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Issue 674 - 10th January

  • News

    • ABS

      • Auto debut

        Further credit union issuance anticipated

        More credit unions are expected to tap the US securitisation market, following the closing in November of the US$147.44m GTE Auto Receivables Trust 2019-1. Of around US$1.1trn in outstanding credit union loans at end-3Q19, DBRS Morningstar figures sh...

    • Structured Finance

      • SCI Start the Week - 23 December

        A review of securitisation activity over the past seven days

        Transaction of the week A pair of Italian non-performing loan securitisations – dubbed Futura 2019 and Iseo SPV – have closed. The former is notable for being only the second Italian NPL ABS to not benefit from a GACS guarantee,...

    • Capital Relief Trades

      • CQS SRT finalised

        Unusual reference pool securitised

        An unusual significant risk transfer transaction referencing a €1.78bn static portfolio of Italian payroll-deductible (CQS) loans has closed. The synthetic securitisation – dubbed Amalia SPV – was originated by BNL Financ...

      • Leasing guarantee

        EFL completes capital relief trade

        The EIF and Europejski Fundusz Leasingowy (EFL) have completed a synthetic securitisation of an unusual PLN2.1bn portfolio of Polish leasing assets. The transaction will unlock PLN3.1bn of additional funds for Polish SMEs. According to Georgi Stoev...

      • Landmark CLN finalised

        Santander completes undrawn RCF trade

        Santander has completed a €147m CLN that is backed entirely by undrawn corporate and financial institution revolving credit facilities. Dubbed Vespa 2019-1, the transaction is believed to be the first of its kind in the eurozone capital reli...

    • CMBS

      • First green CMBS prepped

        Goldman Sachs is marketing River Green Finance 2020, which is expected to be the first green European CMBS. The deal comprises four tranches totalling €186.39m, plus two as yet unsized X classes and is set to close on 29 January. River Gre...

  • Market Moves

    • Structured Finance

      • MNHD plans programmatic issuance

        Sector developments and company hires

        Egyptian securitisation debuts Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed its inaugural securitisation, issued by Financial Group for Securitization Company (FGS). The transaction is backed by an EGP370m re...

      • THEAT 2007-1 and 2007-2 set to repay

        Sector developments and company hires

        Asia Pacific ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia previously served as alternate chief executive for Euroclear Bank (Hong Kong branch) from June 2017. In this role, she played an integral part in devel...

      • Real assets partnership inked

        Sector developments and company hires

        BWIC platform CLO auction technology platform KopenTech has launched its online BWIC service, which aims to streamline the BWIC process for both buyers and sellers. The first live BWIC was conducted on the platform in late December. EMEA Floreat...

      • CLO losses expected after Constellis default

        Sector developments and company hires

        Constellis losses expected Moody’s warns that, at current prices, Constellis Holdings’ limited default could result in significant losses - realised or unrealised - for some CLOs. Over 200 CLOs the agency rates hold about US$600m...


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