Weekly Issue Archive »

Issue 738 - 16th April

  • News Analysis

    • ABS
      • Consumer warriors

        Setback for CFPB, but warning shots at securitization market fired

        The March 26 dismissal of a lawsuit brought by the Consumer Financial Protection Bureau (CFPB) against a student loan trust is good news for the securitization market, but may be only the first skirmish between it and a more bellicose CFPB. In fact...

    • RMBS
      • Robust sentiment

        Positive outlook for Dutch RMBS market

        Sentiment in the Dutch RMBS market remains robust, according to panelists in a recent DBRS Morningstar webinar. While government support has been helpful in shoring up the sector during the Covid crisis, inflation is a growing concern among market pa...

  • News

    • ABS
      • Servicing hitch

        Italian NPL ABS collections drop

        Median gross collections for Italian non-performing loan securitisations in 2020 were 21% lower, compared to 2019, according to the latest estimates. The situation is further complicated due to a ban on evictions that will slow cashflows for some mon...

      • Benchmark issuance

        PPC finalises NPL ABS

        Greece’s Public Power Corporation (PCC) has finalised a €325m non-performing loan securitisation backed by 90 days past due receivables. Such a benchmark transaction is highly unusual for a corporate entity and paves the way for fu...

    • Structured Finance
      • Shifting trends

        Differing ESG impacts on credit quality considered

        ESG considerations pose higher credit risk to certain securitisation asset classes and certain global regions, with evolving regulations and shifting consumer demand exposing transactions to potential declines in asset values or cashflow. Nevertheles...

      • SCI Start the Week - 12 April

        A review of securitisation activity over the past seven days

        Last week's stories Collection boost? NPL sales increase pending amid uncertain timing Inclusive approach ABCP to facilitate sustainable asset transition Positive prospects Margin loan CRTs on the agenda Pockets of value Patient inves...

    • Capital Relief Trades
      • Leverage boost

        Dual-tranche SRT prepped

        Credit Suisse is marketing a synthetic RMBS dubbed Elvetia Finance Series 2021-1. The capital relief trade is a refinancing of a 2018 deal, but unlike the previous one, the new transaction has been sliced into a mezzanine and junior tranche. The or...

      • Risk transfer round-up - 12 April

        CRT sector developments and deal news

        Credit Agricole is believed to be readying a corporate capital relief trade that is expected to close this year. The bank’s last corporate SRT was finalised last year (see SCI’s capital relief trades database). ...

      • Risk transfer round-up - 14 April

        CRT sector developments and deal news

        Credit Suisse has closed an innovative bilateral significant risk transfer transaction. The deal references a portfolio of predominantly sub-investment grade corporate loans that were originated by Credit Suisse’s Swiss Corporate Bank and p...

      • Trailing Texas

        Banks with large warehouse loan books set to follow TCBI

        Regional banks with large warehouse mortgage lending books will be soon following the lead of TCBI in the CRT market, suggest analysts that follow the sector closely. In particular, First Horizon, headquartered in Memphis, Tennessee, Flagstar Bank,...

  • The Structured Credit Interview

    • RMBS
      • Income opportunities

        Clayton Triick, CFA, senior portfolio manager at Angel Oak Capital Advisors, answers SCI's questions

        Q: How and when did you become involved in the securitisation market? A: Angel Oak Capital Advisors has a long history within the US securitised markets. Originally as a distressed credit investor during the global financial crisis, Angel Oak was ab...

  • Market moves

    • Structured Finance
      • Multi-dealer CLO platform unveiled

        Sector developments and company hires

        Multi-dealer CLO platform unveiled Citi and Bank of America have announced they are working together on building a new data and execution platform, initially focused on CLOs and syndicated loans. The proposed multi-dealer platform, which is currentl...

      • Green auto feasibility assessments underway

        Sector developments and company hires

        Green auto feasibility assessments underway CO2 emissions data reporting by auto loan lenders is likely to be crucial to classifying auto loan securitisations as ‘sustainable’ or ‘green’, in order to tap dem...

      • Second IIG exec charged with fraud

        Sector developments and company hires

        Second IIG exec charged with fraud International Investment Group (IIG) managing partner and coo Martin Silver has pled guilty before US District Judge Alvin Hellerstein to investment adviser fraud, securities fraud and wire fraud offenses in conn...

      • Federal preemption challenges continue

        Sector developments and company hires

        Federal preemption challenges continue Two US courts have heard actions that are of significance to marketplace lenders and their funding sources so far this month, Chapman and Cutler reports. In Maryland, a state regulatory action purporting to req...

      • GSE Patch to end

        Sector developments and company hires

        GSE Patch to end Fannie Mae and Freddie Mac have announced that any loans purchased after 1 July must meet the standards set out in the most recent amendments to the Preferred Stock Purchase Agreements, which stipulate that the GSEs will only purc...

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