Weekly Issue Archive »

Issue 655 - 16th August

  • News Analysis

    • Structured Finance

      • STS mirage

        "Still no level playing field" despite regulation

        Despite the high bar that issuers must clear to achieve the STS designation on securitisations, the deals continue to have unfair levels of capital treatment compared with other investment products, even backed by the same underlying collateral.&...

      • Tweaking tradition

        Dutch securitisation evolving across established sectors

        The Dutch securitisation market is seeing innovation and growth away from its traditional strong focus on prime RMBS. This trend is evolutionary rather than revolutionary, as participants seek to build on the sector’s well-established found...

    • CMBS

      • Balancing act

        European CMBS learning from US CRE structures

        European CMBS are increasingly likely to continue following patterns set by their US counterparts and the market could even soon see it first CRE CLOs. However, in taking their lead from across the Atlantic, European issuers will need to find the rig...

    • Structured Finance

      • Brexit impact gauged

        UK ABS expected to withstand no-deal

        A no-deal Brexit scenario isn’t expected to significantly affect the economics of UK ABS transactions. However, Brexit raises challenges by splitting UK and EU regulation.   One risk to ABS investors from a no-deal Brexit is the...

  • News

    • ABS

      • Consent challenges

        Transactions losing value without Libor fallback language

        Investors are working with an asset registry and communication platform to obtain noteholder consent in order to insert Libor fallback language in certain securitisations, ahead of the 2021 deadline. This is driven by concerns that transacti...

    • Structured Finance

      • SCI Start the Week - 12 August

        A review of securitisation activity over the past seven days

        SCI CRT awards Don't miss out on your chance to win: the submissions deadline for the inaugural SCI Capital Relief Trades Awards is Friday (16 August). The aim of the awards is to recognise excellence in, and help bring mainstream attention to, the...

    • Capital Relief Trades

      • Risk transfer round-up - 16 August

        CRT sector developments and deal news

        UBI Banca is rumoured to be prepping an SME and corporate SRT for 3Q19. The alleged transaction is riding a wave of Italian SRT issuance that includes a number of standardised banks. Banca Popolare di Bari completed the first SRTs between a standar...

    • CLOs

      • Insurer markets CFO

        Transaction backed by 'highly diverse' PE portfolio

        Nassau Alternative Investments is marketing a collateralised fund obligation (CFO) comprising private equity (PE) fund commitments acquired by Nassau Life Insurance Company (NNY). The, largely static, transaction is dubbed Nassau 2019 CFO, and is bac...

    • NPLs

      • Pricing tension

        Houlihan Lokey model leveraged in shipping deal

        Nord LB completed a landmark €2.6bn shipping non-performing loan deal with Cerberus in April that utilised Houlihan Lokey’s proprietary pricing model. The model aids pricing tension and helps keep traditional distressed investors d...

    • RMBS

      • Higher yields?

        Bluestone debuts UK RMBS

        Bluestone Mortgages is in the market with its first UK RMBS. Dubbed Genesis Mortgage Funding 2019-1, the transaction is backed by a £198.05m portfolio of owner-occupied (comprising 80.8% of the pool) and buy-to-let loans secured by first-ra...

  • Market Moves

    • Structured Finance

      • NPL disposals inked

        Sector developments and company hires

        ABSF tender The Australian Office of Financial Management is inviting tender submissions for the provision of investment management services for the Australian Business Securitisation Fund (ABSF) by 6 September (SCI 24 June). The AOFM is seeking to...

      • Syncora Guarantee acquired

        Sector developments and company hires

        Syncora sale GoldenTree Asset Management entity Star Insurance Holdings is set to acquire Syncora Holdings’ New York financial guarantee insurance subsidiary Syncora Guarantee (SGI) for US$392.5m in cash, subject to adjustment. The cash pu...

      • Whole biz downgrade announced

        Company developments and company hires

        Acquisitions Crescent Capital BDC is set to acquire Alcentra Capital Corp, a middle-market BDC. The transaction is the result of Alcentra Capital’s previously announced review of strategic alternatives led by an independent director commi...


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