 1 April

        A review of securitisation activity over the past seven days

        SCI seminars SCI's 2nd Annual NPL Securitisation Seminar will be held on 13 May in Milan. For more information or to register, click here. SCI's 1st Annual Middle Market CLO Seminar will be held on 26 June in New York. For more information o...

    • Capital Relief Trades
      • Risk transfer round-up - 3 April

        CRT sector developments and deal news

        Deutsche Bank has completed its first capital relief trade for the year. Dubbed CRAFT 2019-1, the US$382.5m nine-year CLN pays a coupon of 10.3%. The transaction features a seven-year WAL and a two-year non-call period. The German lender’...

    • CLOs
      • US manager on "verge" of issuing Euro CLO

        Investors show heightened scrutiny toward first timer issuers

        Angelo, Gordon is very close to issuing its inaugural European CLO, finding parts of the process “more straightforward than expected”. The transaction was discussed at IMN’s CLO conference in London tod...

    • NPLs
      • Obstacles remain

        European Parliament postpones NPL trading vote

        The European Parliament on Monday (1 April) postponed a vote on a non-performing loan secondary market directive until next week, increasing the time pressure to reach an agreement with the European Council before May’s parliamentary electi...

  • Market Moves

    • Structured Finance
      • GSE reforms proposed

        Sector developments and company hires

        Debt service reserve guarantee provided Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part...

      • UK resi disposal confirmed

        Sector developments and company hires

        ILS Chris McKeown, former ceo of New Ocean Capital Management, has stepped down from his role as vice chairman of AXA XL to pursue other interests. McKeown was the founding ceo of New Ocean in 2013 and AXA XL completed the acquisition of all third-...

      • CEO appointed

        Company hires and sector developments

        CEO appointed DFG Investment Advisers has hired Oliver Wriedt as ceo. The firm is also unifying its products under one brand, Vibrant. Wriedt will play an instrumental role in growing and further institutionalising DFG’s business, helping...

      • Independent director hired

        Company hires and sector developments

        Europe Prytania Asset Management has appointed Eric Felton as independent director. Most recently, Felton spent 13 years as cfo of GCM Grosvenor and before that, he was an audit partner at Ernst & Young and Arthur Andersen in the financial...

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