Complete news archive

  • CRT resilience highlighted

    Investors undeterred by turn in credit cycle

    Widening credit spreads and an expected turn in the credit cycle have not induced significant changes in the structuring of capital relief trades, thanks to the positive performance of the asset class. Indeed, investors continue to allocate more capital to the sector.  

    “QE ends soon and tightening will start next year. However, Euribor is quite low. It will take a .......

    News Analysis 6 August 2018

  • SCI Start the Week - 6 August

    A look at the major activity in structured finance over the past seven days

    Pipeline
    The pipeline was once again dominated by ABS deals last week. A handful of CMBS and RMBS were also announced.

    The US$333.33m Ally Master Owner Trust Series 2018-3, US$333.33m Ally Master Owner Trust Series 2018-4, US$1.28bn AmeriCredit Automobile Receivables Trust 2018-2 and US$600m Chesapeake Funding II Series 2018-2 transactions accounted for the auto ABS entering the pipeline. The non-auto .......

    News 6 August 2018

  • Market moves - 3 August

    Company developments and new hires in the structured finance sector

    Acquisitions
    Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. Dale Lattanzio, ceo and managing partner of DRC, will join the board of Savills .......

    News 3 August 2018

  • Chinese MPL ABS prepped

    Online lender brings debut rated deal

    Beijing Jingdong Century Trade Co is marketing a consumer ABS under the asset-backed notes (ABN) with a special purpose trust scheme in the Chinese interbank bond market. Dubbed Beijing Jingdong Century Trade Co 2018 Asset-Backed Notes Series 1 (JD ABN 2018-1), the CNY1bn deal marks Fitch’s first ratings assignment for a securitisation of unsecured consumer receivables generated via an .......

    News 3 August 2018

  • ARAs on the rise

    Increased stress emerging in CMBS 2.0?

    The volume of appraisal reduction amounts (ARAs) in the US CMBS 2.0 universe is on the rise, effecting 111 loans. A significant amount of the exposure is concentrated in North Dakota and Texas, reflecting the stress in the energy sector.

    Of the US$3.6bn of CMBS 2.0 specially serviced loans outstanding, US$1.5bn have ARAs. US$229m were initiated in 1H18, .......

    News 2 August 2018

  • Tender saga moves to High Court

    Issuer seeks to invalidate administration announcement

    The Clifden IOM No.1 tender for the Fairhold Securitisation CMBS (SCI passim) recently entered a new phase when an announcement was posted to the London Stock Exchange stating that Fairhold had gone into administration, with two joint administrators appointed to the task, on 12 July. This was quickly retracted and Fairhold is now seeking a declaration of invalidity in .......

    News Analysis 1 August 2018

  • SCI Start the Week - 30 July

    A look at the major activity in structured finance over the past seven days

    A fairly broad range of transactions are in the pipeline although new issuance is leaning towards the light side – not unexpected with the onset of summer.

    The only new auto ABS in the pipeline is US$186m United Auto Credit Securitisation 2018-2. Of the non-auto variety there is US$546m SoFi Consumer Loan Program 2018-3.

    CLOs saw a light offering .......

    News 30 July 2018

  • Cypriot NPL portfolio markets

    Bank of Cyprus transaction attracts global investor interest

    Bank of Cyprus is currently marketing a €5bn, by gross-book value (GBV), mixed NPL portfolio of secured and unsecured loans, dubbed Project Helix. Apollo Global Management, PIMCO, and Lone Star are looking to invest, while B2Holding is looking at co-investment and servicing opportunities.

    Sources close to the transaction note that it is among the first batch of non-performing .......

    News 27 July 2018

  • Market moves - 27 July

    Company developments and new hires in the structured finance sector.

    Acquisitions

    American Mortgage Consultants (AMC), has announced the acquisition of certain personnel and the operations center of Des Moines, Iowa-based The Barrent Group. This transaction will establish a market presence for AMC in the Midwest and adds more than 50 residential mortgage professionals to its platform, further enhancing the firm’s client service capabilities. AMC plans to hire up to 150 .......

    Market Moves 27 July 2018

  • Risk transfer round-up - 27 July

    CRT sector developments and deal news.

    Mitsubishi UFJ is rumoured to be prepping its first transaction referencing European loans. The bilateral deal is expected to close in 4Q18.

    The Japanese issuer’s last and inaugural capital relief trade, dubbed Battersea and placed in January 2017, is believed to be a US$100m five-year bilateral deal referencing a US$1bn Asian oil and gas portfolio.

    .......

    News 26 July 2018

  • Ireland still 'favoured' securitisation destination

    Irish CLOs may see post-Brexit boost

    The Central Bank of Ireland recently published figures stating that the total value of assets in Irish special purpose entities (SPEs) has fallen €58.9bn this year. While a striking number, this has little relation to the use of SPEs for securitisation and nor has it affected ongoing activity involving the acquisition and securitisation of portfolios of Irish non-performing loans.

    Conor .......

    News 25 July 2018

  • Testing time

    European ABS succumbs to widening pressures

    Poor new issue execution has seen the European securitisation market finally succumb to widening pressure, in line with other credit markets. A number of short-term and long-term factors are at play, but the true test of the sector will be when participants begin putting cash to work after the summer.

    Cartesian 3 and Sunrise SPV 40 were among the headline .......

    News Analysis 24 July 2018

  • SCI Start the Week - 23 July

    A look at the major activity in structured finance over the past seven days

    Pipeline
    The pipeline returned to full flow last week. Unusually, CMBS accounted for the majority of newly-announced deals, with a pair of esoteric CDOs also in the mix.

    The CMBS were: US$944.19m BANK 2018-BNK13, US$400m BBCMS 2018-CHRS, US$310m GSMS 2018-RIVR, US$212.5m GSMS 2018-TWR, US$1.11bn JPMCC 2018-WPT, US$459.9m MSC 2018-MP, US$356.63m MSC 2018-SUN, US$177.22m NCMS 2018-850T and US$110m NCMS .......

    News 23 July 2018

  • Market moves - 20 July

    A weekly breakdown of new hires and company developments in the global structured finance industry.

    Acquisition agreed

    Stone Point Capital’s Trident VII fund is set to acquire Sabal Capital Partners, with Sabal Investment Advisors, Sabal Investment Holdings and their managed funds also merged into the Sabal platform to create a vertically integrated lending, servicing and investment management platform focused on the small balance commercial real estate sector. Sabal will continue to be operated by its .......

    Market Moves 20 July 2018

  • CLO investor breaks into US

    UK firm thinking long term, credit cycle in sights

    Pearl Diver Capital recently opened its first US office and also closed two new CLO funds. While the loan and CLO markets still seem to be immune from macroeconomic disruption, the company is preparing for a potential change in the credit cycle.

    Matthew Layton, partner at Pearl Diver Capital, comments that the firm recently closed Pearl Diver Capital (PDC) Fund .......

    News 20 July 2018

  • Fight for control eyed

    Rapid amortisation event 'unlikely' to occur

    Allegations of embezzlement and a fight for control of Harley Marine Services (HMS) have emerged less than two months after the firm closed its first whole business securitisation, Harley Marine Financing Series 2018-1 (see SCI’s primary issuance database). The legal battle has sparked concern that should a manager termination event occur, the US$455m transaction will enter rapid amortisation.

    News 20 July 2018

  • Fit for purpose?

    Efficacy of STS label questioned

    Once portrayed as the initiative to revitalise European securitisation, the STS label has been variously hailed as a game-changer or lamented as not fit for purpose. The truth, perhaps, may be somewhere in between.

    Regulations (EU) 2017/2402 and 2017/2401 – which provide for the implementation of simple, transparent and standardised (STS) securitisations – will apply from 1 January .......

    Talking Point 18 July 2018

  • Inaugural infrastructure CLO markets

    Singapore-supported firm's first transaction backed by Asia, ME project finance loans

    Clifford Capital is marketing an inaugural US$480m CLO. The transaction, dubbed Bayfront Infrastructure Capital, is backed by 37 bank-syndicated senior project finance and infrastructure loans to projects in Asia-Pacific and the Middle East.

    Moody’s has assigned provisional ratings to the transaction of Aaa on the US$320.6m class A notes, Aa3 on the US$72.6m class B notes and Baa3 on the .......

    News 18 July 2018

  • SCI Start the Week - 16 July

    A look at the major activity in structured finance over the past seven days

    Pipeline
    Marketing of new securitisations continued to gain momentum last week, following the Independence Day holiday. A broad mix of asset classes remained in the pipeline on Friday.

    Auto ABS accounted for the majority of newly-announced deals, including: US$1.2bn CarMax Auto Owner Trust 2018-3, US$1.01bn Drive Auto Receivables Trust 2018-3, US$493m Exeter Automobile Receivables Trust 2018-3, US$811.81m Ford .......

    News 16 July 2018

  • Return to form?

    More traditional synthetic CRE deals emerging

    A number of issuers are working on CRE capital relief trades, including some UK banks that issued CRE deals in 4Q17 (see SCI’s CRT database), with a view to closing before year-end. However, some of these transactions suggest that the asset class may potentially be returning to more traditional significant risk transfer structures and investors.

    David Wainer, partner at .......

    News Analysis 13 July 2018

  • Multi-originator GACS deal debuts

    Iccrea Banca completes landmark NPL securitisation

    Iccrea Banca, the cooperative group owned by multiple Italian mutual banks, has issued a €1bn NPL securitisation of primarily secured loans. Dubbed BCC NPLs 2018, the deal is the first multi-originator GACS securitisation, as smaller Italian banks group together to offload the risk of larger NPL portfolios (SCI 29 June).

    Rated by Moody’s and Scope, the capital structure comprises .......

    News Analysis 13 July 2018
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