Weekly Issue Archive »

Issue 755 - 13th August

  • News Analysis

    • ABS
      • Amortization antics

        Vehicle inventory shortage forces ABS issuers to forestall amortization

        Ford Motor Credit last week amended the terms of its excess funding account (EFA) to prevent early amortization of ABS notes issued by its master floorplan trust following a similar move by Nissan and market experts say other captive finance vehicles...

  • News

    • ABS
      • Sponsor momentum

        Record-setting quarter for the ILS market

        The second quarter of 2021 was record-setting for the ILS market on numerous fronts. With around US$5.6bn across 20 catastrophe bonds issued in Q2 – bringing total issuance to US$8.5bn so far this year - volume already surpasses by ...

    • Structured Finance
      • SCI Start the Week - 9 August

        A review of SCI's latest content

        Last week's news and analysis ABS-lite appetite Insured trade receivables notes in vogue Issuance boost STS synthetic securitisations taking off Positive results Stress tests raise SRT prospects Record Freddie Freddie Mac chur...

      • Downward trend

        Corporate defaults continue to drop

        Corporate default rates continue to fall across the globe, according to the latest data. However, the declining pace will likely slow by end-December and then stabilise in January to July 2022. According to the latest Moody’s data, the nu...

      • Simulation analysis

        Covid-19 boosts capital ratios

        UK and EU bank capital ratios have increased over the past year, despite the effect of the pandemic on profits. Nevertheless, the Covid crisis has exacerbated many of the difficulties related to generating returns, so analysts expect the environment...

    • Capital Relief Trades
      • Risk transfer round-up - 12 August

        CRT sector developments and deal news

        Societe Generale is believed to be readying a synthetic CMBS that is expected to close in 2H21. The transaction is the second synthetic CMBS that is allegedly being readied this year, along with a BNP Paribas trade.  ...

    • CMBS
      • CMBS fillip

        Hotel sector leads recovery in US CMBS but retail still depressed

        Delinquency rates in US CMBS have fallen appreciably in July, led by a robust performance in the hotel sector, reports Fitch Ratings. But the retail sector, and particularly regional malls, remains a problem area where delinquency rates and volatil...

      • 'Synergistic' CMBS prepped

        Hollywood creative campus refinanced

        Barclays is in the market with BXHPP 2021-FILM, secured by what is described as a “high barrier-to-entry” real estate portfolio that serves as a hub for the growing digital content industry. The US$1.1bn CMBS securitises a two-yea...

  • The Structured Credit Interview

    • CLOs
      • Equity ownership

        Dan Norman, md at Lakemore Partners, discusses his plans to strengthen the firm's US presence and gr...

        Q: Tell us about your new role at Lakemore Partners (SCI 4 August)? A: I joined the team in March this year and I am very happy to be part of Lakemore’s global expansion. We are in the process of building a US business and the primary step...

  • Market moves

    • Structured Finance
      • Insurer appetite for CLO mezz on the rise

        Sector developments and company hires

        Insurer appetite for CLO mezz on the rise A new New York Fed Staff Report documents an increasing preference among insurance companies for CLO investments vis-a-vis corporate bond investments, based on data regarding their asset holdings during 2003...

      • FTB RMBS hits the market

        Sector developments and company hires

        FTB RMBS hits the market An unusual UK prime RMBS has hit the market. Blitzen Securities No.1 is backed by a pool of owner-occupied mortgages extended to first-time buyers (FTBs) with original LTVs between 85% and 95%, originated by Santander betwee...

      • DSW CMBS exposure gauged

        Sector developments and company hires

        DSW CMBS exposure gauged KBRA Credit Profile (KCP) has published a special report on CMBS exposure to footwear retailer Designer Brands, owner of the Designer Shoe Warehouse (DSW) store chain. The company reported EBITDA of negative US$316m in its f...

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