Weekly Issue Archive »

Issue 685 - 27th March

  • News Analysis

    • CMBS

      • SASB stress

        RWN action reflects hotel pressure

        Fitch has placed 81 classes from 15 US single-borrower hotel CMBS on negative watch, reflecting the significant economic impact to the sector from the coronavirus pandemic. The magnitude of defaults among CMBS loans secured by hotels will nonetheless...

    • ABS

      • TALF response mixed

        Fed facility could be found wanting

        The US Fed’s introduction of the new iteration of the Term Asset-Backed Securities Loan Facility, or TALF 2.0 (SCI 23 March), was one of the measures that contributed to some steadying of broader markets yesterday. However, the facility cou...

    • RMBS

      • Cloudy outlook

        RMBS perseveres amid market volatility

        LendInvest last week closed Mortimer BTL 2020-1, a £285m UK buy-to-let RMBS, in the face of unprecedented levels of volatility in credit markets. Virus-related uncertainties are not the only concern for UK RMBS this year, however. The tri...

    • CMBS

      • Forced selling

        REITs struggling to meet margin calls

        US MBS rallied yesterday (25 March) in the wake of the announcement that Congress has agreed the terms of a US$2trn stimulus package. However, they remain well down on the week, say dealers. “The Fed announcement has firmed things up. It...

  • News

    • ABS

      • Invoice ABS debuts

        First trade receivables securitisation for India

        Northern Arc Capital and fintech platform CredAble have closed a trade finance securitisation backed by invoice receivables. The transaction is the first rated and listed invoice receivables-backed ABS from India. Kshama Fernandes, md and ceo of No...

    • Structured Finance

      • SCI Start the Week - 23 March

        A review of securitisation activity over the past seven days

        SCI NPL Securitisation Awards 2020 - new deadline SCI NPL Securitisation Awards 2020 - new deadline As a result of COVID-19, the SCI NPL Securitisation seminar has unfortunately had to be postponed until 1 July, along with the NPL Securitisati...

    • Capital Relief Trades

      • CRT deals disclosed

        Intesa publishes capital management strategy

        Intesa Sanpaolo has released details of its capital management strategy, following the release of its 2019 annual report on Friday (20 March). The lender has revealed the details of four capital relief trades that were completed last year.  ...

    • NPLs

      • Liquidity risk

        Pandemic pressure on NPL performance

        Economic disruption caused by Covid-19 is expected to negatively impact the timing and amount of collections for non-performing loan securitisations from the euro-area periphery. NPL transactions are exposed not only to direct economic shocks, but al...

    • RMBS

      • PPIP call

        CRT and non-agency MBS still in need of purchasing power

        Non-agency MBS and CRT deals in particular are still in need of government support, according to securitised product research analysts at JPMorgan. They suggest it could come in the form of a Public Private Investment Programme (PPIP) similar to that...

  • Talking Point

    • ABS

      • Testing times

        MPL platforms addressing coronavirus impact

        As an expansion-era product, marketplace lending securitisation is expected to be tested for the first time by the Covid-19 fallout. Joseph Cioffi, partner and chair of the insolvency, creditors’ rights and financial products practice group...

  • The Structured Credit Interview

    • Capital Relief Trades

      • Closing the gap

        Audentia Global investor relations head Sophia Vanco and chief of staff Nick Makin answer SCI's ques...

        Q: How and when did Audentia Global become involved in the capital relief trades market? NM: Audentia was founded 2.5 years ago by its co-chief investment officers Fasil Nasim and Chris Newman, who had previously worked together in commodity finan...

  • Market Moves

    • Structured Finance

      • Fed revives the TALF programme

        Sector developments and company hires

        Return of the TALF The US Fed announced a slew of new measures to support the credit markets this morning, including the revival of the Term Asset-Backed Securities Loan Facility (TALF), first seen in the wake of the global financial crisis. Under t...

      • Research head named

        Sector developments and company hires

        North America David Walker has joined CIFC as head of research, responsible for leading the firm’s US credit research platform and overseeing its team of 20 research analysts. Based in New York, he reports to CIFC ceo and cio Steve Vacca...

      • Call for TALF expansion

        Sector developments and company hires

        BlackRock hired The New York Fed has retained BlackRock Financial Markets Advisory as a third-party vendor to operationalise its purchases of agency CMBS and transact with primary dealers on behalf of the SOMA. BlackRock was selected on a short-term...

      • UK WBS hit expected

        Sector developments and company hires

        APAC Frontier Advisors has appointed Joe Clark as senior consultant in its alternatives and derivatives research team, based in Melbourne, Australia. Clark was previously senior portfolio manager in QIC’s global multi-asset team and has...

      • Euro CLO coronavirus exposure mitigated

        Sector developments and company hires

        Euro CLO coronavirus exposure mitigated A portion (15%) of European CLO collateral is derived from the industries most vulnerable to the coronavirus pandemic, according to Moody’s. However, the agency says that the relatively few near-term...


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