Weekly Issue Archive »

Issue 702 - 24th July

  • News Analysis

    • CLOs

      • Support network

        US CLO prices supported by a variety of factors

        US CLO secondary market prices have come back a long way since the Covid-driven collapse in March. Spreads have softened a little since June’s tights, as summer lethargy seeps in, but are still benefiting – for now, at least &...

    • Structured Finance

      • Carrots and sticks

        'Wide-ranging and ambitious' recommendations welcomed

        The recommendations put forward by the High Level Forum on Capital Markets Union (CMU) last month have been welcomed by the European securitisation industry (SCI 11 June). However, while these measures – if implemented – should pr...

    • CLOs

      • Green shoots

        US middle market CLOs showing signs of recovery

        As the broader CLO market sees increasingly significant levels of new issuance, middle market CLOs are also starting to see the green shoots of recovery. However, the sector still faces its own unique challenges, while providing some opportunities as...

    • Capital Relief Trades

      • Qualitative approach?

        Covid complicating CRT analytical processes

        The Covid-19 fallout has complicated further the analytical process in connection with capital relief trades, given that the pandemic is having a skewed impact on different sectors of the economy. Against this backdrop, qualitative modelling approach...

    • ABS

      • Issuance boost

        Full-stack SRTs unlocked

        BBVA and Santander have reopened the full-stack significant risk transfer market with the issuance of an auto ABS apiece in June and July respectively. However, full-stack securitisations widely syndicated to private investors and referencing Norther...

  • Market Reports

    • Structured Finance

      • Positive pick-up

        European ABS market update

        The positive tone across the European securitisation market appears to be continuing this week, following one that saw rare Dutch consumer (Aurorus 2020) and Portuguese auto (Silk Finance No. 5) paper placed. Indeed, two more relatively rare mandates...

  • News

    • ABS

      • Funding diversity

        Non-bank lending 'credit neutral' for SME ABS

        Moody’s suggests that the emergence of non-bank lenders – such as Paypal, Amazon and Klarna – in Europe is credit neutral for SME securitisations because although they broaden funding sources, this is at the expense of i...

    • Structured Finance

      • SCI Start the Week - 20 July

        A review of securitisation activity over the past seven days

        FREE - CRT modelling panel The next in SCI's series of capital relief trades virtual debates is being held tomorrow, 21 July, at 2pm BST. Join distinguished speakers from Texel, Granular Investments, BNP Paribas, OSIS and PwC to find out how the Cov...

    • NPLs

      • Italian trades inked

        Unicredit completes NPL pair

        Unicredit has sold two predominantly unsecured SME non-performing loan portfolios for a total of €1.54bn. The move comes as Italian banks step up their loan loss provisions to cover an anticipated rise in NPLs following the coronavirus crisi...

  • Market Moves

    • Structured Finance

      • UK Mortgages offer disclosed

        Sector developments and company hires

        UK Mortgages offer disclosed M&G Investment Management (MAGIM), on behalf of one of its managed funds - M&G Specialty Finance Fund (£) SCSp – has disclosed that it has made several approaches to the board of UK...

      • Second CLN references WaMu loans

        Sector developments and company hires

        Second CLN references WaMu loans JPMorgan is in the market with its second public synthetic RMBS, Chase Mortgage Reference Notes 2020-CL1. Principal payments on the notes are based on the actual payments received and performance of a US$2bn referenc...

      • Canadian CMBS forbearance highlighted

        Sector developments and company hires

        Canadian CMBS forbearance highlighted As of the June 2020 remittance reports for the Canadian conduit CMBS sector, 48 loans totalling C$559.9m were on the servicer's watchlist for coronavirus-related relief, according to DBRS Morningstar. In...

      • ReoCo restructuring in the works

        Sector developments and company hires

        ReoCo restructuring in the works The Leviticus SPV issuer is set to implement a ReoCo structure, having appointed Credito Fondiario as the servicer to carry out all core ReoCo activities. The main purpose of the ReoCo is to encourage third-party acq...

      • 'Quick fix' for NPE, synthetic securitisation

        Sector developments and company hires

        ‘Quick fix’ for NPE, synthetic securitisation The European Commission has adopted a capital markets recovery package, as part of its overall coronavirus recovery strategy. The measures aim to make it easier for capital markets to...


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