Weekly Issue Archive »

Issue 680 - 21st February

  • News Analysis

    • ABS
      • Refinancing strategy

        VW master trusts augment auto ABS volumes

        VW’s issuance of auto ABS from master trust vehicles has been extensive, yet it seems to have largely gone unnoticed. The VCL Master vehicle alone has been tapped multiple times, for example, contributing around €2bn to European au...

    • CLOs
      • Auction house

        Online AMR, BWIC matching services debut

        January was a breakthrough month for KopenTech for two reasons. Not only did the firm execute its first online applicable margin reset (AMR) auction (SCI 19 February 2019), but its BWIC matching platform also went live. Anthony Schexnayder, head of...

    • Capital Relief Trades
      • Moving down

        Insurers target first-loss CRTs

        Insurers are now targeting the first-loss tranches of capital relief trades, having eyed the senior mezzanine tranches of dual-tranche transactions last year (SCI 22 March 2019). The better risk/return profile of first-loss tranches and an adaptation...

  • Market Reports

    • Structured Finance
      • Rarity value

        European ABS market update

        The European ABS market remains characterised by a lack of free flow. Against this backdrop, the senior notes of the Spanish Gedesco Trade Receivables 2020-1 transaction are attracting investor interest, due to its rarity value.  &ldqu...

  • News

    • ABS
      • Manager discretion

        Direct lending securitisations on the rise

        A growing number of direct lending funds are raising debt via securitisation of their shares. A carefully considered approach is needed when assessing the credit risk of such debt, however, given the large discretion managers have to build highly non...

    • Structured Finance
      • SCI Start the Week - 17 February

        A review of securitisation activity over the past seven days

        REMINDER: 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...

      • C-PACE fund debuts

        Standalone platform leads origination

        Samas Asset Management (SAM) has launched its debut fund, a closed-end vehicle dubbed SAMAS FUNDING PACE FUND LLLP Series 2020. The Samas entities are now the ‘‘largest standalone commercial PACE origination platform in the US&...

    • Capital Relief Trades
      • Risk transfer round-up - 20 February

        CRT sector developments and deal news

        Further details have been revealed of CRT transactions that were completed in 4Q19. One is another Barclays deal from the Colonnade programme, which is a US$55m tranche that matures in December 2026. Lloyds also returned to the market with a third...

      • SRT fund launched

        AXA engineers return

        AXA Investment Managers has completed its eighth partner capital solutions fund. With the move, the firm is seeking to capitalise on diversification opportunities and volume growth in the risk transfer market. According to Deborah Shire, global hea...

      • SME double

        EIF closes pair of EFSI guarantees

        The EIF has closed two new guarantee agreements supporting European SMEs, both of which are supported by the European Fund for Strategic Investments (EFSI). One is a synthetic securitisation executed with Commerzbank and the other is the extension of...

    • NPLs
      • Distressed debt unit formed

        Oaktree establishes Chinese subsidiary

        Oaktree Capital Management has become the first foreign distressed debt manager to set up a wholly owned subsidiary in China as part of phase one of the US-China trade deal. The trade deal will allow US firms to apply for asset management company (AM...

    • RMBS
      • APOR and out

        Proposed replacement of DTI critiqued

        Fitch RMBS analysts have identified flaws in the CFPB’s proposal to replace DTI with a pricing threshold – such as a spread over the average prime offered rate (APOR) – for defining a qualified mortgage (QM), in response...

  • Market Moves

    • Structured Finance
      • Ares co-founder steps down from board

        Sector developments and company hires

        North America Ares Management Corporation has appointed Kipp deVeer to its board. Concurrently, John Kissick - a retired co-founder of Ares - is stepping down from the board. DeVeer, who joined the firm in 2004, is a partner and head of the Ares C...

      • MPL acquisition to achieve 'regulatory clarity'

        Sector developments and company hires

        Acquisition LendingClub is set to acquire Radius Bancorp and its wholly owned online subsidiary Radius Bank in a cash and stock transaction valued at US$185m. The combination of Radius and LendingClub is designed to create a digitally native marke...

      • Minority equity interest acquired

        Sector developments and company hires

        Equity interest acquired Affiliated Managers Group has acquired a minority equity interest in Comvest Partners. The Comvest management team will be investing 100% of the transaction proceeds directly into future funds to support the firm&rsquo...

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