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Issue 657 - 30th August

  • News Analysis

    • RMBS
      • Back to work

        UK deal flow restarts ahead of expected busy months ahead

        Oak No. 3 has become the first ‘post-summer’ UK ABS/MBS deal to price. It is expected to be the first of many in a hectic UK primary market into year-end. The £343.5m STS-compliant senior notes of Aldermore Bank&rs...

    • NPLs
      • NPL relief

        ECB extends provisioning calendar

        The ECB is set to align its supervisory expectations regarding the provisioning of new non-performing loans with an April 2019 amendment to the CRR that outlines Pillar 1 requirements for the assets. The alignment offers banks more time to provision...

    • Capital Relief Trades
      • Regulatory boost

        Italian SRT issuance picks up

        Italian capital relief trades are experiencing a strong pick-up in issuance this year as regulatory changes enable more standardised banks to execute risk transfer transactions and open up the market to private investors. However, these banks will ne...

  • News

    • ABS
      • Strong performance

        Refi PSL ABS upgraded

        Moody's has lowered its expected default rate for typical unseasoned refinancing private student loan (PSL) ABS to 1.5% from 2.5%, in light of the sector’s strong performance, borrower characteristics and underwriting criteria. Conc...

    • Structured Finance
      • Esoteric opportunities

        Structured solutions to address corporate risk transfer needs

        The newly-formed CAC Specialty (SCI 21 August) is seeking to capitalise on the convergence of the insurance and capital markets on a broader basis than that represented by the ILS market. Indeed, the firm aims to transfer the more esoteric risks via...

    • Capital Relief Trades
      • Risk transfer round-up - 28 August

        CRT sector developments and deal news

        Credit Suisse has called two transactions from its Magnolia Finance V programme. The transactions were issued in 2013 and 2014 and both risk transfer trades referenced US and Swiss corporate loans. The exercise of the calls concerned the underlying U...

    • CLOs
      • Euro CLOs strong

        Market maintaining positive path

        The European CLO market has had a strong 2019 so far. That strength looks set to continue in the months ahead. Figures from JPMorgan CLO research published last Friday note that in Europe, the primary market is up 5% from last year’s reco...

    • CMBS
      • Multifamily delinquencies ticking up

        Growing student housing vacancies major factor

        Delinquencies among multifamily loans in CMBS have recently increased and are expected to grow further. A Morningstar report adds that the increase to 0.40%, from a post-crisis low of 0.30% in June last year, is likely to continue, tempered by a lack...

  • Market Moves

    • Structured Finance
      • Ceo replaced

        Sector developments and company hires

        New ceo appointed Oaktree Specialty Lending has announced that ceo and cio Edgar Lee has resigned from the company for personal reasons, effective 30 September 2019. He is to be replaced by Armen Panossian who will take over both roles. Panossian i...

      • Structured credit head steps down

        Company hires and sector developments

        BUMF 6 claim filed Business Mortgage Finance 6 has issued a claim against Roundstone Technologies (RTL) in the London High Court of Justice stating, among other things, that the purported sale and purchase agreement between the issuer and RTL is vo...

      • Portuguese ABS framework updated

        Sector developments and company hires

        Portuguese ABS framework updated A new regulation has been introduced in Portugal providing for the execution of regulation 2017/2402 of the European Parliament and of the Council, which lays down a general framework for securitisation. It also cre...

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