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Issue 679 - 14th February

  • News Analysis

    • Capital Relief Trades
      • Sporadic issuance

        CQS SRT wave unlikely

        BNP Paribas arranged Amalia, Banca Nazionale del Lavoro’s landmark synthetic securitisation of Italian payroll-deductible loans (CQS), in December last year (SCI 24 December 2019). However, significant volumes of CQS SRT issuance remains un...

    • CLOs
      • Equity issue

        Loan repricing expectations weigh heavy on CLOs

        The widely expected wave of loan repricing is weighing heavily on the CLO market. Equity investors and managers alike are having to face up to harder times ahead. “Loan repricing matters a lot in equity, but it’s not a huge issu...

    • Capital Relief Trades
      • Risk transfer boost

        CRT issuance breaks record

        Capital relief trade issuance broke a record in 2019, with volumes reaching €7.5bn. This marks the highest total tranche notional volume in the post-crisis period, surpassing the previous record set in 2017. According to SCI data, total tr...

    • NPLs
      • Positive outlook

        Spanish REO boost expected

        The outlook for Spanish non-performing loan transactions backed by repossessed real estate appears positive for this year, thanks to new mortgage regulations that reduce bank litigation risk. However, the illiquidity of the asset class remains a chal...

  • Market Reports

    • ABS
      • Futura placed

        European ABS market update

        JPMorgan has placed the re-offered Futura 2019 NPL ABS at a wider print than some market participants had been expecting. The transaction is notable for not benefitting from the Italian GACS guarantee and was retained by the sponsor Guber Banca in De...

    • Structured Finance
      • Doubling up

        European ABS market update

        A pair of deals in the pipeline have captured the interest of European ABS market participants. Skipton Building Society’s Darrowby No. 5 RMBS marks the lender’s return to the market after four years, while DTGO Corp’s M...

  • News

    • ABS
      • Secured versus unsecured

        Early-stage MPL delinquencies predictive of charge-offs

        Given that a secured loan lender has the right to seize the collateral securing the loan to recoup borrowed funds, logically the borrower should be should incentivised to repay the loan. To gauge how significant a motivating factor this is, KBRA anal...

    • Structured Finance
      • SCI Start the Week - 10 February

        A review of securitisation activity over the past seven days

        SCI NPL Securitisation Awards 2020 Nominations have now opened for the inaugural SCI NPL Securitisation Awards and have a deadline of 20 March. Further information and details of how to pitch can be found here. Transaction of the week Citi,...

    • Capital Relief Trades
      • Risk transfer round-up - 13 February

        CRT sector developments and deal news

        Mediobanca is readying another capital relief trade in addition to its inaugural SRT that will close this year (SCI 7 February). The second transaction is expected to close in 2021. ...

    • Insurance-linked securities
      • Diversified play

        Rate improvements driving ILS pick-up

        Reinsurance rate improvements are precipitating new investor interest in and fund reallocations to the ILS market, which is expected to drive a pick-up in volume this year. One key trend is the search for diversified exposure – not only in...

  • Market Moves

    • Structured Finance
      • CMBS trustee assumption refuted

        Sector developments and company hires

        EMEA Michael Newell has joined Cadwalader, Wickersham & Taft as a partner in London. A member of INREV’s Public Affairs Committee, Newell was previously a partner at Norton Rose Fulbright. His focus is the formation of real asset...

      • Italian private market JV inked

        Sector developments and company hires

        EMEA Oxane Partners has appointed Andrew Tisdall as director, portfolio management solutions. Tisdall will report to Sumit Gupta, co-founder of Oxane, and will focus on expanding the firm’s portfolio management business in Europe. Tisdal...

      • ArrowMark acquires investment platform

        Sector developments and company hires

        Acquisition ArrowMark Partners has acquired the bank investment platform and assets of StoneCastle Asset Management. As a closing condition of the transaction, stockholders approved a new investment management agreement between the company and Stone...

    • Capital Relief Trades
      • CRT upgraded due to 'substantial' increase in CE

        Sector developments and company hires

        Canadian MBS ETF BMO Asset Management has launched a new stable of ETFs trading on the TSX, including the first MBS ETF in Canada. Dubbed BMO Canadian MBS Index ETF, the offering aims to provide unique exposure to a segment of the MBS market fully...

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