ABS

  • Risk transfer round-up - 18 April

    CRT sector developments and deal news

    Credit Suisse is believed to be readying a corporate capital relief trade from its Elvetia programme that is expected to close in June. The Swiss lender’s previous Elvetia trade closed in November last year (SCI 30 November 2018).

    Another risk transfer transaction that is reportedly in the pipeline for this year is a commercial real estate deal from Raiffeisen. ......

    News 18 April 2019

    Premium Content

  • BMF administration order filed

    Sector developments and company hires

    BMF 6 tender
    An application for an administration order in respect of Business Mortgage Finance 6 was presented in the London High Court of Justice last week, with a return date of 18 April. The application was presented by Greencoat Investments, which is understood to be in the process of carrying out a tender process for the acquisition of certain .......

    Market Moves 16 April 2019

  • Sonia success

    European ABS market update

    The first UK STS RMBS – Nationwide’s Silverstone Master Issuer 2019-1 – priced yesterday, with substantial demand seen for both the sterling and US dollar tranches. The transaction is also the debut deal to publicly place a floating coupon referencing Sonia.

    Silverstone 2019-1’s US$350m triple-A rated 1.95-year class 1A notes printed at three-month Libor plus 57bp (compared to .......

    Market Reports 16 April 2019

  • ILS restructuring agreed

    Sector developments and company hires

    ILS restructuring agreed

    Ballantyne Re has entered into a lock-up support agreement with Ambac Assurance UK, Assured Guaranty, approximately 82% by value of the class A noteholders, Security Life of Denver Insurance Company (SLD) and Swiss Re Life and Health America (SRLHA) in connection with a proposed restructuring transaction in respect of its obligations under the ILS notes. .......

    Market Moves 15 April 2019

  • Bulking up

    Securitisation capabilities stretched

    DLA Piper bulked up its securitisation capabilities to 20 lawyers for Stack Infrastructure’s inaugural and innovative ABS from February, due to structuring challenges. The potential for rendering the deal risk retention-compliant means that similar deals could be seen in Europe in the future.

    Dubbed Stack Infrastructure Issuer series 2019-1, the deal is a securitisation of real estate and .......

    News 12 April 2019

  • Foreclosure uncertainty

    ECJ ruling leaves Spanish NPL investors in the dark

    The European Court of Justice’s (ECJ) 26 March judgement on early-termination clauses in Spanish consumer mortgage contracts could result in the use of quicker mortgage foreclosure proceedings in Spanish non-performing loan transactions. The final outcome rests with the Spanish courts, however, prolonging existing uncertainty over the course and length of Spanish foreclosure proceedings.

    Antonio Casado, analyst at Scope, .......

    News 12 April 2019

  • BWIC boom

    Quarterly SCI data update

    The first quarter of a year is usually quieter than the previous quarter and, for the most part, 1Q19 saw reduced activity over 4Q18 (SCI 24 January 2019). The notable exception was CLO secondary markets, where BWIC volumes boomed for the second quarter in a row, according to SCI data.

    .......

    News Analysis 11 April 2019

  • Real estate relief

    NPL provisioning rules published

    The European Council of Ministers has adopted new rules for the provisioning of non-performing loans, which stipulate loss coverage for future NPLs with different coverage requirements depending on different NPL classifications. The text is a relief for Italian banks, given the application of the rules to newly created NPLs - both secured and unsecured. Furthermore, an exception to the .......

    News Analysis 10 April 2019

  • European bank in major restructure

    Company hires and sector developments

    COO hired

    Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was recently md at Moody's Analytics, responsible for structured finance financial engineering, product management, content production, and advisory teams, providing the fixed income marketplace advanced analytics, data, credit models, and portfolio monitoring products while also performing advisory, valuation, and consulting services across sectors.

    Energy and .......

    Market Moves 9 April 2019

  • Independent director hired

    Company hires and sector developments

    Europe

    Prytania Asset Management has appointed Eric Felton as independent director. Most recently, Felton spent 13 years as cfo of GCM Grosvenor and before that, he was an audit partner at Ernst & Young and Arthur Andersen in the financial services sector. Concurrently, Joseph MacHale is retiring from the Prytania board, after 16 years of service since the .......

    Market Moves 5 April 2019

  • Positive outlook

    UTP securitisation prospects improve, despite challenges

    Future issuance of unlikely-to-pay (UTP) securitisations depends on the resolution of two challenges - namely, information asymmetry and the lack of hybrid servicing models. However, ABS might prove a better solution for mixed portfolios, given the presence of alternatives for large corporate UTP loans.

    According to Scope Ratings’s calculations, Italian banks could dispose of €13bn to €18bn of .......

    News Analysis 5 April 2019

  • CEO appointed

    Company hires and sector developments

    CEO appointed

    DFG Investment Advisers has hired Oliver Wriedt as ceo. The firm is also unifying its products under one brand, Vibrant. Wriedt will play an instrumental role in growing and further institutionalising DFG’s business, helping to diversify its product offerings and elevate the new Vibrant brand among the investment community. He was most recently co-ceo of CIFC .......

    Market Moves 4 April 2019

  • Risk transfer round-up - 3 April

    CRT sector developments and deal news

    Deutsche Bank has completed its first capital relief trade for the year. Dubbed CRAFT 2019-1, the US$382.5m nine-year CLN pays a coupon of 10.3%. The transaction features a seven-year WAL and a two-year non-call period.

    The German lender’s last CRAFT transaction was inked in June 2018. Dubbed CRAFT 2018-2, the US$210m CLN paid Libor plus 10% (see SCI’s capital relief ......

    News 3 April 2019

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  • Obstacles remain

    European Parliament postpones NPL trading vote

    The European Parliament on Monday (1 April) postponed a vote on a non-performing loan secondary market directive until next week, increasing the time pressure to reach an agreement with the European Council before May’s parliamentary elections. The challenging timeframe is further complicated by controversial parliamentary amendments to the original draft, including higher initial capital for servicers and caps on fees .......

    News 3 April 2019

  • Positive sentiment?

    European ABS market update

    European ABS primary issuance is gaining momentum, as the second quarter begins. Indeed, the variety of deals on offer appears to be boosting sentiment, with a newly announced marketplace lending securitisation joining the re-performing and non-conforming RMBS in the pipeline (see SCI’s deal pipeline).

    “The European primary market is a lot busier than it was even a .......

    Market Reports 2 April 2019

  • GSE reforms proposed

    Sector developments and company hires

    Debt service reserve guarantee provided

    Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......

    Market Moves 1 April 2019

  • Irish BTL RMBS launched

    Company hires and sector developments

    Irish BTL RMBS launched

    Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......

    Market Moves 29 March 2019

  • CEO appointed

    Sector developments and company hires

    CEO appointed

    Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Mariner, Arledge will serve as head of Mariner subsidiary, ORIX USA asset management, responsible for driving the company’s overall strategy in the space, including facilitating opportunities for growth across ORIX USA’s enterprise. A founding member of Mariner, Arledge has returned to .......

    Market Moves 28 March 2019

  • 'Constant demand'

    UK firms hiring across range of SF roles

    Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment across a range of roles and asset classes. While there has been a slight slowdown in the first quarter of this year, hiring is expected to pick up after March, once bonuses have been delivered.

    Angel Valchev, consultant at Michael Page, comments that .......

    News Analysis 28 March 2019

  • Picking up pace

    European ABS market update

    European ABS secondary market activity has been relatively subdued so far this week. However, the primary market appears to be picking up pace, with a pair of CMBS in focus and a new UK RMBS mandated.

    “Given the lack of new issuance this year, we are expecting the two CMBS currently in the market – Kanaal CMBS Finance 2019 [ Market Reports 28 March 2019

  • CRT credit event

    Company hires and sector developments

    CRT credit event

    HSBC’s Metrix series 2015-1 CLN has suffered another credit event. The issuer received a credit event notice confirming that a bankruptcy credit event occurred on 15 March with respect to a reference entity that is believed to be Interserve, which was recently sold out of administration after shareholders rejected a rescue deal for the company. .......

    Market Moves 27 March 2019
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