Weekly Issue Archive »

Issue 644 - 31st May

  • News Analysis

    • Capital Relief Trades

      • STS SRTs pending

        EBA to publish discussion paper on synthetic criteria

        The EBA is set to publish a discussion paper on STS criteria for synthetic securitisations in September, which is expected to further facilitate significant risk transfer through provisions for excess spread and triggers from pro-rata to sequential a...

    • Structured Finance

      • STS not yet 'embraced'

        Ambiguity stifling STS label success

        Uptake of the STS label has been tentative and cannot be credited with the current strong momentum in the European ABS sector. This is according to some market participants, which also suggest that greater investor support may be needed for the STS l...

    • NPLs

      • NPL securitisations eyed

        Fire, StormHarbour JV granted license

        Greek authorities have granted a license to EuPraxis, the joint venture between Italian servicer Fire and StormHarbour. It is the first cross-asset licence for an independent servicer and non-performing loan securitisation will be a key area of focus...

      • Pillar prepped

        Public Greek NPL ABS debuts

        DBRS has provided the first public rating for a non-performing loan securitisation in Greece as the market awaits European Commission approval for the HFSF’s asset protection scheme. Dubbed Pillar Finance, the transaction is backed by a &am...

  • News

    • Structured Finance

      • Investible assets

        Trade finance solution to enable institutional access

        Allianz Global Investors and HSBC are collaborating on a programme designed to make trade finance easily accessible to institutional investors. Dubbed Starts, the solution utilises securitisation technology to wrap loans into investible notes. Alth...

      • MPL ABS dissected

        Rating agencies clash over sector

        US marketplace loan (MPL) ABS transactions have seen steadily declining credit enhancement (CE) that isn’t justified by performance on the transactions or other factors, according to a recent comment from Fitch. Coming out in defence of the...

      • SCI podcast - episode 7 now live

        All the most pressing topics in structured finance discussed

        The latest edition of the SCI podcast is now live. This month, we take a look at servicing within subprime auto ABS and also how consolidation is becoming a running theme, with several acquisitions of smaller, regional issuers’ portfolios&a...

    • Capital Relief Trades

      • Interpretation issues

        Credit Suisse completes capital relief trade

        Credit Suisse has completed its first capital relief trade of the year, dubbed Elvetia Finance series 2019-1. The Sfr336m eight-year CLN references a Sfr5.6bn Swiss SME portfolio and is a replacement trade for Elvetia Finance series 2016-1, following...

    • CMBS

      • Morgan indicted

        CMBS properties to be forfeited upon conviction

        The US Attorney’s Office for the Western District of New York has issued a 114-count superseding indictment charging Robert Morgan, Frank Giacobbe, Todd Morgan and Michael Tremiti with conspiracy to commit wire fraud and bank fraud in a US$...

    • RMBS

      • BTL RMBS market surging

        UK RMBS sector continues to thrive

        The buy-to-let RMBS market continues to see heavy issuance in Europe with two new transactions marketing this week. One is a prime inaugural securitisation from UK marketplace lending firm LendInvest, while the other is a deal backed by nonprime BTL...

  • Market Moves

    • Structured Finance

      • Agency acquisition announced

        Sector developments and company hires

        Agency acquisition Morningstar has entered into a definitive agreement to acquire DBRS, the world’s fourth-largest credit ratings agency, for a purchase price of US$669m. The combination of DBRS with Mo...

      • Indian RMBS market in the works?

        Sector developments and company hires

        Alt sales head hired Schroders has hired Peter Arnold to lead its alternative sales unit, which was established last year and focuses on the distribution of the firm’s private assets investment offering, which includes ILS and securitised...

      • Bank nabs CLO expert

        Company hires and sector developments

        Mizuho has hired Stefan Stefanov as director, Euro CLO specialist and he will report in to Juan-Carlos Martorell and Andrew Feachem in the securitised products and structured finance team. Stefanov will join in July from Commerzbank where he was dire...


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