Weekly Issue Archive »

Issue 700 - 10th July

  • News Analysis

    • Insurance-linked securities

      • Arch restarts MILNs

        The relaunched Bellemeade Re 2020-1 from Arch Capital, priced at the end of last week, secured more investors than any previous mortgage insurance-linked note (MILN) from this borrower, confirms Jim Bennison, executive vice president for alternative...

    • NPLs

      • Pricing recalibration

        NPL ABS market growth pending?

        The EBA’s opinion (SCI 24 October 2019) and more recently the Basel Committee’s consultation (SCI 24 June) on removing impediments to the securitisation of non-peforming loans have been welcomed for addressing the key points that...

    • Capital Relief Trades

      • Restructuring events?

        Uncertainty over CRE values weighs on CRTs

        Restructuring credit events in capital relief trades backed by commercial real estate loans will likely occur over the next six months, following an end to coronavirus-related payment holiday schemes. Given uncertainty over the long-term impact of th...

      • CPR for CRT from Freddie

        Freddie Mac's new upsized STACR shows market is healthy

        Freddie Mac has demonstrated that reports of the death of the CRT bond market are greatly exaggerated with its upsized $1.1bn STACR 2020-DNA3 deal priced at the end of last week and announced on Monday, July 6. This was the first single fami...

  • News

    • Capital Relief Trades

      • Polish SRT inked

        Santander completes capital relief trade

        Santander has completed a synthetic securitisation of Polish leasing receivables with the EIF. The transaction references an approximately PLN2bn (€450m) portfolio and is Santander’s first significant risk transfer transaction foll...

      • Risk transfer round up - 10 July

        CRT sector developments and deal news

        Commerzbank is rumoured to be readying a corporate capital relief trade that is expected to close in 2H20. The German lender’s last significant risk transfer trade closed in February and referenced German SME exposures (see SCI’s...

    • NPLs

      • Collection boost?

        NPL ABS performance remains volatile

        May registered higher collection volumes than April for Italian non-performing loan securitisations, although the level remains below the January-February average. Low collection levels are expected to persist for the rest of this year, as Italy&...

    • RMBS

      • Forbearance plans plummet

        Forbearances fall to April levels, but rollercoaster ride isn't over

        Forbearances fell by 435,000 last week - the biggest single week drop yet - taking the overall number of home owners in forbearance plans to 4.14m, according to data released this morning by Black Knight. This is the lowest number of forbearances sin...

  • Market Moves

    • Structured Finance

      • Volcker revision impact modest

        Sector developments and company hires

        Volcker revision impact modest The impact of the changes made to the Volcker Rule (SCI 26 June) will be relatively modest for the CLO market, according to S&P. The agency notes that nearly all current CLO documents prohibit investing in bond...

      • Positive signs for CLOs

        Sector developments and company hires

        Positive signs for CLOs US CLO manager metrics have begun to improve or stabilise, according to JPMorgan’s Q2 report on the sector, published today. “In the very latest reported data, the percent of US CLOs failing the junior-mos...

      • CQS portfolio refinanced

        Sector developments and company hires

        CQS portfolio refinanced AnaCap Financial Partners has acquired and refinanced a portfolio of salary and pension guaranteed loans (CQS) with a face value of over €200m. Originated by a large Italian bank, these loans were initially securi...

      • Spanish CP vehicle formed

        Sector developments and company hires

        Spanish CP vehicle formed ODF Energía has registered on MARF the first issuance of commercial paper, sized at €30m, from its innovative new Spanish securitisation fund. Dubbed HT Suministros, the fund is a multi-compartment vehic...

      • OC ratios examined

        Sector developments and company hires

        OC ratios examined Drivers behind and expectations for European CLO OC ratios have been examined in a new report from S&P. It finds that average senior and junior OC cushions declined between February and May by 1% to remain healthy at over...


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