Weekly Issue Archive »

Issue 671 - 6th December

  • News Analysis

    • Structured Finance

      • First "true" ESG CLO launched

        Transaction marks first of many ESG deals for issuer

        NIBC recently priced the first fully-compliant ESG CLO, North Westerly VI, utilising a wholly exclusionary loan section process. The €410m transaction is expected to be the first of many ESG-compliant transactions from the firm, which also p...

    • ABS

      • Moving into the mainstream

        Booming aviation ABS sector shakes off esoteric label?

        Aviation ABS issuance has seen strong growth, with 2019 set to be a bumper year and investors also drawn to the asset class due its long term, stable nature, prompting some market participants to suggest it has shaken off its esoteric label....

      • ABS focus

        Music, sports, entertainment firm grows securitisation capabilities

        23 Capital recently made a number of hires to boost their securitisation capabilities, signalling the firm’s commitment to securitisation as a key part of its funding strategy. After an inaugural securitisation backed by football royalties...

  • News

    • ABS

      • Cigarette slump?

        Dispute revenue to offset declining MSA cashflows

        US cigarette shipments have declined by an average of 3.2% per year since 2000 and are expected to decrease by 4%-5% over the next 12-18 months, hitting the cashflow available to pay down tobacco ABS bonds. However, revenue from future potential sett...

    • Structured Finance

      • SCI Start the Week - 2 December

        A review of securitisation activity over the past seven days

        Transaction of the week Credit Agricole is marketing a securitisation of Dutch consumer loans originated via subsidiaries of Credit Agricole Consumer Finance Nederland (CACF NL). Dubbed Magoi, the transaction references a €418m eight-month...

    • Capital Relief Trades

      • Full-stack debut

        BDK completes first auto SRT

        Bank Deutsches Kraftfahrzeuggewerbe (BDK) has debuted its first full-stack capital relief trade. Dubbed Red & Black Auto Germany 6, the €1bn German true sale auto ABS differs from previous transactions from the same programme due to...

      • Spanish SRT inked

        Banco Cetelem completes full-stack auto ABS

        Banco Cetelem has completed the first full-stack Spanish auto significant risk transfer transaction from BNP Paribas’ Autonoria programme. The €1bn Autonoria Spain 2019 true sale ABS differs from previous Autonoria deals in that th...

      • Grattan refinanced

        Bank of Ireland completes CRT

        Bank of Ireland has originated a €265m funded and unfunded financial guarantee that references a partially disclosed €2bn Irish and UK corporate portfolio. Dubbed Vale Securities, the transaction is a refinancing of a 2016 capital r...

      • Confidentiality issues persist

        Disclosure questions unresolved for CRT market

        ESMA’s updated questions and answers on the Securitisation Regulation, clarifies different aspects of the European Commission’s draft technical standards on securitisation disclosures (SCI 18 October). However, as with the Commiss...

    • CLOs

      • US CLO debuts

        Transaction marks first for bank's AM arm

        Morgan Stanley’s asset management division is entering the CLO space with a new transaction. Dubbed 522 Funding I, the US$457.25 million transaction is the first CLO to be managed by Morgan Stanley Investment Management. The tran...

    • CMBS

      • Alternative appetite

        Euro CMBS specialist property exposure to rise

        Appetite for European CMBS secured by specialist or alternative assets is expected to grow in 2020, as the sector becomes less niche. Such properties are characterised by their operating nature, with the availability of alternative operators being a...

  • Market Moves

    • Structured Finance

      • Euro AM promotes three

        Sector developments and company hires

        AM promotes three Alcentra has promoted Daniel Fabian to president and coo. In this role, he will manage the company’s growth strategy and oversee day-to-day operations in order to continue to drive value for clients and employees. Fabian...

      • Credit analysts poached

        Sector developments and company hires

        Credit analysts poached Cairn Capital has appointed José Ferrero and Vihren Jordanov as senior credit analysts, focusing on loans and reporting to credit research head Mark Stieler. Ferrero was previously a credit analyst at Partners Gro...

      • ABS head retired

        Sector developments and company hires

        ABS head retires Janus Henderson’s head of ABS investment Ed Panek has now retired from the company and the industry. Colin Fleury, the head of secured credit will assume direct responsibility for the ABS team. Fleury has extensive experi...


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