Issue 636 - 5th April
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News Analysis
- RMBS
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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...
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- Structured Finance
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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...
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- ABS
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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...
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- CLOs
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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...
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- RMBS
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Market Reports
- Structured Finance
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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...
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- Structured Finance
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News
- Structured Finance
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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...
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- Capital Relief Trades
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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’...
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- CLOs
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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...
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- NPLs
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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...
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- Structured Finance
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Market Moves
- Structured Finance
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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...
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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-...
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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...
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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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- Structured Finance
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