Weekly Issue Archive »

Issue 668 - 15th November

  • News Analysis

    • RMBS

      • Meaningful progress

        Non-agency eMortgage securitisation on the cards

        Meaningful progress in the origination and subsequent securitisation of eMortgages in the US non-agency mortgage market is expected over the next 12 months. Although only a small percentage of GSE production currently uses this technology, the push f...

  • News

    • ABS

      • Alhambra priced

        SME ABS gets over the line at last

        The long-awaited Spanish SME ABS Alhambra SME Funding 2019-1 has priced. The closest Europe has yet seen to a public middle market CLO came in broadly in line with updated guidance. Originally called Alhambra SME Funding 2018-1, the deal was first...

      • Landmark ABS inked

        UniCredit completes large corporate ABS

        UniCredit has completed what is believed to be the largest European ABS transaction post-crisis. Dubbed Impresa Two, the deal is a departure from previous securitisations, given the inclusion of large corporate loans in the portfolio.  &...

    • Structured Finance

      • SCI Start the Week - 11 November

        A review of securitisation activity over the past seven days

        Stories of the week Pursuing illiquidity premia Corbin Capital answers SCI's questions Risk transfer return Bank of Ireland issues mezzanine tranche Tactical opportunity? Downturn could spur CRT secondary activity Other deal-related new...

    • Capital Relief Trades

      • Risk transfer round-up - 15 November

        CRT sector developments and deal news

        Santander is rumoured to be prepping a synthetic securitisation of German consumer loans. This is one of two synthetic consumer ABS deals it is said to be readying this quarter, following a slew of consumer SRTs issued by the bank this year (see SCI&...

      • Full-stack trend continues

        FCA completes Italian auto SRT

        Fiat Chrysler Automobiles (FCA) has completed a €912.6m true sale significant risk transfer securitisation backed by Italian auto loans. Dubbed A-BEST 17, the full-stack ABS differs from previous transactions from the same programme, given t...

    • NPLs

      • Performance tracked

        Peripheral NPL ABS compared

        JPMorgan has launched respective performance trackers for Italian and Iberian non-performing loan securitisations, summarising high-level transaction details and dynamic performance metrics. The data highlights a number of notable differences between...

    • RMBS

      • ERLS returns

        Lone Star prints Irish NPL RMBS

        Lone Star has priced its latest Irish non-performing loan RMBS at the same levels as its previous ERLS deal from July. Dubbed European Residential Loan Securitisation 2019-NPL2, the deal is backed by mortgages from the €1.34bn Project Glas p...

      • Spanish RPL RMBS prepped

        Transaction resecuritises paid-off SRF loans

        Barclays and Natwest are lead managers on a €518m reperforming Spanish RMBS, featuring legacy mortgages previously securitised under the recently paid-off SRF RMBS transactions and other loans owned by CarVal, bought from Blackstone earlier...

  • The Structured Credit Interview

    • Capital Relief Trades

      • Choose risk

        Richard Robb, ceo of Christofferson, Robb & Company (CRC), an investment manager in New York and...

        Q: How is CRC involved in the capital relief trade or risk sharing market? A: We continue to invest in bilateral risk sharing transactions with European banks, as we have since 2003. Eighty-five percent of our deals are synthetic. Our AUM is around...

  • Market Moves

    • Structured Finance

      • First RMBS tied to AONIA marketing

        Company hires and sector developments

        AONIA debut Commonwealth Bank of Australia’s new A$1bn Medallion Trust Series 2019-1 is set to become the first Australian RMBS linked to the Australian Overnight Index Average (AONIA) instead of one-month BBSW. The issuer is understood t...

      • ESG initiative launched

        Sector developments and company hires

        Alt heads named test Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and...

      • Morgan loan prepays

        Sector developments and company hires

        Coupon swaps planned The New York Fed's open market trading desk plans to conduct four small value agency RMBS coupon swap operations on 19 and 21 November. On these days, the desk intends to swap out of three unsettled December TBA positio...


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