Weekly Issue Archive »

Issue 697 - 19th June

  • News Analysis

    • CLOs
      • Next step

        Debut CLO part of platform roll-out

        BlueBay Asset Management priced its first CLO on Monday inside recent primary tights and despite the then stalled secondary market rally. The European deal is the next step in the roll-out of the firm’s long-term global structured credit st...

      • Structural hurdles

        US CLO managers face restructuring challenges

        Restructurings and workouts are an increasing focus for US CLO managers as credit deterioration continues and defaults rise. However, they face significant structural hurdles that restrict their involvement in the process. “There are two...

  • Market Reports

    • RMBS
      • Investor interest

        UK RMBS market update

        The launch of Morgan Stanley’s buy-to-let transaction, Tudor Rose Mortgages 2020-1, yesterday marks the reopening of the UK RMBS market post-coronavirus. Investor interest shown in this deal is expected to encourage further market participa...

  • News

    • Structured Finance
      • SCI Start the Week - 15 June

        A review of securitisation activity over the past seven days

        Last week's stories Addressing inconsistencies Performance metrics switched Calabria confiden...

      • Take-up rates

        Significant variations across European moratoria

        Payment holidays have so far assisted in deterring defaults during the coronavirus crisis. However, borrowers who have suffered severe financial difficulties are nevertheless expected to eventually experience defaults. Antonio Tena, vp-senior analy...

    • Capital Relief Trades
      • Risk transfer round-up - 17 June

        CRT sector developments and deal news

        Credit Suisse is rumoured to be readying a capital relief trade from the Elvetia programme that is scheduled to close in 2Q20. The Swiss lender’s last Elvetia SRT was closed in May 2019 and referenced SME loans. Elvetia transactions are typ...

      • SRT debut

        Sabadell completes first synthetic securitisation

        Sabadell has completed a €96m mezzanine guarantee with the EIF. The transaction references a €1.6bn Spanish SME portfolio and is the Spanish lender’s first synthetic securitisation. The guarantee will enable the issuer t...

      • Lift off

        Credit Suisse finalises SRT

        Credit Suisse has priced an Sfr130.5m equity tranche that references a Sfr1.8bn blind pool of medium to large Swiss corporate borrowers. Dubbed Elvetia Finance Series 2020-1, the transaction is the Swiss lender’s first capital relief trade...

      • Sicilian CRT launched

        BAPR completes SME securitisation

        The EIF and Banca Agricola Popolare di Ragusa (BAPR) have completed a synthetic securitisation referencing Sicilian SMEs. The €22m guarantee references an approximately €200m portfolio and is the Italian lender’s first cap...

    • CMBS
      • Demand decline

        Remote working accelerates change for office CRE

        A decline in demand for office real estate is expected amid the coronavirus fallout and record job losses. Occupancy and rental rates will come under pressure as a result. The Covid-19 outbreak has accelerated the adoption of remote working, which...

    • RMBS
      • Champagne on hold

        Latest forbearance numbers encourage, but end of July cliff edge looms

        Despite the reported recent drop in the number of home loan borrowers in forbearance, Moody’s strikes a cautionary note in its latest report on the RMBS sector, released this week. “Yes, we’ve observed a flatlining&...

  • The Structured Credit Interview

    • Structured Finance
      • Seductive specifieds

        An investor's view

        SCI spoke to Brendan Doucette, government bond portfolio manager of GW&K Investment Management in Boston. The firm has assets under management of $40bn, of which $1bn is invested in the MBS market. It invests only in GSE-backed bonds. Q: ...

  • Market Moves

    • Structured Finance
      • Older CLOs underperforming

        Sector developments and company hires

        Older CLOs underperforming A significant proportion of all the US BSL CLOs S&P has on negative watch closed in 2015 or before. The rating agency reports that such deals also experienced a steeper average decline in OC cushion, falling by 3.2...

      • CMBS scores in first TALF window

        Sector developments and company hires

        CMBS scores in first TALF subscription Investors requested US$252m in loans under the first TALF 2.0 subscription window. Of this total, US$145m was for CMBS purchases, with the remainder almost evenly split between premium finance and small busines...

    • Capital Relief Trades
      • Bridging gaps

        Linking SRT originating banks with insurance partners

        Texel is aiming to help insurers and banks bridge gaps in their understanding of how each sector approaches significant risk transfer transactions. With insurers expected to become more active in the capital relief trades market, the firm’s...

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