Weekly Issue Archive »

Issue 678 - 7th February

  • News Analysis

    • Structured Finance
      • Hong Kong landmark

        First-of-a-kind deal could herald broader securitisation market return

        A landmark ABS deal in Hong Kong is anticipated to be the first of many. At the same time, there is optimism for broader regional growth. Ocean Funding 2019-1 closed on 5 December 2019, having issued US$200m of senior secured floating rate notes ba...

    • Capital Relief Trades
      • EBA reports pending

        Trapped excess spread requirement could be dropped

        The EBA will finalise its approach to significant risk transfer this year through the publication of the final SRT report and another consultation in the second quarter. The requirement for a trapped excess spread mechanism for synthetic securitisati...

  • Market Reports

    • Structured Finance
      • Tightening trend

        European ABS market update

        Appetite for European ABS paper continues to be strong. The market is currently characterised by a dearth of supply, despite tightening spreads. “Spreads are tighter than where they were at the start of the year,” one trader say...

  • News

    • Structured Finance
      • SCI Start the Week - 3 February

        A review of securitisation activity over the past seven days

        Transaction of the week Goldman Sachs has completed an unusual catastrophe bond that covers the tail risk that State National Insurance Company is exposed to through its insurance agreements with ILS manager Nephila Capital as capacity provider. Pri...

    • Capital Relief Trades
      • Risk transfer round-up - 7 February

        CRT sector developments and deal news

        Bank of Scotland (BOS) is in the market with Syon Securities 2020, its second UK mortgage SRT (SCI 25 July 2019). The £550m reference portfolio comprises prime owner-occupied loans with LTV ratios in excess of 90% but less than or equal to...

      • Syon Securities priced

        Bank of Scotland engineers return

        Bank of Scotland has priced a seven-year financial guarantee that references a £550m portfolio of UK owner-occupied residential mortgage loans. Dubbed Syon Securities 2020, the risk transfer transaction is the bank’s second from t...

    • CMBS
      • Investment grade debut

        Landmark post-crisis CMBS announced

        Citi, Deutsche Bank and JPMorgan are prepping a post-crisis ‘first of its kind’ US CMBS. Dubbed Benchmark 2020-IG1, the US$660m transaction is collateralised by 13 non-controlling pari passu participations of fixed rate loans, sec...

    • NPLs
      • HAPS flurry

        Greek NPL ABS pipeline grows

        Piraeus Bank is set to securitise €7bn of non-performing loans in 2020. The lender is the latest to announce its intention to take advantage of Greece’s recently approved Hercules asset protection scheme (HAPS). According to Pira...

  • Market Moves

    • Structured Finance
      • Crestline Denali CLO interests acquired

        Sector developments and company hires

        Additional CLOs for Ares An Ares Management Corporation subsidiary is set to acquire a managing interest in a restructured Crestline Denali Capital that will result in the addition of seven CLOs totalling US$2.6bn of assets under management to the A...

      • Advisor picked to help end GSE conservatorship

        Sector developments and company hires

        Acquisition Link Group has signed an agreement to acquire Pepper European Servicing from Pepper Group for an upfront consideration of €165m. The meeting of AUM thresholds and growth milestones could trigger an additional consideration of...

      • Rating agency shuffles senior US staff

        Sector developments and company hires

        EMEA Pan-European special situations and credit trading lawyer Justin Conway has joined McCarthy Denning as a partner in its banking and finance department. Conway, a dual-qualified solicitor in both England and Wales and New Zealand, was previously...

      • GSE Libor transition deadlines released

        Sector developments and company hires

        ECOWAS prepping ABS The Commission of the of the Economic Community of West African States (ECOWAS) and the World Bank are developing a securitisation of payments related to the cross-border power trade in West Africa. In order to address the low ac...

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