Weekly Issue Archive »

Issue 650 - 12th July

  • News Analysis

    • Structured Finance

      • New deals surge

        Quarterly SCI data update

        2Q19 saw a surge in new issuance volume across securitisation markets either side of the Atlantic. The second quarter typically sees an uptick over the previous quarter (SCI 11 April 2019), but this year's boost in European volumes was a refl...

    • NPLs

      • Novel approach

        UTPs drive ReoCo rethink

        Investors and servicers in the Italian non-performing loan market are targeting a new approach to ReoCos as they eye the coming unlikely-to-pay (UTP) wave. Such an approach requires capabilities whose development remains a work in progress, however. ...

    • ABS

      • Mixed bag

        Hybrid M&A, ABS transactions on the rise

        Following the financial crisis, a growing number of financial assets have fallen into the hands of non-banks, which has led to a growing number of M&A transactions that feature securitisation and whole loan elements. These multi-faceted, hybr...

    • Structured Finance

      • Pros and cons

        STS conversion benefits weighed

        The incentives for converting pre-2019 securitisations into STS-compliant deals differ across sellers. But conversion may also have negatives for investors in such transactions, depending on how it’s achieved. The focus on STS so far has...

  • News

    • Structured Finance

      • SCI Start the Week - 8 July

        A review of securitisation activity over the past seven days

        Market commentary Activity levels were high across the European ABS/MBS and CLO markets last week and they looked set to continue (SCI 3 July). "It's very busy in both primary and secondary," confirmed one trader. "It feels like the usual rush bef...

      • Renewable debut

        Green ABS could be first of many

        Glennmont Partners has sponsored a debut securitisation backed by a portfolio of project finance loans tied to Italian renewable energy plants. It is hoped that the €51.472m transaction, structured and arranged by Natixis, will act...

      • Green investment partnership launched

        Company hires and sector developments

        Green investment Amundi and the EIB have signed a partnership to launch the Green Credit Continuum investment programme, which is designed to foster the development of the green debt market beyond the existing green bonds, supporting small-scale gr...

    • Capital Relief Trades

      • Risk transfer round-up - 11 July

        CRT sector developments and deal news

        Standard Chartered is believed to be readying a corporate capital relief trade that is expected to close this month. The bank’s last risk transfer transaction was completed in June and is a US$90m CLN called Chakra 3, which references a US$...

      • SRT trio

        Santander expands SME foothold

        Santander has completed three SME significant risk transfer transactions that total €940.6m of tranche notional. This represents Santander’s largest total annual SME synthetic securitisation placement to date (see SCI’s c...

    • NPLs

      • Spanish exposure

        Rare NPL RMBS prepped

        Rarely seen Spanish assets are behind the latest non-performing loan RMBS currently marketing. At the same time, price talk is out on the latest Irish NPL RMBS. The dual-tranche Spanish deal, dubbed ProSil Acquisition, is backed by a €494....

  • Market Moves

    • Structured Finance

      • Senior CLO trader poached

        Sector developments and company hires

        CLO expert nabbed BlueBay has appointed Alex Navin to join its structured credit team as pm. Based in London, Navin will report to Sid Chhabra, head of structured credit and CLO management, and will support him in managing BlueBay...

      • Investment chief appointed

        Sector developments and company hires

        Business Mortgage Finance 6 update Business Mortgage Finance 6, the issuer, has informed noteholders that on 4 July 2019 it issued a claim against the Issuer issued a claim against the following defendants in the High Court of Justice in London: Gr...


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