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Issue 712 - 2nd October

  • News Analysis

    • CMBS

      • Under pressure

        CRE uncertainty persists

        Commercial real estate companies backed by exposure to retail face difficult months ahead, following renewed downward pressure on rental income and non-prime property values amid the prolonged economic fallout of the Covid-19 crisis. Indeed, as the u...

    • CLOs

      • European evolution

        European CLO market changing post-Covid

        European CLO structures are evolving post-crisis, including the introduction of static deals only previously seen in the US. Such innovation combined with relative value opportunities could spur further market growth. Dasha Sobornova, partner at Ma...

      • Double-B disparity

        US CLO lower mezz misses out

        Last week saw high levels of activity across the bulk of the US CLO primary and secondary markets. However, new and very recent double-B paper has missed out. “The majority of the new issue debt stack has been very actively bid, but doubl...

      • Repayments rated

        CLO debt repayment rates could act as a manager differentiator

        Manager differentiation has become ever more important as the Covid-crisis and its resultant CLO market impact continues to play out. Real repayment rates could become the latest tool in the manager selection process as well as an important pricing i...

  • News

    • ABS

      • Programmatic approach

        Chinese ABCP market gaining traction

        Four public ABCP programmes have launched in China since the market opened in June. However, there are a number of differences between Chinese ABCP programmes and those in more developed jurisdictions. “It is a new market, so at the momen...

    • Structured Finance

      • SCI Start the Week - 28 September

        A review of securitisation activity over the past seven days

        SCI Risk Transfer & Synthetics Virtual Seminar Join SCI on 7 and 8 October for its Risk Transfer & Synthetics Virtual Seminar, which will explore the micro and macro drivers behind JPMorgan's landmark capital relief trades and whether this f...

    • Capital Relief Trades

      • Risk transfer round up - 28 September

        CRT sector developments and deal news

        BNP Paribas is rumoured to be readying a full-stack consumer significant risk transfer trade for 2H20.The transaction would be the lender’s first post-Covid full stack SRT following the finalisation of E-CARAT 11 in February (see SCI&rs...

      • Latest Magdalena finalised

        Santander prices first post-Covid SME SRT

        Santander, the EIF and the EIB have completed a €55m and €143m CLN that references a €2.2bn Spanish SME portfolio. Dubbed Magdalena Four, the transaction is Santander’s first po...

      • SME boost

        Commerzbank completes CRT

        Commerzbank, the EIF and the EIB have completed a €125m mezzanine guarantee that references a €1.9bn German SME and midcap portfolio. The guarantee will enable Commerzbank to provide new lending of up to €500m to SMEs and m...

    • CDS

      • Repack returns

        Optionality, yield a hit with investors

        The appeal of repackagings during times of economic stress became apparent during the Covid-related shutdown. Repack issuance is gaining traction among Asian investors in particular, due to the search for yield and the instruments’ customis...

    • CMBS

      • Cashflow concerns

        WFH shift highlighted in office, multifamily CMBS

        Both the US office and multifamily CMBS sectors will be impacted by the coronavirus-induced working-from-home (WFH) trend. The consequent need for the reconfiguration of physical properties, as well as leases, is highlighted by Fitch in a new report....

  • Market Moves

    • Structured Finance

      • Mezz CLO fund closed

        Sector developments and company hires

        Mezz CLO fund closed Pearl Diver Capital has completed the final closing of its eighth closed-end CLO investment fund, PDC Opportunities VIII, at US$400m. Launched with a target raise of US$300m, the fund hit its hard cap, with LPs represented by...

      • SME ABS debut for Italian fintech

        Sector developments and company hires

        SME ABS debut for Italian fintech Banca Valsabbina has supported fintech BorsadelCredito.it as arranger, account bank and subscriber - together with other institutional investors – of ABS notes in a €100m securitisation backed by...

      • 'Dual-track' approach touted for SRT

        Sector developments and company hires

        ‘Dual-track’ approach touted for SRT The EBA is finalising its report on significant risk transfer and hopes to be able to publish it by year-end, according to Pablo Sinausia, policy expert at the authority. He disclosed during a...

      • New IMA inked

        Sector developments and company hires

        New IMA inked Pollen Street Secured Lending (PSSL) has appointed Waterfall Asset Management as its investment manager, replacing PSC. An investment management agreement has also been signed with a new AIFM, Mirabella Financial Services. PSSL ha...


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