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Issue 653 - 2nd August

  • News Analysis

    • CLOs

      • Closer look

        US CRE CLOs are booming, but caution is advised

        A landmark US CRE CLO is currently marketing and grabbing investors’ attention. Away from the deal, some aspects of the sector’s rapid growth are ripe for greater scrutiny. STWD 2019-FL1 is being brought by Wells Fargo, BAML and...

    • Insurance-linked securities

      • Turning point

        Catastrophe bonds could see a redirection of spreads

        The past two years of record-breaking reinsurance losses, along with technically-driven spread widening, have hampered the catastrophe bond market. Now, as this year’s hurricane season plays out, the market stands at what could be a turning...

    • RMBS

      • QM revisited

        Private mortgage market to fill the void?

        The CFPB’s ANPR in relation to the GSEs’ temporary qualified mortgage provision (SCI 29 July) anticipates that the FHA and the private mortgage market may fill the void once the classification expires. However, it remains unclear...

    • NPLs

      • NPL SRT inked

        Hoist Finance tackles backstop regulation

        Hoist Finance has sold a €225m portfolio of Italian unsecured non-performing loans via an unrated securitisation to a fund managed by CarVal Investors. The significant risk transfer transaction is mainly carried out for capital relief purpos...

    • CLOs

      • Performance model revealed

        Innovative approach highlights smaller manager outperformance

        Smaller, less well-known CLO managers often outperform their larger competitors, a new analytical model has revealed. The innovative approach utilises a mutual-fund-like analysis and the S&P LSTA index to assess manager performance and potent...

  • News

    • Advisory

      • New podcast now live

        The operational steps to setting up a CRT and more...

        In this week's podcast, the team discuss the operational steps taken when putting together a capital relief trade, as well as some of the concerns surrounding disclosure requirements in securitisation and capital relief trades. It th...

    • Structured Finance

      • SCI Start the Week - 29 July

        A review of securitisation activity over the past seven days

        Transaction of the week Unusual securitisation backed by music rights collateral (SCI 23 July) SESAC, a music rights firm acquired by Blackstone in 2017, is marketing an inaugural whole-business securitisation. Dubbed SESAC Finance 2019-1, the US$...

    • Capital Relief Trades

      • Dual-tranche deal finalised

        Standard Chartered targets wide distribution

        Standard Chartered has completed a dual-tranche capital relief trade that references an undisclosed US$2bn portfolio of corporate loans from the UK, Dubai, India and Africa. Dubbed Gongga CLO, the transaction is the bank’s second applicatio...

      • Landmark SRTs inked

        BP Bari completes capital relief trades

        Banca Popolare di Bari has completed two capital relief trades that reference respectively a €1.1bn Italian SME portfolio and a €1.8bn Italian residential mortgage portfolio. This is the first time that transactions have been carrie...

      • COSME tapped

        SME risk-sharing agreement signed

        Italian national promotional bank Cassa Depositi e Prestiti (CDP) has tapped the EU's COSME loan guarantee facility that is managed by the EIF and backed by the European Fund for Strategic Investments, which provides first-loss guarantees. Th...

    • RMBS

      • Crunching the numbers

        'Anomalous' acquisition of mortgages 'made economic sense'

        Arbuthnot Banking Group recently acquired two mortgage portfolios from the Raphael Mortgages and Magellan Funding 2 RMBS transactions, totalling approximately £266m. As well as being one of the first such transactions for the bank, the acqu...

      • Portuguese boost

        RMBS tightens on call optionality

        Portuguese RMBS outperformed other securitisation asset classes last week, boosted by the surprise call of the Lusitano Mortgages No. 2 transaction (SCI 22 July). The sector is expected to continue to perform strongly at tight levels.   JP...

      • Under pressure?

        UK non-prime RMBS could be tested in the autumn

        Attention in the UK RMBS market is turning to what might happen in September as the summer lull begins in earnest, with the new issue pipeline empty and only patchy secondary trading. In particular, focus is on non-prime sectors and the pressures the...

  • Market Moves

    • Structured Finance

      • Winding up order issued for Clifden

        Company hires and sector developments

        Clifden wind up A winding-up order has been issued by the High Court of Justice of the Isle of Man, Chancery Division in respect of Clifden IOM No.1 and PricewaterhouseCoopers has been appointed official receiver of the firm. The move foll...

      • Affordable loan credit insurance risk transfer closed

        Sector developments and company hires

        Affordable CIRT closed Fannie Mae has executed a new credit insurance risk transfer (CIRT) transaction that, for the first time, covers a pool of primarily single-family affordable loans. These covered loans are delivered to Fannie Mae with a short...

      • CLO head hired

        Sector developments and company hires

        BUMF 6 injunctions granted Final injunctions have been granted against Greencoat Investments (GIL) (including against its directors, which include Clifden IOM No.1, Rizwan Hussain, Rajnish Kalia and Alfred Oyekoya), Greencoat Holdings (GHL), Portfo...


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