Weekly Issue Archive »

Issue 726 - 22nd January

  • News Analysis

    • CLOs
      • Issuer substitutions

        VAT reversal results in redomiciled CLOs

        A number of CLO managers have redomiciled their European deals from the Netherlands to Ireland, following the change in interpretation of VAT law by the Dutch tax authorities in connection with CLO management and administration fees (SCI 24 February...

    • Capital Relief Trades
      • Italian SRTs finalised

        Third-party risk-sharing prospects raised

        The EIF has completed two synthetic securitisations with Banca Monte dei Paschi di Siena (BMPS) and Banco BPM (BBPM). The transactions were the last significant risk transfer trades to be carried out with the supranational as the Juncker plan came to...

    • Documentation
      • Libor lives on

        Likely postponement of USD Libor expiry gives structured finance market breathing space

        The demise of USD Libor seems likely to be delayed until mid-2023, which gives the structured finance market another two and a half years to gets its house in order - but the time must be used wisely, stress well-placed market observers. A December...

  • News

    • ABS
      • Litigation on the cards?

        SLABS default rates causing concern

        Rising US student loan ABS default rates have sparked concern among securitisation investors. In order to recover losses, investors may resort to lawsuits. Philip Stein, partner and litigation practice group leader at Bilzin Sumberg, says: ...

    • Structured Finance
      • SCI Start the Week - 18 January

        A review of securitisation activity over the past seven days

        Last week's stories Canadian CRT in the wings Canadian bank said to ready CRT Capital boost Greek banks eye CRTs to tackle NPLs (Premium Content) Expanding footprint Hayfin answers SCI's questions Forbearance falters D...

      • Eviction limitations extended

        New law poses risk for Spanish asset quality

        Royal Decree-Law 37/2020, introduced last month by the Spanish government, extends the limitations on evictions of vulnerable residential tenants until May 2021. The regulations are expected to negatively impact RMBS and non-performing loan ABS perfo...

    • Capital Relief Trades
      • Risk transfer round-up - 18 January

        CRT sector developments and deal news

        JPMorgan is believed to be arranging a corporate capital relief trade for an undisclosed Canadian bank. Dubbed Project Ward, the transaction was initially expected to close this month, but has now been postponed. Scotiabank is also understood to be...

      • Italian green SRT debuts

        GARC programme broadened further

        Intesa Sanpaolo has finalised an Italian synthetic securitisation that references a €1.3bn portfolio of green assets. The deal is the first green Italian capital relief trade and was printed alongside the bank’s third corporate CRT...

      • Risk transfer return

        Commerzbank inks private SME SRT

        Commerzbank has placed a €330m mezzanine tranche that references a €6bn revolving portfolio of primarily German corporate and SME exposures. The transaction marks the lender’s return to the private capital relief trades ma...

    • CMBS
      • CMBS sailing

        Stormy waters ahead and astern, but the US CMBS market has avoided the iceberg

        Although performance of the US CMBS sector has been better than would have been predicted at the start of the pandemic lockdown, there are still areas of acute concern, say analysts at Fitch Ratings, speaking to SCI as the CRE Finance Conference begi...

  • Market moves

    • Structured Finance
      • Euro CLO equity yields dip

        Sector developments and company hires

        Euro CLO equity yields dip Annualised equity dividend yields across European CLOs averaged 12.9% in 2020, down from 15.1% in 2019 and below the 15% yearly average for the 2014-2020 2.0 era, according to research from Bank of America. However, the re...

      • CLO team finds new home

        Sector developments and company hires

        CLO team finds new home Fidelity International has established a new private credit capability with experienced hires from AnaCap-owned MeDirect Bank. Concurrently, the firm has been awarded the delegation of management for the €400m Gran...

      • 'Unique' CMBX reflects Covid trends

        Sector developments and company hires

        ‘Unique’ CMBX reflects Covid trends The IHS Markit CMBX.14 index is expected to launch on 25 January, uniquely referencing 25 conduit CMBS issued between September 2019 and December 2020. All five of the 2019 deal constituents ar...

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