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Issue 647 - 21st June

  • News Analysis

    • NPLs

      • Collections eyed

        Distressed investors expect secondary market boost

        Distressed investors are anticipated to become more aggressive in generating cash and overcome the significant complexity associated with on-boarding and servicing tens of thousands of non-performing loans. The move is in light of some rated NPL secu...

    • Structured Finance

      • New Japanese investors 'on verge' of US CLO market

        Large banks' track record tempts new entrants

        Several Japanese firms are looking to invest in US CLOs for the first time, while many others that retreated after the financial crisis are considering re-entering the sector. At the same time, there is strong appetite from European investors, even f...

  • News

    • ABS

      • DNS debut

        ExteNet preps inaugural securitisation

        The first securitisation backed exclusively by distributed network systems (DNS) assets has hit the market. ExteNet Issuer Series 2019-1 is secured by around 5,800 nodes associated with 267 multi-carrier and multi-technology outdoor (95) and indoor (...

      • Debut franchise ABS prepped

        Transaction announced despite association objections

        Jack in the Box is marketing an inaugural US$1.450bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US. Dubbed Jack in the Box Funding 2019-1, the transaction has been announced despite a num...

    • Structured Finance

      • SCI Start the Week - 17 June

        A review of securitisation activity over the past seven days

        Transaction of the week Fair Oaks recently priced its debut European CLO, Fair Oaks Loan Funding, backed by an ESG-compliant portfolio. Between marketing and pricing, the €332.6m transaction underwent some structural changes, ultimately re...

    • Capital Relief Trades

      • Corporate ramp-up

        Standard Chartered steps up corporate CRT issuance

        Standard Chartered has completed a risk transfer transaction that references a US$1bn portfolio of corporate revolvers. Dubbed Chakra 3, the US$90m CLN is the third in a series of programmatic corporate CRTs, as the bank builds up the corporate and i...

    • CLOs

      • Line-up takes shape

        Middle market CLO seminar to include private debt panel

        The line-up for SCI’s 1st Annual Middle Market CLO Seminar on 26 June is taking shape. Supported by Cadwalader and Dechert, the event is being held at 200 Liberty Street, New York, and features six panel discussions - including one on the g...

    • NPLs

      • Setting standards?

        NPL templates simplified

        Debitos has further developed and simplified the EBA’s NPL templates without altering their basic structure. The EBA’s templates are not yet binding, but Debitos assumes that they will be at some point, as the supervisor is readyi...

    • RMBS

      • Irish exit

        Re-performing loan RMBS marketing

        An Irish re-performing loan RMBS has hit the market. The €336.56m Shamrock Residential 2019-1 is backed by owner-occupied (accounting for 92.98% of the pool) and buy-to-let loans that are currently in the mortgage book of Lone Star Funds, wh...

  • Market Moves

    • Structured Finance

      • Risk firm in international ILS hiring spree

        Sector developments and company hires

        BD appointed IHS Markit has appointed Sandrine Markham director, business development for Debtdomain in EMEA and APAC, reporting to Patricia Tessier, md and co-head of loan platforms at the firm. With more than 20 years’ experience in fin...

      • Ratings slip-up leads to downgrade

        Company hires and sector developments

        Acquisitions PERILS has acquired Toronto-based Catastrophe Indices & Quantification (CatIQ), a provider of catastrophe loss and exposure information in Canada. CatIQ will continue to be managed day-to-day by Joel Baker, ceo and founder, whi...

      • Securitised products head retires

        Sector developments and company hires

        Bank SPG head retires Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russel...

      • Global reinsurance consolidation

        Sector developments and company hires

        HATS 2016-1 redeemed KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes were paid in full on 17 June. Given the remaining pool factor was less than 20% of the cut-off date pool balance, the servicer ex...

      • Chinese law firm nabs SF expert

        Sector developments and company hires

        China Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions.  Prior to joining Han Kun, Huhuan practiced...


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