Complete news archive

  • Marketplace deals readied, with innovations

    Kabbage is marketing its first marketplace loan ABS of the year and its second since inception. Meanwhile, SoFi is in the market with its second consumer loan ABS - SoFi Consumer Loan Program 2017-2 - backed by US$343m of consumer loans and comprising several elements that differ from its previous securitisation.

    Dubbed Kabbage Asset Securitization Series 2017-1, Kabbage's transaction is .......

    News 21 February 2017

  • Euro secondary quiet

    It was a quiet start to the week across the European securitisation secondary market thanks primarily to the US public holiday.

    As a result, little has changed - sentiment remains positive, the demand for paper is still strong and sellers are few and far between as the belief continues that it is not yet the time for extensive profit-taking. Overall, .......

    SCIWire 21 February 2017

  • Deploying capital

    Chris Redmond, global head of credit at Willis Towers Watson, answers SCI's questions

    Q: How and when did Willis Towers Watson become involved in the securitisation market?
    A:     Willis Towers Watson has an international team conducting research of all credit managers and products, including securitised credit. While we had exposure to securitised credit via broad, generalist mandates beforehand, it was in the aftermath of the financial crisis when we started making dedicated, specialist allocations .......

    The Structured Credit Interview 20 February 2017

  • Student accommodation CMBS prepped

    Brookfield Asset Management affiliate GL Europe RE Holdings is prepping a £215m single-tranche UK CMBS. Dubbed Student Finance, the transaction is backed by a single loan secured by 13 student accommodation buildings located in England and Wales.

    The portfolio comprises 5,684 bed spaces across properties in Leicester, Newcastle, Nottingham, Sheffield and Wrexham, with the largest property accounting for only 21% .......

    News 20 February 2017

  • SCI Start the Week - 20 February

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

    Pipeline
    There were eight ABS additions to the pipeline last week. These were joined by three RMBS and a CMBS.

    The ABS were: US$209m American Credit Acceptance Receivables Trust 2017-1; US$325.6m CNH Capital Canada Receivables Trust 2017-1; US$1.08bn Ford Credit Auto Owner Trust 2017-REV1; US$350m Hilton Grand Vacations Trust 2017-A; US$759m John Deere Owner Trust 2017; US$500m Kabbage Asset .......

    News 20 February 2017

  • Italian mixed NPL portfolio added

    AnaCap Financial Partners is set to acquire a €177m portfolio of Italian performing and non-performing corporate secured loans from Barclays. The transaction is the latest in a flurry of Italian mixed portfolio acquisitions through which the private equity firm has developed valuation expertise.

    AnaCap targets mixed portfolios of primarily consumer and SME debt across Europe, including performing, semi-performing and non-performing .......

    News Analysis 17 February 2017

  • Shifting dynamics spur CMBS prepays

    The €1bn Woba loan was successfully prepaid in full this week, confirming growing speculation that the Taurus 2013-GMF1 CMBS' days were numbered. Far from being an isolated incident, the move illustrates how broken the relationship between CMBS and other debt capital markets has become.

    The Woba loan formed the collateral of the TAURS 2013-GMF1 German multifamily CMBS transaction. Bank of .......

    News Analysis 17 February 2017

  • CPACE partnership to leverage ABS

    Renovate America and Greenworks Lending have formed a national partnership to offer commercial PACE financing through the HERO securitisation programme in Missouri, allowing both firms to leverage considerable synergies. The two firms plan to expand their CPACE partnership to all states where the HERO programme operates, including California and Florida, later this year.

    "This partnership enables us to better serve .......

    News 17 February 2017

  • Job swaps round-up - 17 February

    Europe
    Wells Fargo     has hired Steve Hulett as head of credit and ABS sales EMEA. He was previously co-head of mortgages and ABS for Jefferies, Europe.

    North America
    Gramercy Funds Management has appointed Bradshaw McKee to the role of md, capital solutions and distressed portfolio manager. He was previously co-head of emerging markets, structured credit trading at Deutsche Bank.

    Houlihan Capital has .......

    Job Swaps 17 February 2017

  • Shift in NPL asset mix anticipated

    Loan disposals totalling €103.3bn were completed in Europe last year, with the number of ongoing transactions at end-2016 representing €69.5bn across 56 deals, according to Deloitte's latest 'Deleveraging Europe' publication. The firm expects the deal rate to rise in 2017, as new markets open up and the asset mix shifts to more performing, sub-performing and complex portfolio structures.

    More complex .......

    News 16 February 2017

  • Debut green agency CMBS priced

    Fannie Mae has priced its first green REMIC tranches as part of a multifamily DUS transaction. The US$1bn FNA 2017-M2 is the GSE's second multifamily DUS REMIC in 2017 under its GeMS programme, but the deal is unique in that two tranches are backed by 30 loans originated under the Fannie Mae green financing business and securitised as green DUS .......

    News 16 February 2017

  • US CLOs ease up

    Activity in the US CLO secondary market looks to be easing up ahead of the President's day weekend.

    In a strong start to the week in BWIC volume terms, the bottom of the stack saw some stepping off as the percentage of DNTs for equity and weaker mezz names picked up on Tuesday. However, yesterday saw a return to the .......

    SCIWire 16 February 2017

  • Euro RMBS volume builds

    Crédit Agricole has priced a rare publicly placed French prime RMBS named FCT Crédit Agricole Habitat 2017. Elsewhere, Fortress subsidiary Paratus AMC is in the market with the £233.23m Stanlington No. 1, a UK non-conforming RMBS.

    The final book for FCT Crédit Agricole Habitat 2017 was seen at around €2bn, out of which the seller raised €1bn. The offered senior .......

    News 16 February 2017

  • Euro ABS/MBS drifts

    The European ABS/MBS secondary market appears to be drifting along this week.

    Trading activity continues to be patchy with overall volumes very light and supply remains limited across all ABS/MBS sectors. Market tone is still strong and as a result secondary spreads are broadly unmoved over the past three sessions. Any major change is unlikely over the next few trading .......

    SCIWire 16 February 2017

  • Capital charges to drive out banks?

    Securitisation amendments to the Capital Requirements Regulation (CRR) are currently being discussed. With the new capital charges likely to trigger capital cliffs, Bank of America Merrill Lynch analysts suggest that bank investors may be put off the market.

    Differences between the visions of the European Parliament, European Council and European Commission for the regulatory framework for securitisation are being hammered .......

    News 15 February 2017

  • Refi wave puts WAS under stress

    US CLO portfolio weighted average spread (WAS) is decreasing due to the ongoing wave of refinancings across the sector. The number of CLOs failing WAS tests is rising as a result.

    If a loan held by a CLO is repriced and then the CLO rolls into the new loan, the WAS should theoretically drop. JPMorgan CLO analysts note, however, that .......

    News 15 February 2017

  • Optimistic outlook for Brazilian ILS

    AlphaCat Managers and Terra Brasis Resseguros have completed a US$5m private catastrophe bond-lite. Dubbed Alpha Terra Validus I, the transaction is believed to be the first offering of Latin American reinsurance risk on an indemnity basis and is the first cat bond sponsored by a Brazilian company.

    Listed on the Bermuda Stock Exchange, Alpha Terra Validus I was issued through .......

    News 15 February 2017

  • Rollover risk highlighted

    A Paramount Group Operating Partnership and Blackstone Property Partners JV is the sponsor of the latest US single-borrower CMBS to hit the market. The US$975m OMPT 2017-1MKT is secured by the One Market Plaza building, a Class-A office complex located in San Francisco's South Financial District.

    The complex comprises a 27-story office tower (Stuart Tower), a 42-story office tower (Spear .......

    News 14 February 2017

  • US ABS tightens

    US ABS secondary market spreads keep tightening despite continued supply.

    Appetite for paper in secondary remains strong across the majority of ABS sectors and even any uptick in primary issuance is having little impact. For example, the announcement of two new sizeable American Express deals saw credit card spreads continue to tighten in both fixed and floating.

    Further, the growing .......

    SCIWire 14 February 2017

  • Call for clarity around GSE reform guidelines

    Following US Treasury Secretary Mnuchin's commitment to reform the GSEs, the Mortgage Bankers Association (MBA) has published proposals as to how this can be best executed. While the recommendations - entitled 'GSE Reform Principles and Guardrails' - may improve on the current system, further clarity on certain areas may be needed if they are to be successful.

    The MBA's proposals .......

    News 14 February 2017

  • Credit card issuance on a roll

    American Express has returned to the ABS market after an 18-month absence with a pair of credit card securitisations accounting for US$1.15bn of paper. The move comes after approximately US$5.5bn was placed by four other credit card issuers in January (see SCI's primary issuance database).

    Both the US$571.4m American Express Credit Account Master Trust Series 2017-1 and US$574.8m .......

    News 14 February 2017
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