Weekly Issue Archive »

Issue 689 - 24th April

  • News Analysis

    • NPLs

      • NPL ABS eyed

        Greek banks target HAPS, despite virus crisis

        Greek banks are targeting over €30bn of non-performing loan securitisations in 2020 via the Hercules Asset Protection Scheme (HAPS). However, recent measures to curtail the spread of Covid-19 could render this task more difficult (SCI 9 Apri...

    • Capital Relief Trades

      • Recovery boost

        Weatherford revolvers fully repay amid negative outlook

        A new case study from SCI has revealed that oil and gas firm Weatherford International is referenced in a capital relief trade following the company’s successful emergence from bankruptcy in December 2019. The revolvers that backed the SRT...

    • CMBS

      • Non-agency CMBS goes it alone

        The non-agency CMBS market is an orphan of the storm

        While a raft of measures to aid liquidity and forestall insolvency have been introduced by the US authorities to asset-backed markets in recent weeks, the non-agency CMBS sector remains outside the umbrella, leading to fears it faces huge losses. G...

  • News

    • Structured Finance

      • SCI Start the Week - 20 April

        A review of securitisation activity over the past seven days

        Last week's stories Bilateral activity Opportunistic capital redeployment underway Coverage cleared Debut programmatic ILW trade executed Discounted opportunities Insurers target SRT secondary market Forbearance foreseen Euro CMBS ca...

    • CLOs

      • Rating reaction?

        Potential shift to non-investment grade drives selling

        The CLO BWIC calendar has been dominated by triple-B paper so far this week, as sellers look to off-load bonds ahead of potential downgrades into non-investment grade territory. The pattern could continue for some time, with rating-sensitive investor...

      • Structural review

        New shape of European CLOs examined

        CLO issuers are having to adapt to the current market environment and consequently new deals are moving away from traditional structures. A new report from S&P examines the major changes it is seeing in proposed European issuance. Understan...

    • CMBS

      • Stalwart Canadians

        Canadian CMBS better positioned than US

        There is some evidence that the Canadian CMBS market is in a better state to ride out the turbulence of the Covid 19 crisis than the US market, suggest analysts. “Taking the base case scenario (that the recovery will begin at the beginnin...

      • Bright spot?

        European logistics gaining momentum

        The logistics sector is set to be a bright spot in European commercial real estate post Covid-19. Coronavirus impacts represent one of six fundamental factors behind the sector’s momentum, according to Scope Ratings, alongside growth in e-c...

    • NPLs

      • Underperformance underlined

        Italian NPL ABS ratings hit

        Moody’s has downgraded and placed on review for further downgrade the ratings of two notes and placed on review for downgrade the ratings of 12 notes across 11 Italian non-performing loan securitisations. The downgrades reflect underperform...

    • RMBS

      • Extension risk

        Willingness and ability to call weighed

        The Covid-19 fall-out appears to have impacted both the willingness and the ability of some UK issuers to exercise call options, since the public primary securitisation market has contracted and funding sources - especially for non-bank lenders - hav...

      • Pressured profitability

        Building societies sensitive to lockdown

        UK residential mortgage originations have decreased significantly due to the current social distancing measures. However, the profitability of building societies depends on their ability to grow their loan books, says KBRA. Valuations are a signifi...

  • Talking Point

    • ABS

      • Accessing liquidity

        Christoph Gugelmann, co-founder of Tradeteq, highlights the role technology plays in securitising tr...

        Access to liquidity is becoming more important than ever; many businesses – both large and small – need support in order to maintain exporting obligations. However, even if the global economy was not currently wrestling with the i...

  • Market Moves

    • Structured Finance

      • Moody's puts CLOs under review

        Sector developments and company hires

        Moody’s puts CLOs under review Moody's has placed on review for downgrade its ratings on 859 tranches issued by 358 US BSL CLOs (plus another 25 linked US CLO combo notes, secured notes and repacks) and 117 tranches issued by 39...

      • GSE advancing obligations aligned

        Sector developments and company hires

        GSE advancing obligations aligned The US FHFA has aligned Fannie Mae's and Freddie Mac's policies regarding servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans. Once a se...

      • Grandfathering for Dutch CLO issuers

        Sector developments and company hires

        Grandfathering for Dutch CLO issuers The Dutch tax authorities have provided written confirmation to CLO issuers domiciled in the Netherlands that their recently revised position on the VAT exemption (SCI 10 March) will not apply with retroactive ef...

      • Inventory ABS prepped

        Sector developments and company hires

        Inventory ABS prepped Fintech platform Supply@ME Capital (SYME) has entered into an agreement with StormHarbour Securities for the issue, distribution and placing of a series of ABS that are guaranteed against inventories purchased directly by the p...


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