Weekly Issue Archive »

Issue 642 - 17th May

  • News Analysis

    • NPLs

      • Seeking refuge

        NPL securitisation disclosed

        Hoist Finance has confirmed in its latest 2019 interim report that it will securitise part of its non-performing loans, due to regulatory demands for higher risk weights for purchased defaulted assets. The securitisation option is unusual for debt co...

      • Promising prospect

        Synthetic UTPs contemplated as IFRS 9 hedge

        Synthetic securitisations referencing unlikely-to-pay loans are a more promising prospect than synthetic securitisations of NPLs, given their potential as an IFRS 9 hedge, according to panellists at SCI’s recent NPL securitisation seminar i...

    • Capital Relief Trades

      • Goodwill hunting

        Higher recoveries from Interserve insolvency expected

        Interserve became the second UK outsourcer to suffer a credit event in a risk transfer transaction, following Carillion's liquidation last year (SCI 27 March). The former company's recoveries are expected to be higher than the latter&...

    • ABS

      • US student loan sector 'in crisis'

        Servicers 'unlikely' to handle big rise in distressed loans

        The US student loan ABS sector continues to be dominated by deals backed by FFELP loans, while the growing number of private student loan securitisations continue to perform well, providing investors with comfort in the asset class....

  • Market Reports

    • CLOs

      • Heading in the right direction

        US CLO market update

        The US CLO market is making up some lost ground after a tough start to the year. “We’re at last heading in the right direction, after five to six months of widening or trading sideways,” says one trader. “T...

  • News

    • Structured Finance

      • SCI Start the week - 13 May

        A review of securitisation activity over the past seven days

        Transaction of the week Last week saw an unusual Irish CMBS hit the European pipeline, from debut issuer Finance Ireland. Dubbed Pembroke Property Finance, the €228.6m transaction is backed by 139 loans on 244 seasoned small CRE loans loca...

    • Capital Relief Trades

      • Risk transfer round-up - 16 May

        CRT sector developments and deal news

        Caixabank has completed a synthetic securitisation of Spanish SMEs with the European Investment Fund. Dubbed Gaudi Synthetic III, the €100m mezzanine guarantee is for an existing loan portfolio and will enable the Spanish lender to mobilise...

    • RMBS

      • Buy-to-let bonanza

        Two BTL RMBS debut deals prepped

        Two European buy-to-let (BTL) RMBS transactions from non-bank issuers are marketing. One comes from a first-time Dutch issuer and another is an inaugural issuance from a UK lender. The Dutch transaction from Domivest is dubbed Dom...

  • Market Moves

    • Structured Finance

      • Senior appointments abound

        Company hires and sector developments

        Acquisition Priority Income Fund has completed its acquisition of Stira Alcentra Global Credit Fund (SAGC), after the latter’s shareholders approved the transaction at a special meeting on 6 May. The exchange ratio at which common shares...

      • CMBS sees prompt prepayment

        Company hires and sector developments

        Auction platform Mortgage Capital Trading has launched Trade Auction Manager (TAM) to enable more efficient bidding of TBA MBS used by lenders to hedge their open mortgage pipelines. The browser-based software module is accessible via MCTlive!, the...

      • CLO director nabbed

        Company hires and sector developments

        Europe Hermes Investment Management has hired Kevin Roche as a director for private debt and CLOs. Reporting to the head of direct lending, Laura Vaughan, Rochewill be based in London and will work across the private debt platform. He was...


Print this issue Click here to access this issue in print format
×