Weekly Issue Archive »

Issue 665 - 25th October

  • News Analysis

    • NPLs
      • Positive outlook

        Italian non-performing lease ABS on the cards

        Italian non-performing lease securitisation volumes could reach €2bn next year, as investors seek new opportunities, following a slowdown in non-performing loan ABS issuance. However, a number of challenges remain (SCI 24 May). Several fac...

    • CLOs
      • Re-bridging concerns dismissed

        Re-bridging loans in CRE CLOs "can offer benefits"

        Re-bridging loans have started to appear in CRE CLO transactions, where a borrower has used a new bridge loan to refinance an existing one, potentially with higher proceeds and a lower interest rate. Some suggest that this need not be a cause for con...

    • Derivatives
      • Correlation evolution

        Tranche trading continues to gain traction

        Bespoke and index tranche trading volumes have been increasing for the last few years, supported by the low yield environment. Of late, activity has begun to pick up speed and the market is set to evolve. “The end of last year and beginni...

    • ABS
      • One-stop shop

        New firm offers range of innovative securitised products

        Gessler Capital was recently launched with a view to meet increasing demands from issuers that want off-balance sheet securitisation solutions in a more flexible format than traditional methods. As such, the Swiss firm aims to offer a range of tailor...

  • News

    • ABS
      • Fully equipped

        US equipment ABS booming in primary and secondary

        With two deals pricing last week (Ascentium Equipment Receivables 2019-2 and CNH Equipment Trust 2019-C) and another - the US$675m SCF Equipment Leasing 2019-2 - already in the visible pipeline, the 2019 boom in US equipment ABS is rolling on. Primar...

    • Structured Finance
      • SCI Start the Week – 21 October

        A review of securitisation activity over the past seven days

        CRT awards winners The winners of SCI's inaugural Capital Relief Trades Awards were revealed at the annual SCI CRT Seminar last week. The selections reflect the vibrancy and innovation evident across the risk transfer market over the last 12 months...

      • SCI's latest podcast is now live!

        The editorial team discuss the hottest topics in securitisation today...

        In this month's exciting edition of the SCI podcast, the team talks about standardised banks and the barriers they face when looking to enter the risk transfer market, Santander's latest securitisation of Finnish auto loans,...

    • Capital Relief Trades
      • SCI Capital Relief Trades Awards 2019

        Arranger of the Year: Credit Suisse

        Credit Suisse is SCI’s Arranger of the Year in recognition of the variety of structures it has placed and the breadth of its investor base. Since September 2018, the bank has arranged five capital relief trades providing protection on appro...

      • CRE CRT inked

        Innovative financial guarantee debuts

        Raiffeisen has completed an approximately €95m unfunded financial guarantee that references a €1.2bn portfolio of Austrian, German, Czech and Slovak commercial real estate loans. Dubbed Roof CRE 2019, the significant risk transfer t...

      • SCI Capital Relief Trades Awards 2019

        Issuer of the Year: Santander

        Santander was one of the banks that actively participated in efforts to extend the STS designation to synthetic securitisations, which culminated in the EBA consultation paper on STS synthetics that was published in September. However, it is the Span...

    • CMBS
      • Multifamily CRT debuts

        DUS, MCIRT programmes complemented

        Fannie Mae has priced its first credit risk transfer transaction referencing a pool of multifamily loans. Dubbed Multifamily Connecticut Avenue Securities (MCAS) Series 2019-01, the landmark US$472.7m securitisation complements the GSE’s De...

    • NPLs
      • GACS structured

        Mortgage NPL ABS prepped

        UniCredit is in the market with a non-performing loan securitisation that references €6bn - in gross book value terms - of secured and unsecured residential mortgages. Dubbed Prisma SPV, the transaction is an unusual NPL ABS, given the under...

    • RMBS
      • Scalable and repeatable

        MSR securitisation on the cards?

        A securitisation at some point in the future - and given market conditions conducive to such a securitisation, which do not exist today - is part of BSI Financial Services’ game plan. The firm recently expanded its GSE MSR operations to inc...

  • Market Moves

    • Structured Finance
      • Firm files Chapter 11

        Company hires and sector developments

        Chapter 11 filing Highland Capital Management LP (HCMLP) has commenced voluntary Chapter 11 proceedings, citing a judgment that is being sought against it in connection with the defunct Crusader fund. Although Highland Capital Management disputes t...

      • CRR amendments for NPEs recommended

        Sector developments and company hires

        CRR amendment opinion published The EBA has published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPEs), recommending various amendments to the Capital Requirements Regulation (CRR) as well as to the Secur...

      • CMBS refi inked

        Sector developments and company hires

        CLO firm names IR head Pemberton has hired Cary Gibson to the role of director and head of investor relations. Gibson was previously head of business development at Sand Grove Capital Management. CMBS refi inked Sabal Capital Partners...

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