Weekly Issue Archive »

Issue 715 - 23rd October

  • News Analysis

    • CLOs
      • JAAA launched

        New triple-A CLO ETF well received

        The Janus Henderson AAA CLO ETF (JAAA) launched on Monday, 19 October, amid positive investor feedback. The ETF seeks to provide capital preservation and current income by investing at least 90% of its net assets in CLOs of any maturity that are rate...

  • News

    • ABS
      • Jurisdiction expansion

        European ABS market update

        IPTs were released today for Mercedes-Benz's inaugural French auto ABS. Dubbed Silver Arrow France 2020-1, the €689.7m transaction is STS compliant and backed predominantly by auto leases. The jurisdictions that Mercedes-Benz has p...

    • Structured Finance
      • SCI Start the Week - 19 October

        A review of securitisation activity over the past seven days

        Last week's stories Compromise pending Parliament softens stance on 'problematic' proposals Made in the USA Speakers at SCI conference herald dawn of new era for US CRT Movie magic Rare securitisation of film library future revenues finds...

    • Capital Relief Trades
      • Risk transfer round-up - 20 October

        CRT sector developments and deal news

        Standard Chartered is rumoured to be prepping a capital relief trade backed by emerging market corporate loans from the START programme. The last START transaction closed in September 2015 (see SCI’s capital relief trades database). ...

      • Risk transfer round-up - 21 October

        CRT sector developments and deal news

        Lloyds is believed to still be attempting to execute its second transaction from the Fontwell programme. The deal is backed by agricultural loans and was expected to close in 3Q20, but the bank has allegedly found it hard to sell the mezzanine tranch...

      • Risk transfer return

        BDK preps capital relief trade

        Bank Deutsches Kraftfahrzeuggewerbe (BDK) is marketing a full-stack capital relief trade backed by a static €1bn German auto loan portfolio. Dubbed Red & Black Auto Germany Seven, the deal is broadly similar to R&B Six, altho...

      • Corona kickstart

        Constellation of factors coalesced to push the US CRT market forward

        Covid 19 may have given the US CRT market the kick start it needed, suggests David Felsenthal, a New York-based partner at leading global law practice Clifford Chance. “Coronavirus has underlined the value of capital. People are sensitive...

    • CLOs
      • Restructuring capacity

        LMLs introduced to European CLOs

        Recently issued Deer Park CLO was the first European deal to provide for loss mitigation loans (LMLs) and enable its manager to invest outside of eligibility criteria during restructuring events, according to a new report from Fitch. “Thi...

    • RMBS
      • Mezz opportunity

        'Rare' bonds on offer via large BWIC

        A sizeable UK mezzanine 2.0 RMBS BWIC is due on 22 October and is being seen as a good opportunity to source risk. The portfolio is believed to be being divested by a large US-based seller. “The seller is a large US-based institution that...

  • Market Moves

    • Structured Finance
      • CLO structures reviewed

        Sector developments and company hires

        CLO structures reviewed Post-Covid crisis US BSL CLO structures differ in a range of ways from their predecessors, beyond shorter reinvestment periods, according to a new report from S&P. “We reviewed a sample of almost 40 US BSL...

      • Leasing ABS inked

        Sector developments and company hires

        Leasing ABS inked The EIB and the EIF have provided Alba Leasing with €490m via an SME securitisation financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to €980m for projects acro...

      • Aviation leasing platform prepped

        Sector developments and company hires

        Aviation leasing platform prepped PIMCO and GE Capital Aviation Services (GECAS) have reached a preliminary agreement to develop an aviation leasing platform to support up to US$3bn in aircraft asset financings, subject to customary closing condit...

      • Environmental risk score rolled out

        Sector developments and company hires

        CMBS environmental risk score rolled out Trepp has implemented a new data integration with Risk Management Solutions (RMS) that aims to help evaluate and manage global risk from natural and man-made catastrophes. The solution provides an environme...

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