Weekly Issue Archive »

Issue 651 - 19th July

  • News Analysis

    • ABS

      • Growth phase

        Debut trade receivables deal launched, expansion eyed

        Stenn International has launched a debut US$200m securitisation with Natixis, backed by international trade finance receivables. The deal looks set to be the first of many, as the firm intends to become a programmatic ABS issuer while also expanding...

    • Capital Relief Trades

      • Operational issues

        CRT key steps outlined

        The operational issues involved in prepping a risk transfer transaction are often overlooked. Indeed, three key steps should be in place before a bank considers executing a capital relief trade. “Each department of a bank – whet...

      • Squaring the circle

        CRT issuers struggling with borrower anonymity

        Capital relief trade issuers are attempting to anonymise loan-by-loan data in transactions, while simultaneously complying with ESMA’s requirement to disclose such data as part of the new securitisation regulation (SCI 22 February). Market...

    • ABS

      • Secondary pick-up?

        Aircraft ABS E-notes proliferate, despite residual value risks

        Equity participation in aircraft ABS is picking up, following the execution of transactions with broadly syndicated E-notes, aimed at creating a liquid secondary market. However, the market may be underestimating residual value risk.   Air...

  • Market Reports

    • CLOs

      • US CLOs slow down

        US CLO market update

        Activity is easing up across the US CLO market driven by both macro and seasonal factors. “In general new issue pricing is spotty – prices are really moving around,” says one trader. “It seems like there are...

  • News

    • Structured Finance

      • SCI Start the Week - 15 July

        A review of securitisation activity over the past seven days

        Transaction of the week Rarely seen Spanish assets are behind the latest non-performing loan RMBS currently marketing. Dubbed ProSil Acquisition, the transaction is backed by a €494.7m by gross book value (GBV) portfolio consisting of most...

    • Capital Relief Trades

      • Czech mate

        SME CRT inked

        The EIB, the EIF and Česká spořitelna (ČS) have inked a capital relief trade. The synthetic securitisation will channel €306m of new financing into SME businesses in the Czech Republic. Backed by the E...

      • Risk transfer round-up - 19 July

        CRT sector developments and deal news

        Monte dei Paschi di Siena is rumoured to be prepping an Italian SME significant risk transfer transaction for 4Q19. The securitisation would be the lender’s first capital relief trade. ...

    • CLOs

      • Simulation solution?

        Monte Carlo methodology utilised in effort to more accurately value CLO reset options

        New research takes a fresh approach to the longstanding issue of valuing call options in US CLOs. In particular, it aims to make the problem more tractable in the increasingly complex case of reset options. The report from the North America securit...

    • RMBS

      • Fast track

        ING RMBS turbo kicks in

        Moody's has upgraded three tranches from ING’s Orange Lion 2013-10 RMBS, reflecting increased credit enhancement and better-than-expected collateral performance. The preplaced transaction caused a stir at issuance, due to its lack o...

  • Market Moves

    • Structured Finance

      • Fund founder guilty of fraud

        Company hires and sector developments

        African solar plan approved The African Development Bank Group has approved an innovative multinational financing programme for Distributed Energy Service Companies (DESCOs), which would see 900,000 households in sub-Saharan Africa – abou...

      • Bank fined over MBS trading failures

        Company hires and sector developments

        Agency heads announced Morningstar Credit Ratings (MCR) has named Erin Stafford as head of the combined DBRS/MCR North American CMBS group and Quincy Tang as head of the combined US RMBS group, having both served in similar positions at DBRS. The p...

      • Additional resources for disclosure published

        Sector developments and company hires

        Agri-investing appointment Arable Capital Partners has appointed Matt Reus a vp in the Bellevue, Washington office. He is responsible for transactional work and due diligence on acquisitions, financial analysis, portfolio management and assisting i...

      • Co-ceo named

        Sector developments and company hires

        Co-ceo named Värde Partners has named Ilfryn Carstairs as co-ceo, alongside co-founder George Hicks, effective from 1 January 2020. Hicks intends to transition to an executive chair role in 2022. Carstairs will retain his role as partner a...


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