Complete news archive

  • 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

  • Market moves - 13 July

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

    Acquisitions and investments

    Alantra has acquired KPMG UK’s portfolio solutions group business, which specialises in advising financial institutions in relation to non-performing and non-core banking assets globally. The team – which comprises around 70 professionals – will be renamed Alantra Corporate Portfolio Advisory and will be led by managing partners Joel Grau, Andrew Jenke and Nick Colman. Closing of the .......

    Market Moves 13 July 2018

  • NPL SPV established

    Barclays financing portfolio acquisition

    Barclays, Varde Partners and Guber Banca have acquired a €1.4bn non-performing loan portfolio originated by 53 cooperative, rural and popolari banks spread throughout Italy. The pool was purchased at 10%-13% of GBV and transferred to a securitisation vehicle dubbed Futura SPV. The transaction is believed to be the first to utilise digital due diligence.

    The portfolio comprises more than 9,000 .......

    News 12 July 2018

  • Lender looks to bolster defences

    Private transactions may 'resemble securitisations'

    With a change in the credit cycle anticipated, some UK real estate lenders are adopting a more cautious strategy. One such firm is Octopus Property, which also recently created a head of structuring role (SCI 22 June) to help broaden its investor base, while employing securitisation-like funding methods.

    Mario Berti, ceo of Octopus Property, comments that the firm has .......

    Provider Profile 12 July 2018

  • SCI Start the Week - 9 July

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

    Pipeline

    With 4 July having a typically big impact on the issuance calendar, the pipeline was light last week. A smattering of US ABS came in at the tail end, along with one European transaction. A fairly small number of, mainly US, CLOs also appeared.

    The ABS entrants to the pipeline were US$230.275m CPS Auto Receivables Trust 2018-C, US$350m .......

    News 9 July 2018

  • Article 14 negotiations begin

    Amendment to reduce securitisation compliance requirements

    Trilogue discussions between the European Parliament, the European Commission and the European Council have begun on a compromise package that includes an amendment to Article 14 of the CRR. If ratified, the amendment would preclude non-EU subsidiaries of European banks from complying with all the requirements in Chapter Two of the new securitisation regulation.

    The current requirement under Article .......

    News 9 July 2018

  • European CMBS surge continues

    Structural nuances also on the rise

    European CMBS is experiencing a bumper year and new deals continue to hit the market, making 2018 the strongest year for traditional, floating-rate CMBS since 2015. While investors are unlikely to lose any sleep just yet, many of these new transactions feature structural nuances that draw comparisons with transactions seen before the financial crisis.

    Although there have been other bumper .......

    News Analysis 6 July 2018

  • Risk transfer round-up - 6 July

    The Cayman Islands stock exchange has released a late June document regarding an early redemption of Deutsche Bank’s GATE 2015-1 capital relief trade (see SCI’s capital relief trades database). A call notice has been issued and the trade will be called on its next payment date in mid-July. 

    Deutsche Bank replaced this trade with a new trade, dubbed .......

    News 6 July 2018

  • Market moves - 6 July

    Australian expansion

    Intertrust has expanded into Australia through the acquisition of Seed Outsourcing – an Australian corporate and fund services firm, providing corporate secretarial, director, domiciliation and payroll services to private equity and real estate fund managers.

    CMBS platform launched

    Principal Real Estate Investors and MUFG Union Bank have formed MUFG Principal Commercial Capital, a lending platform focused on originating .......

    Market Moves 6 July 2018

  • Landmark UTP deal completed

    Inaugural large-scale, pure UTL transaction inked

    Bain Capital Credit has acquired a portfolio of unlikely-to-pay (UTP) corporate loans, dubbed Project Valery, from the Italian arm of Credit Agricole. The portfolio has a total book value of €450m and is the first large-scale, pure UTP transaction in Italy.

    While this is not the first ever UTP portfolio acquisition, previous deals have been smaller in size and comprised .......

    News 4 July 2018

  • SCI Start the Week - 2 July

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

    Pipeline
    The pipeline has been dominated by UK transactions ahead of the Independence Day holiday. A pair each of CMBS and auto ABS remained in the pipeline by the end of the week, as well as an RMBS.

    The auto securitisation entrants were £347m Azure Finance No. 1 and Bavarian Sky UK 2, while the CMBS were £300m BAMS CMBS .......

    News 2 July 2018

  • Barclays engineers comeback

    Further impetus added to Colonnade programme

    Barclays has returned to the risk transfer market with Colonnade Global 2018-1, a £34.2m cash-collateralised eight-year financial guarantee. As with previous Colonnade transactions, the credit protection covers both principal and accrued interest (SCI 8 September 2017).

    Rated by DBRS, the deal comprises US$325.3 triple-A rated class A notes, US$6.2m double-A rated class B notes, US$1.75m double-A rated class C .......

    News 2 July 2018

  • Green ABS branches out

    Commercial PACE and renewables gain traction as green ABS expands

    PACE is catching on in both the US and Europe. An April whitepaper from the New York State Energy Research and Development Authority (NYSERDA) presents PACE as a tool to achieve the state’s ambitious energy efficiency targets, while a trial programme in Spain is looking at both residential and commercial PACE, although PACE is not the only green ABS sector .......

    News Analysis 29 June 2018

  • Multi-seller GACS deals pending

    Large portfolio sizes facilitate critical mass

    Multi-seller GACS securitisations brought by smaller Italian banks are emerging, with at least two transactions in the pipeline. However, as the transactions come to market, banks and investors will have to deal with challenges that are atypical for single-seller deals.

    During the two years that the GACS scheme has been operational, portfolio sizes (in GBV terms) have evolved towards larger .......

    News Analysis 29 June 2018

  • Multi-currency CLO launched

    Large transaction appeals to broad investor base

    Barclays has launched an unusual multi-currency CLO based on a £4.5bn portfolio of corporate loans made by the bank to borrowers in the UK and Europe. The transaction, dubbed Sirius Funding, will be managed by Barclays and comprises three large tranches denominated in euro, US dollar and sterling, respectively.

    Moody’s and Scope have assigned ratings of Aaa/AAA on the €1.265bn .......

    News 29 June 2018

  • Market moves - 29 June

    CLO manager acquired

    THL Credit Advisors has acquired the collateral management business of Kramer Van Kirk Credit Strategies, which currently manages seven CLOs totaling approximately US$3.4bn of assets. THL Credit currently manages 15 CLOs, including the recently priced THL Credit Wind River 2018-1. The acquisition would bring THL Credit's CLO assets under management to approximately US$12bn and the firm's total .......

    Market Moves 29 June 2018

  • Trade finance CRTs gather pace

    Transactions offer multiple benefits to issuers and investors

    Interest is growing in synthetic securitisations backed by trade finance receivables - collateral that is particularly suited to the synthetic structure. These transactions exhibit several differences to corporate capital relief trades and while some of these can cause certain challenges, they also offer issuers and investors unique benefits.

    Peter Wong, md, portfolio management at Standard Chartered, says that the synthetic .......

    News Analysis 28 June 2018

  • NPL issuance surging

    Italian lenders look to beat GACS deadline

    Banco di Sardegna has completed a €253m non-performing loan securitisation called 4Mori Sardegna, the senior notes of which are expected to be granted a GACS guarantee. The transaction features high credit enhancement levels for the senior and mezzanine notes and it is the latest in a slew of GACS issuance aiming to beat the expiration of the Italian government guarantee .......

    News Analysis 28 June 2018

  • Securitisation to support PPP growth

    The Argentinian government recently announced plans for a number of infrastructure projects and has established a public-private partnership (PPP) framework to help bring the projects to fruition. Structured finance technology is expected to be utilised in raising the required capital for the construction, operation and maintenance of the projects.

    Historically, large infrastructure projects in Argentina have mainly been funded through .......

    News Analysis 26 June 2018

  • SCI Start the Week - 25 June

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

    Pipeline
    The securitisations remaining in the pipeline at the end of last week were fairly evenly split between ABS, CMBS and RMBS. A single CRE CLO was also announced.

    The ABS remaining in the pipeline are: US$180.21m Credit Suisse ABS Trust 2018-LD1, US$1bn Crown Castle Towers Series 2018-1 and 2018-2, Gracechurch Card Programme Funding Series 2018-1 and 2018-2, US$317.5m Mosaic .......

    News 25 June 2018

  • Fastnet refi completed

    Permanent TSB has completed a €1.44bn RMBS, dubbed Fastnet Securities 14. The collateral previously formed part of the Fastnet Securities 3 portfolio, the notes of which have been called.

    The collateral was obtained by removing non-performing loans and loans in arrears from the Fastnet 3 pool and dividing the remaining portfolio into two. The first half of the remaining portfolio .......

    News 25 June 2018
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