Weekly Issue Archive »

Issue 705 - 14th August

  • News Analysis

    • CLOs

      • Repeat patterns

        CLO equity activity continues to be challenged

        The US CLO primary and secondary markets broadly appear to have bounced back from the early stages of the Covid crisis with spreads tightening and revived investor participation. However, long-standing trends at the bottom of the stack continue to ch...

  • News

    • ABS

      • Collections clarity

        Payment arrangement ABS strengthened

        New legislation (Law 14.031) has been introduced in Brazil regarding payment arrangements that govern payment services used by the public. The move is expected to have a positive impact on securitisations backed by receivables from these payment netw...

    • Structured Finance

      • SCI Start the Week - 10 August

        A review of securitisation activity over the past seven days

        Last week's stories Asset-backed attenuation Stricter underwriting in auto, credit card and home loan markets means fewer ABS deals CMBS perturbation Fitch report shows July US delinquency surge, especially in hotels and retail CPIH calcul...

  • Provider Profile

    • Structured Finance

      • Problem solving

        Paul Wilden, global head of capital markets at Apex Group, answers SCI's questions

        Q: How is Apex Group involved in the securitisation market? A: We provide a combination of SPV administration, trustee and agency services to a broad cross-section of asset classes. Our capital markets business is broadly sector agnostic. Q: What...

  • Market Moves

    • Structured Finance

      • CMBS repeat loan volume declines

        Sector developments and company hires

        CMBS repeat loan volume declines The percentage of US CMBS repeat loans dropped to 17.7% in 2019 and to 13.9% in 1H20, down by 21.4% year-over-year, according to DBRS Morningstar figures. Nevertheless, the volume of CMBS loans refinanced into CRE CL...

      • Piraeus taps HAPS

        Sector developments and company hires

        Piraeus taps HAPS Piraeus Bank has filed an application for inclusion of its Phoenix non-performing loan securitisation under the Hercules Asset Protection Scheme (HAPS). The total gross book value of the portfolio is €1.9bn, the majority...

      • Hertz review reversed

        Sector developments and company hires

        Hertz review reversed Moody's has changed the direction of review for 11 tranches of rental car ABS issued by Hertz Vehicle Financing II (HVF II) to under review for upgrade from under review for downgrade. The action is prompted by: the rec...

      • LLPA increase 'misguided'

        Sector developments and company hires

        LLPA increase ‘misguided’ Fannie Mae and Freddie Mac are increasing the loan-level price adjustment (LLPA) by 50bp as an adverse market delivery charge on effectively all mortgage refinances, except for construction loans, with s...

      • 'Flip clause' complaint dismissed

        Sector developments and company hires

        ‘Flip clause’ complaint dismissed The US Court of Appeals for the Second Circuit has ruled that investors should keep roughly US$1bn received from various Lehman Brothers affiliates after the bank’s 2008 bankruptcy fili...


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