Weekly Issue Archive »

Issue 643 - 24th May

  • News Analysis

    • CMBS

      • Enforcement incentive?

        CMBS 2.0 downgrade 'likely'

        While a loan event of default has occurred on the Maroon loan backing Elizabeth Finance 2018-1, performance of the portfolio backing the loan is still stable. Despite this, some suggest that the ratings outlook on the transaction is unlikely to be fa...

    • NPLs

      • LeaseCo boost

        Foundation laid for leasing NPL ABS

        Amendments to Italy’s securitisation law are expected to boost securitisations of non-performing leasing assets, with at least two transactions being readied for this year. Leasing NPL securitisations are rare, with the underlying assets of...

    • CLOs

      • Seeking warmer waters

        Growing numbers of CLO issuers list on CSX

        While CLO issuers are not legally obliged to list their CLO on any exchange, the favourite in recent years has been the Irish Stock Exchange (ISE). However, some now suggest that, particularly following the introduction of European market abuse regul...

  • News

    • Structured Finance

      • SCI Start the Week - 20 May

        A review of securitisation activity over the past seven days

        Market commentary The US CLO market last week made up some lost ground after a tough start to the year (SCI 16 May). "We're at last heading in the right direction, after five to six months of widening or trading sideways," said one trader. "The...

    • Capital Relief Trades

      • Risk transfer round-up - 24 May

        CRT sector developments and deal news

        Santander is believed to be readying a capital relief trade consisting of auto loans for 2Q19. The Spanish lender’s last auto risk transfer transactions were closed in November and December of last year (see SCI’s capital relief t...

    • Derivatives

      • Implied volatility leads the way

        Realised outpaced across European indices

        The broad-based rally in credit in recent weeks is also driving up European credit option volatility away from the lows of the year. At the same time, implied volatility is outpacing realised. European credit research analysts at JPMorgan note in a...

    • NPLs

      • Real estate upside

        National Bank of Greece opts for NPL ABS

        The National Bank of Greece intends to securitise €3bn of non-performing mortgage loans by 2022. The securitisation option would allow the bank to benefit from any real estate upside and follows revelations of a government programme for the...

  • Market Moves

    • Structured Finance

      • UK CMBS loan defaults

        Company hires and sector developments

        Euro CMBS 2.0 default Elizabeth Finance 2018 has become the second European CMBS 2.0 deal to suffer a loan EOD, after the Maroon Properties were valued at £86m - a decrease of £18.7m from the initial valuation in November 2017 &...

      • Positive performance prompts upgrades

        Sector developments and company hires

        Director hired to rebranded CLO platform DFG Investment Advisers has hired John Hwang as a director and senior credit analyst on its leveraged credit team, responsible for analysing below-investment grade credit with a focus on leveraged loans for...

      • Co-cio and liquid markets head appointed

        Company hires and sector developments

        Credit expert poached Crestline Investors has appointed Michael Aingorn as an md, based in New York and reporting to Keith Williams, managing partner - credit strategies. Aingorn was previously a partner at American Industrial Partners, where he he...


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