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Issue 652 - 26th July

  • News Analysis

    • ABS

      • Offshore investment in Chinese ABS soars

        Investors find relative value in second largest ABS market

        Foreign investment in the Chinese ABS market is increasing exponentially, as routes to entry have been eased by developments such as the Bond Connect platform and the presence of ratings from international agencies. With issuance volumes in...

    • Structured Finance

      • Italian renaissance?

        Spike in new issuance supported for now

        The uptick in Italian ABS/MBS primary issuance in the past month or so gives the impression of a long-awaited re-start to the market. However, while there are a range of factors supporting the trend, old concerns remain.    Despit...

    • Capital Relief Trades

      • Benchmark SRT inked

        Bank of Scotland completes unusual synthetic UK RMBS

        Bank of Scotland has launched its first post-crisis synthetic UK RMBS. Dubbed Syon Securities 2019, the £150m CLN references a £1bn portfolio of UK residential mortgages. Synthetic securitisations of UK mortgages are highly unus...

    • ABS

      • Making an impact

        Debut impact ABS provides finance to EM microfinance & SME lenders

        ResponsAbility Investments has closed its debut US$175m impact securitisation, backed by loans to 26 microfinance and SME finance firms in emerging markets across the globe.  Arranged by JPMorgan, with initial capital from the Overseas Priva...

    • CLOs

      • Ratings efficiency

        NAIC decision to boost CLO of one volumes?

        CLO of one activity is rising, as direct lenders seek to broaden their syndication channels and insurers put money to work in ratings-efficient investments. NAIC’s recent move to no longer accept certain private fund ratings could further b...

    • CMBS

      • Unique approach

        Underwriting flex space in CMBS examined

        Coworking company exposures in US CMBS are expected to increase as the buildings they occupy are refinanced and the popularity of flexible work arrangements continues to rise. However, underwriting properties with significant exposure to such tenants...

  • News

    • ABS

      • Rights firm hits play on ABS debut

        Unusual securitisation backed by music rights collateral

        SESAC, a music rights firm acquired by Blackstone in 2017, is marketing an inaugural whole-business securitisation. Dubbed SESAC Finance 2019-1, the US$560m transaction is structured by Guggenheim and secured by music affiliate agreements, license ag...

      • Funding trade

        Trade finance fund utilises securitisation technology and assets

        Finance securitisation specialist Channel Capital Advisors has launched its first trade finance fund. The fund is structured utilising securitisation technology and also invests in the instruments. Paul Wilson, cio at Channel, says: “We h...

    • Structured Finance

      • SCI Start the Week - 22 July

        A review of securitisation activity over the past seven days

        Market commentary Activity eased up across the US CLO market last week, driven by both macro and seasonal factors (SCI 17 July). "In general, new issue pricing is spotty - prices are really moving around," said one trader. "It seems like...

    • Capital Relief Trades

      • Revving up

        Italian auto SRT completed

        BNP Paribas has completed a €950m significant risk transfer transaction of Italian auto loans. Dubbed AutoFlorence 1, the true sale securitisation is the bank’s first post-crisis Italian capital relief trade. According to Boudewi...

      • BMO SRT launched

        BMO expands mid-market exposure

        Bank of Montreal (BMO) has completed a five-year financial guarantee that references US and Canadian senior secured and unsecured corporate loans. Dubbed Manitoulin USD Algonquin 2019-1, the transaction differs from previous Manitoulin deals due to t...

      • Risk transfer round-up - 24 July

        CRT sector developments and deal news

        Banca Popolare dell ‘Alto Adige is believed to be readying a capital relief trade that is expected to close in 4Q19. The transaction would be the bank’s first risk transfer transaction and is riding a wave of Italian securitisatio...

    • NPLs

      • First-mover disadvantage

        NPL ABS downgrade structurally specific

        Scope Ratings has downgraded Elrond NPL 2017 after a performance review. The move appears to be a deal-specific one, as most European non-performing loan ABS deals are performing as expected. David Bergman, md and head of structured finance at Scop...

  • Market Moves

    • Structured Finance

      • ABS head named

        Company hires and sector developments

        Euro ABS head appointed Santander has hired Francesco Dissera as head of continential Europe, securitisation, based out of Milan. He was previously md and partner, head of structuring and advisory at StormHarbour. PM appoitment duoble Man GLG h...

      • Esoteric ABS head announced

        Sector developments and company hires

        Esoteric ABS head named MUFG has hired Keith Allman as md and head of esoteric ABS, effective August 14 and he will be responsible for the coverage of all US esoteric ABS assets. Allman brings 17 years of structured-finance and aviation experience...

      • Mortgage firm completes residuals sale

        Company hires and sector developments

        Residual sale Charter Mortgages is set to sell its residual economic interest in the Precise Mortgage Funding 2019-1B RMBS to JPMorgan - which managed the sale process and purchased the RC2 certificates for onward sale - for a cash consideration of...


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