Weekly Issue Archive »

Issue 718 - 13th November

  • News Analysis

    • Structured Finance

      • Transition revamp?

        Legacy language amendments remain challenging

        Standard Libor fallback language has been agreed and adopted by some new transactions ahead of the benchmark transition next year (SCI passim). However, language amendments for legacy transactions remains challenging. “Government agencies...

  • News

    • ABS

      • Utility ABS returns

        Innovative minibond deal gains wider reception

        A consortium of six Italian utility companies has closed its third securitisation backed by minibonds secured by water service assets in the Veneto region of the country. The EIB has acted as anchor investor in all of the programme’s issuan...

    • Structured Finance

      • SCI Start the Week - 9 November

        Last week's stories ESG philosophy Federated Hermes answers SCI's questions Finish line Galaxy nears completion Ramping up Synthetic RMBS prepped Storming STACR Freddie Mac shrugs off the lockdown effect to go to town...

    • Capital Relief Trades

      • Risk transfer round-up - 9 November

        CRT sector developments and deal news

        Santander is believed to be readying a synthetic securitisation of UK auto loans, dubbed Project Spitfire. Meanwhile, Societe Generale is rumoured to be prepping two capital relief trades backed by corporate and SME loans. All three transactions are...

      • Morgan motors

        JP Morgan puts its foot on the gas in CRT highway

        The CRT transaction derived from JP Morgan Chase’s corporate loan book reported on by SCI in September is set to close in the very near future, say well-placed sources. “The deal is imminent and has been pre-placed with investor...

      • Revised stance

        Parliament backtracks on structural features

        The European Parliament’s Economic and Monetary Affairs Committee (ECON) has approved the inclusion of time calls and pro-rata amortisation for STS synthetic securitisations, as part of a review of the European Commission’s &l...

      • Risk transfer round-up - 11 November

        CRT sector developments and deal news

        Piraeus Bank is believed to be readying its first synthetic securitisation. The transaction would be the first capital relief trade to come out of Greece. Meanwhile, JPMorgan is rumoured to be prepping a large US corporate capital relief trade with...

    • CLOs

      • CLO resurgence?

        Primary spike contingent on sustained positivity

        The US CLO market’s presidential election lull continued into this week ahead of yesterday’s holiday, despite the rally in equity and broader credit, with no new deals priced since 2 November. However, issuance could now take-off...

  • Market Moves

    • Structured Finance

      • ESG-focused CLO manager formed

        Sector developments and company hires

        ESG-focused CLO manager formed A trio of ex-Ares Management partners have formed a new independent alternative credit investment firm that plans to adopt an active ESG screening approach. Founded by Americo Cascella, Daniel Hall and Shane Mengel, Pa...

      • Dutch BTL aggregator deal prepped

        Sector developments and company hires

        Dutch BTL aggregator deal prepped Citi is in the market with a new Dutch buy-to-let RMBS. Dubbed Jubilee Place 2020-1, the transaction is backed by a €212.9m portfolio comprising 669 loans originated by Dutch Mortgage Services, DNL 1 and Co...

      • Shortfalls hitting rated CMBS notes

        Sector developments and company hires

        Shortfalls hitting rated CMBS notes KBRA reports that over 85% (225) of the 263 deals in its rated US conduit CMBS universe have been impacted by interest shortfalls to varying degrees. Prior to the coronavirus pandemic, shortfalls occurred in just...

    • CLOs

      • Garrison CLO platform acquired

        Sector developments and company hires

        Garrison CLO platform acquired Mount Logan Capital subsidiary Mount Logan Management (ML Management) has acquired from Garrison Investment Management (GIM) and other sellers the rights under certain interests and agreements relating to Garrison Fund...


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