Weekly Issue Archive »

Issue 707 - 28th August

  • News Analysis

    • ABS

      • Doctrines disputed

        MPL principles continue to be challenged

        The ‘true lender’ and ‘valid when made’ doctrines of the marketplace lending industry continue to be disputed. While the state of Colorado last week reached a landmark settlement with online lenders Avant and M...

  • News

    • Structured Finance

      • SCI Start the Week - 24 August

        A review of securitisation activity over the past seven days

        Last week's stories Car capital relief JPM Chase tests the auto loan waters with new CRT deal Freddie, Fannie fight back The GSEs have come out swinging after widespread denunciation of the LLPA Freddie trifecta Freddie prints its third S...

    • Capital Relief Trades

      • Auto SRT prepped

        Santander readies capital relief trade

        Santander is marketing a full-stack auto significant risk transfer trade that references a €520m static portfolio of 49,547 Spanish secured auto loans. Dubbed Santander Consumer Spain Auto 2020-1, the transaction differs from previous auto S...

      • Risk transfer round-up - 28 August

        CRT sector developments and deal news

        BNP Paribas is rumoured to be prepping its fifth corporate capital relief trade from the Resonance programme, which is expected to close in 2H20. The French lender closed another corporate deal in September 2019 that is believed to be Resonance Four...

    • CLOs

      • Middle ground?

        Middle market CLO credit agreements being renegotiated

        Many of the borrowers of the loans underlying US middle market CLOs are facing severe economic distress because of the Covid crisis and recessionary fears. As a result, they are renegotiating and amending their credit agreements to avoid breaching th...

    • NPLs

      • Impairment posted

        Write-down for Arrow, but collections improve

        Arrow Global posted a £110.4m loss in 1H20 and a non-cash impairment equal to £133.6m, following a revaluation of its balance sheet after the Coronavirus crisis. However, non-performing loan collections have registered a positive...

      • Time lag

        Chinese asset quality weakens

        Banking system statistics released by the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) suggest that the asset quality of Chinese banks continued to weaken in 2Q20 in the wake of disruptions c...

    • RMBS

      • A touch of seasoning

        Proposed expansion of pool of qualified mortgages offers little for MBS

        While the new category of qualified mortgage (QM) proposed by the Consumer Financial Protection Bureau (CFPB) might in theory increase the supply of high quality US mortgages for securitization, the stipulations of the proposed new rules mea...

  • Talking Point

    • Structured Finance

      • View from an investor

        SCI hears from an US MBS buyer about what he likes in the market... and next week what he doesn't

        Karlis R. Ulmanis, CFA, is a portfolio manager at DuPont Capital. In these waning days of summer, he gave an hour of his time last week to sit down (virtually, of course…) with SCI to discuss where he sees value in the current somewhat fra...

  • Market Moves

    • Structured Finance

      • Skilled nursing CMBS eyed

        Sector developments and company hires

        Skilled nursing CMBS eyed DBRS Morningstar is reviewing its ratings on the CSMC 2019-SKLZ, Greystone CRE 2018-HC1 and CHC 2019-CHC CMBS, which are secured primarily by skilled nursing facilities. The agency warns that in the coming months, nursing h...

      • FDIC sued over Madden rule

        Sector developments and company hires

        FDIC sued over Madden rule The states of California, Illinois, Massachusetts, Minnesota, New Jersey, New York, North Carolina and the District of Columbia last week filed a lawsuit in the US District Court for the Northern District of California aga...

      • CECL eligibility expanded

        Sector developments and company hires

        CECL eligibility expanded The FDIC, OCC and the US Fed have finalised a rule that allows institutions that adopt the current expected credit losses (CECL) accounting standard in 2020 to mitigate the estimated effects of CECL on regulatory capital fo...


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