Weekly Issue Archive »

Issue 648 - 28th June

  • News Analysis

    • RMBS

      • Increasing diversity

        Competition, TFS exit driving UK RMBS volume

        The UK mortgage market is furiously price competitive, with ring-fenced high street banks crowding out challenger banks and non-bank lenders. At the same time, the concurrence of TFS refinancing and call dates of outstanding transactions is increasin...

    • Structured Finance

      • Compliance challenges

        STS requirements raise regulatory liability concerns

        The securitisation market now appears to be embracing the new Securitisation Regulation and adapting to the regime, following uncertainty over technical standards in Q1. Nevertheless, market participants are still grappling with practical challenges,...

  • News

    • ABS

      • Commodity opportunities

        Bank expands global SCF activities

        Crédit Agricole recently made a number of senior hires to its structured commodity finance (SCF) team in London, indicating that the bank is growing its activity in the SCF space. Alongside this, the bank is pushing boundaries in the secto...

    • Structured Finance

      • SCI Start the Week - 24 June

        A review of securitisation activity over the past seven days

        Transaction of the week Jack in the Box is marketing an inaugural US$1.45bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US (SCI 19 June). Dubbed Jack in the Box Funding 2019-1, the transa...

    • Capital Relief Trades

      • Guarantee inked

        Banco BPM prints first capital relief trade

        The EIF is taking on the risk of Banco BPM’s €55m mezzanine guarantee in connection with the Italian lender’s first capital relief trade, referencing a portfolio of midcap corporate loans. The regulatory capital that will...

    • NPLs

      • Wholesale switch

        Creval eyes NPL reduction strategy

        Credito Valtellinese (Creval) has announced a five-year business plan that aims to reduce its non-performing loan and sovereign exposures and improve profitability via cost-cutting. The successful execution of the plan would make the bank more attrac...

    • RMBS

      • Forward-mortgage first prepped

        Global investor markets 'unique' RMBS

        Blackstone is marketing an inaugural, US$264.5m forward-mortgage RMBS featuring unique collateral characteristics pertaining to underwriting and property concentration. Dubbed FWD 2019-INV1, the transaction is backed by 1,724 first-lien, fixed-rate i...

  • Market Moves

    • Structured Finance

      • Aussie Investment principles discussed

        Sector developments and company hires

        Australian business investment principles explored The Australian Office of Financial Management (AOFM) has released for public comment its draft guiding investment principles for Australian Business Securitisation Fund (ABSF) inv...

      • CMBS auditing upset

        Sector developments and company hires

        Auditing issue The JUNO (ECLIPSE 2007-2) CMBS failed to file its financial statements for 2017, together with its annual return by 21 June, as required by the Companies Registration Office (see SCI’s CMBS loan events database). The issuer...

      • GSE reform study released

        Sector developments and company hires

        Private credit double announced Solar Capital Partners has hired two senior private credit investment professionals. Eric Herr joins as a partner, to help lead investment origination across the firm's multi-credit strategy platform. Most re...

      • ReoCo impact assessed

        Company hires and sector developments

        CMIP acquisition Investcorp Credit Management US has entered into a definitive interest purchase agreement to acquire a majority ownership interest in CM Investment Partners (CMIP), the investment adviser to CM Finance, through its purchase of the...


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