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Issue 698 - 26th June

  • News Analysis

    • Capital Relief Trades

      • Impact SRTs eyed

        Newmarket launches asset management business

        Newmarket has launched its asset management business, which will focus on the nexus of structured solutions and impact investing. Newmarket has spun out of Mariner Investment Group and will build upon a history of risk transfer investing. Along with...

    • CLOs

      • Test case scenario?

        US bankruptcy dispute could provide a template for CLO managers

        US-based marketing firm Acosta's bankruptcy filing and resultant disagreement between its loan investors could prove to be a test case for how both CLO managers and distressed funds approach such situations. If nothing else, if defaults conti...

    • CMBS

      • Apartment recovery?

        Multifamily CMBS collections 'encouraging'

        The recovery of the apartments sector post-coronavirus is expected to be seen sooner than other US commercial real estate sectors. However, concern remains about the impact of unemployment levels spiking. “Apartments that are not luxury a...

    • Capital Relief Trades

      • Structuring negotiations

        CRT origination trends evolving

        Investors appear to be able to extract more than they used to during structuring negotiations for capital relief trades, following the coronavirus-driven repricing of risk. Portfolio composition is also evolving, reflecting concerns over industries t...

    • ABS

      • Tentative TALF 2.0

        The next TALF subscription date is July 6, but no fireworks expected

          The second TALF 2.0 subscription period begins on July 6, and it is expected to be even more anaemic than the one that concluded on June 17th, say those close to the market. Investors requested $252m of loans in the first period, of wh...

  • News

    • Structured Finance

      • SCI Start the Week - 22 June

        A review of securitisation activity over the past seven days

        FREE - Capital Relief Trades Virtual Panel - LIVE Join SCI live again this Thursday, 25 June, for a...

    • Capital Relief Trades

      • Risk transfer round-up - 22 June

        CRT sector developments and deal news

        Deutsche Bank has completed a US$125.58m six-year CLN that references a US$1.932bn global corporate portfolio. Dubbed CRAFT 2020-3, the capital relief trade follows the lender’s first post-Covid SRT from the same programme that was complete...

    • CLOs

      • Time cut

        Post-crisis CLOs continue to feature short non-call/reinvestment periods

        New issue CLOs either side of the Atlantic have adapted to the post-pandemic world by introducing shorter time horizons. Equally, sizes and leverage in European deals have been cut. All three European CLOs that priced last week – BBAM Eur...

      • Weathering the storm

        US CLO warehouses perform well

        US CLO warehouses have weathered the fall-out from Covid-19 reasonably well, according to a new report from Maples Group. While there have been some casualties, their numbers have been limited and the prospects going forward are good. The report an...

    • NPLs

      • NPL platform launched

        Debitos announces doValue partnership

        DoValue has established an online NPL trading platform dubbed doLook, via an exclusive partnership in Italy with Debitos. The platform has been announced amid a pick-up in the secondary market for Italian non-performing loans. Debitos designed the...

    • Real Estate

      • Forbearances forge ahead again

        Mortgage servicers under pressure as forbearances climb once more

          Forbearances increased in the week-ending June 23 after three consecutive weeks of declines, according to data released this morning by Black Knight. The number of US home loans ticked up by 79,000 in the week-ending June 19, reducing...

  • The Structured Credit Interview

    • Structured Finance

      • Investment democratisation

        Stan Perromat, co-founder of Privatam, answers SCI's questions

        Q: How and when did Privatam become involved in the securitisation market? A: Privatam was founded in 2014 with the aim of shaking up customised investments for wealth managers. Our four founders saw an opportunity to introduce technology and flexib...

  • Market Moves

    • Structured Finance

      • MILN market set to reopen

        Sector developments and company hires

        MILN market set to reopen Arch has returned to the market with Bellemeade Re 2020-1, after it was pulled in March amid the Covid-19 fallout (SCI 29 May). Moody's has upgraded from A3 to A1 and from Baa3 to Baa1 the provisional ratings of t...

      • QM price-based approach mooted

        Sector developments and company hires

        QM price-based approach mooted The CFPB has issued two notices of proposed rulemaking (NPRMs) to address the impending expiration of the GSE patch, which is scheduled to expire in January 2021 (or when the GSEs exit conservatorship, if that happens...

      • RFC issued on NPL ABS treatment

        Sector developments and company hires

        RFC on NPL ABS treatment The Basel Committee has published a technical amendment in connection with the capital treatment of non-performing loan securitisations. This proposal, which the Committee started developing before the onset of the Covid-19...

      • Subprime auto performance eyed

        Sector developments and company hires

        Subprime auto performance eyed Davis & Gilbert’s latest Credit Chronometer subprime auto study indicates that Covid-era market participants generally believe that the most reliable indicator of a subprime auto securitisation&...

      • Volcker changes finalised

        Sector developments and company hires

        Volcker changes finalised The CFTC, FDIC, OCC, SEC and US Fed have finalised a rule modifying the Volcker Rule's prohibition on banking entities investing in or sponsoring hedge funds or private equity funds – known as covered fund...


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