Complete news archive

  • Carillion impact gauged

    Capital relief trade issuers and investors have been assessing the effect of Carillion's default on the market, following news of its impact on HSBC's Metrix transaction (SCI 19 January). Market consensus indicates that such a default is an idiosyncratic event.

    "Corporates have had low default rates and the CRT asset class has been very resilient since the crisis. It's a reflection .......

    News Analysis 5 February 2018

  • SCI Start the Week - 5 February

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

    Pipeline
    The pipeline was dominated by ABS transactions last week, including a pair of structured settlement securitisations. A mix of CMBS and RMBS were also announced, as well as a CRE CLO.

    Auto ABS from the US, France and Turkey – the US$750m Ally Master Owner Trust Series 2018-1, €524m Bumper 10 and TRY1.94bn Driver Turkey Master respectively – hit the market .......

    News 5 February 2018

  • Blackstone preps Italian CMBS

    Blackstone is tapping the market with a €403.81m Italian CMBS. The transaction, dubbed Pietra Nera Uno, is a securitisation of three senior commercial real estate loans and two pari passu-ranking capex facilities advanced to three Italian borrowers.

    The borrowers are Moma Fund (a regulated Italian real estate fund and the borrower under the Fashion District loan), Multi Veste Italy (the borrower under .......

    News 5 February 2018

  • Market moves - 2 February

    North America

    CVC Credit Partners has named Gretchen Bergstresser as global head of performing credit - a new role within the firm - having led its US performing credit strategy. Phil Raciti, senior md in CVC's New York office, will become head of US performing credit. Additionally, from 1 February partner and London-based senior portfolio manager Jonathan Bowers will become .......

    Market Moves 2 February 2018

  • 'No end in sight' for ILS growth

    Last year was unprecedented for the global ILS market, with record issuance of around US$10bn and non-life ILS capital reaching a record US$88bn by year-end, up 17% from 2016. While some analysts note that the record issuance was largely driven by the first half of 2017, a continuation of unabated growth in terms of new issuance and secondary market activity .......

    News 2 February 2018

  • Distressed exchange queried

    China Huarong Asset Management, one of China's largest state-owned distressed debt managers, yesterday launched a Beijing-based bad debt exchange. The exchange is expected to provide an inventory of what's available in the Chinese non-performing loan market rather than a trading platform that can facilitate transactions.

    "NPLs are illiquid, so to appropriately price them can take months of due diligence and .......

    News Analysis 2 February 2018

  • Call for transparency underlined

    A push for transparency is a common thread among European initiatives to reinvigorate the securitisation markets. Communication and standardisation are expected to play significant roles in facilitating this effort.

    Christian Thun, ceo at European DataWarehouse, agrees, in principal, that better communication is required to improve transparency in the European securitisation market. "Reading through the STS regulation, communication is only mentioned .......

    News Analysis 2 February 2018

  • TPG moves into CRE CLOs

    TPG RE Finance Trust (TRTX) is marketing an inaugural US$932.4m CRE CLO. The transaction, entitled TRTX 2018-FL1, is the second-largest CRE CLO to be issued post-crisis and will initially be collateralised by 26 mortgage assets, secured by 63 properties.

    Moody's and KBRA have assigned expected ratings of Aaa/AAA to the US$491.831m class A notes and KBRA has provisionally assigned triple-A to the US$72.259m .......

    News 2 February 2018

  • APRA signals change in tone

    The Australian Prudential Regulatory Authority has set out its priorities for 2018, most notably with regards to bank capital. The Australian regulator is considering changes to its overall approach to capital requirements in a number of areas where its methodology is more conservative than minimum international requirements.

    Adjustments to the risk-based capital framework is expected to lead to revisions in .......

    News 1 February 2018

  • Auto giant expands Euro footprint

    LeasePlan is marketing its first French public auto lease ABS. The €653m transaction, dubbed Bumper 10, is a one-year revolving cash securitisation backed by 40,817 auto lease receivables contracts originated by LeasePlan France to businesses, retail clients and public firms.

    Moody's and DBRS have assigned provisional ratings of Aaa/AAA to the €483.2m class A notes and Aa3/AA to the €40.8m class B .......

    News 1 February 2018

  • Bright start for UK ILS

    The first UK ILS launched last month, coinciding with the introduction of the nation's new ILS regulatory and tax regime, designed to put the UK on an even footing with other jurisdictions (SCI passim). NCM Re is a US$72m collateralised quota share reinsurance transaction that underwrites a portion of Neon Syndicate 2468's property treaty reinsurance and direct facultative portfolios.

    NCM .......

    News Analysis 1 February 2018

  • CLO reissues debut

    The first two US CLO reissues closed this week, adding another US$1.12bn to Anchorage Capital Group's AUM. A reissue differs to a refinancing or reset as it involves calling a pre-existing CLO and rolling the assets into a new SPE.

    JPMorgan arranged both reissues - the US$508.75m Anchorage Capital CLO 3-R and the US$614.15m Anchorage Capital CLO 4-R - following .......

    News 31 January 2018

  • Interest shortfall risk spied for VOLT deals

    Many 2017 VOLT deals did not receive principal payments in the January 2018 remittance cycle, as the pace of liquidations has slowed dramatically. This appears to be connected to an increase in REO-to-rental activity, which is increasing upward pressure on the expected average lives of senior notes and is increasing risk of interest shortfalls.

    Reduced liquidation principal coupled with the absence .......

    News 31 January 2018

  • US CLOs on the up

    Pricing levels across the US CLO secondary market have kept increasing through January.

    "Everything is getting tighter in secondary," says one trader. "Meanwhile, new issue spreads are tightening and then those bonds are trading up in the secondary market too."

    The driver behind spreads narrowing is currently a simple one, according to the trader. "For the past two or three .......

    SCIWire 31 January 2018

  • US ABS diverted

    US ABS primary market activity is diverting attention away from secondary, but demand is still outstripping supply.

    Since the beginning of the month focus has been on the strong new issuance volumes and secondary activity, particularly on BWIC, has lagged. Nevertheless, there is a strong buying bias across sectors pushing pricing levels higher as last year's demand for paper continues.

    As .......

    SCIWire 31 January 2018

  • Turkish auto deal prepped

    The first public Turkish ABS transaction, Driver Turkey Master (see SCI's deal pipeline), has been provisionally rated by both Fitch and Moody's. The TRY1.94bn transaction securitises Turkish auto loan receivables originated by Volkswagen Dogus Finansman (VDF) and features a one-year revolving period.

    VDF is 51% owned by VW Financial Services and 49% owned by the Dogus Group. While .......

    News 31 January 2018

  • Euro secondary picking up

    Activity in the European securitisation secondary market is gradually picking up, albeit from a low starting point.

    December saw a significant drop in volumes and left secondary spreads unchanged on the month. Since the start of 2018 trading activity has slowly increased week on week, but still remains intermittent and a pick-up in BWIC supply has only been evident over the .......

    SCIWire 31 January 2018

  • BEV auto ABS prepped

    Tesla is marketing an inaugural US$608.08m securitisation backed by 8,879 retail auto lease contracts originated by the firm's finance arm, Tesla Finance. The transaction, dubbed Tesla Auto Lease Trust 2018-A, is backed by the discounted value of remaining monthly lease payments and base residual values from the pool.

    Moody's has assigned provisional ratings to the transaction of Aaa on the .......

    News 30 January 2018

  • Innovative portfolio guarantee inked

    The EIF has completed five synthetic securitisations with five Italian banks, in the context of the SME Initiative Italy. The transaction features an innovative structure and is the first to guarantee standardised banks.

    The banks involved in the transaction are Banca di Credito Popolare, Banca Popolare di Bari, Banco di Napoli, UniCredit and Unione di Banche Italiane. "The transaction is .......

    News Analysis 30 January 2018

  • SCI Start the Week - 29 January

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

    Pipeline
    The balance of additions to the pipeline last week closely followed that of the week before. There were another seven ABS added, along with four CLOs, five CMBS and a couple of RMBS.

    The ABS were: €723.75m Driver Espana Five; Fair Hydro Trust Series 2018-1; US$266.45m GLS Auto Receivables Trust 2018-1; Golden Credit Card Trust Series 2018-2; US$591.5m .......

    News 29 January 2018

  • UK sukuk 'RMBS' first

    Al Rayan Bank is marketing its first £250m sharia-compliant UK securitisation. Dubbed Tolkien Funding Sukuk No.1, the deal is a static securitisation backed by first lien Home Purchase Plans (HPPs) extended to 1,672 customers and secured by residential properties in the UK.

    Moody's and S&P have assigned provisional ratings of Aaa/AAA to the £250m class A note, which represents the only offered tranche, .......

    News 29 January 2018
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