Weekly Issue Archive »

Issue 681 - 28th February

  • News Analysis

    • Structured Finance

      • Brexit question

        UK and EU STS regimes could diverge

        The end of the Brexit transition period on 31 December 2020 will call into question the STS status of UK securitisations for EU investors and of EU securitisations for UK investors. At the moment, under the forthcoming UK STS regime, EU STS securitis...

  • Market Reports

    • Structured Finance

      • Diversification offered

        European ABS market update

        The European ABS pipeline is swelling in the run-up to March. Newly announced deals are providing sought-after diversification, not only in terms of assets but also jurisdictions. Notably, Domivest is in the market with its second Dutch buy-to-let...

    • CLOs

      • Strong liquidity

        European CLO market update

        Liquidity continues to be strong in the European primary CLO market, with three deals pricing last week. Notably, the Carlyle Euro 2020-1 deal was upsized to €460m from €409.8m. "The market has been stronger over the last few we...

  • News

    • Structured Finance

      • Social factors

        Positive ESG scores for post-crisis vintages

        ESG relevance scores (ESG.RS) are more likely to be negative for seasoned securitisations, according to Fitch. The most recent issuance vintages demonstrate a balance of positive and negative ESG factors. Weak transaction structures prior to the cr...

      • SCI Start the Week - 24 February

        A review of securitisation activity over the past seven days

        REMINDER: SCI NPL Securitisation Awards 2020 Nominations are now open for the inaugural SCI NPL Securitisation Awards with a deadline of 20 March. Further information and details of how to pitch can be found here. Transaction of the week S...

      • Rare CMBS prepped

        BofA brings 'one-off' Dutch transaction

        BofA is in the market with a Dutch CMBS, dubbed Taurus 2020-1 NL. The €620.6m deal is the first from the programme to be backed solely by Dutch assets. Rated by KBRA, the transaction comprises €324.7m triple-A rated class A notes,...

    • Capital Relief Trades

      • Risk transfer round-up - 28 February

        CRT sector developments and deal news

        Banca Monte dei Paschi di Siena is rumoured to be readying an SME SRT for next month, with the counterparty allegedly already selected. The transaction would be the bank’s first synthetic securitisation and it was reportedly scheduled initi...

      • UK SRT debuts

        Opel prepping full-stack auto ABS

        BNP Paribas is marketing Opel’s second full-stack auto ABS from the E-CARAT programme. Dubbed E-CARAT 11, the capital relief trade is the issuer’s first to reference UK auto loans. Boudewijn Dierick, head of ABS markets at BNP P...

    • CLOs

      • VAT switch

        European CLO managers hit with backdated bill

        Dutch tax authorities have changed their interpretation of VAT law in connection with CLO management fees, impacting an estimated 30% of European CLO SPVs. Dutch lawyers disagree with the change and are appealing the decision, but it remains unclear...

    • NPLs

      • Project Cairo prepped

        Eurobank applies for HAPS guarantee

        Eurobank has applied to the Greek government for a senior tranche guarantee under the Hercules Asset Protection Scheme (HAPS). The guarantee is sized at €1.65bn and concerns two non-performing loan securitisations dubbed Cairo One and Two. F...

    • RMBS

      • MRT evolution

        US Mortgage Risk Transfer report now available

        Pioneered by Fannie Mae and Freddie Mac the US mortgage risk transfer (MRT) market is growing strongly and is now attracting the interest of potential new participants. Both the sell- and buy-side are hoping the sector will evolve to include non-agen...

      • Irish recovery?

        Domestic, external challenges remain

        This year will be key for Ireland in terms of domestic and external challenges. Nevertheless, reperforming RMBS issuance is expected to remain strong. The recent election in Ireland is one factor influencing the future of the Irish mortgage market,...

  • Market Moves

    • Structured Finance

      • High-profile bankers exit SRT

        Sector developments and company hires

        SRT departures Last week saw a couple of high-profile exits from SRT banking teams in London. Structuring specialist Jeremy Hermant is understood to have left Santander, while md Bob Paterson has reportedly been put at risk of redundancy at Lloyds. ...

      • GM withdrawal from Aussie autos 'credit negative'

        Sector developments and company hires

        CMBS analytics platform Thetica Systems has launched a web platform for CMBS pricing and analytics tools, which can be used to quickly analyse bid lists, gather market colour and perform deep analysis. Clients control the requirements for access t...

      • Green ILS framework rolled out

        Sector developments and company hires

        EMEA Nick Holman has joined Kartesia to lead investments in the UK from the Kartesia Senior Opportunities (KSO) I fund. Holman joins Kartesia from Santander’s structured finance team, where he was a director. He will work alongside Javie...

      • MSR subservicing transfer agreed

        Sector developments and company hires

        EMEA Michael Fiebig has been appointed coo at responsAbility Investments. Fiebig will be responsible for the firm’s regional offices and central functions, such as legal, finance and business technology. Previously, he was responsible fo...


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