Complete news archive

  • Job swaps round-up - 12 May

    Amicus briefs

    The LSTA has joined The Clearing House and the American Bankers Association to file amicus briefs in cases initiated by the State of Colorado against Avant and Marlette, both of which have bank partners (WebBank and Cross River Bank respectively). In January, Colorado regulators sued the two marketplace platforms, claiming that their loans are subject to Colorado interest .......

    Job Swaps 12 May 2017

  • Letter opposes Lehman proposal

    Lawyers from Kasowitz Benson Torres, representing an investor group holding certificates issued by RMBS trusts with claims in the Lehman Brothers bankruptcy, have expressed concern over a proposed US$2.4bn settlement. The case is one of the few remaining put back disputes arising from pre-crisis RMBS and one of the last remaining Lehman bankruptcy cases.

    Trustees for 244 RMBS trusts are .......

    News 12 May 2017

  • Landmark portfolio guarantee inked

    The EIF has agreed to guarantee 50% of a €5.52bn Spanish SME credit portfolio originated by nine Spanish banking groups. Dubbed the SME Initiative Uncapped Guarantee Instruments (SIUGI) for Spain, the deal is a bespoke EU-sponsored risk transfer transaction (see SCI's capital relief trades database).

    Under the agreement, the EIF enters into bilateral financial guarantees with each of .......

    News Analysis 12 May 2017

  • US CLOs unshaken

    A flurry of BWICs over the past two sessions has failed to shake the US CLO secondary market out of its torpor and this week looks set to be another quiet week overall.

    "The lull in secondary activity is continuing," says one trader. "Overall, volumes are light with the major focus on re-fis and re-sets."

    That focus goes beyond the .......

    SCIWire 11 May 2017

  • Insurer hits mark with first cat bond

    Palomar Specialty Insurance Company has successfully closed its first cat bond obtaining protection against catastrophe perils. Torrey Pines Re Series 2017-1 is a US$166m ILS providing the insurer with US earthquake, named storm and thunderstorm reinsurance protection.

    The transaction has three tranches of notes. The class A tranche is sized at US$45m, with initial price guidance of 2.75%-3.25% since fixed .......

    News 11 May 2017

  • Five Guys taps ABS appetite

    Five Guys Enterprises has become the latest company to bring a whole business securitisation. The US$440m Five Guys Funding transaction is secured by most of its revenue-generating assets in the US and Canada.

    The collateral includes existing and future domestic franchise agreements, existing and future company-operated restaurant royalties, US and Canadian intellectual property and related license agreements, collections from company-operated .......

    News 11 May 2017

  • Equity holds the cards amid heavy refinancings

    While buoying European CLO deal volumes, refinancings and resets are not always favoured by senior investors that have little control over the resultant reduced margin and amended deal terms. However, if navigated adequately by the equity holders, European CLO investors across the capital stack can benefit from the refinancing/reset process and new investors continue to be drawn to the asset .......

    News Analysis 11 May 2017

  • Euro CLOs diverted

    A busy primary market is diverting focus away from the European CLO secondary market this week.

    "It's much quieter this week as we're being dominated by primary," says one trader. "There, shorter dated triple- and double-As are drifting wider, but that's not yet feeding through into secondary spreads."

    The trader expects 2.0 triple-As to edge out in line with that .......

    SCIWire 11 May 2017

  • Floaters beat ARMs in a bear flattener

    Yield curve flattening and a rapid increase in prepayments on post-reset adjustable rate mortgages (ARMs) are expected as US interest rates rise. As such, certain floating-rate products - including SBA floaters, CMO floaters and agency CMBS - could become more attractive in the next 12-18 months.

    The yield curve bear flattened recently as investors increased their probability of a June .......

    News Analysis 10 May 2017

  • Channel Tunnel refinancing underway

    Groupe Eurotunnel is set to refinance its Channel Link Enterprises Finance (CLEF) whole business securitisation, as part of an ongoing strategy to optimise the structure of its debt and to reduce the cost of its debt service. The company proposes to issue up to €2bn-equivalent senior subordinated variable and fixed-rate notes, split across a number of tranches due in 2050.

    News 10 May 2017

  • Container ABS wave continues

    Textainer Equipment Management is in the market with the latest container ABS (see SCI's deal pipeline). The deal's arrival comes as part of a flurry of activity in the sector, which is riding high on a rebound in shipping container prices.

    SeaCo priced the US$294m Global SC Finance IV Series 2017-1 transaction last month (see SCI's primary issuance .......

    News 10 May 2017

  • Pari passu exposure highlighted

    DBRS has updated its Pari Passu Index for loans in US CMBS transactions issued after 2010. The results show that an unusually large volume of pari passu notes were included in CMBS deals last year, accounting for US$23bn of loans and 489 pieces.

    The pari passu loan structure allows originators to make large commercial real estate loans and CMBS issuers .......

    News 9 May 2017

  • US ABS firm

    Tone and spreads remain firm in the US ABS secondary market though activity has dipped.

    Flow and BWIC volume last week and this has declined from previous high levels as market participants' focus has been drawn to primary with heavy issuance expected this month. That supply is yet to fully materialise, but when it does could also boost BWICs once .......

    SCIWire 9 May 2017

  • Euro ABS/MBS quiet

    Despite the resolution of the French presidential election the European ABS/MBS secondary market remains quiet.

    "Overall, it's still very quiet," says one trader. "We had a new Bavarian SKY issue announced yesterday, but that's the first primary deal in a few weeks."

    The trader continues: "In secondary not much happened between the two rounds of the French presidential election. We're .......

    SCIWire 9 May 2017

  • SCI Start the Week - 8 May

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

    Pipeline
    ABS names dominated the list of pipeline additions last week. There were eight new ABS added to the pipeline as well as an ILS, two RMBS and two CMBS.

    The ABS were: US$1.414bn AmeriCredit Automobile Receivables Trust 2017-2; CNY4.12bn Driver China Six Trust; US$442.41m DT Auto Owner Trust 2017-2; US$250m Higher Education Student Assistance Authority (State .......

    News 8 May 2017

  • Job swaps round-up - 5 May

    North America

    Hunton & Williams has hired John Dedyo as corporate partner to its New York office. Dedyo represents issuers, underwriters, asset managers, credit enhancers, rating agencies and investors in all aspects of privately placed and publicly offered securitisation transactions. Dedyo was previously a partner at Weil, Gotshal & Manges.

    Ares Management and Ares Commercial Real Estate (ACRE) has hired .......

    Job Swaps 5 May 2017

  • 'Major uncertainy' from swap mismanagement

    Notices have been released highlighting swap book mismanagement by 11 issuers in the E-MAC RMBS series. CMIS, which serves as loan servicer and SPV issuer administrator, has stepped in to cover certain fees, but in claiming for reimbursement has created what Rabobank analysts refer to as "a major uncertainty".

    The affected issuers are: E-MAC NL 2004-1; E-MAC NL 2004-II; E-MAC .......

    News 5 May 2017

  • Brexit may see CLO managers up sticks

    Article 50 may have recently been triggered following the Brexit referendum, but uncertainty remains rife about what it means for CLO managers in the UK. In combination with the slow-moving STS securitisation framework negotiations, CLO managers are consequently weighing up other jurisdictions and the possibility of issuing elsewhere in Europe.

    Jonathan Bowers, senior portfolio manager at CVC Capital Partners, comments .......

    News Analysis 5 May 2017

  • Lipstick Building lease CMBS prepped

    Credit Suisse is in the market with a single-asset/single-borrower CMBS secured by two of three land parcels beneath 885 Third Avenue in New York, known as the 'Lipstick Building'. Dubbed CSMC Trust 2017-LSTK, the US$272m transaction is sponsored by a joint venture between BVS Acquisition Co and Shanghai Municipal Investment (Group) USA.

    The collateral comprises the fee simple interest in .......

    News 5 May 2017

  • ILS firm seeks P2P platform funding

    Sequant Re is looking to raise capital through a peer-to-peer platform which connects investors directly with companies and funds seeking to raise funds or gain market exposure. The novel approach may seem more suited to a technology start-up, but should bring new investors into the ILS market.

    Sequant Re has been listed on peer-to-peer platform The OCMX. As part of .......

    News 5 May 2017

  • Risk transfer round-up - 5 May

    Capital relief trade activity has been relatively subdued this week. However, sources report that the EIF is planning to tap the market again in two months.

    The fund completed its first EFSI risk transfer transaction last month (SCI 26 April), as part of a programme to stimulate SME lending in Europe. Not much is known about the forthcoming transaction, other .......

    News 5 May 2017
×